TONY'S T-SHIRTS THIS EXERCISE IS NOT DONE When you are finished with this exercise, change the status to "DONE!" Enter the transactions in the T-accounts. The balances are automatically computed. Put your transactions in the light green areas. Don't alter the formulas in the dark green balance lines. CASH ACCOUNTS PAYABLE JOHNSON DRAWING JOHNSON CAPITAL ACCOUNTS RECEIVABLE COST OF GOODS SOLD SALES INVENTORY RENT EXPENSE 1 Tony started the business, Tony's T-Shirts, with a cash investment of $60,000. 2 Tony paid rent of $1,400 in cash, for the month of March, for a store space at the mall. 3 Tony purchased 600 T-shirts for resale, at a cost of $8 each, on account. Tony uses FIFO. 4 Tony arranged for advertising in the Seattle Times, for $400, on account. . 5a. Tony sold 400 T-shirts for a price of $21 each, on account. , HHH ADVERTISING EXPENSE STORE FIXTURES ACCUM. DEPRECIATION-FIX. 5b Make the other entry necessary, using FIFO. Tony purchased shelving fixtures for $7,000 cash. The estimated useful life is 60 months. Tony purchased 400 T-shirts on account at a price of $9 on account. 8a. Tony sold 300 T-shirts at a price of $21 on account;Determine the COGS using FIFO. 8b. Make the other entry necessary, using FIFO. DEPRECIATION EXPENSE 9 Tony withdrew $1,500 cash from the business for personal use. 10 Record depreciation on the Store Fixtures in the amount of $150 for the month. DEBIT CREDIT CASH ACCOUNTS RECEIVABLE INVENTORY STORE FIXTURES ACCUM. DEPR. STORE FIXT. ACCOUNTS PAYABLE JOHNSON CAPITAL JOHNSON DRAWING SALES COST OF GOODS SOLD RENT EXPENSE ADVERTISING EXPENSE DEPRECIATION EXPENSE TOTALS