T-Accounts

T-Accounts are important to develop understanding of the general ledger accounts. T-accounts present the general ledger accounts in graphical representational form. In this graphical form, debt entries are shown on the left side and credit entries on the right.

t accounts assignment help

This is the further exemplified by Assignment Help Experts as below:

Gary Bauer opens a computer consulting business called Technology Consultants and completes the following transactions in the month of April

1st Bauer invested $100,000 cash along with $24,000 in office equipment in the company

2nd The Company prepaid $7,200 cash for twelve months rent for office

3rd The Company made a credit purchase of office equipment for $12,000 and office supplies for $2,400. Payment is due within 10 days

6th The Company completed services for a client and immediately received $2,000 cash

9th The Company completed an $8,000 project for a client who must pay within 30 days

13th The Company paid $14,400 cash to settle the account payable created on April 3rd

19th The Company paid $6,000 cash for the premium on a 12 month insurance policy

22nd The company received $6,400 cash as a partial payment for work completed on April 9th

25th The company completed work for another for $2,640 on credit

28th Bauer withdrew $6,200 cash from the company for personal use

29th The Company purchased $800 of additional office supplies on credit

30th The company paid $700 cash for this month’s utility bill

Requirements

  1. Prepare general entries to record these transactions
  2. Open the following ledger accounts cash, accounts receivable, office supplies, prepaid insurance, prepaid rent, office equipment, accounts payable, withdraws, service revenue, utilities expense. Post in ledger accounts and enter the balance after each posting.
  3. Prepare the trial balance as the end of April.

 The guidelines for how to solve these and solution for the same are in the below excel file.

  Example Solution T account

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