Practice Round - Opening entries 1. Sold 200 shares for $15 each (par value) 2. Purchase supplies on account for $200 3. Set up an investment account for $600 (interest = %10 per year) 4. Received a deposit from a customer paying in advance $350 (work will be done later) 5. Purchase equipment for $1500 with cash (R.V. = 300. Useful life = 4 years) 6. Purchased inventory (100 units) for $10 each on account. 7. Prepaid insurance for the year with cash $400. 8. Prepaid rent for the next 6 months with cash $300 9. Borrowed $2000 and signed a notes payable for 5 years (interest = 8% per year) 1. Transfer all transactions to the appropriate t- accounts (including the first nine opening entries 2. Determine the balance for each t-account 3. Prepare a trial balance proving all debits balances = credit balances