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Date Account Debit Credit Adj. 1 12/31/21 Bad Debt Expense $ 481,250 Allowance for Doubtful Accounts $ 481,250 Date Debit Credit Account Insurance Expense Adj. 2 12/31/21 $ 100,000 Prepaid Insurance $ 100,000 Date Account Debit Credit Adj. 3 12/31/21 Depreciation Expense - Equipment $ 225,000 Accumulated Depreciation - Equipment $ 225,000 Date 12/31/21 Debit Credit Account Depreciatin Expense - Building $ 42,500 Adj. 4 Accumulated Depreciation - Building $ 42,500 Date Account Debit Credit $ 30,000 $ 40,000 Adj. 5 12/31/21 Mortgage Payable Interest Expense - Mortgage Cash $ 70,000

Date Account Debit Credit Adj. 1 12/31/21 Bad Debt Expense $ 481,250 Allowance for Doubtful Accounts $ 481,250 Date Debit Credit Account Insurance Expense Adj. 2 12/31/21 $ 100,000 Prepaid Insurance $ 100,000 Date Account Debit Credit Adj. 3 12/31/21 Depreciation Expense - Equipment $ 225,000 Accumulated Depreciation - Equipment $ 225,000 Date 12/31/21 Debit Credit Account Depreciatin Expense - Building $ 42,500 Adj. 4 Accumulated Depreciation - Building $ 42,500 Date Account Debit Credit $ 30,000 $ 40,000 Adj. 5 12/31/21 Mortgage Payable Interest Expense - Mortgage Cash $ 70,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Create T-Account.

Date Account Debit Credit Adj. 1 12/31/21 Bad Debt Expense $ 481,250 Allowance for Doubtful Accounts $ 481,250 Date Account Debit Credit Adj. 2 12/31/21 Insurance Expense $ 100,000 Prepaid Insurance $ 100,000 Date Account Debit Credit Adj. 3 12/31/21 Depreciation Expense - Equipment $ 225,000 Accumulated Depreciation - Equipment $ 225,000 Date Account Debit Credit Adj. 4 12/31/21 Depreciatin Expense - Building $ 42,500 Accumulated Depreciation - Building $ 42,500 Date Account Debit Credit Adj. 5 12/31/21 Mortgage Payable $ 30,000 Interest Expense - Mortgage $ 40,000 Cash $ 70,000
Transcribed Image Text:Date Account Debit Credit Adj. 1 12/31/21 Bad Debt Expense $ 481,250 Allowance for Doubtful Accounts $ 481,250 Date Account Debit Credit Adj. 2 12/31/21 Insurance Expense $ 100,000 Prepaid Insurance $ 100,000 Date Account Debit Credit Adj. 3 12/31/21 Depreciation Expense - Equipment $ 225,000 Accumulated Depreciation - Equipment $ 225,000 Date Account Debit Credit Adj. 4 12/31/21 Depreciatin Expense - Building $ 42,500 Accumulated Depreciation - Building $ 42,500 Date Account Debit Credit Adj. 5 12/31/21 Mortgage Payable $ 30,000 Interest Expense - Mortgage $ 40,000 Cash $ 70,000
Date Account Debit Credit Adj. 6 12/31/21 Salary Expense $ 490,000 Cash $ 490,000 Date Account Debit Credit Long-Term Debt Interest Expense - Long-Term Debt $ 75,000 $ 175,000 Adj. 7 12/31/21 Cash $ 250,000 Date Account Debit Credit Adj. 8 12/31/21 Inventory $3,000,000 Cash $2,600,000 Accounts Payable $ 400,000 Date Account Debit Credit Adj. 9 12/31/21 Accounts Receivable $1,000,000 Cash $4,400,000 COGS $2,100,000 Sales $5,400,000 Inventory $2,100,000
Transcribed Image Text:Date Account Debit Credit Adj. 6 12/31/21 Salary Expense $ 490,000 Cash $ 490,000 Date Account Debit Credit Long-Term Debt Interest Expense - Long-Term Debt $ 75,000 $ 175,000 Adj. 7 12/31/21 Cash $ 250,000 Date Account Debit Credit Adj. 8 12/31/21 Inventory $3,000,000 Cash $2,600,000 Accounts Payable $ 400,000 Date Account Debit Credit Adj. 9 12/31/21 Accounts Receivable $1,000,000 Cash $4,400,000 COGS $2,100,000 Sales $5,400,000 Inventory $2,100,000
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