Reference no: EM132696996

Question - This is related to T-accounts, how do they are debit or credit and in what account each transactions go to.

Transactions for August

1. Bonnie Birch, the owner, invested $40 000 in the business.

2. Borrowed $15 000 from the bank, which was deposited in the business' bank account.

3. Paid $1 500 to Romeyn Properties Ltd. for the monthly rent.

4. Bought office and various sport supplies for $2 000 cash.

5. Purchased $43 000 worth of bats, helmets, and other sports equipment from Cannon Sports on account. The amount is due in 30 days.

6. Paid $800 cash for the heating bill received today.

7. Bought pitching machines from Ewert Equipment for $12 000 and have 30 days in which to pay.

8. Equipment was repaired ($350) from Ewert Equipment and will be paid for later.

9. Bought $7 800 of miscellaneous sports supplies on account from Sandhu Sporting Goods.

10. Sold a one-month team membership to the Infield Flyers for $800 on account. The amount is to be received in 15 days.

11. Sold a two-month team membership to the Remdal Red Sox for $2 200 on account. The bill is due in 30 days.

12. Cash sales for the month amounted to $40 200.

13. Bank charges for services fees and interest amounted to $250, which was taken directly out of the business' bank account.

14. Paid $2 200 cash for monthly wages.

15. Sold a one-month membership cash for $1 300.

16. Paid the full amount to Ewert Equipment from transaction 8 ($350).

17. Owner withdrew $1 000 for personal use.