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7 PART B (3 points) Andres IT Services Company reported the following partial information: Owner's Drawings during the year. Net Loss for the year Beginning
7 PART B (3 points) Andres IT Services Company reported the following partial information: Owner's Drawings during the year. Net Loss for the year Beginning Owner's Equity Revenues for year Total Assets (ending) Total Liabilities (ending) Instructions: Based on the information that is provided above, in the space below please compute the dollar amount of the Expenses for the year. You must show both the formula (equation) and your computations in order to receive any credit. Record your final answer on the line provided. FINAL ANSWER: July 3 PART C (27 points) You are given the transactions described below for Solving Company, which uses a perpetual inventory system and has a fiscal year ending on July 31st. July 1 July 7 July 10 July 14 July 18 $285.000 ($127.000) $540.000 $6.251.000 $4.850.000 $3.972.000 July 20 July 21 July 31 (Show the required formula (equation) and your computations in the space below.) Received $973 from H. Onye in payment of an account receivable that had been written off in the preceding year. Made $9,400 sales of merchandise inventory on Visa credit cards. The credit card service charge is 2%. T merchandise cost Solving Company $6,162. Sold $47,400 of merchandise inventory on credit to Ebson Corporation. The terms were 2/15, n/30, E destination. The merchandise cost Solving Company $29,513. Established a petty cash fund by writing a check on Dolma National Bank for $500. Received and paid the freight bill of $237 for the July 7th shipment to Ebson Corporation. Ebson Corporation returned for full credit a part of the merchandise inventory which had been shippe 7th The returned merchandise inventory had a selling price of $2,300 and had cost Solving Compan Solving Company restocked the returned goods. Wrote off as uncollectible $1,650 of accounts receivable. The company uses the aging method to bad debts. Received payment in full from Ebson Corporation. Replenished the company's petty cash fund. On this date the petty cash fund consisted of $187 the following petty cash receipts: postage expense $166, entertainment expense $94, and misc $58. expense Instructions: On the separately distributed general journal page, prepare (in good form) the general journa the transactions described above assuming that Solving Company uses a perpetual inventory system. Be su discounts, allowances, and returns. Include the dates for your journal entries. Page 2
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