Evan Jones started a sports consulting business and completed the following transactions during October, 2012:
1. Evan incorporated the business, Sports, Inc., and invested $15,000 for common stock.
2. Purchased a new computer on account, $2,000.
3. Purchased $1,000 of office supplies, paying cash.
4. Signed a football player to a contract and received service revenue of $8,000 on account.
5. Signed a hockey player to a contract and received service revenue of $3,000 cash.
6. Paid his secretary a salary of $2,500 for the month.
7. Paid the monthly rent of $1,000.
8. Collected cash from the football player on account, $8,000.
REQUIRED:
Set up T-accounts for Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Service Revenue, Rent Expense, and Salaries Expense. Post the transactions to the T-accounts and compute ending account balances.

Question

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The Answer of Evan Jones started a sports consulting business and completed the following transactions during October, 2012:
1. Evan incorporated the business, Sports, Inc., and invested $15,000 for common stock.
2. Purchased a new computer on account, $2,000.
3. Purchased $1,000 of office supplies, paying cash.
4. Signed a football player to a contract and received service revenue of $8,000 on account.
5. Signed a hockey player to a contract and received service revenue of $3,000 cash.
6. Paid his secretary a salary of $2,500 for the month.
7. Paid the monthly rent of $1,000.
8. Collected cash from the football player on account, $8,000.
REQUIRED:
Set up T-accounts for Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Service Revenue, Rent Expense, and Salaries Expense. Post the transactions to the T-accounts and compute ending account balances.

Evan Jones Started a Sports Consulting Business and Completed the Following