Learning Activity 6.3 (General Ledger Accounts Pages 6.14 and 6.15) 1. Start a business with a $20,000 bank deposit from Partner #1. 2. Purchase inventory from a vendor for $10,000 on a 30-day account. Record an additional $3,000 worth of inventory invested by Partner #2. 3. 4. 5. Purchase inventory for $20,000 on an open line of credit. Record a labor job completed for $5,000, to be received in 30 days. Record a retail sale of merchandise for $3,000 plus sales tax of $180 (total = $3,180). The customer pays $480 in cash now (deposit in bank). $200 more in 30 days, and the balance on a 12-month Note Receivable. The cost of the goods sold was $2,000. 6. 7. Buy a pickup truck for $10,000. Pay $500 by check (cash down payment) and sign a 5- year contract for the balance. Pay off some open-line credit with a $2,000 check. 8. 9. Issue a $1,000 check for one month's rent. 10. Sell goods to a wholesale customer for $2,000. Deposit the money in the bank. Your cost was $1,200. 11. Record the employee's wages: Gross pay = $1,200, FICA = $100, Federal Withholding = $100, State Withholding = $100, net payroll check = $900. 12. Balance out all accounts. Prepare the Earnings and Balance Sheet totals