For this assignment, you will need to record the transactions for a firm in the basic accounting equation (
+ E
). Make sure to label each account accurately, record the amount of the transaction (with the appropriate positive/negative sign), and place each transaction in the appropriate blank.
1
. You started your company with $80,000 that you raised by selling stock in Practice Makes Perfect Inc. to your family and friends.
2
. You purchased 3 pianos for $30,000 each, paying cash. You believe these pianos will last three years before you replace them. You expect the salvage value to be zero.
3. Knowing that you would need additional funds, you presented your business plan to the bank and were able to get a $200,000 loan at 12%.
4. You spent $2,000 on supplies (inventory), which you charged on account.
5. The newspaper bills you $800 for the advertisement you ran. You plan on paying the bill next month.
6. The first month you bill students $6,000 for lessons.
7. Rent for the space you have leased is $4,000 a month, which you paid.
8. You pay your two part-time piano teachers $500 each at the end of the month.
9. One of your students paid the $200 invoice you sent earlier in the month.
10. You adjust the supplies (inventory) account for $300 of sheet music that you gave to
students. (Hint: how do you show that you have “used” or sold inventory?)
11. You record one month of depreciation on the pianos.
12. You write the check for the interest owed for the month.
Transactions will be recorded in this format:
| ✔/🗶 | # |
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