Hello, I was wondering if you could help me with Cumulative Comprehension Problem from Chapter 3: Echo Systems. This is in the book Fundamental Accounting Principles.

Cumulative Comprehension Problem from Chapter 3:

Cumulative Comprehension Problem from Chapter 2: Echo Systems:

3. Outline the goal of finaneld 4. Recommend an appropriate a ccounting polly statements Cumulative Comprehension Problem: Echo Systems comprehensive problem was introduced in Chapter 2 and continues in Chanter ets presented in Chapter 2. Because of its tength, this problem is most easily 4 and 5. (This compre the Chapter 2 use the facts the Working e segment has not been completed, the assignment can begin at this poin Papers10 that accompany this book.) are available on Connect 10 If students have not purchased the Working Papers package, the Working Papers for the Serial Problem are 228 CHAPTER 3 Adjusting Accounts for Financial Statements e success of its first two months, Mary Graham has decided to continue operating Echo Sys- ter the The transactions that occurred in these months are described in Chapter 2) Before proceeding Graham adds these new accounts to the chart of accounts for the ledger No. Accumulated Depreciation, Office Equipment Accumulated Depreciation, Computer Equipment Wages Payable Unearned Computer Services Revenue oepreciation Expense, Office Equipment Depreciation Expense, Computer Equipment Insurance Expense Rent Expense sing 164 168 210 236 612 ton613 637 nce 640 652 Required 1. Prepare journal entries to record each of the following transactions for Echo Systems. Post the entries to the accounts in the ledger. 3 3 4 10 14 Paid $2.100 to the Lakeshore Mall for the company's share of mall advertising costs. Paid $1.200 to repair the company's computer Received $7,500 from Alamo Engineering Co. for the recelvable from the prior month. Paid Carly Smith for six days' work at the rate of $200 per day. Notified by Alamo Engineering Co. that Echo's bid of $12.000 an a proposed project was accepted. Alamo paid an advance of $3,000. Dec. d are e for nced e of In- ave for 17 Purchased $2,310 of computer supplies on credit from Abbott Office Products s Sent a reminder to Fostek Co. to pay the tee for services originally recorded on November 8. 20 Completed a project for Elite Corporation ad received $11.250 cash. 24-28 Took the week off for the holidays. 31 Received $5,700 from Fostek Co. on its receivable 31 Reimbursed Mary Graham's business automobile expenses of 600 kilometres at $1.00 per kilometre. 1 Graham withdrew $3,600 cash from the business. 2. Prepare adjusting entries to record the following additional information collected on December 81, 2017. Post the entries to the accounts in the ledger a. The December 31 inventory of computer supplies was $1,440. b. Three months have passed since the annual insurance premium was paid. c As of the end of the year, Carly Smith has not been paid for four days of work at the rate of 8200 per day. cmputer is expected to have a four-year life with no residual value. . The office equipment is expected to have a three-year life with no residual value. t. Prepaid rent for three of the four months has expired. 3. Prepare an adjusted trial balance as of December 31, 2017 epare an income statement and statement of changes in equity for the three months ended December 31, 2017 pare a balance sheet as of December 31, 2017 229 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 Name Account NumberAccount Name Account Number 101 106 126 128 131 163 167 201 Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Office Equipment Computer Equipment Accounts Payable 301 302 403 623 655 676 684 6q9 Mary Graham, Capital Mary Graham, Withdrawals Computer Services Revenue Wages Expense Advertising Expense Mileage Expense Repairs Expense, Computer Charitable Donations Expense 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 3 Purchased computer supplies on credit for $2.640 from Abbott Office Products 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