Hello, I was wondering if you could help me with Cumulative Comprehension Problem from Chapter 2: Echo Systems and this is in the book Fundamental Accounting Principles. I need help with Part B.
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 Graham invested $90,000 cash, a $36,000 Paid rent in advance of $9,000. Purchased computer supplies on credit for $2,640 from Abbott Office Products Paid $4,320 cash for one year's premium on a property and liability insurance policy Billed Capital Leasing $6,600 for installing a new computer Paid for the computer supplies purchased from Abbott Office Products. Hired Carly Smith as a part-time assistant for $200 per day, as needed. Billed Capital Leasing another $2,400 for computer services rendered Received $6,600 from Capital Leasing on its account. 1 Oct. computer system, and $18,000 of office equipment in the business 2 3 5 6 8 10 12 15 17 Paid $1.410 to repair computer equipment damaged when moving into the 20 Paid $3,720 for an advertisement in the local 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. 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 bill dated October 28 22 Donated $1,500 to the United Way in the company's name. 24 Completed work for 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
