Exercise 1
Make a table in MS Excel with each of the following accounts and indicate its effect on the expanded accounting equation
On February 1, 2023, Miguel Toro established a home rental business under the name Miguel’s Rentals. During the month of March the following transactions were recorded:
To open the business, he deposited $25,000 of his personal funds as an investment.
He bought equipment for $4,000 and furniture for $2,500 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 basic electric services for $800.00.
He paid $1,200 of the equipment purchased on credit from the second transaction.
He obtained a loan for $5,000 for business management.
He provided a rental advisory service to a client for $3,000 on credit.
He paid salaries of $2,500 to his secretary.
He made a withdrawal of $500.00 for his personal use.
Exercise 2
Make a table in Excel, analyze the following transactions and indicate the account that increases and the account that decreases, or if both accounts decrease or both accounts increase. It also indicates how the expanded accounting equation is affected
Cash received for business investment of $80,000 by Torres.
The rent for the month is paid for $2,200 in cash.
Office supplies are purchased for $600.00 in cash.
Office equipment is purchased on credit for $4,000.
Work is done for a customer on credit for $2,500.
Exercise 3
Make a table in MS Excel with each of the following accounts and indicate its effect on the expanded accounting equation
To open the business, he deposited $35,000 of his personal funds as an investment.
He bought office supplies for $2,000 on credit
He received service income of $2,000 in cash.
He paid for advertising services for $400.00.
He paid $300 of the materials purchased on credit.
He paid $250 for internet services.
He provided a service to a client for $3,000 on credit.
Paid wages of $1,800 to an employee.
You made a withdrawal of $200.00 for your personal use.
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