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Question 1 Application of "Explain how accrual accounting differs from cash-basis accounting; adjust the accounts for depreciation." Suppose that on January 1 Foreton Golf Company paid cash of $50,000 for computers that are expected to remain useful for five years. At the end of five years, the computers' values are expected to be zero. 1. Make journal entries to record (a) purchase of the computers on January 1 and (b) annual depreciation on December 31. Include dates and explanations, and use the following accounts: Computer Equipment; Accumulated Depreciation - Computer Equipment; and Depreciation Expense -Computer Equipment. 2. Post to the accounts and show their balances at December 31. 3. What is the computer equipment's book value at December 31? Question 2 Application of "Apply the revenue and expense recognition principles". During 2012, Transit Airlines paid salary expense of $42.4 million. At December 31, 2012, Transit accrued salary expense of $2.2 million. Transit then paid $2.2 million to its employees on January 3, 2013, the company's next payday after the end of the 2012 year. For this sequence of transactions, show what Transit would report on its 2012 income statement and on its balance sheet at the end of 2012. Question 3 Application of "Close the books, and evaluate retained earnings The accounts of Red River Services, Inc., at January 31, 2014, are listed in alphabetica! order. $12,600 16,600 s 300 15,700 10,100 5,000 Accounts payable Accounts receivable. Accumulated depreciation. equipment Advertising expense. Cash... Common stock. Current portion of long-term note payable Depreciation expense Dividends declared Equipment... 6,700 11,300 17,200 10.800 Interest expense Note payable, long term... Other assets. Prepaid expenses Retained earnings, January 31, 2013..... Salary expense. Salary payable Service revenue Supplies Supplies expense... Uncamed service reven... 13.800 26,900 2,500 95,300 4,700 5.000 2,000 1.000 12,500 52.500 3,700 Requirements 1. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Red River's closing entries at January 31, 2014. 2. Set up a T-account for Retained Earnings and post to that account. Then compute Red River Services' net income for the year ended January 31, 2014. What is the ending balance of Retained Earnings? 3. Did Retained Earnings increase or decrease during the year? What caused the increase or the decrease? Question 4 Application of Adjust the accounts, construct the financial statements Consider the unadjusted trial balance of Wow, Inc., July 31, 2034, and the related month and adjustment data. Trade Debit Credit 4.500 Adjust De Adjusted that T Debih Credit Credit 2.100 90.000 3.000 1200 WOK, Inc. Tral Batalie Worksheet 1 31, 2014 2 AN 4 5 Account Present Rome 9. Adriation 10 Account 11 12 Code 13 Retained camins 10 15 Seice 16. Say 17 Pepe Inese 19 D 20 21 14 22 14.000 17.700 DES Adjustment data at July 31, 2014 a. Accrued service revenue at May 11, $7.950. b. Prepaid rent expired during the month. The unadjusted prepaid balance of $3,000 relates to the period July 1, 2014, through September 30, 2014 Supplies ied during Juv. 51.630 d. Depreciation on furniture for the month. The estimated useful life of the furniture is five years. Accrued salary expense at dy 31 for Monday, Tuesday, and Wednesday. The five-day weekly payroll of $15,000 will be paid on Friday. Requirements 1. Using Exhibit as an example, prepare the adjusted trw balance of Wow, Inc., at uly 31, 2016 Key each adjusting entry by letter 2. Prepare the single step monthly income statement, the statement of retained earnings and the classified balance sheet. Draw arrows linking the three statements