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 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
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