Question

I dont know how to solve the Cumulative Comprehension Problem: Echo System Chapters 3 & 4 from the book Fundamental Accounting Principles.

thank you

Chapter 3 Cumulative Comprehension Problem: Echo Systems (This comprehensive problem was introduced in Chapter 2 and continues in Chapters 4 and 5. the Chapter 2 segment has not been completed, the assignment can begin at this point. You need to use the facts presented in Chapter 2. Because of its length, this problem is most easily solved if you use the Working Papers that accompany this book.) Cumulative Comprehension Working Papers Page 229 After the success of its first two months, Mary Graham has decided to continue operating Echo Systems. (The transactions that occurred in these months are described in Chapter 2.) Before proceeding in December, Graham adds these new accounts to the chart of accounts for the ledger: Account Acumulated Depreciation Office Equipment Arounded Depreciation Computer Equipment... Wages Payable 210 Uneamed Computer Services Revenue Depreciation Expense. Office Equipment Depreciation pense Computer Equipment Insurance Expense... Renk Expense. Computer Supplies pense Click here for a description of Table: Cumulative Comprehension Problema Echo Systems Required 1. Prepare journal entries to record each of the following transactions for Echo Systems, Post the entries to the accounts in the ledger. Dec. Paid $2.100 to the Lakeshore Mall for the company's share of mal advertising costs. 3 Paid $1.200 to repair the company's computer. 4 Received $7.500 from Alamo Engineering Co. for the receivable from the prior month 10 Paid Carly Smith forsk days' work at the rate of $200 per day. 14 Notified by Alamo Engineering Co that Echo's bid of $12.000 on a proposed project was accepted. Alamo pald an advance of $3.000. 17 Purchased $2.310 of computer supplies on credit from Abbott Office Products 18 Sent a reminder to Fostek Co to pay the fee for services originally recorded on November & 20 Completed a project for Elite Corporation and received $11.250 cash. 24-28 Took the work off for the holidays 31 Received $5.700 from Fostek Co. on its receivable. 31 Reimbursed Mary Graham's business automobile expenses of 600 kilometres at $1.00 per kilometre. 31 Graham withdrow $3.600 cash from the business Click here for a description of List: Cumulative Comprehension Problem: Echo Systems. 1. 2. Prepare adjusting entries to record the following additional information collected on December 31 2017. Post the entries to the accounts in the ledger. a. The December 31 inventory of computer supplies was $1.440. b. Three months have passed since the annual insurance premium was paid. c. As of the end of the year, Carly Smith has not been paid for four days of work at the rate of $200 per day d. The computer is expected to have a four-year life with no residual value.

Answer 1