Question

I need help filling out the charts with the given information. Thanks in advance!

Acct 2400 Project 1 - Accounting Cycle Name: This assignment is due at the beginning of class on Tue. Oct. 1 ... late submissions (even within the class period on the due date) will be assessed a late penalty. This project is worth 30 points Note: This cover page must be printed with the rest of the packet and submitted as the first page of the completed project. Print your name (legibly) on this cover sheet. Zachary, Inc. began business operations on January 1, 2018. Zachary's annual reporting period ends December 31. Some events have already occurred and have been recorded; these are reflected in the beginning balances shown on the basic accounting equation grid. Analyze the following additional events during 2018 and complete the requirements on the following pages. Events: a) Paid an accounts payable balance of $6,000. b) Purchased $4,300 supplies on account for future use. c) Collected accounts receivable, $12,000. d) Customer paid $4,800 in advance for future services. e) Purchased $17,000 of equipment for use in the business, signed a promissory note to pay the supplier in 6 months. f) Earned $95,000 in service revenues for 2018, collecting $40,000 in cash and the rest on credit. g) On July 1, paid $24,000 to rent a building for the rest of 2018 and the first half of 2019. h) Declared and paid a $20,000 cash dividend. Data for adjusting entries: i) During December, Zachary provided $5,000 in service on account that was not recorded earlier. i) Zachary provided $4,000 in service that had been prepaid in transaction (d). k) Wages of $8,400 earned by employees since the December 24 payroll were not yet paid. a year-end count that $11,000 of supplies had been used during the year. m) Accrued $2,800 interest on an outstanding loan (promissory note). n) Building rental expenses for the year, paid in transaction (g), had not yet been recorded. o) Depreciation for the year on the equipment was $6,200. p) Income tax for the year was $9,000. It will be paid in 2019.

Answer 1

1	Event	Cashflow category	Assets						=	Liabilities			+	Equity
			Cash	Accounts receivable	Prepaid services	Supplies (on hand)	Equipment	Accumulated depreciation		Accounts payable	Unearned revenue	Notes payable		Common stock	Retained earnings	Dividends	Revenues	Expenses
	Beginning		81500	15000	0	14600	44000	-5500		8000	0	24000	+	70000	47600	0	0	0
	a.	Oper	-6000						=	-6000			+
	b.	NA				4300			=	4300			+
	c.	Oper	12000	-12000					=				+
	d.	Oper	4800						=		4800		+
	e.	NA					17000		=			17000	+
	f.	Oper	40000	55000					=				+		95000		95000
	g.	Oper	-24000		24000				=				+
	h.	Financing	-20000						=				+		-20000	-20000
	Unadjusted		88300	58000	24000	18900	61000	-5500	=	6300	4800	41000	+	70000	122600	-20000	95000	0
	Check							244700	=			52100	+		192600