Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
all must be completed, to be considered correct On October 1, 2021, Santana Rey launched a computer services company called Business Solutions, which provides consulting
all must be completed, to be considered correct
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 Account Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Office Equipment Computer Equipment Accounts Payable Number 101 106 126 128 131 163 167 201 Account S. Rey, Capital 5. Rey, withdrawals Computer Services Revenue Wages Expense Advertising Expense Mileage Expense Miscellaneous Expenses Repairs Expense-Computer Number 301 302 403 623 655 676 677 684 October 1 5. Rey invested $51.000 cash, a $28,000 computer system, and $8,000 of office equipment in the company. October 2 The company paid $3,260 cash for four months' rent. Wint: Debit Prepaid Rent for $3,260. October 3 The company purchased $1,400 of computer supplies on credit from Harris Office Products October 5 The company paid $2,220 cash for one year premium on a property and liability insurance policy. Hindi Debit Prepaid Insurance for $2,220. October 6 The company billed Hasy Leasing $4,900 for services performed in installing a new web server. October 8 The company paid $1,400 cash for the computer supplies purchased from Harris office Producto on October), October 10 The company hired Lyn Addio as a part-time assistant. October 12 The company billed Easy Loading another $1,900 for service performed. October 15 The company received $4,900 cash from lasy Leasing as partial payment on ita account. October 17 The company paid $760 cash to repair computer equipment that was damaged when moving it. October 20 The company paid $1,710 cash for advertisements. October 22 The company received $1,900 cash trop Easy Leasing on its account. October 28 The company billed ITM Company 65, ob for services performed October 31 The company paid 5980 cash for Lyn Addio's wages for seven days' work. October 31 5. Key withdrew 53,300 cash from the company for personal use. November 1 The company paid $280 cash for mileage expenses. November 2. The company received $5,133 cash from Liu Corporation for computer services performed November 5 The company purchased computer supplies for $1,060 cash from Harris Office Products. November # The company billed Gomez Company $5,668 for services performed. November 13 The company agreed to perform tuture services for Alex's Engineering Company. No work has yet been performed. November 18 The company received $2,700 cash from IFM Company as partial payment of the October 28 bill. October 17 The company paid $760 cash to repair computer equipment that was damaged when moving it. October 20 The company paid $1,718 cash for advertisements. October 22 The company received $1,900 cash from Easy Leasing on its account. October 28 The company billed IFM Company $5,808 for services performed. October 31 The company paid $980 cash for Lyn Addie's wages for seven days' work. October 31 s. Rey withdrew $3,300 cash from the company for personal use. November 1 The company paid $280 cash for mileage expenses. November 2 The company received $5,133 cash from Liu Corporation for computer services performed. November 5 The company purchased computer supplies for $1,060 cash from Harris Office Products. November 8 The company billed Gomez Company $5,668 for services performed. November 13 The company agreed to perform tuture services for Mexe Engineering Company. No work has yet been performed. November 18 The company received $2,708 cash from IFM Company as partial payment of the October 28 bill. November 22 The company paid $200 cash for miscellaneous expenses. Hint: Debit Miscellaneous Expenses for $200. November 24 The company completed work and sent a bill for $3,950 to Alex's Engineering Company. November 25 The company sent another bill to IFM Company for the past-due amount of $3,100. November 28 The company paid $336 cash for mileage expenses. November 30 The company paid $1,960 cash for Lyn Addio's wages for 14 days work. November 30 S. Rey withdrew $1,400 cash from the company for personal use. Required: 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 to them. 3. Prepare a trial balance as of the end of November Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of the above transactions for Business Solutions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668de1668562a_310668de16623963.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668de16733190_310668de166bb577.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started