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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. Oetober 2 The conpany paid \$3,260 cash for four months' rent. IInt; Debit. Prepaid Ment for $3,260. October' 3 she colapany purchased $1,400 of computer supplies on oredit from Harria offlce Producti. Debit Prepaid Insurance for $2,040. oetober 6. The company billed zasy teasing $5,100 for services performed in installing a new Web server. october 10 The' company hired Lyn hddie an a part-time asaiatant. October 12 The eompany billed Easy Leasing anotber $1,700 for sorvicen perforned. Ootober 15 The company received $5,100 cash from Easy Leasing as partial payment on its account. october 17 The company paid 5000 canh to ropaif computer equipnent that was danaged when moving it. Octobex 20 The conpany pald $1,703 cash for advertsiements. October 22 The company received $1,700 cash from rany Leaning on its account. Oetober 20 The coepany bilied IYM Company 55,300 for nervices perforned. Oetober 31 The company paid $700 eash for Lyn Addie's wages for seven days" work. Ootober 31. 8. ley withdrew 3,100 eas fron the company for poraonal use. Novenber 1 The conpany paid $220 cash for alleage expenses. loverther 2 The coepany. received $4,933 cash froen Litu Corporation for conputer eervicea perforned. moventer 5 The eompany purchased conputer eupplien for $1,115 cash from itarrin office produeta. Novenber in The conpany billed comed Company 66,068 for eerviees performed. Novenber 13 The conpany agreed to perforn future services for Alex's Rngineering Conpany. No work han yet been perforned. November 18 The company received \$1,900 cash trom IMM company as partial payment of the october 28 bi11. November 24 The cospany conpleted work and sont a b111 for \$4,250 to Alex's Engineering Company. Novembor 25 The company sent another bill to IFM Company for the past-due amount of $3,400. November 28 The company paid $264 cash for mileage expenses. November 30 The company paid $1,400 cash for Lyn Addie's wagps for 14 days. work. November 30 s. Rey withdrew $1,100 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 1 to them. 3. Prepare a trial balance as of the end of November. Prepare ledger accounts (in balance column format) and post the fournal entries from requirement 1 to them. Prepare a trial balance as of the end of November. 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. Oetober 2 The conpany paid \$3,260 cash for four months' rent. IInt; Debit. Prepaid Ment for $3,260. October' 3 she colapany purchased $1,400 of computer supplies on oredit from Harria offlce Producti. Debit Prepaid Insurance for $2,040. oetober 6. The company billed zasy teasing $5,100 for services performed in installing a new Web server. october 10 The' company hired Lyn hddie an a part-time asaiatant. October 12 The eompany billed Easy Leasing anotber $1,700 for sorvicen perforned. Ootober 15 The company received $5,100 cash from Easy Leasing as partial payment on its account. october 17 The company paid 5000 canh to ropaif computer equipnent that was danaged when moving it. Octobex 20 The conpany pald $1,703 cash for advertsiements. October 22 The company received $1,700 cash from rany Leaning on its account. Oetober 20 The coepany bilied IYM Company 55,300 for nervices perforned. Oetober 31 The company paid $700 eash for Lyn Addie's wages for seven days" work. Ootober 31. 8. ley withdrew 3,100 eas fron the company for poraonal use. Novenber 1 The conpany paid $220 cash for alleage expenses. loverther 2 The coepany. received $4,933 cash froen Litu Corporation for conputer eervicea perforned. moventer 5 The eompany purchased conputer eupplien for $1,115 cash from itarrin office produeta. Novenber in The conpany billed comed Company 66,068 for eerviees performed. Novenber 13 The conpany agreed to perforn future services for Alex's Rngineering Conpany. No work han yet been perforned. November 18 The company received \$1,900 cash trom IMM company as partial payment of the october 28 bi11. November 24 The cospany conpleted work and sont a b111 for \$4,250 to Alex's Engineering Company. Novembor 25 The company sent another bill to IFM Company for the past-due amount of $3,400. November 28 The company paid $264 cash for mileage expenses. November 30 The company paid $1,400 cash for Lyn Addie's wagps for 14 days. work. November 30 s. Rey withdrew $1,100 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 1 to them. 3. Prepare a trial balance as of the end of November. Prepare ledger accounts (in balance column format) and post the fournal entries from requirement 1 to them. Prepare a trial balance as of the end of November
