Make T-Accounts for the Following General Ledger Accounts of Mighty

Essay

Make T-accounts for the following general ledger accounts of Mighty Movers, which began business on January 1, 2019: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Moving Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Record the following January 2019 transactions in the accounts and key each entry with the transaction number.
(1) Shareholders purchased $270,000 in stock.
(2) Paid rent for the month, $3,300.
(3) Purchased equipment for $90,000, giving a note payable for $90,000.
(4) Purchased supplies on account, $15,000.
(5) Billed clients for services rendered, $57,000.
(6) Paid salaries for the month, $23,400.
(7) Paid $12,000 on account for supplies purchased in transaction (4).
(8) Collected $26,100 from clients previously billed.
(9) Paid utilities for the month, $1,470.
(10) Paid $17,400 cash dividends.