Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Check my work mode: This shows what is correct or incorrect for the work you have con ine Tollowing cnart of accounts includes ine account
Check my work mode: This shows what is correct or incorrect for the work you have con ine Tollowing cnart of accounts includes ine account number used for each account and any balance as of December 31 2019. Santana Rey decided to add a fourth digit with a decimal point to the 106 account number that had been used for the single Accounts Receivable account. This change allows the company to continue using the existing chart of accounts Credit Debit 348,542 3,030 748 680 1,935 865 8,070 $ 250 20,100 No. Account Title 101 Cash 106.1 Alex's Engineering Co. 106.2 Wildcat Services 106.3 Easy Leasing 106.4 IF Co. 106.5 Liu Corp. 106.6 Gomez Co. 106.7 Delta Co. 106.8 KC, Inc. 106.9 Dream, Inc. 119 Merchandise inventory 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation Office equipment 167 Computer equipment 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 307 Common stock 318 Retained earnings 319 Dividends 403 Computer services revenue 413 Sales Sales returns and allowances 415 Sales discounts 502 Cost of goods sold 612 Depreciation expense-office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 640 Rent expense Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 664 Repairs expense-Computer 1,140 1,270 620 1,480 74,350 452 In response to requests from customers S Rey will begin selling computer software. The company will extend credit terms of 110. n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started