Recording Transactions Directly in T Accounts; Trial Balance

question 69

Essay

Recording transactions directly in T accounts; trial balance
On July 20, Mollie Rose began a new business called MR Printing, which provides typing, duplicating, and printing services. The following six transactions were completed by the business during July.
(A.) Issued to Rose 1,000 shares of share capital in exchange for her investment of $200,000 cash.
(B.) Purchased land and a small building for $450,000, paying $165,000 cash and signing a note payable for the balance. The land was considered to be worth $240,000 and the building $210,000.
(C.) Purchased office equipment for $30,000 from Quality Interiors Limited Paid $17,000 cash and agreed to pay the balance within 60 days.
(D.) Purchased a motorcycle on credit for $3,400 to be used for making deliveries to customers and agreed to make payment to Spokes Limited within 10 days.
(E.) Paid in full the account payable to Spokes Limited
(F.) Borrowed $30,000 from a bank and signed a note payable due in six months.
Instructions
(A.) Record the above transactions directly in the T accounts below. Identify each entry in a T account with the letter shown for the transaction. This exercise does not call for the use of a journal.
(B.) Prepare a trial balance at July 31 by completing the form provided.

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Definitions:

User Design

The process of designing products, systems, or services with the focus on the users' experience and interaction.

Messaging Efficiency

The effectiveness of a communication in achieving its intended purpose with clarity and conciseness.

Effective Messaging

The creation and delivery of messages in a way that clearly conveys the intended information or persuasion to the target audience.

Multidimensional Medium

A platform or format that incorporates multiple forms of media or dimensions of information.