#1 Project

On October 1, 2021, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. The company's initial chart of accounts follows. October 1 S. Rey invested $49,000 cash, a $23,000 computer system, and $9,000 of of f ice equipment in the company in exchange for common stock. October 2 The company pald $3,280 cash for four months' rent. Hint: Debit Prepaid Rent for $3,280. 0ctober 3 The company purchased \$1,340 of computer supplies on credit from Harris office Products. October 5 The company paid $1,680 cash for one year's premium on a property and liability insurance policy. Hint: Debit Prepald Insurance for $1,680. October 6 The company billed Easy Leasing $5, eee for services perforned in installing a new heb server. October B The company paid $1,340 cash for the computer supplies purchased from Harris office Products on 0ctober 3. October 10 The company hired Lyn Mddie as a part-time assistant. October 12 The company billed Easy Leasing another $2,000 for services perforned. 0ctober 15 The conpany received $5, eee cash fron Easy Leasing as partial payment on 1 ts account. october 17 The company paid $765 cash to repair computer equipment that was dasaged when moving it. october 20 . The company paid $1,698 cash for advertisenents. October 22 The company received $2,000 cash from Easy Leasing on its account. October. 20 The company billed IFM Company $5,508 for services perforaed. october 31 The company paid 5805 cash for Lyn Addie's wages for seven days' work. October 31 The company paid a $3,200 cash dividend. Novenber 1 The company paid $310 cash for mileage expenses. November 2 The conpany received $5,433 cash from Liu Corporation for computer services. perforned. Novenber 5 The conpany purchased conputer supplies for $1,100 cash from Harris office Products. Novenber 8 The company bitled Gonez Company $6,468 for services performed. Novenber 13 The company agreed to perform future services for Alex's Engineering Company, No work has yet been perforned. Novenber 18 The conpany received $1,608 cash fron IFM Company as partial payment of the october 28 bilt. Novenber 22 The company paid $240 cash for aiscetlaneous expenses, Minti bebit Miscetlaneous Expenses for $240. Novenber 24 The company conpleted work and sent a bili for $4,550 to Alex's Engineering Conpany. November 25 The company sent another bill to IPM Conpany for the past-due anount of $3,900. Novenber 28 The conpany. paid 5372 cash for stieage expenses. Novenber 30 The company paid $1,610 cash for Lyn Mddie's wages for 24 days' work. Novenber 30 The conpany paid a $2,000 cash dividend. 1. Prepare journal entries to record each of the above transactions for Business Solutions. 2. Prepare ledger accounts (in balance column format) and post the journal entries from requirement 1 to them. 3. Prepare a trial balance as of the end of November. Journal entry worksheet S. Rey invested $49,000 cash, a $23,000 computer system, and $9,000 of office equipment in the company in exchange for common stock. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet The company purchased $1,340 of computer supplies on credit from Harris Office Products. Note: Enter debits before credits. Journal entry worksheet 6 7 8 27 The company paid $1,680 cash for one year's premium on a property and liability insurance policy. Note: Enter debits before credits. Journal entry worksheet (1) 2 4 8 The company paid $1,340 cash for the computer supplies purchased from Harris Office Products on October 3. Note: Enter debits before credits. Journal entry worksheet (2) 3 4 6 The company hired Lyn Addie as a part-time assistant. Note: Enter debits before credits. Journal entry worksheet The company billed Easy Leasing another $2,000 for services performed. Note: Enter debits before credits. Journal entry worksheet (1) 4 5 6 7 8 27 The company received $5,000 cash from Easy Leasing as partial payment on its account. Note: Enter debits before credits. Journal entry worksheet 1 5 7 The company paid $765 cash to repair computer equipment that was damaged when moving it. Note: Enter debits before credits: Journal entry werkchoot Journal entry worksheet 1 7 8 9 10 11 The company received $2,000 cash from Easy Leasing on its account. Note: Enter debits before credits. Journal entry worksheet The company billed IFM Company $5,508 for services performed. Note: Enter debits before credits. Journal entry worksheet (1) 9 11 13 The company paid $805 cash for Lyn Addie's wages for seven days' work. Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet 1 11 12 13 14 15 The company paid $310 cash for mileage expenses. Note: Enter debits before credits. Journal entry worksheet (1) ,12 14 15 16 The company received $5,433 cash from Liu Corporation for computer services performed. Note: Enter debits before credits. Journal entry worksheet (1) 13 14 15 (27) The company purchased computer supplies for $1,100 cash from Harris Office Products. Note: Enter debits before credits. Journal entry worksheet 1 14 15 16 The company billed Gomez Company $6,468 for services performed. Note: Enter debits before credits. Journal entry worksheet (1) 15 16 17 18 19 The company agreed to perform future services for Alex's Engineering Company. No work has yet been performed. Note: Enter debits before credits. Journal entry worksheet (1) 19 The company received $1,608 cash from IFM Company as partial payment of the October 28 bill. Note: Enter debits before credits. Journal entry worksheet The company paid $240 cash for miscellaneous expenses. Note: Enter debits before credits. Journal entry worksheet 1 18 19 20 21 27 The company completed work and sent a bill for $4,550 to Alex's Engineering Company. Note: Enter debits before credits. Journal entry worksheet (1) (.... 19 20 21 22 23 (27) The company sent another bill to IFM Company for the past-due amount of $3,900. Note: Enter debits before credits. Journal entry worksheet The company paid $372 cash for mileage expenses. Note: Enter debits before credits. Journal entry worksheet The company paid $1,610 cash for Lyn Addie's wages for 14 days' work. Note: Enter debits before credits. Journal entrv worksheet Note: Enter debits before credits