Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required infoenution SP a Serial Problem Businest Solutions (Algo) LO P1, P2, P3, P4 chart of eccounts. In sesponse to sequets from custoenen, 5 .

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required infoenution SP a Serial Problem Businest Solutions (Algo) LO P1, P2, P3, P4 chart of eccounts. In sesponse to sequets from custoenen, 5 . Auy wit begn seling computer subware. The camoany ak exend creat stmes crlate re nepos popable thet are atdrind in the griar yer. iatint lemery 13. rimalneble fie that inset February 23 The company sold merchandise with a $2,64e cost for $3,399 on credit to Delta Company, imvoice dated February 23. February 26 The company paid cash to byn Addze for elight days work at 5235 per day. february 27 The company retebursed Santana Rey 5384 cash for business automobile mileage. The company recorded the reiebursenent as "Mileage Expense. Karch 8 the company purchased $2,890 of conputer supplies froim Harris office Products on credit with terms of n/39, Fob destination, invoice dated Rarch 8. March 9 The company received the balance due from del ca company for menchandise sold on February 23. March. 11 The company paid s84e cash for minor repaips to the coepany 5 conputer. March 16 . The company received 55,36e cosh from brear fincorporated. for coinputing services provided. March 19 . The company paid the fu11 andunt due of 54 pea to Harnis pfice Prqducts, consisting of anounts created on December 15 (af 51,228) and March 8. March 24 . The conpany billed Easy leasing for s9 137 of fonguting iferilices provided. March 25 The company sold merchandise with a 52.192 cot for 12,870 on credit to hildcat Services, involce dated March 25. March 3e The company sold merchandise uth a 52 , ase cost for s2. 42e an credit to IfH. Coepany. invoice dated March 30. March 31 The company refibursed Santana Rey $192 cash for bus nness autompofe thi eage- The company recorded the reimbursenent as "Mileage txpense. The following adcitional facts are available for preparing adjustments on March gi prior to financial statement preparation. a. The March 31 amount of computer supplies still avalibie totals \$2.105. b. Prepaid Insurance coverage of $627 expired during this threetmonth period. c. Lym Addie has not been paid for seven days of work at the rate of 5235 per day. d. Prepaid rent of $2625 expired during this three-month period. e. De ation on the computer equipment for January f through March 31 is $1,170. f. Depi sciation on the office equipment for January 1 through March 31 is $340. 9. The March 31 amount of merchandise inventory still avallable totals $664. 4. Prepare an income statement (from the adjusted trial balance in part 3) for the three months ended March 31,2022. (a) Use a single-step format List all expenses without differentiating between selling expenses and general and administrative expenses. (b) Use a multiple-step format that begins with gross sales (service revenues plus gross product sales) and includes separate categonies for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Categorize the following accounts as seling expenses: Wages Expense. Mileage Expense, and Advertising Expense. Categorize the remaining experises as general and administrative. Complete this question by entering your answers in the tabs below. Prepare an income statement (trom the adjusted trial balance in part 3 ) for the thice months anded March 31,2022, (a) Use a single-step format list all expenses without differentiating between sel ne expenses and general and administrative expenses. Complete this question by entering your answers in the tabs below. Prepare an income statement (from the adjusted trial balance in part J) for the three months ended March 31,2022. (b) Use a multiple-step format that begins nith gross sales (service reverises plus gross product sales) and includes separate categories for net sales, cost of goods sold, solling expenses, and geoeral and administrative expenses, Categorize the following dccounts as selling expenses: Wages Expense, Mileage Expense, and Advertising Expense. Categorize the remaining expenses as general and administrative. Required infoenution SP a Serial Problem Businest Solutions (Algo) LO P1, P2, P3, P4 chart of eccounts. In sesponse to sequets from custoenen, 5 . Auy wit begn seling computer subware. The camoany ak exend creat stmes crlate re nepos popable thet are atdrind in the griar yer. iatint lemery 13. rimalneble fie that inset February 23 The company sold merchandise with a $2,64e cost for $3,399 on credit to Delta Company, imvoice dated February 23. February 26 The company paid cash to byn Addze for elight days work at 5235 per day. february 27 The company retebursed Santana Rey 5384 cash for business automobile mileage. The company recorded the reiebursenent as "Mileage Expense. Karch 8 the company purchased $2,890 of conputer supplies froim Harris office Products on credit with terms of n/39, Fob destination, invoice dated Rarch 8. March 9 The company received the balance due from del ca company for menchandise sold on February 23. March. 11 The company paid s84e cash for minor repaips to the coepany 5 conputer. March 16 . The company received 55,36e cosh from brear fincorporated. for coinputing services provided. March 19 . The company paid the fu11 andunt due of 54 pea to Harnis pfice Prqducts, consisting of anounts created on December 15 (af 51,228) and March 8. March 24 . The conpany billed Easy leasing for s9 137 of fonguting iferilices provided. March 25 The company sold merchandise with a 52.192 cot for 12,870 on credit to hildcat Services, involce dated March 25. March 3e The company sold merchandise uth a 52 , ase cost for s2. 42e an credit to IfH. Coepany. invoice dated March 30. March 31 The company refibursed Santana Rey $192 cash for bus nness autompofe thi eage- The company recorded the reimbursenent as "Mileage txpense. The following adcitional facts are available for preparing adjustments on March gi prior to financial statement preparation. a. The March 31 amount of computer supplies still avalibie totals \$2.105. b. Prepaid Insurance coverage of $627 expired during this threetmonth period. c. Lym Addie has not been paid for seven days of work at the rate of 5235 per day. d. Prepaid rent of $2625 expired during this three-month period. e. De ation on the computer equipment for January f through March 31 is $1,170. f. Depi sciation on the office equipment for January 1 through March 31 is $340. 9. The March 31 amount of merchandise inventory still avallable totals $664. 4. Prepare an income statement (from the adjusted trial balance in part 3) for the three months ended March 31,2022. (a) Use a single-step format List all expenses without differentiating between selling expenses and general and administrative expenses. (b) Use a multiple-step format that begins with gross sales (service revenues plus gross product sales) and includes separate categonies for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Categorize the following accounts as seling expenses: Wages Expense. Mileage Expense, and Advertising Expense. Categorize the remaining experises as general and administrative. Complete this question by entering your answers in the tabs below. Prepare an income statement (trom the adjusted trial balance in part 3 ) for the thice months anded March 31,2022, (a) Use a single-step format list all expenses without differentiating between sel ne expenses and general and administrative expenses. Complete this question by entering your answers in the tabs below. Prepare an income statement (from the adjusted trial balance in part J) for the three months ended March 31,2022. (b) Use a multiple-step format that begins nith gross sales (service reverises plus gross product sales) and includes separate categories for net sales, cost of goods sold, solling expenses, and geoeral and administrative expenses, Categorize the following dccounts as selling expenses: Wages Expense, Mileage Expense, and Advertising Expense. Categorize the remaining expenses as general and administrative

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Diversity In Library Collections

Authors: Rosalind Washington, Sarah Voels

1st Edition

1440878749, 978-1440878749

More Books

Students also viewed these Accounting questions

Question

How can we use language to enhance skill in perceiving?

Answered: 1 week ago