Create T-Account

Date Account Debit Credit Adj. 1 12/31/21 $ 481,250 Bad Debt Expense Allowance for Doubtful Accounts $ 481,250 Debit Credit Date 12/31/21 Adj. 2 Account Insurance Expense Prepaid Insurance $ 100,000 $ 100,000 Credit Date 12/31/21 Adj. 3 Account Debit Depreciation Expense - Equipment $ 225,000 Accumulated Depreciation - Equipment $ 225,000 Credit Date 12/31/21 Adj. 4 Account Debit Depreciatin Expense - Building $ 42,500 Accumulated Depreciation - Building $ 42,500 Credit Date 12/31/21 Adj. 5 Account Mortgage Payable Interest Expense - Mortgage Cash Debit $ 30,000 $ 40,000 $ 70,000 JL us Credit Date 12/31/21 Account Salary Expense Cash Debit $ 490,000 Adj. 6 $ 490,000 Credit Date 12/31/21 Adj. 7 Account Long-Term Debt Interest Expense - Long-Term Debt Cash Debit $ 75,000 $ 175,000 $ 250,000 Credit Date 12/31/21 Debit $3,000,000 Adj. 8 Account Inventory Cash Accounts Payable $ 2,600,000 $ 400,000 Credit Date 12/31/21 Adj. 9 Account Accounts Receivable Cash COGS Sales Inventory Debit $1,000,000 $4,400,000 $2,100,000 $5,400,000 $2,100,000 JL 1