yusefkh
Apr 23, 2009, 02:19 PM
at the beginning of april, brooke winston launched a custom computer programming company called softways. the company had the following transactions during april:
a. Brooke Winston invested $75.000 cash, office equipments with a value of $6.000, and $25.000 of computer equipments in the company in exchange for a common stock.
b. Purchased land worth $27.500 for an office by paying $5.000 cash and signing a long-term note payable for the balance.
c. Purchased a portable biulding with $30.000 cash and moved it onto the land acwuired in b.
d. Paid $7.500 cash for the premium on a three-year insurance policy.
e. Provided services to a client and collected $5.400 cash.
f. Purchased $5.000 of additional computer equipment by paying $2.500 cash and signing a long-term note payable for the balance due.
g. Completed $5.250 of services for a client on credit.
h. Purchased $1.000 of additional office equipments from Yukon Office on credit.
i. Complete services for Johnason and Company for $10.200 on credit.
j. recieved a bill for $650 for rent of a piece of computer equipment used on a recently completed job. The bill is to be paid within 30 days.
k. Received $5.100 from Johanson and Company for work completed in transaction i.
l. Semi-monthly payroll totaled $2.000 and was paid in cash.
m. Paid $1.000 to Yukon Office supply for office equipment purchased in transaction h.
n. Paid $750 for minor repairs on computer equipment.
o. Paid $1.800 cash for advertising.
p. Semi-monthly payroll totaled $2.000 and was paid in cash.
q. Paid $5.000 for dividens.
Required:
1.open the following T-accounts: cash - accounts receivable - Prepaid Insurance - Office Equipments - Computer Equipments - building - land - Accounts Payable - Long-term notes payable - Common stocks - Retained earnings - Fees Earnings - Wages expenses - Computer rental Expenses - Advertising Expenses - Repairs Expense.
2. Record the transactions by entering debits and crdits directly in the T-account. Use the transaction letters to identify debit and credit. Prepare an undjusted trialbalance as of Apil 30.
3. Prepare Income statement, statement of owner's equity, balance sheet.
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This is my excersice. The problem is that I'm not sure of how am I going to build the table (t-accounts) I took this course on 2007 and need a refreshment...
a. Brooke Winston invested $75.000 cash, office equipments with a value of $6.000, and $25.000 of computer equipments in the company in exchange for a common stock.
b. Purchased land worth $27.500 for an office by paying $5.000 cash and signing a long-term note payable for the balance.
c. Purchased a portable biulding with $30.000 cash and moved it onto the land acwuired in b.
d. Paid $7.500 cash for the premium on a three-year insurance policy.
e. Provided services to a client and collected $5.400 cash.
f. Purchased $5.000 of additional computer equipment by paying $2.500 cash and signing a long-term note payable for the balance due.
g. Completed $5.250 of services for a client on credit.
h. Purchased $1.000 of additional office equipments from Yukon Office on credit.
i. Complete services for Johnason and Company for $10.200 on credit.
j. recieved a bill for $650 for rent of a piece of computer equipment used on a recently completed job. The bill is to be paid within 30 days.
k. Received $5.100 from Johanson and Company for work completed in transaction i.
l. Semi-monthly payroll totaled $2.000 and was paid in cash.
m. Paid $1.000 to Yukon Office supply for office equipment purchased in transaction h.
n. Paid $750 for minor repairs on computer equipment.
o. Paid $1.800 cash for advertising.
p. Semi-monthly payroll totaled $2.000 and was paid in cash.
q. Paid $5.000 for dividens.
Required:
1.open the following T-accounts: cash - accounts receivable - Prepaid Insurance - Office Equipments - Computer Equipments - building - land - Accounts Payable - Long-term notes payable - Common stocks - Retained earnings - Fees Earnings - Wages expenses - Computer rental Expenses - Advertising Expenses - Repairs Expense.
2. Record the transactions by entering debits and crdits directly in the T-account. Use the transaction letters to identify debit and credit. Prepare an undjusted trialbalance as of Apil 30.
3. Prepare Income statement, statement of owner's equity, balance sheet.
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This is my excersice. The problem is that I'm not sure of how am I going to build the table (t-accounts) I took this course on 2007 and need a refreshment...