Question: 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

 Question 1: Recording events in the general journal, posting it to

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 common s 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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!