Coconino Accounting Assingment Help With Solution

Posted on April 18, 2017

Coconino Accounting Assingment Help With Solution

Quiz 1: Prepare and record journal entries and Trial balance column of worksheet.
On October 1, 2013, Sandra started Coconino Pest Control as a sole proprietorship and has the following transactions:
 
Oct 1 Sandra invested $55,000 cash.
Oct 1 Sandra borrowed $10,000 from National Bank by signing a 24 month note at 6% interest.
Oct 1 Sandra purchased a computer system for $21,000 and equipment for $8,400 both for cash.
Oct 3 The company purchased $1,420 of computer supplies on credit from Staples.
Oct 6 The company billed customers $4,800 for pest control services performed.
Oct 10 The company hired Tucker as a part-time employee for $125 per day, as needed.
Oct 12 The company received $4,800 cash for pest control services performed.
Oct 15 The company received $2,400 cash from customers for payment towards accounts.
Oct 17 The company paid $800 cash for repair and maintenance of equipment.
Oct 20 The company paid $1,900 for advertising in the local newspaper.
Oct 28 The company billed customers $2,200 for pest control services performed.
Oct 31 The company paid $875 cash for Tuckers wages for seven days of work this month.
Oct 31 Sandra withdrew $5000 cash

 

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1. Record journal entries to general journal
2. Post the journal entries to the general ledger accounts
3. Prepare the trial balance in the worksheet
 
This is part 2:

Quiz 2: Prepare adjusting entries, post to general ledger accounts and worksheet and prepare Adjusted Trial balance column of worksheet.

A. A count indicates the computer supplies used during the month were $540

B. The estimated useful life of the computer system is 5 years and the equipment is 7 years, record 1 month of depreciation.

C. The bank statement revealed $25 in bank charges.

D. Payroll taxes due for wages paid to Tucker include FICA taxes at 7% and FUTA taxes at 1%.

E. The company received invoices from vendors:
Utility company $ 175
Pesticides 2,800

F. Record interest payable on the note payable.

G. Sandra estimates that 1% of Accounts Receivable will be uncollectible.
 
1. Record the adjusting journal entries
2. Post the journal entries to the worksheet and the general ledger accounts.
3. Prepare the adjusted trial balance in the worksheet
(Show any calculations in the boxes provided. Use the template provided.)

 

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