101 106.1 106.2 Cash Alex's Engineering Company Wildcat Services $ 48,392 B 106.3 Easy Leasing 106.4...

Transcribed Image Text:

101 106.1 106.2 Cash Alex's Engineering Company Wildcat Services $ 48,392 B 106.3 Easy Leasing 106.4 IFM Company 106.5 Liu Corporation 106.6 Gomez Company 0 0 3,130 0 2,848 106.7 Delta Company 106.8 KC, Incorporated 106.9 119 126 Dream, Incorporated Merchandise inventory Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation-Office equipment 167 Computer equipment 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 301 Santana Rey, Capital 302 Santana Rey, Withdrawals 403 Computer services revenue 0 0 0 600 2,097 845- 8,120 $ 290 21,000 1,190 1,290 700 1,460 82,102 0 413 Sales 414 415 502 Cost of goods sold 612 613 623 637 640 Rent expense 652 Sales returns and allowances Sales discounts Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Computer supplies expense 655 Advertising expense 676 Mileage expense Miscellaneous expenses 677 684 Repairs expense-Computer In response to requests from customers, Santana Rey will begin selling computer software. The company will extend credit terms of 1/10, n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Additional accounts (Numbers 119, 413, 414, 415, and 502) are added to its general ledger to accommodate the company's new merchandising activities. Its transactions for January through March follow. January 4 The company paid cash to Lyn Addie for five days' work at the rate of $175 per day. Four of the five days relate to wages payable that were accrued in the prior year. January 5 Santana Rey invested an additional $23,700 cash in the company. January 7 The company purchased $7,200 of merchandise from Kansas Corporation with terms of 1/10, n/30, FOB shipping point, invoice dated January 7. January 9 The company received $2,848 cash from Gomez Company as full payment on its account. January 11 The company completed a five-day project for Alex's Engineering Company and billed it $5,350, which is the total price of $6,810 less the advance payment of $1,460. The company debited Unearned Computer Services Revenue for $1,460. January 13 The company sold merchandise with a retail value of $4,700 and a cost of $3,430 to Liu Corporation, invoice dated January 13. January 15 The company paid $640 cash for freight charges on the merchandise purchased on January 7. January 16 The company received $4,030 cash from Delta Company for computer services provided. January 17 The company paid Kansas Corporation for the invoice dated January 7, net of the discount. January 20 The company gave a price reduction (allowance) of $500 to Liu Corporation and credited Liu's accounts receivable for that amount. January 22 The company received the balance due from Liu Corporation, net of the discount and the allowance. January 24 The company returned defective merchandise to Kansas Corporation and accepted a credit against future purchases (debited accounts payable). The defective merchandise invoice cost, net of the discount, was $486. January 26 The company purchased $9,500 of merchandise from Kansas Corporation with terms of 1/10, n/30, FOB destination, invoice dated January 26. January 26 The company sold merchandise with a $4,540 cost for $5,830 on credit to KC, Incorporated, invoice dated January 26. January 31 The company paid cash to Lyn Addie for 10 days' work at $175 per day. February 1 The company paid $2,535 cash to Hillside Mall for another three months' rent in advance. February 3 The company paid Kansas Corporation for the balance due, net of the cash discount, less the $486 credit from merchandise returned on January 24. February 5 The company paid $550 cash to Facebook for an advertisement to appear on February 5 only. February 11 The company received the balance due from Alex's Engineering Company for fees billed on January 11. February 15 Santana Rey withdrew $4,640 cash from the company for personal use. February 23 The company sold merchandise with a $2,630 cost for $3,320 on credit to Delta Company, invoice dated February 23, February 26 The company paid cash to Lyn Addie for eight days' work at $175 per day. February 27 The company reimbursed Santana Rey $288 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." March 8 The company purchased $2,740 of computer supplies from Harris Office Products on credit with terms of n/30, FOB destination, invoice dated March 8. March 9 The company received the balance due from Delta Company for merchandise sold on February 23. March 11 The company paid $830 cash for minor repairs to the company's computer. March 16 The company received $5,270 cash from Dream, Incorporated, for computing services provided. March 19 The company paid the full amount due of $4,030 to Harris Office Products, consisting of amounts created on December 15 (of $1,290) and March 8. March 24 The company billed Easy Leasing for $9,227 of computing services provided. March 25 The company sold merchandise with a $2,092 cost for $2,950 on credit to Wildcat Services, invoice dated March 25, March 30 The company sold merchandise with a $1,138 cost for $2,240 on credit to IFM Company, invoice dated March 30. March 31 The company reimbursed Santana Rey $320 cash for business automobile mileage. The company 101 106.1 106.2 Cash Alex's Engineering Company Wildcat Services $ 48,392 B 106.3 Easy Leasing 106.4 IFM Company 106.5 Liu Corporation 106.6 Gomez Company 0 0 3,130 0 2,848 106.7 Delta Company 106.8 KC, Incorporated 106.9 119 126 Dream, Incorporated Merchandise inventory Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation-Office equipment 167 Computer equipment 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 301 Santana Rey, Capital 302 Santana Rey, Withdrawals 403 Computer services revenue 0 0 0 600 2,097 845- 8,120 $ 290 21,000 1,190 1,290 700 1,460 82,102 0 413 Sales 414 415 502 Cost of goods sold 612 613 623 637 640 Rent expense 652 Sales returns and allowances Sales discounts Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Computer supplies expense 655 Advertising expense 676 Mileage expense Miscellaneous expenses 677 684 Repairs expense-Computer In response to requests from customers, Santana Rey will begin selling computer software. The company will extend credit terms of 1/10, n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Additional accounts (Numbers 119, 413, 414, 415, and 502) are added to its general ledger to accommodate the company's new merchandising activities. Its transactions for January through March follow. January 4 The company paid cash to Lyn Addie for five days' work at the rate of $175 per day. Four of the five days relate to wages payable that were accrued in the prior year. January 5 Santana Rey invested an additional $23,700 cash in the company. January 7 The company purchased $7,200 of merchandise from Kansas Corporation with terms of 1/10, n/30, FOB shipping point, invoice dated January 7. January 9 The company received $2,848 cash from Gomez Company as full payment on its account. January 11 The company completed a five-day project for Alex's Engineering Company and billed it $5,350, which is the total price of $6,810 less the advance payment of $1,460. The company debited Unearned Computer Services Revenue for $1,460. January 13 The company sold merchandise with a retail value of $4,700 and a cost of $3,430 to Liu Corporation, invoice dated January 13. January 15 The company paid $640 cash for freight charges on the merchandise purchased on January 7. January 16 The company received $4,030 cash from Delta Company for computer services provided. January 17 The company paid Kansas Corporation for the invoice dated January 7, net of the discount. January 20 The company gave a price reduction (allowance) of $500 to Liu Corporation and credited Liu's accounts receivable for that amount. January 22 The company received the balance due from Liu Corporation, net of the discount and the allowance. January 24 The company returned defective merchandise to Kansas Corporation and accepted a credit against future purchases (debited accounts payable). The defective merchandise invoice cost, net of the discount, was $486. January 26 The company purchased $9,500 of merchandise from Kansas Corporation with terms of 1/10, n/30, FOB destination, invoice dated January 26. January 26 The company sold merchandise with a $4,540 cost for $5,830 on credit to KC, Incorporated, invoice dated January 26. January 31 The company paid cash to Lyn Addie for 10 days' work at $175 per day. February 1 The company paid $2,535 cash to Hillside Mall for another three months' rent in advance. February 3 The company paid Kansas Corporation for the balance due, net of the cash discount, less the $486 credit from merchandise returned on January 24. February 5 The company paid $550 cash to Facebook for an advertisement to appear on February 5 only. February 11 The company received the balance due from Alex's Engineering Company for fees billed on January 11. February 15 Santana Rey withdrew $4,640 cash from the company for personal use. February 23 The company sold merchandise with a $2,630 cost for $3,320 on credit to Delta Company, invoice dated February 23, February 26 The company paid cash to Lyn Addie for eight days' work at $175 per day. February 27 The company reimbursed Santana Rey $288 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." March 8 The company purchased $2,740 of computer supplies from Harris Office Products on credit with terms of n/30, FOB destination, invoice dated March 8. March 9 The company received the balance due from Delta Company for merchandise sold on February 23. March 11 The company paid $830 cash for minor repairs to the company's computer. March 16 The company received $5,270 cash from Dream, Incorporated, for computing services provided. March 19 The company paid the full amount due of $4,030 to Harris Office Products, consisting of amounts created on December 15 (of $1,290) and March 8. March 24 The company billed Easy Leasing for $9,227 of computing services provided. March 25 The company sold merchandise with a $2,092 cost for $2,950 on credit to Wildcat Services, invoice dated March 25, March 30 The company sold merchandise with a $1,138 cost for $2,240 on credit to IFM Company, invoice dated March 30. March 31 The company reimbursed Santana Rey $320 cash for business automobile mileage. The company