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T-Accounts from month to month!
I am new at this accounting thing and I am so lost. We are doing a Build Your Own Business for the semester and the first part is due NOW! I did the t-account for January. Our next step was to do a Trial Balance for January which did balance. Next Step is to start a new T-account for February. What do I carry over from my balance sheet from January into my t-account starting for February?
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All balance sheet accounts carry over, so start with Beginning Balance either as a Debit or Credit Balance.
For example cash is $10,000 on hand at the end of January. February you will start with Beginning Balance $10,000 on your T account as a Debit Balance (Left side of the T). |
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Thank you, I was thinking this helped, however I am still confused. So on my Jan trial balance, I show cash as a Debit for $11,800 along with all the other items. I then have Sales Revenue of $2,000 as a credit (on the right). Don't I do something with that? UGH:( This is so hard.
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