Glo306 Glo306 Glo306 Saved ting Cycle Project GLO306-Based on the Serial Problem

Question

Glo306 Glo306 Glo306 Saved ting Cycle Project GLO306-Based on the Serial Problem LO A1, P1, P3 The November 30,2017, unadjusted trial balance of Fax Computing is found in the Trial balance tab Fox Computing had the f transactions and events in December 2017 Dec. 2 Paid $ Dec. 3 Paid $609 cash for ninor repairs to the company's conputer. 1,180 cash to Gulfview Mall for Fox Computing share of mall advertising costs Dec. 4 Received $6,390 cash from Fields Engineering Co. for the recelvable from November. Dec. 18 Paid cash to Mike Fox for six days of work at the Dec.·Notified by Flelds tngineering Co. that FOK Copting, bid of $7,500 on a proposed project has been $1,758 cash advance to Fox Computing bookDec. 15 Purchased $1,9 a reninder o of computer supplies on credit from Perry Office Products for Pelcher Corporation and received $7,200 cash. to Walsh Co, to pay the fee for services recorded on November 8. Dec. 16 Sent Dec. 2e Conpleted a project Dec . 28 lece i ved S4.600 cash fro' wish Co. on its receival. Dec. 23 Reinbursed 3. Fox for business automobile mileage (650 miles at se.32 per mile). Dec. 31 The company paid $2,200 cash in dividends. Print The tollowing additional facts are collected for use in making adjusting enties prfor to preparing financial Seferences company's first three months a The December 31 inventory count of computer supplies shows $1,220 stil available b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Mike Fox has not been paid for four days of work at $160 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, acqured on October 1, is expected to have a five-year life with no salvage value t Three of the four months prepaid rent has expired Income St Retained Ledger Trial alae Earnings Balance Sheet impact on Prepare journal entries for each of the December tran-tion, u noloumal-ry begund virt ?enl? entry required" in the first account tied. Then, using he ),ep adjusting entry process, and th? nfermaton yventw adjatments, prepare the adjusting entry necessary to correctly report the revenue .amed?the-pense indmed Journal entry worksheet T 17 3D VISION

Explanation / Answer

Journal entries

date

explanation

debit

credit

2-Dec

Advertising expense

1180

cash

1180

3-Dec

repairs

600

cash

600

4-Dec

cash

6300

accounts receivables

6300

10-Dec

wages expense

960

cash

960

14-Dec

cash

1750

unearned revenue

1750

15-Dec

computer supplies

1900

accounts payable

1900

16-Dec

no journal entry is required

20-Dec

cash

7200

service revenue

7200

28-Dec

cash

4600

accounts receivables

4600

29-Dec

automobile expense

208

cash

208

31-Dec

dividend payable

2200

cash

2200

Adjustment Entries

31-Dec

supplies expense

680

computer supplies

680

31-Dec

insurance expense

amount is not provided

prepaid insurance

31-Dec

wages expense

640

wages payable

640

31-Dec

Depreciation expense-computer

amount is not provided

accumulated depreciation-computer

31-Dec

Depreciation expense-equipment

amount is not provided

accumulated depreciation-equipment

31-Dec

rent expense

amount is not provided

prepaid rent

Journal entries

date

explanation

debit

credit

2-Dec

Advertising expense

1180

cash

1180

3-Dec

repairs

600

cash

600

4-Dec

cash

6300

accounts receivables

6300

10-Dec

wages expense

960

cash

960

14-Dec

cash

1750

unearned revenue

1750

15-Dec

computer supplies

1900

accounts payable

1900

16-Dec

no journal entry is required

20-Dec

cash

7200

service revenue

7200

28-Dec

cash

4600

accounts receivables

4600

29-Dec

automobile expense

208

cash

208

31-Dec

dividend payable

2200

cash

2200

Adjustment Entries

31-Dec

supplies expense

680

computer supplies

680

31-Dec

insurance expense

amount is not provided

prepaid insurance

31-Dec

wages expense

640

wages payable

640

31-Dec

Depreciation expense-computer

amount is not provided

accumulated depreciation-computer

31-Dec

Depreciation expense-equipment

amount is not provided

accumulated depreciation-equipment

31-Dec

rent expense

amount is not provided

prepaid rent

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