Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

find the balanced column accounts On October 1, 2020, Darcy Zaylo organized a computer service company called Darcy Systems. Darcy is organized as a sole

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedfind the balanced column accounts

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

On October 1, 2020, 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 December 31,2020 . The initial chart of accounts for the accounting system includes these items: Oct. 1 Darcy Zaylo invested $50,000 cash, a used computer system valued at $11,640 and $22,800 of office equipment in the business. 2 Paid six months of rent in advance; $14,850. 3 Purchased computer supplies on credit for $3,100 from Morris Supplies. 5 Paid $15,120 cash for one year's premium on a property and liability insurance policy. 6 Billed J\&J Technologies $4,325 for installing a new computer system and providing J\&J Technologies's employees with training. 8 Paid for the computer supplies purchased from Morris Supplies. 10 Hired Chris Douglas as a part-time assistant for $240 per day, as needed. 12 Billed J\&J Technologies another $2,480 for computer services rendered. 15 Received $2,000 from J\&J Technologies on its account. 17 Paid $850 to repair equipment damaged when moving into the new office. 20 Paid $1,900 for an advertisement in the local newspaper. 22 Received the balance owing from J\&J Technologies on its account. 28 Billed Wilson Dance Studios $4,600 for services. 31 Paid Chris Douglas for 13 days' work. 31 Darcy Zaylo withdrew $1,700 cash from the business for personal use. Nov. 1 Reimbursed Darcy Zaylo's business automobile expense for 1,200 kilometres at $2.05 per kilometre. 2 Received $5,000 cash from Murray Clothiers for computer services completed today. 5 Purchased $1,400 of computer supplies for cash from Morris Supplies. 8 Billed Pelletier Food Services $3,650 for computer services rendered. 13 Notified by Reynolds Plumbing Co. that Darcy's bid of $20,400 for an upcoming project was accepted. 18 Received $1,600 from Wilson Dance Studios against the bill dated October 28. 22 Donated $4,000 to the local food bank in the company's name. 24 Completed work for Reynolds Plumbing Co. and sent a bill for the amount agreed to on November 13. 25 Sent another bill to Wilson Dance Studios for the past due amount of $3,000. 28 Reimbursed Darcy Zaylo's business automobile expense for 540 kilometres at $2.05 per kilometre. 30 Paid Chris Douglas for 17 days' work. 30 Darcy Zaylo withdrew $2,000 cash from the business for personal use. Darcy Systems Opening Trial Balance October 1, 2020 Darcy Systems CEAIEDAI InIIMAN NOTE: Accounts with zero balances are not required to be shown on the trial balance. Darcy Systems Income Statement For Month Ended November 30, 2020 Revenues: Computer Services Revenue Operating expenses: Advertising Expense Repairs Expense, Computer Wages Expense Total operating expenses Net income $0 Darcy Systems Balance Sheet November 30, 2020 \begin{tabular}{lrl} & \multicolumn{1}{c}{ Liabilities } \\ Cash & $0 & Accounts Payable \\ Accounts Receivable & 0 & \\ Computer Supplies & 0 & \\ Prepaid Insurance & 0 & \\ Prepaid Rent & 0 & \multicolumn{1}{l}{ Equity } \\ Office Equipment & 0 & 0$0 Darcy Zaylo, Capital Total liabilities and equity \end{tabular}

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

Making Accountability Work Dilemmas For Evaluation And For Audit

Authors: Marie-Louise Bemelmans-Videc, Jeremy Lonsdale, Burt Perrin

1st Edition

1412865557, 978-1412865555

More Books

Students also viewed these Accounting questions

Question

Write a note on job design.

Answered: 1 week ago

Question

Compute the derivative of f(x)cos(-4/5x)

Answered: 1 week ago

Question

Discuss the process involved in selection.

Answered: 1 week ago

Question

Differentiate tan(7x+9x-2.5)

Answered: 1 week ago