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You start a consulting business in June of 2021. Record the following transactions in the expanded accounting equation using account names. 1. You make a
You start a consulting business in June of 2021. Record the following transactions in the expanded accounting equation using account names. 1. You make a cash contribution to your business, $3,500. 2. You set up a business bank account at Scotiabank. They will charge you $15 at the end of every month. 3. Borrow $4,000 cash from the bank. 4. Purchase supplies for your business, $600, plus HST, using a business credit card. 5. Paid your landlord rent for the month, $1,700 cash. 6. Purchased a 1-year liability insurance policy for $2,400, plus 8% sales tax, paying cash. 7. Paid $200, plus HST, for business cards from Staples, using your business credit card. 8. Provided services to your customers worth $2,670. you receive cash of $2,100. The other customer has promised to pay next month. 9. At the end of the month you count your supplies and you have $390 remaining. 10. You use up 1 month of your insurance coverage. 11. The bank withdraws $27 from the business bank account to pay the interest on the loan. 12. Th
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