Answer:
T-accounts:
Cash
Accounts Titles             Debit       Credit
Common Stock         $300,000
Equipment                                       $10,000
Rent Expense                                     5,000
Prepaid Insurance                              6,000
Accounts Payable                            70,000
Accounts Receivable  55,000
Equipment
Accounts Titles             Debit       Credit
Cash                           $10,000
Notes Payable             30,000
Notes Payable
Accounts Titles             Debit       Credit
Equipment                                  $30,000
Inventory
Accounts Titles             Debit       Credit
Accounts Payable      $90,000
Cost of Goods Sold                      $70,000
Accounts Payable
Accounts Titles             Debit       Credit
Inventory                                     $90,000
Cash                           $70,000
Accounts Receivable
Accounts Titles             Debit       Credit
Sales Revenue           $120,000
Sales Revenue
Accounts Titles             Debit       Credit
Accounts Receivable                  $120,000
Cost of Goods Sold
Accounts Titles             Debit       Credit
Inventory                   $70,000
Rent Expense
Accounts Titles             Debit       Credit
Cash                           $5,000
Prepaid Insurance
Accounts Titles             Debit       Credit
Cash                          $6,000
Common Stock
Accounts Titles             Debit       Credit
Cash                                             $300,000
Depreciation Expense
Accounts Titles              Debit       Credit
Acc Depreciation         $1,000
Accumulated Depreciation - Equipment
Accounts Titles             Debit       Credit
Depreciation Expense                   $1,000
Explanation:
T-account consists of the following.  An account title to record the corresponding account where the double-entry transaction is completed. A debit side on the left to enter the dollar value of the transaction, if the concerned account receives the value.  A credit side on the right, also, to enter the dollar value of the transaction, if the concerned account gives out the value.