Prepare T Accounts

JOURNAL ENTRIES

February, 1st, 2023
Prepaid Insurance $1,200,000
To Cash $1,200,000

February, 1st, 2023
Cash $2,000,000
To Common Stock $2,000,000

February, 5th, 2023
Cash $20,000,000
To Unearned Revenue $20,000,000

February, 15th, 2023
Accounts Receivable $8,000,000
To Sales Revenue $8,000,000

March, 1st, 2023
Cash $25,000,000
To Sales Revenue $25,000,000

March, 1st, 2023
Cash $1,000,000
To Notes Payable $1,000,000

March, 15th, 2023
Salaries Expense $4,000,000
To Cash $4,000,000

March, 20th, 2023
Supplies $150,000
To Accounts Payable $150,000

March, 30th, 2023
Cash $6,000,000
To Accounts Receivable $6,000,000

April, 7th, 2023
Advertising Expense $7,500,000
To Cash $7,500,000

April, 14th, 2023
Accounts Payable $150,000
To Cash $150,000

April, 14th, 2023
Travelling Expense $5,000,000
To Cash $5,000,000

April, 18th, 2023
Cash $12,000,000
To Sales Revenue $12,000,000

April, 22nd, 2023
Equipment $500,000
To Cash $500,000

April, 25th, 2023
Accounts Receivable $7,000,000
To Sales Revenue $7,000,000

April, 28th, 2023
Salaries Expense $4,000,000
To Cash $4,000,000

April, 29th, 2023
Cash $6,000,000
To Accounts Receivable $6,000,000

April, 29th, 2023
Dividends $7,000,000
To Cash $7,000,000

April, 29th, 2023
Rent Expense $23,000,000
To Cash $23,000,000

April, 29th, 2023
Equipment $1,500,000
To Accounts Payable $1,500,000

ADJUSTING ENTRIES

April, 30th, 2023
Insurance Expense $300,000
To Prepaid Insurance $300,000

April, 30th, 2023
Supplies Expense $125,000
To Supplies $125,000

April, 30th, 2023
Unearned Revenue $18,000,000
To Sales Revenue $18,000,000

April, 30th, 2023
Salaries Expense $2,000,000
To Salaries Payable $2,000,000

April, 30th, 2023
Interest Expense $10,000
To Interest Payable $10,000

To prepare T accounts, what should you do with each transaction? To prepare T accounts, you need to analyze each transaction and determine which accounts are affected. Record the debits and credits in the appropriate T accounts and calculate the balances by adding up the debits and credits on each side of the T account.
← Finding stock volatility calculate the correct answer What are the marketing funnel awareness consideration conversion and loyalty of walmart →