Hello, I was wondering if you could help me with Chapter 2 Cumulative Comprehension Problem: Echo Systems from the book Fundamental Accounting Principles. I really need help with Part B, can you help me?
4. What are the key lacts g 5. Wh at will you do about your concerns to improve the repoi ug and 5. Because Cumulative Comprehension Problem: Echo Syst (This comprehensive problee ts length, this problem is most easily soloved if you use the Working Puperste that accompany l On October 1, 2017, Mary Graham organized a computer service company called Echo S ls ensive problem starts in this chapter and continues in Chapters 3, 4, a Sustems. Echo anized as a sole proprietorship and will provide consulting services, computer system in and custom program development. Graham has adopted the calendar year for reporting, and expert prepare the company's first set of financial statements as of December 31, 2017. The initial chart ofa counts for the accounting system includes these items: org Account NumberAccount Name Account Name Account Number Mary Graham, Capital Mary Graham, Withdrawals Computer Services Revenue Wages Expense Advertising Expense Mileage Expense Repairs Expense, Computer Charitable Donations Expense 301 302 403 623 655 676 684 6q9 101 106 126 128 131 163 167 201 Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Office Equipment Computer Equipment Accounts Payable PART A: CHECK FIGURES: 4, Total Dr = $1594505. Profit = $8920; Total assets = $145,720 Required 1. Set up balance column a 2. Prepare journal entries to record each of the following October transactions 3. Post the October entries. 4. Prepare a trial balance at October 31, 2017. 5. Pre ccounts based on the chart of accounts provided. an income statement and a statement of changes in equity for the month ended pare 31,2017, as well as a balance sheet at October 31,2017. have not purchases the Working Paper package,the Working Papers for the Serial Problem are available on Coneo 148 e on Connect. CHAPTER 2 Analyzing and Recording Transactions Oct Graham invested $90.000 cash, a $36,000 computer system, and $18.000 of office equipment in the business 2 Paid rent in advance of $9,000 Purchased computer supplies on credit for $2.640 from Abbott Office Products 3 5 Paid $4,320 cash for one year's premiun on a property and liability insurance policy. 6 Billed Capital Leasing $6,600 for instaling a new computer Paid for the computer supplies purchased from Abbott Office Products 10 Hired Carly Smith as a part-time assistant for $200 per day, as needed 12 Billed Capital Leasing another $2,400 for computer services rendered. 15 Recelved $6,600 from Capital Leasing on its account. 17 Paid $1.410 to repair computer equipment damaged when moving into th 20 Paid $3,720 for an advertisement in the lccal newspaper 22 Received $2,400 from Capital Leasing on its account. 28 Billed Decker Company $6.450 for services. 31 Paid Carly Smith for seven days' work. 31 Withdrew $7.200 cash from the business for personal use e new office Part B: CHECK FIGURES: 8. Total Dr $184,950 q. Profit $27,920; Total assets $161,120 Required 6. Prepare journal entries to record each of the following November transactions. 7. Post the November entries. 8. Prepare a trial balance at November 30, 2017 9. Prepare an income statement and a statement of changes in equity for the two months ended November 30, 2017, as well as a balance sheet at November 30, 2017. Nov. 1 Reimbursed Graham's business automobile expense for 1,000 kilometres at $1.00 per kilometre. Received $9,300 cash from Elite Corporation for computer services rendered. Purchased $1,920 of computer supplies for cash from Abbott Office Products. 2 5 8 Billed Fostek Co. $8,700 for computer services rendered. 13 Notified by Alamo Engineering Co. that Echo's bid of $7,500 for an upcoming project was accepted 18 Received $3,750 from Decker Company against the bil dated October 28 22 Donated $1,500 to the United Way in the company's name 24 Completed work far Alamo Engineering Co. and sent a bill for $7,500. 25 Sent another bill to Decker Company for the past due amount of $2,700 28 Reimbursed Graham's business automobile expense for 1,200 kilometres at $1.00 per kilometre. 30 Paid Carly Smith for 14 days' work. 30 Withdrew $3,600 cash from the business for personal use
