accounts

1. You are setting up a sports consulting business and you need to journalize the following transactions.  Set up the following T accounts (cash, name-equity, office equipment, accounts payable, prepaid rent, wage expense, revenue, accounts receivable, unearned revenue, and advertising expense); then post the journal activity to the T accounts.  Strike an ending balance for each T account.

1. 9/1  Deposited $100,000 of your personal funds into the business bank account.

2. 9/3  Purchased $14,000 of office equipment and computers on credit.

3. 9/4  Paid for four months of rent at a facility at $2,000 per month.

4. 9/10  Paid a college intern for help in setting up the business.  The student worked 20 hours at $13 per hour.

5. 9/14  Advised a young professional athlete on setting up a retirement plan.  The athlete paid you $1,000.

6. 9/15  Paid $4,000 on the bill for the office equipment.

7. 9/19  Advised a sports promoter on potential new business.  You did not receive cash but you billed the promoter $2,500.

8. 9/22  A third new client pays you $12,000 as a retainer for future consulting work.  You deposit the $12,000.

9. 9/23  The sports promoter pays you $500 on the bill she owes.

10. 9/28  Paid $6,000 for an ad to appear in a regional sports magazine.

You can submit your work in either a word document or excel spreadsheet.