File One and File Two


Question Description:

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Please I need the solution under each question on file word, and you will find Problem 13-2 in Part 3, Exercise 8-8 in Part 5, Exercise 14-15 in Part 6 and AP7-1 in Part 8 on file tow as pictures from textbook. Document Preview: Please I need the solution under each question on file word, and you will find Problem 13-2 in Part 3, Exercise 8-8 in Part 5, Exercise 14-15 in Part 6 and AP7-1 in Part 8 on file tow as pictures from textbook. Part 1: Robert and Chip organized Chipper Corporation on January 1, 2008. Each of these owners invested $100,000 cash and received shares of stock. Below are selected transactions that were completed during January 2008:Owner’s invested $100,000 each to start the business.Prepaid three (3) months rent for $15,000 ($5,000 each month). Purchased equipment by signing a $75,000 note payable for $50,000 and paying the remainder in cash.Purchased two service vehicles for $24,000 each, paid $20,000 cash.Purchased $1,000 of supplies on account.Sales revenue on account was $85,000.Paid expenses of $48,000.Collected $42,000 from customers on account.Paid $2,000 on the note payable for the equipment and $1000 for the note payable for the service vehicles. Record each transaction in journal form and post to the appropriate accounts in the ledger. Prepare a Trial Balance for January 31, 2008. Part 2: (A) On July 1, 2009, Bass Company paid a two-year insurance premium. On that date the following journal entry was made: _x000B__x000B_ _x000B__x000B_The annual accounting period ends on December 31._x000B_A. How much of the premium should be reported as expense on the 2009 income statement?_x000B_B. What is the amount of prepaid insurance which should be reported on the balance sheet at December 31, 2009?_x000B_C. Give the adjusting entry that should be made on December 31, 2009. (B) Bridge Company keeps a small inventory of supplies used for cleaning and maintenance purposes. On January 1, 2008 the inventory of supplies on hand was $2,500. During the year, supplies purchased were debited to the supplies account in the amount of $6,200. On December 31, 2008, the inventory count of supplies in the storeroom was $1,750. Provide the journal entry to record the purchase of supplies during 2008. Provide… Attachments: File-One.doc File-Two.docx

Answer

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