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T accounts, Finance Basics

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Accounting Exercise
AVM 386
Fall 2014

Misty Mark, an infamous archer, decided to open an archery business called Bows and Biceps. The following is a list of transactions for Bows and Biceps for the first month. Put the transactions in the attached T accounts and then create a trail balance.

a) Deposited $5,000 into a bank account in the name of the business.
b) Signed a one-year lease for a building and paid the first six months rent of $4,200.
c) Bought equipment from Archery Supply, Inc for $2,000.
d) Enrolled 10 students in a Bow Hunting for Beginners class to be held next month. Each student paid $50 for the class
e) Misty gives her personal exercise equipment with a fair market value of $3,000 to the business.
f) Enrolled 10 students in a Fit to Shoot class to be held next month. Each student paid $25 for the class.
g) Purchased $500 in office supplies from Andy’s Office Supply on credit. Half of the supplies were used immediately, the other half was store in the supply closet for future use.
h) Misty withdraws $1,000 to take a vacation after working so hard to set up the business.

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