I NEED HELP WITH THE T ACCOUNTS Transactions 1 Record your investment of $75,000 in cash 2 Purchased 1,000 Doohickeys at $3 50 each to sell Payment is due in about two weeks 3 Purchased a cash register for $5,000 Paid cash 4 Purchased a security system for $7,000 Bought it on credit 5 Purchased a 70 TV for display and advertising purposes, $2,500 paid cash 6 Paid your first month's rent for your store space, $850 7 Your first day of business, you sell 500 Doohickeys at $7 00 each Half was paid in cash, half was bought on credit (hint 2 entries) 8 Bought $300 worth of office supplies Bought on credit 9 Paid for my inventory that I purchased in transaction 2 10 End of pay period Recorded $300 in employee wages Payday is next Friday 11 Took out a $10,000 loan to purchase more inventory at a later date 12 Received a check from a customer for items bought on credit $200 13 Recorded first month's depreciation on my capital equipment 14 Bought 3,000 of Doohickeys for resale at $3 50 each Bought on credit 15 Bought a 1 year maintenance contract on my Secuity System $1,200 paid cash Technician will come in once a month, starting today, and check for repairs, calibration, etc 16 Made first loan payment $500 but only $400 went to the principal 17 Ran a sale because business was slow Sold 900 Doohickeys at $6 00 each All cash sales 18 It's payday Paid my employees 19 Made a 50 payment towards my security system Will pay other half next month 20 End of pay period Recorded $400 in employee wages Payday will be next week 21 Sold 700 Doohickeys $7 each 500 were sold for cash, 200 sold on credit 22 Received payments from other customers $1,100 23 Paid the electric bill $300 and the water bill $75 24 Had to have emergency repairs to my security system $300 for parts and labor Not covered under service contract 25 Paid for the office supplies bought in transaction 8 End of month Create a Trial Balance, Income Statement, Closing Entry, Balance sheet, and Statement of Cash Flow for the month You are starting your own business You have $75,000 of cash that you will invest in the start up of this business You will be the first business in Fort Wayne that only sells Doohickeys to the public Using the below Chart of Accounts , and creating T Accounts, please record the first month's transactions for your business For this exercise, your capitalization limit is $3,000 and you use straight line depreciation, 5 years PLEASE NOTE Not all accounts may be used Chart of Accounts Assets Cash Liabilities Accounts payable Income sales Expenses cost of Goods sold Accounts Receivable Payroll Payable Interest Income Payroll other Income Rent Notes Payable Inventory Capital Equipment Depreciation Accumulated Depreciation Capital owners Equity Office Supplies Prepaid Expenses Office Equipment pair and Maintenance

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I NEED HELP WITH THE T ACCOUNTS Transactions: 1. Record your investment of $75,000 in cash 2. Purchased 1,000 Doohickeys at $3.50 each to sell.

I NEED HELP WITH THE T ACCOUNTS

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Transactions:
1. Record your investment of $75,000 in cash
2. Purchased 1,000 Doohickeys at $3.50 each to sell. Payment is due in about two weeks.
3. Purchased a cash register for $5,000. Paid cash.
4. Purchased a security system for $7,000. Bought it on credit
5. Purchased a 70" TV for display and advertising purposes, $2,500. paid cash
6. Paid your first month's rent for your store space, $850
7. Your first day of business, you sell 500 Doohickeys at $7.00 each. Half was paid in cash, half was bought on credit (hint: 2 entries)
8. Bought $300 worth of office supplies. Bought on credit
9. Paid for my inventory that I purchased in transaction 2.
10. End of pay period. Recorded $300 in employee wages. Payday is next Friday.
11. Took out a $10,000 loan to purchase more inventory at a later date.
12. Received a check from a customer for items bought on credit. $200
13. Recorded first month's depreciation on my capital equipment.
14. Bought 3,000 of Doohickeys for resale at $3.50 each. Bought on credit
15. Bought a 1 year maintenance contract on my Secuity System - $1,200 paid cash
	Technician will come in once a month, starting today, and check for repairs, calibration, etc.
16. Made first loan payment. $500 but only $400 went to the principal
17. Ran a sale because business was slow. Sold 900 Doohickeys at $6.00 each! All cash sales!
18. It's payday. Paid my employees.
19. Made a 50% payment towards my security system. Will pay other half next month.
20. End of pay period. Recorded $400 in employee wages. Payday will be next week.
21. Sold 700 Doohickeys @ $7 each. 500 were sold for cash, 200 sold on credit.
22. Received payments from other customers - $1,100
23. Paid the electric bill - $300 and the water bill - $75
24. Had to have emergency repairs to my security system. $300 for parts and labor. Not covered under
	service contract
25. Paid for the office supplies bought in transaction 8.
End of month.
Create a Trial Balance, Income Statement, Closing Entry, Balance sheet, and Statement of Cash Flow for the month.

You are starting your own business. You have $75,000 of cash that you will invest in the start-up of this business. You will be the first business in Fort Wayne that only sells "Doohickeys" to the public. Using the below"Chart of Accounts", and creating T-Accounts, please record the first month's transactions for your business. For this exercise, your capitalization limit is $3,000 and you use straight line depreciation, 5 years PLEASE NOTE: Not all accounts may be used. Chart of Accounts Assets: Cash Liabilities: Accounts payable Income: sales Expenses: cost of Goods sold Accounts Receivable Payroll Payable Interest Income Payroll other Income Rent Notes Payable Inventory Capital Equipment Depreciation Accumulated Depreciation Capital owners Equity Office Supplies Prepaid Expenses Office Equipment pair and Maintenance