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February 17, 2010

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Can you help me with my accounting problem?

I'm in highschool accounting and I have this homework problem. I have to fill in a general ledger and I honestly don't understand any of it. One of the transactions say

"Abe Shultz transferred a desk and chairs valued at $1,200 to the business, Memorandum 52."

What is "the business"
and where would each thing go?

I'm sooo confused any help would be great.

General Ledger Accounts:
Cash In Bank
Accts. Rec.- J. Alvarez
Grooming Supplies
Office Furniture
Grooming Equipment
Accts. Pay.- Dogs & Cats Inc.
Abe Shultz, Capital
Abe Shultz, Withdrawls
Boarding Revenue
Grooming Revenue
Salaries Expense

ps. A link to a website that can help me would work too!

THANKS SOOOOOOO MUCH!



Well, Abe Shultz is apparently the owner of the business, and he is transfering his own property (desk and chairs valued at $1,200) to his business. This increases the business' assets and also increases Abe Shultz' investment in his business. The entry would be

Debit 'Office Furniture' $1,200
Credit 'Abe Shultz, Capital' $1,200
-----------------------------
Sorry, I don't know of any website that would really help you learn this stuff. You just need to spend more time carefully reading your textbook if the subject is giving you trouble. After a while of doing that, it will come to you and start making sense.

Cat Grooming Equipment

Would you use a pet grooming service that set up in your home or garage?

And used your tub to bathe the pet. I'm talking about cats, small and medium dogs.The groomer would bring a grooming table,towels and all other needed equipment,be experienced, insured, cleaned up well after they were done and charged rates similar to a grooming shop. Mobil groomers charge around 1 1/2 times the rate of a shop. I would like to start my own business and I really can't afford a mobil van payment or rent for a building.Times are tough on me and my clients. I wondered if you thought that by charging less and offering to relieve the client of travel,gas etc that would be equal compensation for use of their tub and space.



Yeah, I think it sounds nice. I wish you luck. I would be happy to have my pet done while I'm cleaning or doing what I need to get done at home.

Cat Grooming Equipment
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