The business purchased some furniture for the business and paid $30,000 cash.

Name of Accounts to Use: Type of Account (Element):

The business purchased a small building to use for the classes. The business paid $100,000 cash and also went to the bank and got a loan from the bank for $400,000 to pay for the rest of the money needed to buy the building. (The total cost of the building is $500,000 and the loan will be repaid by the business to the bank in the future).

Name of Accounts to Use: Type of Account (Element):

The business purchased some equipment for the business for $15,000. The business will not pay anything this period and will pay the $15,000 in the next period.

Name of Accounts to Use: Type of Account (Element):

The business purchased food and drinks to give to the students during the classes and paid $1,000 cash in total. All of the food and drinks will be given to the students before the end of the month.

Name of Accounts to Use: Type of Account (Element):

Hired staff at the start of the month to help run the business.

Name of Accounts to Use: Type of Account (Element):

The business purchased a computer for the business to use and paid $2,000 cash.

Name of Accounts to Use: Type of Account (Element):

The business received a total of $19,600 cash from students (customers) for classes (services provided) run by the business for the month.

Name of Accounts to Use: Type of Account (Element):

The business paid a total of $8,300 cash for wages for the staff who were working for the business during the month.

Name of Accounts to Use: Type of Account (Element):

The business paid $300 cash for the electricity bill for the first month.

Name of Accounts to Use: Type of Account (Element):

The business paid $700 cash for the advertising for the business. The advertising will be for 6 months and the advertising will occur from the start of the next month. There was no advertising for the first month of the business.

Name of Accounts to Use: Type of Account (Element):

EXAMPLE:

The owner of the business went to the bank and asked for a loan from the bank of $300,000 cash. The bank agreed and the business received $300,000 cash from the bank. The business will need to pay back the loan to the bank in the future.

Name of Accounts to Use	Type of Account (Element)
Cash	Asset
Loan Payable	Liability