60.1K

Verified Solution

Link Copied!

Serial Problem Business Solutions LO P1, P2, P3 After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2017, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2017) follows. nts Credit ebook Debit $ 35,364 13,418 2,645 2,220 2,920 8,700 Print $ 20,000 0 No Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 office equipment 164 Accumulated depreciation-office equipment 167 Computer equipment 160 Accumulated depreciation Computer equipment 201 Accounts payable 210 Waget payable 236 Unearned computer services revenue 301 S. Asy, Capital 302 S. Rey withdrawals 403 Computer services revenue 612 Depreciation expense-office equipment 613 Depreciation expense-Computer equipment 623 Ware expense 637 Insurance expense 640 Rent expense 652 Computer supplies expense Advertising expense .676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense-Computer Totals 71,000 5,800 28,579 2,275 0 1.650 666 220 215 $99,57 399,579 Business Solutions had the following transactions and events in December 2017 Dec 2 Paid $955 cash to Hillside Hall for Business Solutions share of mall advertising costs. 3 Pald $490 cash for minor repairs to the company's computer. 4 Received $4,350 cash from Alex's Engineering Co. for the receivable from November 10 Pald cash to lyn Addie for six days of work at the rate of $115 per day 14 Notified by Alex's Engineering Co. that Business Solutions bid of $7,1ee on a proposed project has been accepted. Alex's paid a $2,300 cash advance to Business Solutions. 15 Purchased $1,900 of computer supplies on credit from Harris Office Products. 16 Sent a reminder to come Co. to pay the fee for services recorded on November 8. 20 Completed project for Lu Corporation and received $6,475 cash. 22- Took the week off for the holidays. 26 28 Received $3,700 cash from bomez Co. on its receivable. 23 Seimbursed 5. Hey for business automobile mileage (500 miles at 50.28 per mile) 35. May withdrew $1,100 cash from the company for personal use. Book Print The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months. 6. The December 31 inventory count of computer supplies shows 5660 still available b. Three months have expired since the 12-month insurance premium was paid in advance c. As of December 31, Lyn Addie has not been paid for four days of work at $115 per day d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value e. The office equipment acquired on October 1, is expected to have a five-year life with no salvage value. t. Three of the four months prepaid rent has expired Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions 2-6. Prepare adjusting entries to reflect a through 2-b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger 3. Prepare an adjusted to balance as of December 31, 2017 4. Prepare an income statement for the three months ended December 31, 2017 5. Prepare a statement of owner's equity for the three months ended December 31, 2017 6. Prepare a balance sheet as of December 31, 2017 Reg 4 Reg 5 Reg 6 Reg 3 Reg 1 Reg 2A Reg 28 0 oints Prepare journal entries to record each of the December transactions and events for Business Solutions. (if no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list ebook Journal entry worksheet 1 2. Print 3 4 5 11 6 7 8 Paid $955 cash to Hillside Mall for Business Solutions' share of mall advertising costs. Not Enter debts before credits Date General Journal Debil Crecht Dec 02 Record entry Clear entry View general Journal Reg 2A > Reg 4 Reg 5 Reg 6 Req3 Reg 1 Reg 2A Reg 2B eBook Prepare adjusting entries to reflect a through Print View transaction list Journal entry worksheet

Answer & Explanation Solved by verified expert

See Answer