9) Logan Computer Consulting began operation on January 1, 2021. Their accounting year ends December 31, 2021 The follow

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9 Logan Computer Consulting Began Operation On January 1 2021 Their Accounting Year Ends December 31 2021 The Follow 1 (41.23 KiB) Viewed 32 times

9) Logan Computer Consulting began operation on January 1, 2021. Their accounting year ends December 31, 2021 The following events occurred during the course of the year. 1/1/21 Issued common stock for $25,000 cash 02/01/21 Purchased furniture on account for $10,000 03/01/21 Received $50,000 for services rendered 03/02/21 Paid rent in the amount of $1,000 07/01/21 Purchased computer for $20,000 cash Depreciation on the computer was $4,000 08/01/21 Received a cash advance of $12,000 for services to be rendered over a one year period. 08/15/21 Paid dividends of $4,000 09/01/21 Purchased supplies of $10,000 on account. 10/01/21 Borrowed $12,000 from United Federal Bank at a one year rate of 10% 11/01/21 Pald $9,000 cash in advance for a one year insurance contract. 12/31/21 Incurred salary expense of $8,000 a) Prepare journal entries for the above events that occurred during 2021 b) Prepare adjusting entries (Year ends December 31, 2021) c) Prepare an adjusted trial balance 10) Fred Computer Services Trial Balance December 31, 2021 Account Titles Debit Cash $ 23,200 Accounts Receivable $5,000 Prepaid Rent $ 9,000 Accounts Payable $ 7,100 Salaries Payable $ 1,500 Common Stock $19,000 Dividends $ 2,000 Consulting Revenue $36,700 General Operating Expenses $ 16,500 Salaries Expense $ 1.200 Supplies Expense $ 400 Rent Expense $ 7,000 Credit Totals $64,300 $64,300 a) Prepare an income statement and Balance Sheet and Statement of Retained Earnings