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Accounting Term Problem




Term Problem On October 1, 2014;Adriana Lopez launched a computer services;company called Success Systems, which provides consulting services, computer systems;installations, and custom program development. Lopez adopts the calendar year for;reporting purposes and prepared the company?s first set of financial statements on;December 31, 2014. The company has been successful, and its list of customers has;grown. To accommodate the growth, the accounting system is modified to set up;separate accounts for each customer. The following chart of accounts includes the;account number used for each account and any balance as of December 31, 2014. Lopez;decided to add a fourth digit with a decimal point to the 106 account number that had;been used for the single Accounts Receivable account. This modification allows the;company to continue using the existing chart of accounts.;Cash;Accounts Receivable - ABC Service Corp.;Accounts Receivable - Bobcat Co.;Accounts Receivable - Colburt Co.;Accounts Receivable - Delta Corp.;Accounts Receivable - Energy Co.;Accounts Receivable - Five Bros, Inc.;Accounts Receivable - Good Times, Inc;Accounts Receivable - Hard Leasing;Accounts Receivable - Inventory, Inc.;Merchandise Inventory;Computer Supplies;Prepaid Insurance;Prepaid Rent;Office Equipment;Accumulated Depreciation - Office Equipment;Computer Equipment;Accumulated Depreciation - Computer Equipment;Accounts Payable;Wages Payable;Unearned Computer Services Revenue;1,550;950;6,000;1,575;56,000$;400$;26,600;Debit;Credit;101;106.1;106.2;106.3;126;128;131;163;164;106.4;106.5;106.6;106.7;106.8;106.9;Acct.;236;167;168;201;210;No.;119;SUCCESS SYSTEMS;Trial Balance;January 1, 2015;4,200;2,350;11,500;3,500;11,200;2,500


Paper#75426 | Written in 18-Jul-2015

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