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    yusefkh's Avatar
    yusefkh Posts: 2, Reputation: 1
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    #1

    Apr 23, 2009, 02:19 PM
    Transactions to T Accounts
    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. received 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.

    -----------------

    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...
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
     
    #2

    Apr 25, 2009, 01:29 AM

    I have already answered the first part of your
    Question.
    You have now proceeded further.
    The bookkeeping is done.
    The accounting follows.
    From the T accounts make an inclusive list of
    The accounts with balances.
    You will then have a Trial Balance.
    Are the totals of DEBITS and CREDITS equal?

    If they are you can proceed to PHASE 3.

    Show us all your workings .
    We shall help you get there.
    Your personal effort is of vital importance.

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