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Part III - Financial Accounting: Using the following information add the transactions to T-accounts and Journal transactions. Scenario: You are the administrative assistant to the

Part III - Financial Accounting: Using the following information add the transactions to T-accounts and Journal transactions.

Scenario: You are the administrative assistant to the Real Art Studio and are required to input financial data into the journal and T-accounts.

Here is the financial data you are working with for the month of November

Date Transaction
nov 1 Owner put in $15,000 to begin art studio business
nov 2 Investors input $8,000, were granted company stock
nov 3 Bank approved $10,000 loan
nov 4 Canadian Crafter bought craft supplies on account for $499.00 plus tax, invoice number 18-210; 30 days to pay
nov 4 Cash received for creating a business sign for Three Ladies Stained Glass Craft Company for $300 plus tax, invoice number 18-211
nov 5 Paid wages of $800.00
nov 9 Bought supplies from Brushes and Things Co. $700 plus tax on account, PO # 3-781
nov 10 Received partial payment from Canadian Crafters for $200
nov 15 Purchased supplies for $300 plus tax from Business Depot on account, PO # 3-782, 30 days to pay
nov 21 Owner withdrew $1000 for personal use
nov 29 Ran an evening art studio paint class, $900 cash from participants plus tax
nov 30 Paid rent of $1500 plus tax in cash

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image text in transcribedimage text in transcribed

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