Question: How do I setup T accounts for.... Tina Smith opened and began operations of Tinas Toys on September 1, 2015. The following are the transactions

How do I setup T accounts for....

Tina Smith opened and began operations of Tinas Toys on September 1, 2015. The following are the transactions that took place during the month of September and the chart of acco0nts for the business:

9/1/15 Owner invested $100,000 of cash and $5,000 of computer equipment in the business in exchange for common stock

9/1/15 Paid rent, $1,000

9/1/15 Paid $2,400 for a one year liability insurance policy

9/2/15 Purchase office supplies for $500 on account

9/3/15 Paid $1,200 to an electrician for repair work

9/5/15 Paid $2,500 for office furniture and shelving for the store

9/6/15 Hired two part-time associated for $10/hour for about 20 hrs. of work each week

9/10/15 Sold $575 of toys to customers

9/15/15 Paid $200 in wages to part-time employees

9/15/15 Received $1,000 in advance from a customer for special order toys to be delivered at a later date

9/20/15 Sold $1,250 of toys to customers on account

9/24/15 Paid $200 on account for office supplies purchased on 9/2/15

9/28/15 Recorded $2,565 in toy sales

9/30/15 Owner withdrew $1,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!