Refer to the transactions in M2-3I. Set up T-accounts for each of the accounts referenced by the transactions and post the amounts for each transaction to those T-accounts.

M2-31:

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Balance Sheet Income Statement Liabil- ities Cash Noncash Contrib. Earned Net Income Revenues . Expenses = Transaction Asset Assets Capital Capital a. Receive merchandise inventory costing $9,000, purchased with cash. b. Sell half of inventory in (a) for $7,500 on credit. c. Place order for $5.000 of additional merchandise inventory to be delivered next month. d. Pay employee $4.000 for compensation earned during the month. %3D %3D e. Pay $7,000 rent for use of premises during the month. 1. Receive full payment from customer in part (b). %3D II I| I|