The T-accounts for the following accounts: cash, notes receivable, equipment, land, notes payable, common stock, and additional paid-in capital, is created below.
Cash
Accounts Titles Debit Credit
Common stock $10,200
APIC - common stock $60,800
Equipment $4,750
Common stock $2,200
APIC - common stock $900
Notes Receivable $2,600
Notes Receivable
Accounts Title Debit Credit
Cash $2,600
Common Stock
Accounts Titles Debit Credit
Cash $10,200
Cash $2,200
Additional Paid-in Capital
Accounts Titles Debit Credit
Cash $60,800
Cash $900
Land $16,000
Land
Accounts Titles Debit Credit
APIC - common stock $16,000
Equipment
Accounts Titles Debit Credit
Cash $4,750
Notes payable $14,250
Notes payable
Accounts Titles Debit Credit
Equipment $14,250
T-accounts represent a debit column, and a credit column. It may also look exactly like the letter T. Hence, T-accounts are now presented in columnar formats, as shown above.
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