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.

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Originally Posted by babyreze

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.

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Hi, babyreze!

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

Thanks!

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.

What would be the journal entry for letter C?

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.