Rae asked:


Mallard Incorporated is a small manufacturing company that makes model trains to sell to toy stores. It has a small service dept that repairs customers’ trains for a fee. The company has been in business for 5 years. At the end of the most recent year, 2005, the accounting records reflected total assets of $500,000 and total liabilities of $200,000. During the current year, 2006, the following summarized events occurred: Issued additional shares of stock for $100,000 cash. Borrowed $120,000 cash from the bank and signed a 10-year note. Built an addition on the factory for $200,000 and paid cash to the contractor. Purchased equipment for the new addition for $30,000, paying $3,000 in cash and signing a note due in six months for the balance. Returned a $3,000 piece of equipment, from d, because it proved to be defective; received a reduction of the note payable. Purchased a delivery truck (equipment) for $10,000;
paid $5,000 cash and signed a nine-month note for the remainder.
At the end of 2006, lent $2,000 cash to the company president, Jennifer Mallard, who signed a note due in one year.
A stockholder sold $5,000 of his capital stock in Mallard Incorporated to his neighbor.

using plus (+) for increases and minus (-) for decreases for each account

this is the format:
Cash
Notes Receivable
Equiptment
Building =
Notes Payable +
Contributed Capital
Retained Earnings

I need help on where to put everything. I did it but it does not look right to me at all

GUS

Rae asked:


Mallard Incorporated is a small manufacturing company that makes model trains to sell to toy stores. It has a small service dept that repairs customers’ trains for a fee. The company has been in business for 5 years. At the end of the most recent year, 2005, the accounting records reflected total assets of $500,000 and total liabilities of $200,000. During the current year, 2006, the following summarized events occurred: Issued additional shares of stock for $100,000 cash. Borrowed $120,000 cash from the bank and signed a 10-year note. Built an addition on the factory for $200,000 and paid cash to the contractor. Purchased equipment for the new addition for $30,000, paying $3,000 in cash and signing a note due in six months for the balance. Returned a $3,000 piece of equipment, from d, because it proved to be defective; received a reduction of the note payable. Purchased a delivery truck (equipment) for $10,000;
paid $5,000 cash and signed a nine-month note for the remainder. At the end of 2006, lent $2,000 cash to the company president, Jennifer Mallard, who signed a note due in one year.
A stockholder sold $5,000 of his capital stock in Mallard Incorporated to his neighbor.

using plus (+) for increases and minus (-) for decreases for each account

this is the format:
Cash
Notes Receivable
Equiptment
Building=
Notes Payable+
Contributed Capital
Retained Earnings
no its a homework problem and i need help.

GUY

Isis A asked:


Atlanta, Augusta or any other area in GA

EARL