Ask Experts Questions for FREE Help !
Ask
    babyreze's Avatar
    babyreze Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 22, 2010, 08:52 PM
    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.
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
    Uber Member
    		  
    #2

    Jun 22, 2010, 09:11 PM
    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!
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #3

    Jun 23, 2010, 06:47 AM

    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.
    kimog's Avatar
    kimog Posts: 1, Reputation: 1
    New Member
    		  
    #4

    Mar 16, 2013, 08:09 PM
    What would be the journal entry for letter C?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #5

    Mar 17, 2013, 08:07 AM
    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Preparing a balance sheeet and income statement from a trial balance [ 2 Answers ]

Trial balance of Mahendra Traders as at 28 feb 2007 Capital R320 000 Drawings 40 000 Land and buildings ...

Preparing for T-Accounts and a Trial balance? [ 1 Answers ]

Preparing T-accounts And a trial balance C3 P2 Use the information in Exercise 2-4 to prepare an August 31 trial balance for Pose-for-Pics. Open These T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; H. Paris, Capital; Photography Fees Earned; and Utilities Expense....

Preparing a Trial Balance [ 1 Answers ]

The question is: Prepare an August 31 trial balance for Pose-for-Pics. Open these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; H. Paris, Capital; Photography Fees Earned; and Utilities Expense. Post the general journal entries to these T-accounts (which will serve...

Preparing a trial balance [ 1 Answers ]

When it says bought an automobile on account which account do I use for automobile? Question:bought an automobile on account from volvo west, 12,000

Preparing an adjusted trial balance [ 1 Answers ]

I am preparing an Adjusted trial balance for a class, the answer is at the bottom and I can't get my answer to compare. Here is where I might have made a mistake. 4 Received $3,950 cash from Alex’s Engineering Co. for the receivable from November. Credit cash Debt acct receivable ...

View more questions Search