Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Make a T chart/ T Account with the information below in excel. sort the accounts under the general accounting formula. Asset, Liability, Equity, Operation revenue,
Make a T chart/ T Account with the information below in excel. sort the accounts under the general accounting formula.
Asset, Liability, Equity, Operation revenue, Operation expense, and non-operation expense
Date NO Accounts Debit Credit 01-01-15 1 Cash 50,000 Stockholder's Equity 50,000 02-01-15 2 Cash 120,000 Notes Payable 120,000 02-01-15 3 Rent Expense 1,000 2,000 Security Deposits Cash 3,000 03-01-15 4 Property, Plant, and Equipment 30,000 Accounts Payable 30,000 03-01-15 50,000 5Invento Cash 50,000 04-01-15 6 Office Supplies 1,000 Accounts Payable 1,000 06-01-15 7 Account Receivable 10,500 Sales 10,000 500 Sales Tax Payable 06-01-15 7a Cost of Goods Sold 5,000 Invento 5,000 08-01-15 8 Cash 21,000 Sales Sales Tax Payable 20,000 1,000 08-01-15 8a Cost of Goods Sold 10,000 Inventory 10,000 09-01-15 9 Utility Expense 500 Accounts Payable 500 10 Sales Returns and Allowances 5,000 250 11-01-15 Sales Tax Payable Cash 5,250 11-01-15 10a nventor 2,500 Cost of Goods Sold 2,500 1,500 1,000 15-01-15 11 Salaries Expense Payroll Taxes Expense Cash Payroll Taxes Payable 1,500 1,000Step 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