Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chapter 2 On October 1, 2015, Santana Rey launched a computer services company caled Business Solutions, which provides consulting services, computer system Iinstalations, and custom

image text in transcribed
image text in transcribed
Chapter 2 On October 1, 2015, Santana Rey launched a computer services company caled Business Solutions, which provides consulting services, computer system Iinstalations, and custom program development Rey adopts the calendar year for reporting purposes and expects to prepare the com f accounts follows Common Stock Computer Supplies Prepaid Insurance Propaid Rent Office Equipment Computar Equipenent Accounts Pzyable 106 126 Computer Services Revanue 131 Advartising Expense 163Mleage Expense 201 319 403 623 655 676 677 684 128Waes Expense Required 1. Prepare journal entries to record each of the following transactions for Business Solutions. company in exchange for its common stock 2The company paid $3,300 cash for four mouths' rent (Hurt: Debit Prepaid Rent for $3,.300) 3 The company purchased $1,420 of computer supplies on credit from Harris Office Products paid $2,220 cash for one year's premium on a property and lability insurance poscy (Hint: Debit Prepaid Insurance for $2,220.) 6 The company billed Easy Leasing $4,800 for services performed in installing a new web server 8 The company paid $1,420 cash for the commpater supplies purchased from Haris Office Products o October 3 10 The company hired Lyn Addie as a part-time assistant for $125 per day, as seeded 12 The company billed Easy Leasing another $1,400 for services performed 15 The company received $4,800 cash from Easy Leasing as partial payment on its account 17 The company paid $805 cash to repair computer e-quipnent that was damaged when moving it 20 The company paid $1,728 cash for advertisements pablished in the local sewspaper 22 The compary received $1,400 cash from Easy Leasing on its account 28 The company billed 31 The company paid $875 cash for Lyn Addie's wages for seven days' work 31 The company paid $3,600 cash in dividends The compary reimbursed S. Rey in cash for basiness automobile mazage allowance (Rey logged FM Company $5,208 for services performed Nov 1 1,000 miles at $0.32 per mile) 2 The company received $4,633 cash from Liu Corporation for computer services perfocmed. 5 The company parchased computer supplies for $1,125 cash from Harris Office Products 8 The company billed Gomez Co. $5,668 for services performed 13 The company received notification from Alex's Engineering Co . that Business Solutionad' bid of $3,950 for an upcoming project is accepted T 18 22 24 The company completed work for Alex's Engineering Co. and sont it a bill for $3,950 25 The company sent another bil to IFM Company for the past-due amoust of $3,000 he company received $2,208 cash from IFM Company as partial paymest of the October 28 bl The company donated $250 cash to the United Way in the company's name. The company reimbursed S Rey in cash for business automobile mileage (1200 mils e 502 28 mile) 30 The company paid $1,750 cash for Lym Addie's wages for 14 days wor 30 The company paid $2,000 cash in dividends Page 95 lance column format) and post the journal entries from part t ta Open ledger accounts (in ba them. 2. 3. Prepare a trial balance as of the end of November

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

Accounting Information Systems

Authors: Marshall B. Romney

8th Edition

0201357216, 9780201357219

More Books

Students also viewed these Accounting questions