i need help making 1-10 into T-Accounts and a mulyi step income statement
Create a T-Account for all accounts listed below. Don't forget to put them in color!!! Billy Bob's Bikes Chart of Accounts Ledger # Ledger # Account ASSETS Cash Accounts Receivable Inventory Supplies Prepaid Insurance Land Building Accum Depr. - Building Bike Machine Accum Depr. - Bike Machine Account LIABILITIES Accounts Payable Notes Payable Interest Payable Salaries Payable Income Tax Payable 201 202 203 204 205 101 102 103 104 105 106 107 108 109 110 OWNER'S EQUITY Common Stock Retained Earnings Dividends 301 302 303 REVENUES Sales Sales Returns & Allowances Sales Discounts 401 402 403 EXPENSES Cost of Goods Sold Salaries Expense Freight-Out Depr. Exp. - Building Utilities Expense Supplies Expense Depr. Exp. - Bike Machine Interest Expense Insurance Expense Income Tax Expense 501 502 503 504 505 506 507 50B 509 510 Billy Bob's Bikes Transactions 1. March 1: Stockholder's invest $777,777 into the company in exchange for Billy Bob's Bikes common stock March 1: Billy Bob paid in advance for a 6-month insurance policy, which will begin today. He paid $7,074 cash for the policy. 3. March 1: Billy Bob purchased some land and a building for a total of $1,197,183 using $477,183 cash and then borrowing the rest from the bank. Based on the total purchase price of $1,197,183, the land was $276,543 and the building was the remainder. The loan from the bank will be paid off over the next 16 years (1/16 of the principal will be paid off at the end of each year). The loan carries an interest rate of 9.22%. Interest accrued will be paid off at the end of every year. The building has an expected life of 40 years and will be depreciated using the straight-line method. 4. March 2: Billy Bob purchased 15 bikes from Biker's Bargains. Each bike cost $2,960 and the credit terms are 4/15, n/30. (Note: Bikes are considered Inventory) 5. March 2: Billy Bob paid FedEx $1,849 cash to ship the bikes he bought from Biker's Bargains. 6. March 4: Billy Bob purchased $2,751 worth of supplies from Oliver's Office Supplies paying cash. 7. March 5: Billy Bob sold 9 bikes to Carl's Cars for $7.950 each with credit terms of 2/10, 1/30. The total cost of the bikes was figured out to be $27.747. March 5: Carl's Cars paid DHL SI,107 cash to ship the bikes he just bought. 9. March 7: Billy Bob hires Biker Betty for promotional purposes. He estimates her salary to be $10/hour. She will probably work 10 hours this month. 10. March 10: Billy Bob paid off the balance due from Biker's Bargains. 8