Class Starter Question: What is the Accounting Equation?
T Accounts Continued
Common list of Asset Accounts/Liability Accounts/Owner's Equity Accounts
Use the Google Sheet from last time for practice
Create a T Account for each of the following:
Cash
Accounts Receivable - Iron Co Schools
A/R - SUU Business Dept
Supplies
Prepaid Insurance
Accounts Payable - US Foods
A/P - Dunder Mifflin Paper Co.
Denny Heaton Capital
Label the Debit side and the Credit Side, as well as which side increases and which side decreases the account and the side it balances on.
Post the following transactions to the T Accounts
Denny Heaton put $5000 cash in to his company ABC Corporation
Received cash from Iron Co. Schools for previous sales on account - $400
Received cash from SUU Business Dept. for previous sales on account - $250
Paid Cash for Prepaid insurance for $350
Paid Cash for supplies of $250
Paid Cash to US Foods of $400 for a bill owed on
Paid Cash to Dunder Mifflin for $150 for paper previously purchased on account.
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