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transactions that occurred in these months are described in Chapter 2.) Before proceeding in December, Gra 3. Prepare an adjusted trial balance as of December 31, 2020. 5. Prepare a balance sheet as of December 31, 2020 CHAPTER 3 Adjusting Accounts for Financements After the success of its first two months, Mary Graham has decided to continue operating Richo Systems (The ham adds these new accounts to the chart of accounts for the ledger Acco LODA Accumulated Depreciation. Once Ement Accumulated Depreciation Computer Equipment Wages Payable Uneamed Computer Services Revenue Depreciation Expense Office Equipment Depreciation Expense, Computer Equipment Insurance Expense Rent Expense Computer Supplies Expense 164 168 210 236 512 613 640 652 Required 1. Prepare journal entries to record each of the following transactions for Echo Systems. Post the entries to the accounts in the ledger. Dec 3 3 4 10 14 17 Paid $2,100 to the Lakeshore Mall for the company's share of mal advertising costs. Paid $1.200 to repair the company's computer Received $7.500 from Alamo Engineering Co for the receivable 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 on a proposed project was accepted. Alamo paid an advance of $3.000. Purchased $2.310 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 8. Completed a project for Elde Corporation and received $11.250 cash. Took the week off for the holidays. Received $5.700 from Fostek Co. on its receivable. Reimbursed Mary Graham's business automobile expenses of 600 kilometres at $1.00 per kilometre. Graham withdrew $3,600 cash from the business 18 20 24-28 31 31 2. Prepare adjusting entries to record the following additional information collected on December 31, 2020 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 $200 per day. d. The computer 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. Prepaid rent for three of the four months has expired. Prepare an income statement and statement of changes in equity for the three months ended December 31, 2020 233 the reporting at Prairie Instan CUMULATIVE COMPREHENSION PROBLEM: ECHO SYSTEM (This comprehensive problem starts in this chapter and continues in Chapters 3, 4. and S. Becm On October 1, 2020, Mary Graham organized a computer service company called Echo Systems ized as a sole proprietorship and will provide consulting services, computer system installations.com program development. Graham has adopted the calendar year for reporting, and expects to put pany's first set of financial statements as of December 31, 2020. The initial chart of accounts for the this problem is most easily solved if you use the Working Papers' that accompany this tea. ing system includes these items: Account Number Account Name Account Number Account Name 101 106 126 128 131 163 167 201 Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Office Equipment Computer Equipment Accounts Payable 301 302 403 623 655 Mary Graham, Capital Mary Graham With Computer Services Revenue Wages Expense Advertising Expense Mileage Expense Repairs Expense, Computer Charitable Donations Expense 676 684 699 Part A: CHECK FIGURES: 4. Total Dr.= $159,450; Profit = $8,920; Total assets $145,720 Required 1. Set up balance column accounts based on the chart of accounts provided. 2. Prepare journal entries to record each of the following Octobar transitions. 3. Post the October entries. 4. Prepare a trial balance at October 31, 2020. 5. Prepare an income statement and a statement of changes in equity for the month ended October 31, 201 as well as a balance sheet at October 31, 2020, 14 If students have not purchased the Working Paper package, the Working Papers for the Serial Problems to be on Comment 152 CHAPTER 2 Analyzing and Recording transactions Oct 1 2 3 5 6 8 10 12 15 17 20 Graham invested $90.000 cash a $36.000 Comer mund $18.000 of office Paid rent in advance of 59.000 Purchased computer supplies on credit for $2.640 from Albom Office Products Paid 54,320 cash for one year's premium on a property and attrance policy Bled Capital Leasing $6,600 for installing a new computer Paid for the computer supplies purchased from Abc Products Hred Carly Smith as a part-time assistant for $200 per days needed Bitted Capital Leasing another $2.400 for computer services rendered Received $6.600 from Capital Leasing on its account Paid $1.410 to repair computer equipment damaged when moving to the new Paid $3.720 for an advertisement in the local newspaper Received $2.400 from Capital Leasing on its account. Billed Decker Company $6.450 for services Paid Carly Smith for seven days work Withdrew $7.200 cash from the business for personal use. Sibrin 22 28 31 31 Part B: CHECK FIGURES: 8. Total Dr. = $184.950; 9. Profit = $27.920, Total assets = $164120 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, 2020, 9. Prepare an income statement and a statement of changes in equity for the two months ended November 30, 2020, as well as a balance sheet at November 30, 2020. Nov 1 2 5 8 13 18 22 24 25 28 30 30 Reimbursed Graham's business automobile expense for 1.000 Wlometres 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 Billed Fostek Co. $8,700 for computer services rendered Notified by Alamo Engineering Co that Echo's bid of $7.500 for an upcoming project was accepted. Received $3,750 from Decker Company against the bill dated October 28 Donated $1,500 to the United Way in the company's name: Completed work for Alamo Engineering Co and sent a bill for $7.500. Sent another bill to Decker Company for the past due amount of $2.700 Reimbursed Graham's business automobile expense for 1.200 kilometres a $1.00 per kilometre. Paid Carly Smith for 14 days' work. Withdrew $3.600 cash from the business for personal use. 69310 70 340 transactions that occurred in these months are described in Chapter 2.) Before proceeding in December, Gra 3. Prepare an adjusted trial balance as of December 31, 2020. 5. Prepare a balance sheet as of December 31, 2020 CHAPTER 3 Adjusting Accounts for Financements After the success of its first two months, Mary Graham has decided to continue operating Richo Systems (The ham adds these new accounts to the chart of accounts for the ledger Acco LODA Accumulated Depreciation. Once Ement Accumulated Depreciation Computer Equipment Wages Payable Uneamed Computer Services Revenue Depreciation Expense Office Equipment Depreciation Expense, Computer Equipment Insurance Expense Rent Expense Computer Supplies Expense 164 168 210 236 512 613 640 652 Required 1. Prepare journal entries to record each of the following transactions for Echo Systems. Post the entries to the accounts in the ledger. Dec 3 3 4 10 14 17 Paid $2,100 to the Lakeshore Mall for the company's share of mal advertising costs. Paid $1.200 to repair the company's computer Received $7.500 from Alamo Engineering Co for the receivable 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 on a proposed project was accepted. Alamo paid an advance of $3.000. Purchased $2.310 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 8. Completed a project for Elde Corporation and received $11.250 cash. Took the week off for the holidays. Received $5.700 from Fostek Co. on its receivable. Reimbursed Mary Graham's business automobile expenses of 600 kilometres at $1.00 per kilometre. Graham withdrew $3,600 cash from the business 18 20 24-28 31 31 2. Prepare adjusting entries to record the following additional information collected on December 31, 2020 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 $200 per day. d. The computer 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. Prepaid rent for three of the four months has expired. Prepare an income statement and statement of changes in equity for the three months ended December 31, 2020 233 the reporting at Prairie Instan CUMULATIVE COMPREHENSION PROBLEM: ECHO SYSTEM (This comprehensive problem starts in this chapter and continues in Chapters 3, 4. and S. Becm On October 1, 2020, Mary Graham organized a computer service company called Echo Systems ized as a sole proprietorship and will provide consulting services, computer system installations.com program development. Graham has adopted the calendar year for reporting, and expects to put pany's first set of financial statements as of December 31, 2020. The initial chart of accounts for the this problem is most easily solved if you use the Working Papers' that accompany this tea. ing system includes these items: Account Number Account Name Account Number Account Name 101 106 126 128 131 163 167 201 Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Office Equipment Computer Equipment Accounts Payable 301 302 403 623 655 Mary Graham, Capital Mary Graham With Computer Services Revenue Wages Expense Advertising Expense Mileage Expense Repairs Expense, Computer Charitable Donations Expense 676 684 699 Part A: CHECK FIGURES: 4. Total Dr.= $159,450; Profit = $8,920; Total assets $145,720 Required 1. Set up balance column accounts based on the chart of accounts provided. 2. Prepare journal entries to record each of the following Octobar transitions. 3. Post the October entries. 4. Prepare a trial balance at October 31, 2020. 5. Prepare an income statement and a statement of changes in equity for the month ended October 31, 201 as well as a balance sheet at October 31, 2020, 14 If students have not purchased the Working Paper package, the Working Papers for the Serial Problems to be on Comment 152 CHAPTER 2 Analyzing and Recording transactions Oct 1 2 3 5 6 8 10 12 15 17 20 Graham invested $90.000 cash a $36.000 Comer mund $18.000 of office Paid rent in advance of 59.000 Purchased computer supplies on credit for $2.640 from Albom Office Products Paid 54,320 cash for one year's premium on a property and attrance policy Bled Capital Leasing $6,600 for installing a new computer Paid for the computer supplies purchased from Abc Products Hred Carly Smith as a part-time assistant for $200 per days needed Bitted Capital Leasing another $2.400 for computer services rendered Received $6.600 from Capital Leasing on its account Paid $1.410 to repair computer equipment damaged when moving to the new Paid $3.720 for an advertisement in the local newspaper Received $2.400 from Capital Leasing on its account. Billed Decker Company $6.450 for services Paid Carly Smith for seven days work Withdrew $7.200 cash from the business for personal use. Sibrin 22 28 31 31 Part B: CHECK FIGURES: 8. Total Dr. = $184.950; 9. Profit = $27.920, Total assets = $164120 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, 2020, 9. Prepare an income statement and a statement of changes in equity for the two months ended November 30, 2020, as well as a balance sheet at November 30, 2020. Nov 1 2 5 8 13 18 22 24 25 28 30 30 Reimbursed Graham's business automobile expense for 1.000 Wlometres 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 Billed Fostek Co. $8,700 for computer services rendered Notified by Alamo Engineering Co that Echo's bid of $7.500 for an upcoming project was accepted. Received $3,750 from Decker Company against the bill dated October 28 Donated $1,500 to the United Way in the company's name: Completed work for Alamo Engineering Co and sent a bill for $7.500. Sent another bill to Decker Company for the past due amount of $2.700 Reimbursed Graham's business automobile expense for 1.200 kilometres a $1.00 per kilometre. Paid Carly Smith for 14 days' work. Withdrew $3.600 cash from the business for personal use. 69310 70 340