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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
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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
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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
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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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