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No. Account Title Debit Credit $ 38,264 12,618 2,545 2,220 3,300 101 Cash Accounts receivable 106 126 128 Computer supplies Prepaid insurance Prepaid rent Office equipment 131 163 8.000

No. Account Title Debit Credit $ 38,264 12,618 2,545 2,220 3,300 101 Cash Accounts receivable 106 126 128 Computer supplies Prepaid insurance Prepaid rent Office equipment 131 163 8.000

Financial & Managerial Accounting
Financial & Managerial Accounting
13th Edition
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter9: Fixed Assets And Intangible Assets
Section: Chapter Questions
Problem 9.1BPR: Allocating payments and receipts to fixed asset accounts The following payments and receipts are...
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Final accounts:

a.Prepare Journal entry , adjusting entry , closing entry and post to ledger.

b.Prepare adjuted trial balance, income  statement ,statement of retained earnings,balance sheet

c.prepare post closing trial balance

No. Account Title Debit Credit 101 Cash $ 38,264 12,618 2,545 2,220 3,300 8,000 106 Accounts receivable 126 Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation-0ffice equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends 128 131 163 164 ik 167 20,000 168 nces 201 0. 210 236 307 318 319 73,000 5,600 403 Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer 25,659 612 613 623 2,625 637 640 652 0. 1,728 655 676 677 684 704 250 805 Totals $ 98,659 $98, 659 Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $500 cash for minor repairs to the company's computer. 4 Received $3,950 cash from Alex's Engineering Co. 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 Co. that Business Solutions' bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,625 cash. 22-26 Took the week off for the holidays. 28 Received $3,000 cash from Gomez Co. on its receivable, 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile). 31 The company paid $1,500 cash in dividends. 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 $580 still available. b. Three months have expired since the 12-month insurance premium was paid 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 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.
Transcribed Image Text:No. Account Title Debit Credit 101 Cash $ 38,264 12,618 2,545 2,220 3,300 8,000 106 Accounts receivable 126 Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation-0ffice equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends 128 131 163 164 ik 167 20,000 168 nces 201 0. 210 236 307 318 319 73,000 5,600 403 Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer 25,659 612 613 623 2,625 637 640 652 0. 1,728 655 676 677 684 704 250 805 Totals $ 98,659 $98, 659 Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $500 cash for minor repairs to the company's computer. 4 Received $3,950 cash from Alex's Engineering Co. 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 Co. that Business Solutions' bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,625 cash. 22-26 Took the week off for the holidays. 28 Received $3,000 cash from Gomez Co. on its receivable, 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile). 31 The company paid $1,500 cash in dividends. 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 $580 still available. b. Three months have expired since the 12-month insurance premium was paid 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 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.
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