General Journal Options:
| Cash |
| Accounts Receivable - Alex's Engineering Company |
| Accounts Receivable - Wildcat Services |
| Accounts Receivable - Easy Leasing |
| Accounts Receivable - IFM Company |
| Accounts Receivable - Liu Corporation |
| Accounts Receivable - Gomez Company |
| Accounts Receivable - Delta Company |
| Accounts Receivable - KC, Incorporated |
| Accounts Receivable - Dream, Inc. |
| Merchandise Inventory |
| Computer Supplies |
| Prepaid Insurance |
| Prepaid Rent |
| Office Equipment |
| Accumulated Depreciation - Office Equipment |
| Computer Equipment |
| Accumulated Depreciation - Computer Equipment |
| Accounts Payable |
| Wages Payable |
| Unearned computer services revenue |
| Common Stock |
| Retained Earnings |
| Dividends |
| Computer Services Revenue |
| Sales |
| Sales Returns and allowances |
| Sales Discounts |
| Cost of Goods sold |
| Depreciation expense - Office Equipment |
| Depreciation expense - Computer Equipment |
| Wages Expense |
| Insurance Expense |
| Rent Expense |
| Computer Supplies Expense |
| Mileage Expense |
| Miscellaneous Expenses |
| Repairs Expense - Computer |
Santana Rey created Business Solutions on October 1, 2021. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2021. Santana Rey decided to add a fourth digit with a decimal point to the 106 account number that had been used for the single Accounts Receivable account. This change allows the company to continue using the existing chart of accounts. In response to requests from customers, S. Rey will begin selling computer software. The company will extend credit terms of 1/10,n/30. FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Additional accounts (Numbers. 119, 413, 414, 415, and 502) are added to its general ledger to accommodate the company's new merchandising activities. Its transactions for January through March follow. January 4 The company paid cash to Lyn Addie for five days' work at the rate of $215 per day. Four of the five days relate to wages payable that were accrued in the prior year. January 5 Santana Rey invested an additional $23,706 cash in the company in exchange for more common stock. January 7 The company purchased $6,800 of merchandise from Kansas Corporation with terms of 1/10, n/30, FOB shipping point, invoice dated January 7. January 9 The company received $2,698 cash from Gomez Company as full payment on its account. January 11 The company completed a five-day project for Alex's Engineering Company and billed it \$5,36e, which is the total price of $6,779 less the advance payment of $1,410. The company debited Unearned Computer Services Revenue for $1,410. January 13 The company sold merchandise with a retail value of $4,100 and a cost of $3,420 to Liu Corporation, invoice dated January 13. January 15 The company paid $670 cash for freight charges on the merchandise purchased on January 7. January 16 The company received $4,40 cash from Delta Company for computer services provided. January 17 The company paid Kansas Corporation for the invoice dated January 7, net of the discount. January 20 The company gave a price reduction (allowance) of $76e to Liu Corporation and credited Liu's accounts receivable for that amount. January 22 The company received the balance due from Liu Corporation, net of the discount and the allowance. January 24 The company returned defective merchandise to Kansas Corporation and accepted a credit against future purchases (debited accounts payable). The defective merchandise invoice cost, net of the discount, was $476. January 26 The company purchased $9,890 of merchandise from Kansas Corporation with terms of 1/10, n/30, foB destination, invoice dated January 26. January 26 The company sold merchandise with a $4,47 cost for $5,82 on credit to KC, Incorporated, invoice dated January 26. January 31 The company paid cash to Lyn Addie for 10 days' work at $215 per day. February 1 The company paid $2,715 cash to Hillside Mall for another three months' rent in advance. February 3 The company paid Kansas Corporation for the balance due, net of the cash discount, less the \$476 credit from merchandise returned on January 24. February 5 The company paid $510 cash to Facebook for an advertisement to appear on February 5 only. February 11 The company received the balance due from Alex's Engineering Company for fees billed on January 11. February 15 The company paid a $4,790 cash dividend. February 23 The company sold merchandise with a $2,470 cost for $3,230 on credit to Delta Company, invoice dated February 23. February 26 The company paid cash to Lyn Addie for eight days' work at $215 per day. February 27 The company reimbursed Santana Rey $224 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." March 8 The company purchased $2,840 of computer supplies from Harris office Products on credit with terils of n/3e, FOB destination, invoice dated March 8. March 9 The company received the balance due from Delta Company for merchandise sold on February 23. March 11 The company paid $930 cash for minor repairs to the company's computer. March 16 The company received $5,390 cash from Dream, Incorporated, for computing services provided. March 19 The company paid the full amount due of $4,7 to Harris office Products, consisting of amounts created on December 15 (of $1,23 ) and March 8 . March 24 The company billed Easy Leasing for $9,237 of computing services provided. March 25 The company sold merchandise with a $2,112 cost for $2,900 on credit to Wildcat Services, invoice dated March 25. March 30 The company sold merchandise with a $1,068 cost for $2,310 on credit to IFM Company, invoice dated March 30. March 31 The company reimbursed Santana Rey \$96 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." The following additional facts are available for preparing adjustments on March 31 prior to financial statement preparation. a. The March 31 amount of computer supplies still available totals $2,165. b. Prepaid Insurance coverage of $654 expired during this three-month period. c. Lyn Addie has not been paid for seven days of work at the rate of $215 per day. d. Prepaid rent of $2,715 expired during this three-month period. e. Depreciation on the computer equipment for January 1 through March 31 is $1,140. f. Depreciation on the office equipment for January 1 through March 31 is $290. g. The March 31 amount of merchandise inventory still available totals $624. Requlred: 1. Prepare journal entries to record each of the January through March transactions. Journal entry worksheet 4567837 The company paid cash to Lyn Addie for five days' work at the rate of $215 per day. Four of the five days relate to wages payable that were accrued in the prior year. Note: Enter debits before credits. Requlred: 1. Prepare journal entries to record each of the January through March transactions. Journal entry worksheet \begin{tabular}{llllllll} 4 & 5 & 6 & 7 & 8 & & 37 \\ \hline \end{tabular} Santana Rey invested an additional $23,700 cash in the company. Note: Enter debits before credits. Requlred: 1. Prepare journal entries to record each of the January through March transactions. Journal entry worksheet 7837 The company purchased $6,800 of merchandise from Kansas Corporation with terms of 1/10,n/30, FOB shipping point, invoice dated January 7 . Note: Enter debits before credits. Journal entry worksheet 7837 The company received $2,698 cash from Gomez Company as full payment on its account. Note: Enter debits before credits. Requlred: 1. Prepare journal entries to record each of the January through March transactions. Journal entry worksheet 3 837 The company completed a five-day project for Alex's Engineering Company and billed it $5,360, which is the total price of $6,770 less the advance payment of $1,410. The company debited Unearned Computer Services Revenue for $1,410. Note: Enter debits before credits. Requlred: 1. Prepare journal entries to record each of the January through March transactions. Journal entry worksheet 2347837 The company sold merchandise with a retail value of $4,100 and a cost of $3,420 to Liu Corporation, invoice dated January 13. Note: Enter debits before credits. Requlred: 1. Prepare journal entries to record each of the January through March transactions. Journal entry worksheet 23456 837 Note: Enter debits before credits. 1. Prepare journal entries to record each of the January through March transactions. Journal entry worksheet
