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Question: Recording events in the general journal, posting it to T-accounts, and preparing trial balance The following events apply to Computer Services Inc. in the
Question: Recording events in the general journal, posting it to T-accounts, and preparing trial balance
The following events apply to Computer Services Inc. in the first year of operation:
- Acquired $100,000 cash from the issue of common s tock
- Performed services and received cash $50,000.
- Incurred cas operating expenses $15,200.
- Received an advance $20,000 for services to be provided in future
- Reocgnized $450 of accrued interest revenue.
- Paid $2,400 cash for salary expense.
- Purchased $1,600 of supplies on account
- Recognized $10,000 of revenue for services provided in event 4.
- Recorded $1,600 of accrued salary expense
- Provided services on account $20,000
- Paid $2,000 cash dividend to shareholders.
- A physical examination of end of the year showed that only $200 worth supplies remaining in the company.
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