Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business

After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2019) follows.

image text in transcribedimage text in transcribedimage text in transcribed
No. 101 105 125 125 131 153 154 15? 155 201 210 235 301 302 403 512 513 523 53? 540 552 555 5T5 5?? 554 Account Title Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Oce equipment Accumulated depreciationOce equipment Computer equipment Accumulated depreciationComputer equipment Accounts payable Wages payable Unearned computer services revenue 5. Rev, Capital 5. Rev, Withdrawals Computer services revenue Depreciation expenseOrice equipment Depreciation expenseComputer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expenseComputer Totals Debit 15F: 35,554 13,515 2,545 2,150 3,250 5,200 23,500 1,03,425 Credit 1'55 I i'a I $103,425 \fRequired: 1.Prepare journal entries to record each of the December transactions and events for Business Solutions. 2a.Prepare adjusting entries to reflecto'throughf. 2b.Post thejournal entries to record each of the December transactions. adjusting entries to the accounts in the ledger. 3.Prepare an adjusted trial balance as of December 31, 2019. 4.Prepare an income statement for the three months ended December 31, 2019. 5.Prepare a statement of owners equity for the three months ended December 31. 2019. 6.Prepare a balance sheet as of December 31. 2019

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Accounting

Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson

12th edition

978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985

More Books

Students also viewed these Accounting questions

Question

What research studies are you interested in conducting?

Answered: 1 week ago