Question

Hello, I was wondering if you could help me with Cumulative Comprehension Problem from Chapter 5: Echo Systems and this is in the book Fundamental Accounting Principles. There is no Part B that was there by mistake, sorry about that.

This goes with Cumulative Comprehension Problem from Chapter: Echo Systems

CHAPTER 4 Completing the Accounting Cycle and Classifying Accoun ts lative Comprehension Problem: Echo Systems E: 2. Total credits in post-closing trial balance $155.720 nco segments of this comprehensive problem wvere in Chapters 2 and S, and the final seymen Chapter5. If the Chapter 2 and 3 segments have not been completed, the assignment can u, a her on't you The first turo is ed in his point. Iu is recommended that y u use the Working Papers2 that accompany this book is e acount balances that resulted from posting the entries required in Chapters 2 and 3) The transactions of Echo Systems for October through December 2017 have been recorded in the lem segments in Chapters 2 and 3, as well as the year-end adjusting entries. Prior to closing the tem- nylert the accounts for 2017, the accounting system is modified to include the Income Summary account, which is given the number 901. Required 1. Record and post the appropriate closing entries 2 Prepare a post-closing trial balance. the 12 If students have not purchased the Working Papers package, the Working Papers for the serial problem are availiable on Connect In response to frequent requests from customers, Graham has d ware. The company will extend credit terms of 1/10, n/30 to cus has decided to begin sell CHAPTER 5 Accounting for Merchandising Activities Mar. 8 cash discount will be available on consulting revenue. The follow the additional accounts were company's new merchandising a 16 general ledger to allow the system to account for the com Merchandise Inventory 119 413 Sales. Sales Discounts OR Sales Returns and Allowances.. 415 Sales Discounts Sales Retums and Allowances Cost of Goods Sold.. Returns and Allowances 2. Post Purchase Discounts Transportation-In 3. Pre Because the accounting sustem does not use reversing entries, all revenue and expense acct zero balances as of January 1,2018 pre al. 1. Prepare journal entries to record each of the following transactions for Echo S either a perpetual system or a periodic system. d. Jan. 4 Paid Carly Smith for fihe days at the rate of $200 per day, including one day in addition to the four unpaid days from the prior year 5 Many Graham invested an additional $48,000 cash in the business. 7 Purchased $11.200 of merchandise from Shephard Corp. with terms of 1/10, n/30, FOB shipping point. 9 Received $3,000 from Fostek Co. as final payment on its account. 11 Completed five day project for Alamo Engineering Co. and billed them $9,000, which is the total price of $12.000 13 Sold merchandise with a retail value of $8,400 and a cost of $6,720 to Elite Corporation with terms of 1/10 less the advance payment of $3,000. n/30, FOB shipping point. 15 Paid $1,400 for freight charges on the merchandise purchased on January 7 16 Received $6,000 cash from Grandview Co. for computer services. 17 Paid Shephard Corp. for the purchase on January 7 20 Elite Corporation returned $800 of defective merchandise from its purchase on January 13. The returned 5. merchandise, which had a cost of $640, was scrapped 22 Received the balance due from Elite Corporation. 24 Returned defective merchandise to Shephard Corp, and accepted credit against future purchases. the discount, was $792. 26 Purchased $16,000 of merchandise from Shephard Corp. with terms of 1/10, n/30, FOB destination. 26 Sold merchandise with a cost of $q,280 for $11.,600 on credit to Hacienda, Inc. Its cost, net of 29 Received a $792 credit memo from Shephard Corp. concerming the merchandise returned on January 2 31 Paid Carly Smith for 10 days' work at $200 per day 1 Feb. Paid $6.750 to the Lakeshore Mall for another three months' rent in advance. 24. 3 Paid Shephard Corp. for the balance due, 5 11 15 Paid $1,600 to the local newspaper for advertising. Received the balance due from Alamo Engineering Co. for revenue billed on Ja Mary Graham withdrew $4,600 cash for personal use. 23 Sold merchandise with a cost of $5,120 for $6.400 orn 26 Paid Carly Smith for eight days' work at $200 per day. nuary 11. 27 Reimbursed Mary Graham's business automobile credit to Grandview Co.; terms 1/10, 30 l expenses for 600 kilometres at $1.00 peretre 388 CHAPTER 5 Accounting for Merchandising Activities $4,800 of computer supplies from Abbott Office Products on credit. 8 Purchased 4 Received d the balance due from Grandview Co. for merchandise sold on February 23 the company's computer paying cash of $1,720 $8.520 cash from Images, Inc. for computing services the full amount due to Abbott Office Products, including amounts o 14 Billed Capital Leasing for $11,800 of computing services. reated on December 17 and March 8 Sold merchandise with a cost of $2,004 for $3,600 on credit to Buckman Services. Sold merchandise with a cost of $2,200 for $4,440 on credit to Decker Company. 25 d Mary Graham's business automobile expenses for 4 31 Reimburse 00 kilometres at $1.00 per kilometre. the journal entries to the accounts in the company's general ledger. (Use asset, liability, and accounts that start with balances as of December 31, 2017.) 2 Post are a partial work sheet consisting of the first six columns showing the unadjusted tria the March 31 adjustments described in (a) through (g) below, and the adjusted trial 3. Pre l balance, Do not balance are closing entries and do not journalize the adjusting entries or post them to prep The March 31 computer supplies on hand is $4,230. b. Three more months have passed since the company purchased the annual insurance policy at the cost of $4,320. Carly Smith has not been paid for seven days of work d. Three months have passed since any prepaid rent cost has been transferred to expense. The monthly rent is $2,250. e. Depreciation on the computer for January through March is $2,250. t. Depreciation on the office equipment for January through March is $1,500. g. The March 31 inventory of merchandise is $1,960. 4. Prepare an interim single-step income statement for the three months ended March 31, 2018. List all expenses without differentiating between selling expenses and general and administrative expenses. 5. Prepare an interim statement of changes in equity for the three months ended March 31, 2018. 6. Prepare an interim classified balance sheet as of March 31, 2018. 389

Answer 1

Please hit LUKE buton if this helped. For any further explanation, please pur your query in comment, will get back o you. 0,03 Wages Fayablc 232 S A;เมกาเ.lare'i nepr..iation-Oft ice Fa'..pmenr crumulated CeprecionComputer Lcuomer: 59.00 Urearred Corputer Serice Revenue 5 1800 5182.610 S134,610 5 182,610 54,440 53.440 54.440 56,000 Depreciatien Cxpers Computer Lqvipment 120,760 120,760 155,320 270,370 270,370 15,242 5 16,000 71.805 5 11,800 Depretiaticr Expere Uffice quipment Depretiativn Cxpere-Cormputer Cquipment 6,75 $ 5.350 Compyter Supplie: Expense S 15,208 $23,210 S15,056

Statement of change in equity Feb5 Advertising Expense $ 1,600 Cash 5 1,600 $182,610 Beginning Balance $ 9,000 S23,210 9,600 $ 196,220 Feb 11 Cash Add: Net Income Less: Withdrawal Ending Balance Accounts Receivable $ 9,000 Feb 15Mary Graham, withdrawals s 9,600 Cash $9,600 Balance Sheet Assets: Current assets Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Inventory Total Current assets Office Equipment Accumulated Depreciation-Office Equipment Computer Equipment Accumulated Depreciation-Computer Equipment-11,250$24,750 Total Assets Liabilities Accounts Payable Wages Payable Unearned Computer Service Revenue Total Liabilities S 6,400 Feb 23 Accounts Receivable Sales Revenue 110,022 41,740 4,230 2,160 2,250 1,968 162,370 6,400 Feb 23 Cost of Goods Sold 5,120 $5,120 Inventoryy Feb 26 Wagaes Expense 1,600 Cash $1,600 $18,000 Feb 27 Mileage Expense S 600 7,500 10, Cash 600 $36,000 S 4,800 Mar 8Computer Supplies 197,620 Accounts Payable $ 4,800 Cash Sales Discount $ 6,336 64 1,400 6,400 Accounts Receivable 1,400 S 1,720 Owner's Capital Mary Graham, Capital Mar 11 Repairs Computer $ 1,720 S196,220 Cash Mar 16 Cash 5 8,520 Total Liabilities and equity $197,620 5 8,520 Computer Service Revenue

$ 7,110 Accounts Payable Mar 19 $ 7,110 Cash S 11,800 Mar 24 Accounts Receivable $ 11,800 Computer Service Revenue $3,600 Accounts Receivable Sales Revenue Mar 25 3,600 $ 2,004 Mar 25 Cost of Goods Sold $ 2,004 Inventory Accounts Receivable $ 4,440 Mar 30 $ 4,440 Sales Revenue $ 2,200 Cost of Goods Sold Mar 30 $ 2,200 Inventory Mileage Expense $ 400 Mar 31 Cash $ 400 Adjusting Entries: Date Debit Credit Account Computer supplies Expense $ 2,010 $2,010 Computer supplies ($1,440+$4,800-$4,230) $ 1,080 Insurance Expense Prepaid Insurance ($4,320/12*3) $ 1,080 $ 1,400 Wages Expense 1,400 Wages Payable $ 6,750 Rent Expense Prepaid Rent $ 6,750 2,250 Depreciation Expense $2,250 Accumulated Depreciation-Computer $36,000/4 $ 1,500 Depreciation Expense Accumulated Depreciation-Office equipment $18,000/3 $1,500 Cost of Goods Sold $ 252 $252 Inventory