Files > 3:45 AM 14% O This account does not allow editing on your device. For an account... more Sign in Question 1: Recording events in the general journal, posting it to T-accounts, and preparing trial balance The following events apply to Computer Services Inc. in the first year of operation: 1. Acquired $100,000 cash from the issue of commons tock 2. Performed services and received cash $50,000. 3. Incurred cas operating expenses $15,200. 4. Received an advance $20,000 for services to be provided in future 5. Reocgnized $450 of accrued interest revenue. 6. Paid $2,400 cash for salary expense. 7. Purchased $1,600 of supplies on account 8. Recognized $10,000 of revenue for services provided in event 4. 9. Recorded $1,600 of accrued salary expense 10. Provided services on account $20,000 11. Paid $2,000 cash dividend to shareholders. 12. A physical examination of end of the year showed that only $200 worth supplies remaining in the company. 1 Question 2: Final Accounts Merchandizing Business The following trial balance pertains to Feazell Hardware as of January 1, 2013. Account Title Debit Credit Cash $ 35,000 Account Receivable 25,000 Merchandise Inventory 120,000 Accounts Payable S 10.000 Common Stock 140.000 Retained Earnings 30,000 The following events occurred in 2013. Assume that Feazell Hardware uses the periodic inventory system. 1. Purchased land for $20,000 cash B I .. Files > 3:57 AM 11% O This account does not allow editing on your device. For an account... more Sign in 1 Question 2: Final Accounts Merchandizing Business The following trial balance pertains to Feazell Hardware as of January 1, 2013. Account Title Debit Credit Cash $ 35,000 Account Receivable 25,000 Merchandise Inventory 120.000 Accounts Payable $ 10,000 Common Stock 140.000 Retained Earnings 30,000 The following events occurred in 2013. Assume that Feazell Hardware uses the periodic inventory system. 1. Purchased land for $20,000 cash 2. Purchased merchandise on account for $46,000, terms 2/10 n/30. 3. The merchandise purchased by Feazell was shipped FOB shipping point for $460 cash. 4. Returned $4,000 of defective merchandise purchased in Event 2 5. Sold merchandise for $40,000 cash 6. Sold merchandise on account for $100,000, terms 1/20 n/30. 7. Paid cash within the discount period on accounts payable due on merchandise purchased in Event 2. 8. Paid $2,400 cash for selling expenses. 9. Collected $70,000 of accounts receivable within the discount period. 10. Collected $30,000 of accounts receivable but not within the discount period. 11. Paid $6,400 of other operating expenses. 12. Performed a physical count indicating that $30,000 of inventory was on hand at the end of the accounting period. Requirements a. Record these transactions in a general journal. b. Post the transactions to ledger T-accounts. c. Prepare a schedule of cost of goods sold, an income statement, a statement of changes in stockholder's equity, a balance sheet and a statement of cash flows for 2013. ||