Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Darcy Systems On October 1, 2017, Darcy Zaylo organized a computer service company called Darcy Systems. Darcy is organized as a sole proprietorship and will

image text in transcribed

image text in transcribed

Darcy Systems On October 1, 2017, Darcy Zaylo organized a computer service company called Darcy Systems. Darcy is organized as a sole proprietorship and will provide consulting services, computer system installations, and custom program development. Zaylo has adopted the calendar year for reporting, and expects to prepare the company's first set of financial statements as of Dec 31, 2-17 The transactions for the first two months have been recorded and posted. You will only be recording work for December, including the adjusting entries and closing. The beginning balances in the accounts represent the first two months transactions. Required 1. Prepare journal entries to record each of the following transactions for Darcy Systems. Post the entries to the accounts in the ledger Dec. 3 Paid $2,700 to the Seashelt Mall for the company's share of mall advertising costs for December 3 Paid $85 to repair the company's computer 4 Received the balance owing from Reynolds Plumbing Co 10 Paid Chris Douglas for nine days' work at the rate of $240 per day 14 Notified by Reynolds Plumbing Co. that Darcy's bid of $9,000 on a proposed project was accepted. Reynolds paid an advance of $2,500 17 Purchased $1,900 of computer supplies on credit from Morris Supplies. 18 Sent a reminder to Pelletier Food Services to pay the $3,650 originally recorded on November 8 20 Completed a project for Abee Gravel & Sand Co. and received $4,900 cash 24-28 Took the week off for the holidays 31 Received $1,400 as partial payment from Pelletier Food Services 31 Reimbursed Darcy Zaylo's business automobile expenses of 1,420 kilometres at $2.05 per kilometre 31 Darcy Zaylo withdrew $1,800 cash from the business Darcy Systems On October 1, 2017, Darcy Zaylo organized a computer service company called Darcy Systems. Darcy is organized as a sole proprietorship and will provide consulting services, computer system installations, and custom program development. Zaylo has adopted the calendar year for reporting, and expects to prepare the company's first set of financial statements as of Dec 31, 2-17 The transactions for the first two months have been recorded and posted. You will only be recording work for December, including the adjusting entries and closing. The beginning balances in the accounts represent the first two months transactions. Required 1. Prepare journal entries to record each of the following transactions for Darcy Systems. Post the entries to the accounts in the ledger Dec. 3 Paid $2,700 to the Seashelt Mall for the company's share of mall advertising costs for December 3 Paid $85 to repair the company's computer 4 Received the balance owing from Reynolds Plumbing Co 10 Paid Chris Douglas for nine days' work at the rate of $240 per day 14 Notified by Reynolds Plumbing Co. that Darcy's bid of $9,000 on a proposed project was accepted. Reynolds paid an advance of $2,500 17 Purchased $1,900 of computer supplies on credit from Morris Supplies. 18 Sent a reminder to Pelletier Food Services to pay the $3,650 originally recorded on November 8 20 Completed a project for Abee Gravel & Sand Co. and received $4,900 cash 24-28 Took the week off for the holidays 31 Received $1,400 as partial payment from Pelletier Food Services 31 Reimbursed Darcy Zaylo's business automobile expenses of 1,420 kilometres at $2.05 per kilometre 31 Darcy Zaylo withdrew $1,800 cash from the business

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Cost Accounting A Managerial Emphasis

Authors: Rajan Datar, Srikant M. Datar

16th Edition

9352860195, 978-9352860197

More Books

Students also viewed these Accounting questions

Question

What courses do your students assist with teaching this semester?

Answered: 1 week ago