60.1K

Verified Solution

Link Copied!

Need help with requirements

COMPREHENSIVE PROBLEM #1 (based on Serial Problem data found in Fundamental Accounting Principles, 23 ed.) You may work together with other students to create the required elements, but each student must make an individual submission of the answers. Comprehensive Problem #1 will be graded for completeness and accuracy. The problem is worth 100 points Santana Rey founded Business Solutions on October 1, 2017 with an initial capital investment totaling $73,000. The November 30, 2017, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November 2017) follows. Account Title Debit Credit 101 38,264 12,618 2,545 2,220 3,300 8,000 Cash 106 Accounts Receivable 126 Computer Supplies 128 Prepaid Insurance 131 Prepaid Rent 163 Office Equipment 164 n Office E 167 Computer Equipment 168 Accumulated Depreciation -Computer Equipment 201 Accounts Payable 210 Wages Payable 236 Unearned Computer Services Revenue 301 S. Rey, Capital 302 | : Rey, withdrawals 403 | Computer Services Revenue 612 | Depreciation Expense-Office Equipment 613 Depreciation Expense-Computer Equipment 623 Wages Expense 637 20,000 73,000 5,600 25,659 2,625 Insurance Expense 640 Rent Expense 652 Computer Supplies Expense 655 1 1 Advertising Expense 676 Mileage Expense 677 Miscellaneous Expenses 1,728 704 250 s Ex Total $98,659 $98,659

Answer & Explanation Solved by verified expert

See Answer