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T2 (Adjustments) Saved Elite Systems began operations on October 1, 2017. The November 30, 2017 unadjusted trial balance is included on the trial balanc tab.
T2 (Adjustments) Saved Elite Systems began operations on October 1, 2017. The November 30, 2017 unadjusted trial balance is included on the trial balanc tab. Record the following transactions and events for December, 2017 Dec. 2 Paid $1,330 cash to Southside Mall for Elite Systems' share of mall advertising costs. Dec. 3 Paid $700 cash for minor repairs to the company's computer. Dec. 4 Received $5,800 cash from Potter Engineering Co. for the receivable from November. Dec. 10 Paid cash to Nina Kelley for six days of work at the rate of $180 per day. Dec. 14 Notified by Potter Engineering Co. that Elite Systems' bid of $8,000 on a proposed project has been accepted. Potter paid a $2,000 cash advance to Elite Systems. Dec. 15 Purchased $1,600 of computer supplies on credit from Kennedy Office Products. Dec. 16 Sent a reminder to Fox Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for clark Corporation and received $6,600 cash. Dec. 28 Received $3,400 cash from Fox Co. on its receivable. Dec. 29 Reimbursed D. Kelley for business automobile mileage (600 miles at $0.32 per mile). Dec. 31 D. Kolley withdrew $1,900 cash from the company for personal use. 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 $980 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. C. As of December 31, Nina Kelley has not been paid for four days of work at $180 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 has expired. Requirement General Journal General Ledger Trial Balance e Income Statement st Owners Equity Balance Sheet Impact on Income Prepare journal entries for each of the December transactions. If no journal entry is required, select "No journal entry required in the first account field. Then, using the 3-step adjusting entry process, and the information given for adjustments, prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Impact on Income For each adjustment indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net Income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less Adjusted Impact on net Income Adjusting entry related to: a) Computer supplies b) Prepaid insurance Account affecting the: Income Statement Balance Sheet Computer supplies expense Computer supplies Insurance expense Prepaid insurance 980 Wages payable c) Accrued wages d) Depreciation - Computer equipment 6) Depreciation - Office equipment 1) Prepaid rent Wages expense Depreciation expense- Computer equipment Depreciation expense - Office equipment Rent expense Accumulated depreciation - Computer equipment Accumulated depreciation Omon equipment Prepaid rent Elite Systems began operations on October 1, 2017 The November 30, 2017 unadjusted trial balance is included on the trial balance tab. Record the following transactions and events for December, 2017 Dec. 2 Paid $1,330 cash to Southside Mall for Elite Systems' share of mall advertising costs. Dec. 3 Paid $700 cash for minor repairs to the company's computer. Dec. 4 Received $5,800 cash from Potter Engineering Co. for the receivable from November. Dec. 10 Paid cash to Nina Kelley for six days of work at the rate of $180 per day. Dec. 14 Notified by Potter Engineering Co. that Elite Systems' bid of $8,000 on a proposed project has been accepted. Potter paid a $2,000 cash advance to Elite Systems. Dec. 15 Purchased $1,600 of computer supplies on credit from Kennedy Office Products. Dec. 16 Sent a reminder to Fox Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for Clark Corporation and received $6,600 cash. Dec. 28 Received $3,400 cash from Fox Co. on its receivable. Dec. 29 Reimbursed D. Kelley for business automobile mileage (600 miles at $0.32 per mile). Dec. 31 D. Kelley withdrew $1,900 cash from the company for personal use. 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 $980 still available, b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Nina Kelley has not been paid for four days of work at $180 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 has expired. Requirement General Journal General Ledger Trial Balance St Owners Equity Balance Sheet Impact on Income Statement General Journal tab - Prepare journal entries for each of the December transactions. Then, using the information given for adjustments, prepare the adjusting entry necessary to correctly report the revenue eamed or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view Prev 1 of 1 i Next > Elite Systems began operations on October 1, 2017. The November 30, 2017 unadjusted trial balance is included on the trial balance tab. Record the following transactions and events for December, 2017 Dec. 2 Paid $1,330 cash to Southside Mall for Elite Systems' share of mall advertising costs. Dec. 3 Paid $700 cash for minor repairs to the company's computer. Dec. 4 Received $5,800 cash from Potter Engineering Co. for the receivable from November. Dec. 10 Paid cash to Nina Kolley for six days of work at the rate of $180 per day. Dec. 14 Notified by Potter Engineering Co. that Elite Systems' bid of $8,000 on a proposed project has been accepted. Potter paid a $2,000 cash advance to Elite Systems. Dec. 15 Purchased $1,600 of computer supplies on credit from Kennedy Office Products. Dec. 16 Sent a reminder to Fox Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for Clark Corporation and received $6,600 cash. Dec. 28 Received $3,400 cash from Fox Co. on its receivable. Dec. 29 Reimbursed D. Kelley for business automobile mileage (600 miles at $0.32 per mile). Dec. 31 D. Kelley withdrew $1,900 cash from the company for personal use. 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 $980 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Nina Kelley has not been paid for four days of work at $180 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 has expired. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Impact on Income For each adjustment indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment Caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) T2 (Adjustments) Saved Elite Systems began operations on October 1, 2017. The November 30, 2017 unadjusted trial balance is included on the trial balanc tab. Record the following transactions and events for December, 2017 Dec. 2 Paid $1,330 cash to Southside Mall for Elite Systems' share of mall advertising costs. Dec. 3 Paid $700 cash for minor repairs to the company's computer. Dec. 4 Received $5,800 cash from Potter Engineering Co. for the receivable from November. Dec. 10 Paid cash to Nina Kelley for six days of work at the rate of $180 per day. Dec. 14 Notified by Potter Engineering Co. that Elite Systems' bid of $8,000 on a proposed project has been accepted. Potter paid a $2,000 cash advance to Elite Systems. Dec. 15 Purchased $1,600 of computer supplies on credit from Kennedy Office Products. Dec. 16 Sent a reminder to Fox Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for clark Corporation and received $6,600 cash. Dec. 28 Received $3,400 cash from Fox Co. on its receivable. Dec. 29 Reimbursed D. Kelley for business automobile mileage (600 miles at $0.32 per mile). Dec. 31 D. Kolley withdrew $1,900 cash from the company for personal use. 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 $980 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. C. As of December 31, Nina Kelley has not been paid for four days of work at $180 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 has expired. Requirement General Journal General Ledger Trial Balance e Income Statement st Owners Equity Balance Sheet Impact on Income Prepare journal entries for each of the December transactions. If no journal entry is required, select "No journal entry required in the first account field. Then, using the 3-step adjusting entry process, and the information given for adjustments, prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Impact on Income For each adjustment indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net Income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less Adjusted Impact on net Income Adjusting entry related to: a) Computer supplies b) Prepaid insurance Account affecting the: Income Statement Balance Sheet Computer supplies expense Computer supplies Insurance expense Prepaid insurance 980 Wages payable c) Accrued wages d) Depreciation - Computer equipment 6) Depreciation - Office equipment 1) Prepaid rent Wages expense Depreciation expense- Computer equipment Depreciation expense - Office equipment Rent expense Accumulated depreciation - Computer equipment Accumulated depreciation Omon equipment Prepaid rent Elite Systems began operations on October 1, 2017 The November 30, 2017 unadjusted trial balance is included on the trial balance tab. Record the following transactions and events for December, 2017 Dec. 2 Paid $1,330 cash to Southside Mall for Elite Systems' share of mall advertising costs. Dec. 3 Paid $700 cash for minor repairs to the company's computer. Dec. 4 Received $5,800 cash from Potter Engineering Co. for the receivable from November. Dec. 10 Paid cash to Nina Kelley for six days of work at the rate of $180 per day. Dec. 14 Notified by Potter Engineering Co. that Elite Systems' bid of $8,000 on a proposed project has been accepted. Potter paid a $2,000 cash advance to Elite Systems. Dec. 15 Purchased $1,600 of computer supplies on credit from Kennedy Office Products. Dec. 16 Sent a reminder to Fox Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for Clark Corporation and received $6,600 cash. Dec. 28 Received $3,400 cash from Fox Co. on its receivable. Dec. 29 Reimbursed D. Kelley for business automobile mileage (600 miles at $0.32 per mile). Dec. 31 D. Kelley withdrew $1,900 cash from the company for personal use. 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 $980 still available, b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Nina Kelley has not been paid for four days of work at $180 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 has expired. Requirement General Journal General Ledger Trial Balance St Owners Equity Balance Sheet Impact on Income Statement General Journal tab - Prepare journal entries for each of the December transactions. Then, using the information given for adjustments, prepare the adjusting entry necessary to correctly report the revenue eamed or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view Prev 1 of 1 i Next > Elite Systems began operations on October 1, 2017. The November 30, 2017 unadjusted trial balance is included on the trial balance tab. Record the following transactions and events for December, 2017 Dec. 2 Paid $1,330 cash to Southside Mall for Elite Systems' share of mall advertising costs. Dec. 3 Paid $700 cash for minor repairs to the company's computer. Dec. 4 Received $5,800 cash from Potter Engineering Co. for the receivable from November. Dec. 10 Paid cash to Nina Kolley for six days of work at the rate of $180 per day. Dec. 14 Notified by Potter Engineering Co. that Elite Systems' bid of $8,000 on a proposed project has been accepted. Potter paid a $2,000 cash advance to Elite Systems. Dec. 15 Purchased $1,600 of computer supplies on credit from Kennedy Office Products. Dec. 16 Sent a reminder to Fox Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for Clark Corporation and received $6,600 cash. Dec. 28 Received $3,400 cash from Fox Co. on its receivable. Dec. 29 Reimbursed D. Kelley for business automobile mileage (600 miles at $0.32 per mile). Dec. 31 D. Kelley withdrew $1,900 cash from the company for personal use. 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 $980 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Nina Kelley has not been paid for four days of work at $180 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 has expired. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Impact on Income For each adjustment indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment Caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.)
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