1. Set up the beginning balances for the accounts listed below.

		Kim's Nail Salon
		Balance Sheet
		February 28, 2017
Assets			Liabilities
Bank	$14,894		Accounts Payable
Truck	50000		- B. Knowles	$6,000
Property	300000		- B. Mars	33
Land	500000		Bank Loan	10000
			Mortgage	150000
			Total Liabilities	$166,033
			Owner's Equity
			K. Kardashian, Capital	698861
Total Assets	$864,894		Total Liabilities and Owner's Equity	$864,894

2. Carl Jones owns a shoe company called WorldWide Kicks. Set up your beginning balances for the following accounts:

Cash $500

Carl Jones, Capital $300

Bank Loan $1000

Supplies $300

Mr. Spring, debtor $500

3. What changes will each of the following transactions cause? Use T accounts.

1. the owner withdraws $6000 to take her family on vacation.

2. the business pays $850 rent to the landlord

3. the business spends $150 on gas to fill up the business truck

4. the business pays $76 telephone bill

5. the beginning capital is $15,678 on March 31, 2016.

6. the owner invests $6000 into his business.