ACC 290T Wk 3 - Apply: Homework | eBooks | Education

ACC 290T Wk 3 - Apply: Homework

ACC 290T Wk 3 - Apply: Homework PLDZ-13548 Free
In Stock
$ 0.00 USD
Free Download! Description

***************************************************************

Click Here To Download Your Files :  

https://uopcourse.com/category/acc-290/ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

You can buy more tutorials from the below link

https://uopcourse.com/

***************************************************************

ACC 290T Wk 3 - Apply: Homework 

GL0201 - (No Analysis Tab) - Based on the FastForward Company LO A1, C3, C4, P1, P2, P3

This problem is based on the transactions for the FastForward Company in your text. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded.  

 

 

1

 

On December 1, Chas Taylor forms a consulting business, named FastForward. FastForward receives $30,000 cash from Chas Taylor as an owner contribution.

 

 

2

 

FastForward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts.

 

 

3

 

FastForward pays $26,000 cash for equipment.

 

 

4

 

FastForward purchases $7,100 of supplies on credit from a supplier, CalTech Supply.  

 

 

5

 

FastForward provides consulting services and immediately collects $4,200 cash.

 

 

6

 

FastForward pays $1,000 cash for December rent.

 

 

7

 

FastForward pays $700 cash for employee salary.

 

 

8

 

FastForward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services.

 

 

9

 

FastForward receives $1,900 cash from the client billed on December 8.

 

 

10

 

FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7,100 purchase of supplies.

 

 

11

 

Chas Taylor withdraws $200 cash from FastForward for personal use.

 

 

12

 

FastForward receives $3,000 cash in advance of providing consulting services to a customer. The company's policy is to record fees collected in advance in a balance sheet account.

 

 

13

 

FastForward pays $2,400 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. The company's policy is to record all prepaid expenses in a balance sheet account. 

 

 

14

 

FastForward pays $120 cash for supplies.

 

 

15

 

FastForward pays $305 cash for December utilities expense.

 

 

16

 

FastForward pays $700 cash in employee salary for work performed in the latter part of December.

 

*************************************************************** Click Here To Download Your Files : https://uopcourse.com/category/acc-290/ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ You can buy more tutorials from the below link https:/
Recent Reviews Write a Review
0 0 0 0 reviews