The following events occur during November Webworks starts and completes eight more Websites and bills clients for $4,60

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The Following Events Occur During November Webworks Starts And Completes Eight More Websites And Bills Clients For 4 60 1 (22.66 KiB) Viewed 42 times

The Following Events Occur During November Webworks Starts And Completes Eight More Websites And Bills Clients For 4 60 2 (24.46 KiB) Viewed 42 times

The following events occur during November Webworks starts and completes eight more Websites and bills clients for $4,600 b. Webworks purchases supplies worth $80 on account t. At the beginning of November. Webworks baid nine keyboards costing S110 cach and forty flash drives costing $12 cach. Webwerkswies periodic FIFO to cool its inventory d. On nocount. Webworks purchases sixty keyboards for S111 each and ninety flash drives for S13 cach o Webwirlos pays Nancy 5800 for her work during the first three works of October, Webwyrics sells 0 keyboards for $9.000 and 120 flash drives for $2.400 cash, A local valor pays $400 in advance for Web site. It will not be completed until Dember ho Leon road about a new program that could enhance the Web sites Wohworks in developing for clients to decides to purchase a license to be able to use the program for one year by paying $2.400 cash. This is called a license agreement and is an intangible Webworks collects 54,200 in accounts receivable j. We works pays of its salutis payable from November k Webworks pays off $9,000 of its accounts payable. 1. Webworks pays Lcon a salary of $2,000 m. Webworks wrote of an uncollectible account in the amount of S100 n. Webworks pays taxes of S1,135 in cash
Required: A. Prepare journal entries for the above events. B. Post the joumal entries to T-accounts. C. Prepare an unadjusted trial balance for Webworks for November. D. Prepare adjusting entries for the following and post them to your Taccounts. o Webworks owes Nancy S150 for her work during the last week of November p. Leon's parents let him know that Webworks owes $290 toward the electricity bill. Webworks will pay them in December 9. Webworks determines that it has $20 worth of supplies remaining at the end of November, t. Prepaid rent should be adjusted for November's portion s Webworks is continuing to accrue bad debts at 10 percent of accounts receivable. 1. Webworks continues to depreciate its equipment over four years and its furniture over five years, using the straight-line method. u. The license agreement should be amortized over its one-year life, v. Record cost of goods sold. E. Prepare an adjusted trial balance F. Prepare financial statements for November