Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hello! Please complete the journal entries, ledger accounts, and trial balance! All the information is provided in the image below. On October 1, 2021, Santana
Hello! Please complete the journal entries, ledger accounts, and trial balance! All the information is provided in the image below.
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 1 . Rey invested $55,000 cash, a $28,000 computer system, and $9,060 of of fice equipment in the campany in exchange for eorinon stock. Detober 2 The company paid $3,280 cash for four montha' rent. Hint Debit Prepaid Reht for $3,280. October 3 The company purehased $1,390 of cosputer mupplies on oredit from Harrio office. produets. october 5 The company paid $1,800 cash for one year'? preniam on a property and liability inmarance policy. Hinta October 6 The company billed Eany Leasing $5,100 far narviees performed in initalling a new Weh nerver. Ontober 10 The conpany hired tyn Addie as a part-time assintant. October 12 The company billed Easy Leasing another $2,300 for services pertarmed. October 15 The company received 55,100 eash tron Easy Leaning as partiai payment on 1 ta acoount. October 20 The company paid $785 cash to repaix computer equipent that vail damaged when moviag 1t. October 22 The company received $2,300 eash from Easy Laaning on its decount. October 2a the company billed IFM Company $5,908 for wervicen performed. October is The company paid $980 eash for Lyn Addie' 'a wagen for aevon daya' vork. Noveinber n the company paid a $3,000 cash dividend. November 1 the company pald silo cash for mileape expensen. November. 5 The company received $5,439 cash trom tiu Corporation for computer services pertorned. november 28 The company pald $172 cash for nileage expendea. Novenber 30 The company paid $1,960 canh for lya Addie's vages for 14 dayn' work. Noventier 20 The company paid a 51,100 cash dividend. Required: 1. Prepare journal entries to record each of the above transactions for Businens Solutions. 2. Prepare ledger eccounts fin balance column format) and post the joumal entries from requirement 1 to them. 3. Prepare a trial balance as of the end of November Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started