Question
on December 2, Paid $1,025 cash to Hillside Mall for Business Solution's share of mall advertising costs. on December 3, Paid $500 cash for minor
on December 2, Paid $1,025 cash to Hillside Mall for Business Solution's share of mall advertising costs.
on December 3, Paid $500 cash for minor repairs to the company's computer.
on December 4, Received $3,950 cash from Alex's Engineering Co. for the receivable from November.
on December 10, Paid cash to Lyn Addie for six days of work at the rate of $125 per day.
on December 14, Notified by Alex's Engineering Co. that Business Solution's bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions.
on December 15, Purchased $1,100 of computer supplies on credit from Harris Office Products.
on December 16, Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8.
on December 20, Completed a project for Liu Corporation and received $5,625 cash. 22-26 Took the week off for the holidays.
on December 28, Received $3,000 cash from Gomez Co. on its receivable.
on December 29, Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile).
on December 31, The company paid $1,500 cash in dividends.
The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months. a. The December 31 inventory count of computer supplies shows $580 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day. d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent have expired. questions:
1) What is the ending balance in retained earnings?
2) What is the ending balance in Advertising Expense?
3) What are the total debits (and credits) in the December 31, 2021, Unadjusted Trial Balance?
4) What are the total debits (and credits) in the December 31, 2021 Adjusted Trial Balance?
5) What is the ending balance in Total Assets on the December 31, 2021 Balance Sheet?
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Wiley CPAexcel Exam Review Focus Notes Auditing And Attestation 2022
Authors: Wiley
1st Edition
111984858X, 978-1119848585
