Access Computer Systems (ACS) began its operations on March 01, 2023. At the end of March...

 

Transcribed Image Text:

Access Computer Systems (ACS) began its operations on March 01, 2023. At the end of March a trial balance was prepared however some account balances are missing. You quickly realize that you are able to calculate these amounts from the information within the trial balance provided below: Access Computer Systems Trial Balance - March 31, 2023 Cash A/R Prepaid Insurance ($300, 3 mths beginning March 01) Inventory Delivery Truck (10 yrs with $10,000 salvage) Acc Dep Delivery Truck Equipment (10 yrs with $2,000 salvage) Acc Dep Equipment A/P Salaries payable Unearned revenue LT Note Payable Del Truck ($50,000, 10 yrs @5%) (Round to nearest $) LT Note Payable Equip ($12,000, 10 yrs @6%) (Round to nearest $) T.J. Capital (Owner investment on March 01) T.J. Withdrawals Sales Cost of Goods Sold Salaries expense Rent expense-office Rent expense - warehouse Interest expense Delivery Truck (Round to nearest $) Interest expense Equipment (Round to nearest $) Depreciation expense Delivery Truck (1 month) Depreciation expense Equipment (1 month) Insurance expense (for 1 month) Totals Dr 77,088 1,200 40,000 58,000 14,000 2,000 12,000 6,000 900 1,500 Cr 1,750 2,000 800 100,000 50,000 Requirements: 1. Complete the trial balance as per the information provided. 2. Prepare journal entries in a general journal for the following: a. Prepaid insurance consumed for month of March b. Depreciation for delivery truck c. Depreciation for equipment d. 1st month payment on LT note payable for delivery truck e. 1st month payment on LT note payable for delivery truck 3. Prepare the following statements for the end of March 2023 in good form: a. Income Statement b. Statement of Changes in Equity c. Balance Sheet Access Computer Systems (ACS) began its operations on March 01, 2023. At the end of March a trial balance was prepared however some account balances are missing. You quickly realize that you are able to calculate these amounts from the information within the trial balance provided below: Access Computer Systems Trial Balance - March 31, 2023 Cash A/R Prepaid Insurance ($300, 3 mths beginning March 01) Inventory Delivery Truck (10 yrs with $10,000 salvage) Acc Dep Delivery Truck Equipment (10 yrs with $2,000 salvage) Acc Dep Equipment A/P Salaries payable Unearned revenue LT Note Payable Del Truck ($50,000, 10 yrs @5%) (Round to nearest $) LT Note Payable Equip ($12,000, 10 yrs @6%) (Round to nearest $) T.J. Capital (Owner investment on March 01) T.J. Withdrawals Sales Cost of Goods Sold Salaries expense Rent expense-office Rent expense - warehouse Interest expense Delivery Truck (Round to nearest $) Interest expense Equipment (Round to nearest $) Depreciation expense Delivery Truck (1 month) Depreciation expense Equipment (1 month) Insurance expense (for 1 month) Totals Dr 77,088 1,200 40,000 58,000 14,000 2,000 12,000 6,000 900 1,500 Cr 1,750 2,000 800 100,000 50,000 Requirements: 1. Complete the trial balance as per the information provided. 2. Prepare journal entries in a general journal for the following: a. Prepaid insurance consumed for month of March b. Depreciation for delivery truck c. Depreciation for equipment d. 1st month payment on LT note payable for delivery truck e. 1st month payment on LT note payable for delivery truck 3. Prepare the following statements for the end of March 2023 in good form: a. Income Statement b. Statement of Changes in Equity c. Balance Sheet

Answer rating: 100% (QA)

To complete the trial balance and prepare the required journal entries and financial statements for Access Computer Systems as of March 31 2023 well follow the given information and perform the necess... View the full answer