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(Solved): Oct. 1 Graham invested $90,000 cash, a $36,000 computer system, and $18,000 of office equipment in t ...



Oct. 1 Graham invested

$90,000

cash, a

$36,000

computer system, and

$18,000

of office equipment in the business. 2 Paid rent in advance of

$9,000

. 3 Purchased computer supplies on credit for

$2,640

from Abbott Office Products. 5 Paid

$4,320

cash for one year's premium on a property and liability insurance policy. 6 Billed Capital Leasing

$6,600

for installing a new computer. 8 Paid for the computer supplies purchased from Abbott Office Products. 10 Hired Carly Smith as a part-time assistant for

$200

per day, as needed. 12 Billed Capital Leasing another

$2,400

for computer services rendered. 15 Received

$6,600

from Capital Leasing on its account. 17 Paid

$1,410

to repair computer equipment damaged when moving into the new office. 20 Paid

$3,720

for an advertisement in the local newspaper. 22 Received

$2,400

from Capital Leasing on its account. 28 Billed Decker Company

$6,450

for services. 31 Paid Carly Smith for seven days' work. 31 Withdrew

$7,200

cash from the business for personal use. Part B: CHECK FIGURES: 8. Total Dr.

=$184,950;9

. Profit

=$27,920;

Total assets

=$161,120

Required 6. Prepare journal entries to record each of the following November transactions. 7. Post the November entries. 8. Prepare a trial balance at November 30, 2020. 9. Prepare an income statement and a statement of changes in equity for the two months ended November 30, 2020, as well as a balance sheet at November 30, 2020. Nov. 1 Reimbursed Graham's business automobile expense for 1,000 kilometres at

$1.00

per kilometre. 2 Received

$9,300

cash from Elite Corporation for computer services rendered. 5 Purchased

$1,920

of computer supplies for cash from Abbott Office Products. 8 Billed Fostek Co.

$8,700

for computer services rendered. 13 Notified by Alamo Engineering Co. that Echo's bid of

$7,500

for an upcoming project was accepted. 18 Received

$3,750

from Decker Company against the bill dated October 28. 22 Donated

$1,500

to the United Way in the company's name. 24 Completed work for Alamo Engineering Co. and sent a bill for

$7,500

. 25 Sent another bill to Decker Company for the past due amount of

$2,700

. 28 Reimbursed Graham's business automobile expense for 1,200 kilometres at

$1.00

per kilometre. 30 Paid Carly Smith for 14 days' work. 30 Withdrew

$3,600

cash from the business for personal use.

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