BAYOU COMPUTER SERVICES, INC. Company Background Bayou Computer Services, Inc, is a popular compu...
Accounting 2140 – Comprehensive Problem On October 1, 2019, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. Rey adopts the calendar year for reporting purposes and expects to prepare the company’s first set of financial statements on December 31, 2019. After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions (reflecting...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December 31: BAYOU, INC. Adjusted Trial Balance December 31 Debit Credit Cash $3,500 Accounts Receivable 8,000 Prepaid Insurance 3,600 Office Equipment 72,000 Accum. Depreciation. - Equipment $12,000 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Dividends 5,000 Service Fees Earned 97,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 13,400 Insurance Expense 1,800 Depreciation expense - Equipment 8,000 Income Tax Expense 8,800 Income Tax...
KC Inc. began operations on May 1, 2018. The transactions for the first month in business are shown below: $ 250,000 Chart of accounts Assets: Cash Accounts receivable Prepaid insurance Office supplies Equipment Accumulated depreciation, equipment Building Accumulated depreciation, building $ The following transaction occurred in May |(1) On May 1 our company issued shares common stock exchange for cash. The cash received totaled : Par value for common stock $ Shares of common stock issued 100,000 |(2) On May...
On October 1, 2019, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. Rey adopts the calendar year for reporting purposes and expects to prepare the company’s first set of financial statements on December 31, 2019. After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions (reflecting its transactions for October and...
- John Binkerson began a computer software company, Binkerson Inc., January 1, 2020 with an investment of $71,000 for which he received Common Stock. The business completed the following transactions and during the month of January: a. The business bought a building for $60,000 b. Borrowed $90,000 from the bank, signed a note payable. c. Purchased office supplies on account for $1,300 d. Paid $88,000 for computer equipment e. Paid employees' salaries totaling $2,200 f. Performed software analysis on account...
Accounting 2140 - Comprehensive Problem On October 1, 2019, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. Rey adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2019. After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions (reflecting...
D Н 1. EXCEL Assignment Number 1 KC Inc. began operations on May 1, 2018. The transactions for the first month in business are shown below: Chart of accounts The following transaction occurred in May (1) On May 1 our company issued shares common stock exchange for cash. The cash received totaled : $ Tab Color Assets: Red Use this worksheet to create a general journal to record transactions, adjusting and closing entries 250.000 Cash 101 Par value for common...
At the beginning of April, Ahmed Khan launched a custom computer solutions company called Softworks. The company had the following transactions during April. 1. Ahmed Khan invested $65,000 cash, office equipment with a value of $5,750, and $30,000 of computer equipment in the company. 2. The company purchased land worth $22,000 for an office by paying $5,000 cash and signing a long-term note payable for $17,000. 3. The company purchased a portable building with $34,500 cash and moved it onto...
ACC2000 ESP Company Computer Assignment Adjusting Entries Background: The Company was formed 2 years ago and provides web design services for small businesses. The company has a December 31st year-end. The last time that adjusting entries were made was December 31, 2017. The trial balance for the year-ended December 31, 2018 was prepared. You are the accountant and you have made the following observations that require year-end adjustments. In the space provided, prepare the necessary adjusting journal entries. 1. The...
The trial balance of Palicio Security Services Inc. as of January 1, 2016 had following normal balances: Account Adlust Income Statement DR CR Balance Sheet DR CR Trial Balance Adjustments Adjusted Trial Balance DR CRDR CRDR CR 74 210 13,500 200 3,200 4.000 6,620 Cash Accounts Receivable Supplies Prepaid Rent Land Merchandise Inventory (24 @ $265; 1 @ $260) Accounts Payable Unearned revenue Salaries Payable Common Stock Retained Earnings Wages Expense Totals 1.950 980 1.000 50,000 47,800 101,730 101,730 The...