1. Using Excel set up a T-accounts sheet with T-Accounts tab, then set up the T-accounts with the balances from the Balance Sheet below. 2. Input the transactions below into each account. Do not add the transaction reference number. 3. Calculate the balance of each account at the end of the December transactions. Use the function feature of your spreadsheet. 4. Create a trial balance tab and to make sure your debits = credits. Use a 2nd tab in the spreadsheet. 5. Create a new Balance Sheet dated December 31, 2020. Use Sheet tabs create one for the Balance sheet as the 3rd tab in the spreadsheet. Jim's Batting Cages and Softball Services BALANCE SHEET November 30, 2020 Assets Liabilities Bank $ 66 000 $ 20 000 Accounts Receivable Accounts Payable - Cannon Sports - Ewert Equipment - Sandhu Sporting Goods 3 300 32 000 - Infield Flyers - Remdal Red Sox 1 500 2 500 13 500 Bank Loan 45 000 Supplies Equipment 52 000 Total Liabilities $99 500 Owner's Equity. J. Jakusz, Capital Total liabilities and Owner's Equity 36 800 $136 300 Total Assets $136 300 Transactions for December: 1. J. Jakusz, the owner, invested $140 000 in the business. 2. Borrowed $5 000 from the bank, which was deposited in the business' bank account. 3. Paid $2 500 to Canon Sports to pay on balance owed. 4. Purchased office and various sport supplies for $2 000 cash. 5. Purchased $13 000 worth of bats, helmets, and other sports equipment from Cannon Sports on account. The amount is due in 30 days. 6. Bought pitching machines from Ewert Equipment for $12 000 on account and have 30 days to pay. 7. Bought $8 800 of miscellaneous sports supplies on account from Sandhu Sporting Goods. 8. Sold a one month team membership to the Infield Flyers for $300 on account. The amount is to be received in 15 days. 9. Sold a two-month team membership to the Remdal Red Sox for $600 on account. The bill is due in 30 days. 10. Cash sales for the month amounted to $7 200. This is what a T-account looks like: Account Name Debit Side Credit Side or or Left Side Right Side Debits and Credits Debit = Left Credit = Right Do not attach any kind of special meaning to the words DEBIT and CREDIT. They are just accountants' terms for left and right. In accounting, we debit first then credit second with every transaction. Debits must always equal Credits for every transaction. The short form for DEBIT is DR and the short form for CREDIT is CR