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-   -   Accounting 1;t-accounts and preparing trial balance (https://www.askmehelpdesk.com/showthread.php?t=482112)

  • Jun 22, 2010, 08:52 PM
    babyreze
    accounting 1;t-accounts and preparing trial balance
    Nancy Mulles established the Mulles Data Encoders on May 15, 2004. The following transactions occurred during the month:
    a.Mulles invested P157000 cash to establish the business.
    b.Bought office desks and filing cabinet for cash, 15,150.
    c.Mulles invested in the business her personal computer with a fair market value of 57,500.

    Established the t-accounts: cash; accounts receivable; supplies; office equipment; computer software; signage; accounts payable; Mulles, capital; Mulles, withdrawals; service revenues; salaries expense; advertising expense; rent expense; utilities expense and miscellaneous expense.
  • Jun 22, 2010, 09:11 PM
    Clough
    Quote:

    Originally Posted by babyreze View Post
    Nancy Mulles established the Mulles Data Encoders on May 15, 2004. The following transactions occurred during the month:
    a.Mulles invested P157000 cash to establish the business.
    b.Bought office desks and filing cabinet for cash, 15,150.
    c.Mulles invested in the business her personal computer with a fair market value of 57,500.

    Established the t-accounts: cash; accounts receivable; supplies; office equipment; computer software; signage; accounts payable; Mulles, capital; Mulles, withdrawals; service revenues; salaries expense; advertising expense; rent expense; utilities expense and miscellaneous expense.

    Hi, babyreze!

    So, what is your question, please? Are you looking for someone knowledgeable to help you to figure something out?

    Thanks!
  • Jun 23, 2010, 06:47 AM
    pready

    First thing to do is set up a T-account for all of your accounts with the starting account balances, then you will need to post your transactions to iyour T-accounts.
  • Mar 16, 2013, 08:09 PM
    kimog
    What would be the journal entry for letter C?
  • Mar 17, 2013, 08:07 AM
    pready
    C will be a Debit to Computer, which is an asset known as Property, Plant, and Equipment(PP&E) for the fair value of the computer and a Credit to Mulles, Capital, which is Owners Equity.

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