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10 oped Dok k On January 1, you started a tutoring business called Brain Worx and charge $34 an hour for tutoring. The following are
10 oped Dok k On January 1, you started a tutoring business called Brain Worx and charge $34 an hour for tutoring. The following are your transactions for 2020. Assume Brain Worx uses the straight-line method to depreciate its assets. a. On January 1, you purchased a computer from Apple Inc. for $1,065 cash. You estimate that your computer will last three years. After that time, you will give the computer to your sister as a gift. b. On February 1, you paid $756 cash for one year of insurance coverage. c. On March 1, you purchased supplies including paper, pens, and notebooks for $910 cash at Staples. At the end of the year, you had $273 of supplies left. d. On November 1, Charlotte, a student, pays cash for eight hours of tutoring per month for November 2020, December 2020, and January 2021. e. You tutor George for four hours in December. However, George was away for Christmas and has promised to pay you in January 2021. f. On December 31, 2020, Telus sends your December business cell phone bill for $130. The bill is due January 15, 2021 ences Required: 1. For transactions (a) to (d), record the initial journal entry during the year. View transaction list Journal entry worksheet 1 2 3 4 15 points 10 10 View transaction list Journal entry worksheet < 1 2 3 4 Skipped Record purchase of computer. eBook Ask Note: Enter debits before credits. Print References Date Jan 01, 2020 General Journal Debit Credit > Record entry Clear entry View general journal 10 View transaction list 15 points Journal entry worksheet Skipped < 1 2 3 4 5 6 eBook ASK Print References Record depreciation expense for the computer. Note: Enter debits before credits. Date Dec 31, 2020 General Journal Debit Credit View general journal Record entry Clear entry
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