Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

( 7 points) Create T-Accounts for each account. [.7 points for each T-account] Please organize the T-accounts by categories, starting with Assets, then Liabilities, Equity,

image text in transcribed(

7 points) Create T-Accounts for each account. [.7 points for each T-account]

  1. Please organize the T-accounts by categories, starting with Assets, then Liabilities, Equity, Revenue, Expense.
    1. Do not list the T-accounts out of the order listed above in bullet point 2a.
  2. Total the balance for each account using the T-account by adding all the numbers in the debit column, then add all the numbers in the credit column, finally take the bigger balance and subtract the smaller from the bigger number. The balance will be on the side that had the bigger number.
    1. For example, I have a cash T-account below. I have added all the debit transactions to get a total debit balance of 1,000. I have added all the credit transactions to get a credit total of 600. I subtracted 600 from 1,000 to get a remainder of 400. Since the debit balance was bigger, the balance of cash is a $400 debit
550 Date Account Description Debit Credit 1-Feb Rent Expense 550 Cash 550 1. to record payment of rent expense for the month of February 2020 14-Feb accounts receivable-Smit 200 cash 200 2. To record smith borrowing money, will pay back at end of month. Feb-31 cash 2000 wages Recievable 2000 3. Payment received by EDG for work 31 feb Cash 200 accounts receivable-Smith 200 4. Payment for loan that I gave smith on Feb 14 1-Mar Rent expense 550 cash 5. to record payment of rent expense for the month of march 2020 5-Mar cash 100 Accounts payable-Mom 100 6. Received cash on loan from Mom to be paid back in 2 weeks 14-Mar Cash 2000 Wages Recievable 2000 7. Payment received by EDG for work 19-Mar Accounts payable-Mom 100 Cash 8. Paid back loan to Mom after 2 weeks 22-Mar Common Stock 250 Cash 250 9. Purchased 250$ of common stolik on Mar 2nd 2020 31-Mar Utilities expense 75 cash 75 10. Paid utilities for the month of March 2020. 100

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Concepts For A Changing Environment With IDEA Software

Authors: Larry E. Rittenberg, Bradley J. Schwieger

4th Edition

0387321500, 978-0324180237

More Books

Students also viewed these Accounting questions

Question

=+ How about one you felt had acted in a hypocritical way?

Answered: 1 week ago