Sylvie Quintal has set up a new business, Unitte Inc. which operates a small store located in a shopping center. You have been hired to account for transactions that occur during the first two weeks of operations.

a) Issue of shares to owners for an amount of $ 135,000 received in cash.

b) Bank loan of $ 50,000 to start operations.

c) Payment in cash of $ 4,400 for the monthly rent.

d) Purchase on credit of baseball caps with college logos for resale for an amount of $ 2,800.

e) Sale of $ 4,000 caps, half of which is cashed and the other half on credit. The value of the caps sold is $ 2,500.

f) Payment of $ 2,800 for caps purchased in question d).

g) Cashing of a check for $ 500 from the customer provided in question e).

Work to do

Make journal entries for each transaction and post them to T-accounts.