Emma Holmes recently started her own lodging business called Emma$$s Place. It mainly rents out wood cabins to campers. Transactions for the first month of operations $($December $2021)$ are as follows.

$1)$ Emma invested $$16,400$ cash in the business.

$2)$ Paid two months of insurance in advance, in the amount of $$1,200.$

$3)$ Purchased equipment worth $$2,700$ with cash.

$4)$ Incurred business registration expenses, paid with $$710$ cash.

$5)$ Paid advertising expenses with $$1,310$ cash.

$6)$ Received $$2,980$ cash from customers for rentals during the month.

$7)$ Rented cabins to a group of campers for $$1,240$ on account.

$8)$ Paid $$1,310$ wages to employees.

$9)$ Borrowed $$1,290$ cash from the bank.

$10)$ Received $$920$ in bills for electricity, water and telephone, to be paid next month.

$11)$ Emma withdrew $$910$ cash for personal purposes.

$12)$ Received $$480$ owing from a group of campers earlier this month.

Required

Record the above transactions on the T$-$Account worksheet.

Do not enter dollar signs or commas in the input boxes.

Use the negative sign for negative values.

The T$-$Account fields are labeled by transaction number. Record each transaction by entering the value into the corresponding T$-$Account field.

Emma's Place

Balance Sheet

As at December $31,2021$

Assets $($what we OWN$)$

Liabilities $($what we OWE$)$

Increase Decrease Decrease Increase

Cash Accounts Payable

Opening: $Answer

$0$

Opening: $ Answer

Transaction # $1$ Answer

$16400$

Answer

$16400$

Transaction # $1$ Answer

$16400$

Answer

$16400$

Transaction # $2$ Answer

$1200$

Answer

$1200$

Transaction # $2$ Answer

$1200$

Answer

$1200$

Transaction # $3$ Answer

$2700$

Answer

$2700$

Transaction # $3$ Answer

$2700$

Answer

$2700$

Transaction # $4$ Answer

$710$

Answer

$710$

Transaction # $4$ Answer

$710$

Answer

$710$

Transaction # $5$ Answer

$1310$

Answer

$1310$

Transaction # $5$ Answer

$1310$

Answer

$1310$

Transaction # $6$ Answer

$2980$

Answer

$2980$

Transaction # $6$ Answer

$2980$

Answer

$2980$

Transaction # $7$ Answer

$1240$

Answer

$1240$

Transaction # $7$ Answer

$1240$

Answer

$1240$

Transaction # $8$ Answer

$1310$

Answer

$1310$

Transaction # $8$ Answer

$1310$

Answer

$1310$

Transaction # $9$ Answer

$1290$

Answer

$1290$

Transaction # $9$ Answer

$1290$

Answer

$1290$

Transaction # $10$ Answer

$920$

Answer

$920$

Transaction # $10$ Answer

$920$

Answer

$920$

Transaction # $11$ Answer

$910$

Answer

$910$

Transaction # $11$ Answer

$910$

Answer

$910$

Transaction # $12$ Answer

$480$

Answer

$480$

Transaction # $12$ Answer

$480$

Answer

$480$

Ending: $ Answer

$15950$

Ending: $ Answer

$15950$

Increase Decrease Decrease Increase

Accounts Receivable Bank Loan

Opening: $Answer

$0$

Opening: $ Answer

$0$

Transaction # $1$ Answer

$16400$

Answer

$16400$

Transaction # $1$ Answer

$16400$

Answer

$16400$

Transaction # $2$ Answer

$1200$

Answer

$1200$

Transaction # $2$ Answer

$1200$

Answer

$1200$

Transaction # $3$ Answer

$2700$

Answer

$2700$

Transaction # $3$ Answer

$2700$

Answer

$2700$

Transaction # $4$ Answer

$710$

Answer

$710$

Transaction # $4$ Answer

$710$

Answer

$710$

Transaction # $5$ Answer

$1310$

Answer

$1310$

Transaction # $5$ Answer

$1310$

Answer

$1310$

Transaction # $6$ Answer

$2980$

Answer

$2980$

Transaction # $6$ Answer

$2980$

Answer

$2980$

Transaction # $7$ Answer

$1240$

Answer

$1240$

Transaction # $7$ Answer

$1240$

Answer

$1240$

Transaction # $8$ Answer

$1310$

Answer

$1310$

Transaction # $8$ Answer

$1310$

Answer

$1310$

Transaction # $9$ Answer

$1290$

Answer

$1290$

Transaction # $9$ Answer

$1290$

Answer

$1290$

Transaction # $10$ Answer

$920$

Answer

$920$

Transaction # $10$ Answer

$920$

Answer

$920$

Transaction # $11$ Answer

$910$

Answer

$910$

Transaction # $11$ Answer

$910$

Answer

$910$

Transaction # $12$ Answer

$480$

Answer

$480$

Transaction # $12$ Answer

$480$

Answer

$480$

Ending: $ Answer

$15950$

Ending: $ Answer

$15950$

Increase Decrease Decrease Increase

Prepaid Insurance Holmes, Capital

Opening: $Answer

Opening: $ Answer

Transaction # $1$ Answer

Answer

Transaction # $1$ Answer

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Transaction # $2$ Answer

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Transaction # $11$ Answer

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Transaction # $12$ Answer

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Transaction # $12$ Answer

Answer

Ending: $ Answer

Ending: $ Answer

Increase Decrease Increase Decrease

Equipment Holmes, Withdrawals

Opening: $Answer

Transaction # $1$ Answer

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