Analyze the transactions and record in appropriate T Accounts for the following

Question

Analyze the transactions and record in appropriate T Accounts for the following business transactions of Mr. Jack
(1) Oct. 1: Invested $20,000 in the business.
(2) Oct. 7: Bought equipment for $1,000.
(3) Oct. 9: Bought office furniture for $1,500 on account.
(4) Oct. 10 Bought inventory for $2,000.
(5) Oct. 17 Sold part of equipment for $200.
(6) Oct. 18 Bought computer on account $1,000.
(7) Oct. 19 Purchased office stationary for $100.
(8) Oct. 25 Paid cash for computer purchased on credit $700.

Explanation / Answer

I can't make an actual T-chart with the answer system but please treat each " | " as a divider between debit and credit. B

Cash 101

(1)$20,000 | $1,000 (2)

(5)$200 | $2,000 (4)

   | $700 (8)

| $100 (7)

B: $16,500

Mr.Jack - Capital 301

| $20,000 (1)

B: $20,000

Equipment 168

(2)$1,000 | $200 (5)

B: $800

   Accounts Payable 201

(8) $700    |$1,500 (3)

|$1,000 (6)

B: $1,800

Office Furniture 162

(3)$1,500 |

(6)$1,000 |   

B: $2,500

Inventory 119

(4)$2,000 |

B: $2,000

Office Supplies 162

(7)$100 |   

B: $100

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