Principles of Acct I ACCT1010 Chapter 1 Exercise 2 Mary Smith opened an architectural firm called Creative Architecture and recorded the following transactions. Use the Accounting Equation grid to record the following transactions and T-accounts. Include your fee. Prepare financial statements for a bonus. July 1 Invested $15,000 in the business. July 1 Paid $4,000 for July rent. July 3 Paid $400 for Julys janitorial services July 3 Bought office supplies for $870 using a company credit card which is recorded as Accounts Payable. July 5 Bought 2 computers and printers on account for $2,500. July 6 Paid a Certified Public Accountant $200 to balance the books. July 6 Signed up for a monthly internet connection to the computers & immediately paid $25 for July. July 9 Completed plans for a home & quickly collected $6,000 architectural fee. July 12 Completed plans for a commercial building but did not immediately collect the fee of $15,000 due to financing problems with the builder. July 14 Purchased stamps at the U. S. Post Office for $250 using a credit card. July 16 Charged on account an advertisement announcing the opening of the architectural firm at the Commercial Appeal, $175. July 17 Completed plans for a home, and the builder, Angel Builders, asked for a months extension to pay the bill $2,500. July 22 Collected the fee of July 12 as the complications have been resolved. July 23 Paid the months telephone bill, $250. July 24 Paid the months utility bill of $450. July 31 Mary withdrew $2,500 of business cash for personal use. July 31 Paid $2,400 to a secretary-receptionist