AutoSave OFF OFF $ U Project Business Solutions Accounting Simulation Excel Working papers.xlsx(1).xls - Compatibility Mode Share Comments Insert v > AY DX Delete Ideas Format Sort Filter Sensitivity v Find Select T L M N P Q Home Insert Draw Page Layout Formulas Data Review View Tell me X Arial 10 v A A ab Wran Text General LG Paste B 1 - A Merge & Center Conditional Format Cell Formatting a Table Styles B40 x fx Started and completed a project for Liu Corporation and received $5,625 cash A B D E F G H K 1 Business Solutions, which began operations in October, is enjoying continuing success. The November 30, 2018 unadjusted trial balance is as follows: 2. 3 ACCT NO. ACCOUNT TITLE DE BIT CREDIT 4 101 Cash $40,205 5 106 Accounts Receivable $12,618 6 128 Office Supplies $2,545 7 128 Prepaid Insurance $2,220 8 131 Prepaid Rent $3,300 9163 Office Equipment $8,000 10 164 Accum. Dep - Office Equip SO 11 167 Computer Equipment $20.000 12 168 Accum. Dep - Computer Equip SO 13 201 Accounts Payable SO 14 210 Wages Payable SO 15 296 Uneamed Computer Service Revenue SO 16 301 Owners Equity $68,400 17 403 Computer Services Revenue S26,600 18 612 Depreciation Expense - Office Equip $0 19 613 Depreciation Expense - Computer Equip SO 20 623 Wages Expense $2,625 21 637 Insurance Expense SO 22 640 Rent Expense SO 23 652 Office Supplies Expense SO 24 655 Advertising Expense $1,728 25 676 Mileage Expense $704 26 677 Miscellaneous Expenses $250 27 684 Repairs Expense - Computer $805 28 TOTALS $95,000 595,000 30 31 Business Solutions had the following transactions and events in December 2018 32 2-Dec Paid $1,025 cash to Hillside Mall for Business Solutions share of mall advertising costs 33 3-Dec Paid $500 cash for minor repairs to company's computer 34 4 Dec Received $3,950 cash from Alex's Engineering Co. for a receivable recorded in November 35 10-Dec Paid cash to Lyn Addie for 6 days of work at the rate of $125 per day. Ignore associated payroll taxes 38 14-Dec Notified by Alex's Engineering Co. that Business Solutions' bid of $7,000 on a proposed project has been accepted. 37 Alex's paid a $1,500 cash advance to Business Solutions and the project is expected to begin on January 15, 2019 38 15-Dec Purchased S400 of office supplies on credit from Harris Office Products PROBLEM Joumal Entries (1) Adjusting Entries (2) General Ledger 1 General Ledger 2 General Ledger 3 General Ledger 4 General Ledger 5 Prc Adjusted Trial + General Ledger 6 E- Ready + 130% AutoSava OFF OFF $ U Project Business Solutions Accounting Simulation Excel Working papers.xlsx(1).xls - Compatibility Mode Share Comments Insert v > Ideas Format Sort Filter Sensitivity v Find & Select T M N 0 Q Home Insert Draw Page Layout Formulas Data Review View Tell me - X Arial 10 v A A ab Wran Text General v LG DX Delete Paste B 1 - GA A Merge & Center v Cell Conditional Format Formatting as Table Styles B40 . fx Started and completed a project for Liu Corporation and received $5,625 cash A B E F G H 1 J L 39 16-Doc Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8 40 20-Dec Started and completed a project for Liu Corponition and received $5,625 cash 41 28-Dec Received $3,000 pesh from Gomez Co. on its receivable 42 29-Dec Reimbursed an employee for business automobile mileage - 600 miles total, reimbursed at S. 50 per mile 43 31-Dec Pald for half of the office supplies purchased on December 15th 44 45 The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first 3 months of operations: 46 a. The December 31 inventory count of supplies shows 5580 still available 47 b On October 1, 2018, Business Solutions paid their annual insurance premium in the amount of $2.220, which provides coverage from 10-1-2018 through 9-30-2019 48 c. As of December 31, Lyn Addie has not been paid for 4 days of work at $125 per day 49 d. The company's computer is expected to have a 4-year life with no salvage value. They use the straight line depreciation method for all assets 50 e. The office equipment is expected to have a 5-year life with no salvage value. They use the straight line method of depreciation for all assets. 51 f. On October 1, 2018, Business Solutions signed a 2 year lease agreement, which had the following terms: 52 ** $825 per month 53 **First 4 months rent due at time of signing (October 1, 2018). 54 ** Payments will be made monthly starting February 1, 2019. 55 Required: 56 1 Prepare journal entries to record each of the December transactions and events for Business Solutions 57 2 Prepare a Pre-adjusted Trial Balance for December 58 3 Prepare adjusting entries to reflect af noted above. Post those entries to the accounts in the ledger 59 4 4 Prepare an adjusted trial balance as of December 31, 2018 60 5 Prepare an income statement for the three months ended December 31, 2018 61 6 Prepare a statement of owner's equity for the three months ended December 31, 2018 62 7 Prepare a balance sheet as of December 31, 2018 63 8 Record and post the necessary closing entries for Business Solutions 64 9 Prepare a Post-closing trial balance as of December 31, 2018 65 Required: 66 67 68 70 71 72 73 74 75 76 PROBLEM Joumal Entries (1) Adjusting Entries (2) General Ledger 1 General Ledger 2 General Ledger 3 General Ledger 4 General Ledger 5 Prc Adjusted Trial + General Ledger 6 E- Ready + 130% AutoSave OFF OFF $ U Project Business Solutions Accounting Simulation Excel Working papers.xlsx(1).xls - Compatibility Mode Insert Draw Page Layout Formulas Data Home - Review View Tell me Share Comments > 5 X LG 10 Arial Insert v v A A ab Wran Text General AYO DX Delete v Paste B B 1 U - GA A + Merge & Center Ideas Conditional Format Cell Formatting as Table Styles Sort Filter Format v Find & Select Sensitivity y T 1 N P R . 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