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adjusted & unadjusted trial balance The November 30,2020 , unadjusted trial balance of Business Solutions is found in the Trial balance tab. Business Solutions had
adjusted & unadjusted trial balance
The November 30,2020 , unadjusted trial balance of Business Solutions is found in the Trial balance tab. Business Solutions had th following transactions and events in December 2020. December 2 Paid $1,025 cash to Hillaide Mall for Business Solutions" mhare of mall advertiaing costa. December 3 Paid $500 cash for minor repairs to the conpany's coeputer. December 4 Received $3,950 cash from Alex's Engineering Company for the receivable from November. December 10 Paid cash to Lyn Addie for six daya of work at the rate of $125 per day . December 14 Notified by Rlex'= Engineering Conpany that Buainess solutions' bid of \$7, 000 on a proposed project has been accepted. Alex's paid a $1,500 cash adyance to Business solutions. December 15 Purchased $1,100 of computer wupplies on credit from Harris office Products. December 16 sent a reminder to Gomez Company to pay the fee for services recorded on November g. December 20 Completed a project for Liu Corporation and received $5,625 cash. Decenber 22- Took the week off for the holidays. December 28 Received $3,000 eash from Comez Coapany on its receivable. December 29 heimbursed S. Rey for business automobile mileage (600 miles at 50.32 per mile . December 31 The company paid $1,500 cash in dividenda. The following additional facts are collected for use in making adjusting entries prior to preparing financlal statements for the company's first three months: a. The December 31 inventory count of computer supplies shows $580 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 5125 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. 1. Three of the four months' prepaid rent has expired. For each adjustment, Indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net incorne before adjustiments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) (Negative amounts must be entered with a minus sign) For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) (Negative amounts must be entered with a minus slgn) Step by Step Solution
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