OCtober 1.2020 Mary Grakam Organized a Computer service company called Echo system. Echo figstams is organized as a sole properietosht and will provide consubting services, comprete instalate and custom program develeponent. Eratapr has adepted the Calendar year for reporting, and expects to prejont the company's first set of finencial statements as of decemben 31,2020. The initral chart of acronents for the accountiang Systion micludes these items: Total Assets =$145,720 Required 1. Set up balance column atemunts besed on the chart of accounts provided. 2. prepare jnurnal entries tsecord each of the following octrber transactions. 3. post the oclober entries. 4. prepare a trial balance at octobes 3,2020 5. prepare an inceme statement and statement of Clianges in equity for the monit ended october 31,2020 , as well as a balance sheet at odober 31,2020 oct 1. Graham invested $90,000 cosh, a $36,000 computar system, and $18,000 of office equpment int the business. 2 paid rent in adrance of 9,000 3 purchased compnter supplies on credits for $2,640 from Abott office products 5 pard 4,320 cash for one year's premium on a propesty and Ciability insirance polec 6 Billed capital Leasing $6,600 for installing a new computer oct 8 pard for the competer suppires parchaned frum Abbott office prodicts 10 Hired carly smitt as a part-tymie assisciol for 8200 per day, as nesded. 12. Billed capital Leasing aneticer $2400 for compiter services rendered 15 Reselved $6,600 from capital leasing on its arcount 17 pacd 81,410 to repair compater equipnent danaged when moring into the new office 20 pard \& 3,720 for an adiertusement in the local newspapes 22 Rececred \$2,400 from Capifel Leasing on its account. 28 Billed seckes Company $6,450 for Servia 31 paid carly smeth for seren dongs work- 31 witkdrew $7,300 cash from the basiners for personal use PHECK FLGURES:8.Total Br= \$154,950: 4 porte. =$77,920: Total aselse $161,120 Required 6. Prepone journal entries to recoed eack of the folleving Mriember transecteons 7. post the Movember entores 8. preparie a trid balance et Novembis 30,2020 9 prepare an incene statement and a sratientent of Charges in squity for two menits encled Mbiuber 30,2020 , as wed as e baland Shect at Norember 30,2020 Hov I Relmmirsed Graham's business antomobile expense for 1,000Kilometres at $1,000 per kilometre. 2 Received \& 9,300 cash from Elite. corporation for comphter Services renclered. 5 Purchased \$ 1,920 of cemprter supplie for cash frem Abbout office products Yov 8 BClled Fostek 00,$8,700 for computar Services rendered 13 Notified by Alamo Engineering Ca that Echo's bid of $7,500 for an upcoming project was accepted. 18 Received $3,750 from Decther company against the bill dated october 28 22 Donated \$ 1,500 to tha united ro ay in the companys name. 24 Completed work for Alamo Engineering CO. and Sent a bil for $7,500. 25 sent anotter bill to Decker compony for the past due amaint of \& 2,700 28 Relmbursed Grahom's business automalne expense for 1,200 Kilometres at $1,000 per kilometre 30 Paid carly Smitt for 14 days work 30 withdrew $3,600 cash frem ite bxsiness for personal use
