>> Accounting Basics
Jim Arnold began a business called Arnold's Shoe Repair.
1. Create T accounts for Cash; Supplies; Jim Arnold, Capital; and Utilities Expense. Identify the following transactions by letter and place them on the proper side of the T accounts:
(a) Invested cash in the business, $5,000.
(b) Purchased supplies for cash, $800.
(c) Paid utility bill, $1,500.
2. Foot the T account for cash and enter the ending balance.