Reference no: EM132995086

Question - How to make T-Accounts and Balance Sheet with the given information?

1 Paid November's rent on a theatre building with cash, $6,000.

2 Paid $320,000 cash to purchase land for a theatre site.

5 Borrowed $220,000 from the bank to finance the first phase of construction of the new theatre. Palusky signed a note payable to the bank in the name of Baycrest Cinema Company.

10 Purchased theatre supplies on account, $1,000.

16 Paid employees' salaries of $2,900 cash.

22 Paid $600 on account.

28 Palusky withdrew $8,000 cash.

29 Paid property tax expense on the land for the new theatre, cash of $1,400.

30 Received $20,000 cash from service revenue and deposited that amount in the bank.