Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 just need help with Part B.

image text in transcribed

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. Oct. 1 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

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

Internal Audit In Higher Education

Authors: Alison Holmes, Sally Brown

1st Edition

0749433000, 978-0749433000

More Books

Students also viewed these Accounting questions