Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Samect Data: 4 Parker owns and operates a consulting firm called Business Polutions. The buciness recorded and posted Business Solutions had the following transactions in

Samect Data: 4 Parker owns and operates a consulting firm called Business Polutions. The buciness recorded and posted
Business Solutions had the following transactions in Depern ber 202V
Dec 2 Paid $1,025 cash to Hillside Mall for Business Solutions's chare of mall adverteing costs.
3. Paid $500 cash for minor repairs to the company/s computer
4 Received $3,950 cash from Alex's Engineering Company for the receivable from November.
10. Paid cash to Lyn Addie for six days of work at the rate of $125 per day
(14) Notified by Alex's Engineering Company that Business Solutions's bid of $7000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Busness Solutions.
-15. Purchased $1,100 of computer supplies on credit from Hams Office Products
26 Completed a project for Liu Corporation and received $5.625 cash.
28 Received $3,000 cash from Gomez Company on its receivable
(29) Reimbursed S. Rey for business automobile mileage (600 miles at $032 per mie)
31 S. Rey withdrew $1,500 cash from the company for personal use
Debitarus
The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months of operations.
a. The December 31 inventory count of computer supplies shows $580 stt avalate
b. Three months have expired since the 12-month insurance premium was pad 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 fouryear lite with no salvage value.
e. The office equipment, acquired on October 1, is expected to have a five-year we with no salvage value.
f. Three of the four months' prepaid rent have expired
image text in transcribed

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

Financial Accounting

Authors: Pauline Weetman

6th Edition

0273789252, 978-0273789253

More Books

Students also viewed these Accounting questions