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How can I figure out After the success of its first two months, Mary Graham has decided to continue operating Echo Systems. ( The transactions
How can I figure out
After the success of its first two months, Mary Graham has decided to continue operating Echo Systems. The transactions that occurred in these months are described in Chapter Before proceeding in December, 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
Depreciation Expense, Office Equipment..
Depreciation Expense, Computer Equipment.
Insurance Expense
Rent Expense....
Computer Supplies Expense.
Required
Prepare journal entries to record each of the following transactions for Echo Systems. Post the entries to the accounts in the ledger.
Dec. Paid $ to the Lakeshore Mall for the company's share of mall advertising costs.
Paid $ to repair the company's computer.
Received $ from Alamo Engineering Co for the receivable from the prior month.
Paid Carly Smith for six days' work at the rate of $ per day.
Notified by Alamo Engineering Co that Echo's bid of $ on a proposed project was accepted. Alamo paid an advance of $
Purchased $ of computer supplies on credit from Abbott Office Products.
Sent a reminder to Fostek Co to pay the fee for services originally recorded on November
Completed a project for Elite Corporation and received $ cash.
Took the week off for the holidays.
Received $ from Fostek Co on its receivable.
Reimbursed Mary Graham's business automobile expenses of kilometres at $ per kilometre.
Graham withdrew $ cash from the business.
Prepare adjusting entries to record the following additional information collected on December Post the entries to the accounts in the ledger.
a The December inventory of computer supplies was $
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 $ per day.
d The computer is expected to have a fouryear life with no residual value.
e The office equipment is expected to have a threeyear life with no residual value.
f Prepaid rent for three of the four months has expired.
Prepare an adjusted trial balance as of December
Prepare an income statement and statement of changes in equity for the three months ended December
Prepare a balance sheet as of December
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To tackle this problem well break it down into the steps necessary to complete each requirement Step 1 Prepare Journal Entries Heres how to record eac...Get Instant Access to Expert-Tailored Solutions
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