For each situation below, create the proper journal entry and indicate if the account being used is an asset, a liability, equity, expense or revenue.

a.) On February 1, Tim invests $50,000 of his money into a new business venture and gains an ownership share in the business.

b.) On February 2, Tim purchases on account 2,000 units at $10/each to be sold in his new online business with terms of 2/15, net 30.

c.)On February 20, Tim sets up a pop up store to get the word out about his new business and sells merchandise direct to consumers at the event. He sold 1000 units to customers for cash at time of sale with a selling price of $20/unit.