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Exercise 1 Creates a table in MS Excel with each of the following accounts and indicates its effect on the accounting equation. On February 1, 2020, Mike Lammar established a house rental business called Miguel's Rentals. During the month of March, the following transactions were recorded: To open the business, he deposited $60,000 of his personal funds as an investment. He bought equipment for $6,000 on credit. He bought office supplies for $1,500 in cash. He received income from renting a property for $3,500 in cash. He paid the utilities expenses for $800.00. He paid $1,200 of the equipment purchased on credit for the second transaction. He received income from managing renting a building for $4,000 in cash. He provided a $3,000 rental counseling service to a client on credit. He paid wages for $1,500 to his secretary. He made a $500.00 withdrawal for his personal use.

Exercise 1 Creates a table in MS Excel with each of the following accounts and indicates its effect on the accounting equation. On February 1, 2020, Mike Lammar established a house rental business called Miguel's Rentals. During the month of March, the following transactions were recorded: To open the business, he deposited $60,000 of his personal funds as an investment. He bought equipment for $6,000 on credit. He bought office supplies for $1,500 in cash. He received income from renting a property for $3,500 in cash. He paid the utilities expenses for $800.00. He paid $1,200 of the equipment purchased on credit for the second transaction. He received income from managing renting a building for $4,000 in cash. He provided a $3,000 rental counseling service to a client on credit. He paid wages for $1,500 to his secretary. He made a $500.00 withdrawal for his personal use.

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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Exercise 1 Creates a table in MS Excel with each of the following accounts and indicates its effect on the accounting equation. On February 1, 2020, Mike Lammar established a house rental business called Miguel's Rentals. During the month of March, the following transactions were recorded: To open the business, he deposited $60,000 of his personal funds as an investment. He bought equipment for $6,000 on credit. He bought office supplies for $1,500 in cash. He received income from renting a property for $3,500 in cash. He paid the utilities expenses for $800.00. He paid $1,200 of the equipment purchased on credit for the second transaction. He received income from managing renting a building for $4,000 in cash. He provided a $3,000 rental counseling service to a client on credit. He paid wages for $1,500 to his secretary. He made a $500.00 withdrawal for his personal use.
Transcribed Image Text:Exercise 1 Creates a table in MS Excel with each of the following accounts and indicates its effect on the accounting equation. On February 1, 2020, Mike Lammar established a house rental business called Miguel's Rentals. During the month of March, the following transactions were recorded: To open the business, he deposited $60,000 of his personal funds as an investment. He bought equipment for $6,000 on credit. He bought office supplies for $1,500 in cash. He received income from renting a property for $3,500 in cash. He paid the utilities expenses for $800.00. He paid $1,200 of the equipment purchased on credit for the second transaction. He received income from managing renting a building for $4,000 in cash. He provided a $3,000 rental counseling service to a client on credit. He paid wages for $1,500 to his secretary. He made a $500.00 withdrawal for his personal use.
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