Mr. Cash is the owner of Money Management Company. The following is a list of his assets

and liability accounts for March 2021:

- Bank $65,000

- Automobile $5000

- Supplies $500

- A/R - Prose Portraits $2500

- Building $90,000

- A/P - Gray Designs $150

- Bank Loan $5000

- Mortgage $40,000

- Mr.Cash, Capital ???

PART ONE: Set up the beginning balances for Money Management Company in the ledger.

Calculate Capital..

PART TWO: Record the following transactions for April 2015 in T-accounts for Money

Management Company:

1. The owner needs to buy a new car for his family. He withdraws $5000 from the busines

for personal use.

2. Used $20,000 of their bank loan to purchase a new car.

3. Bought supplies on account from Tim's Supplies for $365.

4. The owner invested $20,000 into the business.

5. Money Management Company pays their monthly telephone bill of $40.

6. They sold their services to Mr. Bing on account for $500.

7. They paid their employee's wages for the month of $1000.

8. Sold their services to Adrian Edge for $6000. He paid cash.

9. Paid $600 to their bank loan.

PART THREE: Take off a trial balance to make sure your work is correct.