Brief Exercise 13-1 (Algo) T-accounts and the accounting equation The following events pertain to Outdoor Entertainment...

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Brief Exercise 13-1 (Algo) T-accounts and the accounting equation The following events pertain to Outdoor Entertainment Incorporated which specializes in hosting outdoor music festivals across the nation: a. Borrowed $101,000 cash from a local bank to assist in funding the next outdoor festival. b. Paid $25,500 cash for supplies related to the festival. c. Received $150,500 cash for ticket sales related to the festival. d. Paid $50,200 in cash for employee salaries. Required: Record each of the following Outdoor Entertainment Incorporated events in T-accounts. Cash Debit Credit a. Notes Payable Debit Credit Cash Supplies Debit Credit Debit Credit b. Cash Sales Revenue Debit Credit Debit Credit C. Debit Cash Salary Expense Credit Debit Credit Brief Exercise 13-1 (Algo) T-accounts and the accounting equation The following events pertain to Outdoor Entertainment Incorporated which specializes in hosting outdoor music festivals across the nation: a. Borrowed $101,000 cash from a local bank to assist in funding the next outdoor festival. b. Paid $25,500 cash for supplies related to the festival. c. Received $150,500 cash for ticket sales related to the festival. d. Paid $50,200 in cash for employee salaries. Required: Record each of the following Outdoor Entertainment Incorporated events in T-accounts. Cash Debit Credit a. Notes Payable Debit Credit Cash Supplies Debit Credit Debit Credit b. Cash Sales Revenue Debit Credit Debit Credit C. Debit Cash Salary Expense Credit Debit Credit