I was wondering if you could help me with Cumulative Comprehension Problem for Chapter 4: Echo Systems. This is in the book Fundamental Accounting Principles.

Cumulative Comprehension Problem for Chapter 5: Echo Systems:

CHAPTER 4 Completing the Accounting Cycle and Classifying Accoun ts lative Comprehension Problem: Echo Systems E: 2. Total credits in post-closing trial balance $155.720 u, a her on't you nco segments of this comprehensive problem wvere in Chapters 2 and S, and the final seymen Chapter5. If the Chapter 2 and 3 segments have not been completed, the assignment can The first turo is ed in his point. Iu is recommended that y u use the Working Papers2 that accompany this book is e acount balances that resulted from posting the entries required in Chapters 2 and 3) The transactions of Echo Systems for October through December 2017 have been recorded in the lem segments in Chapters 2 and 3, as well as the year-end adjusting entries. Prior to closing the tem- nylert the accounts for 2017, the accounting system is modified to include the Income Summary account, which is given the number 901. Required 1. Record and post the appropriate closing entries 2 Prepare a post-closing trial balance. the 12 If students have not purchased the Working Papers package, the Working Papers for the serial problem are availiable on Connect GHAPTER S Accuntin orMerchanding Actirties Critical Thinking Mini Case , have just graduated with a business diploma in nanagement and have been hired as the inventory r for a local sporting goods store. Your first task is to review and assess the following information: u have of merchandise sold to customers in sales transactions 2017 chandise inventory balance, beginning of year $480,000 $32D,000 84,000 510,000 240,000 14,000 2,000 115,000 22,400 2,400 1,200 mcice cost of merchandise purchases e determined at end of year 2,500 25,500 Cost of transpor of merchandise returned by customers and restored to inventony Purchase discounts received s and allowances received 5,100 2.550 Furchase retum Required Using the elements of critical thinking described on the inside front cover, comment Cumulative Comprehension Problem: Echo Systems Echo Systems perpetual or periodic Note: Solutions are available for both perpetual and periodic. The first three ters 2, 3, and 4. If those completed, the assignment can begin at this point. However, you should use the ges M rking Papersis that accompany this text because they tect the account balances that resulted from asting the entries required in Chapters 2, 3, and 4.) CHECK FIGURES: 4. Profit $23,198; 6. Total current assets $162,358: Total assets $208.858 Earlier segments of this problem have described how Mary Graham created Echo Systems on October 1, 2017. The company has been successful, and its list of customers has started to grow. To accommodate the growth, the accounting system is ready to be modified to set up separate accounts for each customer. The following list of customers includes the account number used for each account and ang balance as of the end ack eet the of 2017. Graham decided to add a fourth digit with a decimal point to the 106 account number that had been used for the single Accounts Receivable account. This modification allows the existing chart of accounts to continue being used. The list also shows the balances that two customers owed as of December 31, 2017 Dec. 31 Customer Account No. Alamo Engineering Co... Buckman Service... ....106.2 106.3 106.4 106.5 106.6 $3,000 106.7 106.8 106.9 Capital Leasin $2,700 0- Decker Elite Corporation . Fostek Co. Grandview Co Hacienda, Inc... mages, Inc 0- m are available on Connect uents have not purchased the Working Papers package, the Working Papers for the Serial Proble 387 Merchandising Activities CHAPTER5 Accounting for are. The company will extend credit terms of 1/10, n/30 to customers who cash d discount will be available on consulting revenue. The following additional acco e general ledger to allow the system to account for the company's new mercha response to frequent requests from customers, Graham has decided to begin seli ts were added No Acoount (Perpetuai) Invertory Merchandise Inventory Sales... Sales Discounts Sales Saies Discounts... Sales Retuns and Alowances Cost of Goods S 14 OR Sales s and Allowances Purchases Purchase Returns and Allowances.. Purchase Discounts Transpor 502 all revenue and expense accouits han does not use reversing entries, all revenue and expense a Because the accounting system d zero balances as of January 1, 2018. Required Prepare journal entries to record each of the following transactions either a perpetual system or a periodic system. for Reto Systems, a su 1. 2018 ian. 4 Paic Carly Smith tor tive days at the rate of $200 per day, including one day in addition to the four unpsd das frem the prior year. 5 Mary Graham invested an additional $48,000 cash in the business 7 Purchased $11,200 of merchandise from Shephard Corp. with terms of 1/10, /30, FOB shlpping point. q Received $3,000 from Fostek Co. as final payment on its account. 11 Completed fiva-aay praject for Alamo Engireening Ca. and billed therm $4,000, which is the total price of $12.00 less the edvance payment af $3,000. gireing co. andise with a retail value of $8,400 and a cost ot $6,720 to Elite Corporation with terms of 1/10 1/30, FOB shipping point. 15 Psid $1,400 for freignt charges on tha mercharidise purchased on January 7 16 Receved $6,000 cash from Grancview Co. for computer services. 17 Paid Shephard Corp. for the purchase on January 7 20 Elilte Corporation returned $800 ot dlefective marchandise fram its purchase on January 13, The returred Co merchandise, which had a cost of $640, was scrapped. 22 Received the balance due from Dite Corporation 24 Returned defective merchandise to Shephard Corp. and accepted credit against future purchases. Its cost, net of the discount, wes $742 26 Purchased $16,0cO of merchandise from Shephard Corp. witn tems of 1/10, n/30, FOB destnation1. 26 Sold merchandise with a cost af $4,280 for $11,600 on credit to Hacienda. Inc. 2 Recelved a $742 credit memo from Shephard Corp. concerning the merchandise returned on January 31 Paid Carly Smith for 10 days' wark at $200 per day. 89.290 24 $6,750 to the Lakeshore Mall for another three months' rent in advance 3 Paid Shephard Corp. for the balerice due. 5 Paid $1,600 to the local newspape for advertising 11 Received the balance due from Alamo Engineering Co. for revenue biled on January 11 15 Mary Gaham withdrew $9.600 cash for personal use 23 Scia merchandise with a cost of $5,120 tor S6,400 on credit to Grandview Coi terms l/10 30 26 Paid Carly Smitn for eight days work at $200 per day. 27 Reimbursed Mary Granam's business autemobile expenses for 600 kilometres at $1.00 per kilcmetre. 388 CHAPTER 5 Accounting for Merchandising Activities Purchased $4,800 of computer supplies from Abbott Office Products on credit MMar eceived the balance Repaired the company's computer paying cash of $1,720. q R due from Grandview Co. for merchandise sold on February 23. 1 Paid the a 24 Billed Capital Leasing for $11,800 ceived $8,.520 cash from Images, Inc. for computing serv e full amount due to Aobott Office Products, Includi ng amounts created on December 17 and March 8 of computing services. Sold merchandise with a cost of $2,004 for $3,600 on credit to Buckman Services. Sold merchandise with a cost of $2,200 for $4,440 on credit to Decker Company 30 31 Reimbursed Mary Graham's business automobile expenses for 400 kilometres at $1.00 per kilometre ,. Post the journal entries to the accounts in the company's general ledger. (Use asset, 1 accounts that start with balances as of December 31, 2017.) equity 3. Prepa re a partial work sheet consistin g of the first six columns showing the unadjusted trial balance, March 31 adjustments described in (a) through (g) below, and the adjusted trial balance. I are closing entries and do not journalize the adjusting entries or post them to prep a. The March 31 computer supplies on hand is $4,230. b. Three more months have passed since the company purchased the annual insurance policy at the ledger the cost of $4,320. c. Carly Smith has not been paid for seven days of work. d. Three months have passed since any prepaid rent cost has been transferred to expense. The monthly rent is $2,250. e. Depreciation on the computer for January through March is $2,250 f. Depreciation on the office equipment for January through March is $1,500. 9 The March 31 inventory of merchandise is $1,960 m single-step income statement for the three months ended March 31, 2018. List without differentiating between selling expenses and general and administrative expenses. 5. Prepare an interim statement of changes in equity for the three months ended March 31, 2018. 6. Prepare an interim classified balance sheet as of March 31, 2018. 389