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Introduction to Accounting

Assignment #$1$

Total Marks: $50$

The following were the opening balances in your company from April. Your company uses an accr

Cash: Opening balance of $$10,000$

Accounts Receivable: Opening balance of $$5000$

Accounts Payable: Opening balance of $$1000$

Sales: Opening balance of $$4000$

Equity: Opening balance $of$ $$10,000$

Record the following transaction for May $(40$ Marks$)$

$1$ May $1,2021$: You decide to start a business. To start the company off, you deposit $$10,000$ of your savings into the business bank accol

$2$ May $1,2021$: You buy insurance for the year for $$1200$

$3$ May $2,2021$: You buy your trusty iPhone off eBay for $$500$

$4$ May $2,2021$: You take a business loan of $$10,000.$

$5$ May $5,2021$: You put another $$5,000$ of your own money into the business.

$6$ May $10,2021$: You pay back $$1,000$ of the loan $($no interest$).$

$7$ May $15,2021$: You purchase a computer for $$1,500.$ The useful life of a computer is five years.

$8$ My $15,2021$: You purchase your Bakemaster Oven for $$2,000.$ The useful life of the oven is ten years.

$9$ May $15,2021$: You buy some cake mix for your store for $$3,000$

$10$ May $25,2021$: You pay interest on the loan of $$1,000$

What is the ending balance for the following accounts $(10$ Marks$)$

Show work by preparing a T$-$Account

$1$ Cash Account

$2$ Accounts Payable