Prepare T Accounts

JOURNAL ENTRIES
Date	Account Titles and Explanation	Debit	Credit
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
Date	Account Titles and Explanation	Debit	Credit
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

Answer rating: 100% (QA)

Here are the T accounts for the accounts mentioned in the journal and adjusting entries Prepaid Insu... View the full answer