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    Ernie Balbuena
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    Mr. Mendel started a business by investing $150,000 cash on January 1st. He purchased equipment for $30,000 on January 2nd and raw materials for $25,000 on January 3rd. On January 4th, he purchased a computer worth $20,000 on account. He collected $15,000 in service revenue on January 5th and withdrew $25,000 for personal use on January 6th, paying $10,000 of the computer account on January 7th. The document provides transactions for Mr. Mendel's new business and requests debit/credit entries, T-accounts, effects of transactions, and solving the accounting equation.

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    Mr. Mendel started a business by investing $150,000 cash on January 1st. He purchased equipment for $30,000 on January 2nd and raw materials for $25,000 on January 3rd. On January 4th, he purchased a computer worth $20,000 on account. He collected $15,000 in service revenue on January 5th and withdrew $25,000 for personal use on January 6th, paying $10,000 of the computer account on January 7th. The document provides transactions for Mr. Mendel's new business and requests debit/credit entries, T-accounts, effects of transactions, and solving the accounting equation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    16 views1 page

    ENTRY

    Uploaded by

    Ernie Balbuena
    Mr. Mendel started a business by investing $150,000 cash on January 1st. He purchased equipment for $30,000 on January 2nd and raw materials for $25,000 on January 3rd. On January 4th, he purchased a computer worth $20,000 on account. He collected $15,000 in service revenue on January 5th and withdrew $25,000 for personal use on January 6th, paying $10,000 of the computer account on January 7th. The document provides transactions for Mr. Mendel's new business and requests debit/credit entries, T-accounts, effects of transactions, and solving the accounting equation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    JAN 1.

    MR MENDEL START A BUSINESS BY INVESTING 150,000 WORTH OF CASH

    JAN 2. MR MENDEL PURCHASE EQUIPMENT AMOUNTING TO 30,000

    JAN 3. MR MENDEL PURCHASE RAW MATERIALS AMOUNTING TO 25,000

    JAN 4. MR MENDEL PURCHASE COMPUTER ON ACCOUNT WORTH 20,000

    JAN 5. MR MENDEL COLLECTED 15,000 FROM THE SERVICE RENDERED.

    JAN 6. MR MENDEL MADE PERSONAL WITHDRAWAL OF 25,000

    JAN 7. MR MENDEL MADE PAYMENT OF 10,000 FROM JAN 4. TRANSACTION

    SHOW THE FOLLOWING:

    1. DEBIT/CREDIT ENTRY
    2. T-ACCOUNT
    3. TYPES AND EFFECTS OF TRANSACTIONS
    4. SOLVE THE ACCOUNTING EQUATION

    JAN 1. MR MENDEL STARTER A BUSINESS BY INVESTING 150,000 WORTH OF CASH

    JAN 2. MR MENDEL PURCHASE EQUIPMENT AMOUNTING TO 30,000

    JAN 3. MR MENDEL PURCHASE RAW MATERIALS AMOUNTING TO 25,000

    JAN 4. MR MENDEL PURCHASE COMPUTER ON ACCOUNT WORTH 20,000

    JAN 5. MR MENDEL COLLECTED 15,000 FROM THE SERVICE RENDERED.

    JAN 6. MR MENDEL MADE PERSONAL WITHDRAWAL OF 25,000

    JAN 7. MR MENDEL MADE PAYMENT OF 10,000 FROM JAN 4. TRANSACTION

    SHOW THE FOLLOWING:

    1. DEBIT/CREDIT ENTRY
    2. T-ACCOUNT
    3. TYPES AND EFFECTS OF TRANSACTIONS
    4. SOLVE THE ACCOUNTING EQUATION

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