Reference no: EM133117102

Question - Bright Bulbs (a sole proprietorship run by Mr. Bright) had following transactions during its first ever quarter (ended March 31, 2021):

a) Jan 1- Mr. Bright invests $50,000 cash into his business.

b) Jan 7 - Mr. Bright buys inventory on account for $1,000. His supplier, A-Bulbs Corp, offers 1/15, n/30 terms.

c) Jan 22- Mr. Bright pays A-Bulbs Corp for the Jan 7 order.

d) Jan 31- Mr. Bright buys office supplies for $50 cash.

e) Feb 10- Mr. Bright makes a sale on account for $2,000- 3/10, n/20 terms offered. The inventory had cost him $500.

f) Feb 19- Mr. Bright receives cash for the Feb 10th sale.

g) Mar 1- Mr. Bright buys lightbulb shading equipment for $5,500 cash. It is expected to last 100 months with a salvage value of $500.

h) Mar 20- Mr. Bright buys inventory for $2,000 on account.

i) Mar 31- Mr. Bright withdraws $1,000 cash from the firm.

Required - Prepare T-accounts for all relevant accounts. All journal entries, adjusting entries, and closing entries up to and including March 31st should be included. IGNORE beginning balances since they all start from $0!