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Hello! Can Someone Help Me Solve This Problem? Please Also Include..

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Accounting

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Answer Accounting
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Hello! Can someone help me solve this problem? Please also include...
Hello! Can someone help me solve this problem? Please also include the journal entry. Thanks a lot.

Problem

Nancy Mulles established the Mulles Data Encoders on May 15, 2015. The following transaction occurred during the month:

a. Mulles invented P157,000 cash to establish the business.


b. Bought office desks and filing cabinet for cash, P15,150.
c. Mulles Invested in the business her personal computer with a fair market value of P57,500.
d. Bought computer software for use in the business from San Jose Computer Center for P39,000, paying P15,000 down; the balance is
due in thirty days.
e. Paid rent for the month, P5,300.
f. Received cash for services rendered, P5,160.
g. Ordered a panaflex sign for P9,000 from Royal Bright Enterprises, with P5,000 as down payment and the balance due when installed.
h. Received bill for advertising from Buy and Sell Newspaper, P3,230.
i. Bought print paper and stationery on account, P2,290.
j. Received and paid electric bill, P1,240.
k. Paid bill for advertising recorded previously in transaction (h).
l. Received cash for services rendered, P10,900.
m. Paid salaries to employees, P8,400.
n. Mulles withdrew cash for personal use, P4,500.

Required:
1. Establish the following 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.
2. Record the transactions directly into the T-accounts using the alphabets to identify each transaction.
3. Prepare a trial balance.

Accounting Business Financial Accounting 섈 쉋

Answer & Explanation Solved by verified expert 숨 Rated


싙 Helpful

T-ACCOUNTS
 
Cash

a. 157,000 15,150 b
f. 5,160 15,000 d
l. 10,900 5,300 e
5,000 g
1,240 j
3.230 k
8,400 m
4,500 n

173,060 57,820
115,240 end bal.

Supplies

i. 2,290  
Office Equipment
Find study resources 숿
b. 15,150  
c. 57,500
Question Answer & Explanation Related Questions

72,650  

Computer Software

d. 39,000  

Signage

g. 9,000  

Accounts Payable

k. 3,230 d. 24,000
g. 4,000
h. 3,230
i. 2,290

3,230 33,520
30,290 end bal

Mulles Capital

  a. 157,000
c. 57,500

  214,500 ending balance

Mulles, Withdrawals

n. 4,500  

Service Revenue

  f. 5,160
l. 10,900

  16,060 end balance

Salaries Expense

m. 8,400  

Advertising Expense

h. 3,230  

Rent Expense

e. 5,300  

Utilities expense

j. 1,240  

Mulles Data Encoders


TRIAL BALANCE
MAY 2015

ACCOUNT TITLE DEBIT CREDIT


Cash 115,240
Find study resources   숿
A/R    
Supplies 2,290  
Question Answer & Explanation Related Questions
Office Equipment 72,650  
Computer Software 39,000  
Signage 9,000  
Accounts Payable   30,290
Mulles, Capital   214,500
Mulles, Withdrawals 4,500  
Service Revenue   16,060
Salaries expense 8,400
Advertising Expense 3,230
Rent Expense 5,300
Utilities Expense 1,240
Miscellaneous expense

TOTAL 260,850 260,850

Step-by-step explanation

Journal Entries

  Account Title Debit  Credit

a Cash 157,000  
M. Capital 157,000

b Office Equipment 15,150  


Cash 15,150

c Computer equipment 57,500  


M. Capital 57,500

d Computer Software 39,000  


Cash 15,000
A/P 24,000

e Rent Expense 5,300  


Cash 5,300

f Cash 5,160  
Service Revenue 5,160

g Signage 9,000  
Cash 5,000
Accounts Payble 4,000

h Advertising Expense 3,230  


A/P 3,230

i Supplies 2,290  
A/P 2,290

J Utilities Expense 1,240  


Cash 1,240

k A/P 3,230  
Cash   3,230
l Cash
Find study resources10,900 10,900 숿
Service Revenue  

Question Answer & Explanation Related Questions


m Salaries expense 8,400  
Cash   8,400

n M. Drawing  4,500  
Cash 4,500

 
 
 

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