T accounts, Finance Basics

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.
Posted Date: 10/14/2014 2:53:33 PM | Location : United States

Related Discussions:- T accounts, Assignment Help, Ask Question on T accounts, Get Answer, Expert's Help, T accounts Discussions

Write discussion on T accounts
Your posts are moderated
Related Questions
ADan lives in Duncan, a small town in Arizona. Because of a rare blood disease, Dan is required to take special medical treatments once a month. The closest place these treatments

Ask questioAustralian’s Speleological App Projectn #Minimum 100 words accepted#

bond issued $900,000 of 8% on 3/1, they pay interest on 9/1 and mature in 10years case a @ 100, case b @ 92, case c @ 105 wha is total cash outflow thru maturity total borrowing co

where can I get money and how can I manage it

Question: A deferred annuity policy is sold to a life aged 45 with the following benefits: • Basic payments start at $30,000 from age 65, increasing by $2,000 each year; •

Task: Decide upon 2 mutual exclusive projects. Calculate the income statement, balance sheet, and statement of cash flows for all year Calculate the NPV, IRR, and

Commercial Banks - Banking Institutions These are financial institutions such accept deposits of money from the universal public, safeguard the deposits and create them availa

Commercial Bank for Short Term Loans Purpose Why Commercial Banks Prefer To Lend Short Term Loans a) Long-term forecasts are not only difficult although also vague as unc

What is the Process of Investing in Securities ? There are several process of investing in securities:- (1) Finding a Broker (2) Selection of Brokers (3) Opening an Account w