Reference no: EM132775007

Problem 1: Make a table in MS Excel with each of the following accounts and indicate their effect on the accounting equation (expanded).

On February 1, 2020, Miguel Toro established a home rental business under the name Miguel's Rentals. During the month of March the following transactions were recorded:

1. To open the business, he deposited $ 60,000 of his personal funds as an investment.
2. He bought equipment for $ 6,000 on credit.
3. He bought office supplies for $ 1,500 in cash.
4. He received income from renting a property for $ 3,500 in cash.
5. He paid for utilities expenses of $ 800.00.
6. He paid $ 1,200 of the equipment purchased on credit from the second transaction.
7. He received income from managing a building rental for $ 4,000 in cash.
8. He provided a rental counseling service to a client for $ 3,000 on credit.
9. He paid salaries of $ 1,500 to his secretary.
10. He made a withdrawal of $ 500.00 for his personal use.