Question
Creates a table in MS Excel with each of the following accounts and indicates its effect on the accounting equation. 1.1. or February 2020, Miguel
Creates a table in MS Excel with each of the following accounts and indicates its effect on the accounting equation.
1.1. or February 2020, Miguel Toro established a house rental business with the name Miguel's Rentals. During the month of March, the following transactions were recorded:
1.To open the business, he deposited $60,000 of his personal funds as an investment.
2.He bought equipment for $6,000 on credit.
3.He bought office supplies for $1,500 in cash.
4.He received income from renting a property for $3,500 in cash.
5.He paid for utilities expenses for $800.00.
6.He paid $1,200 of the equipment purchased on credit for the second transaction.
7.He received income from managing a building's rent for $4,000 in cash.
8.He provided a $3,000 rental counseling service to a client on credit.
9.He paid wages for $1,500 to his secretary.
10.He made a $500.00 withdrawal for his personal use.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started