Help Save & Exit On October 1, 2019, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. Rey adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2019. The company's initial chart of accounts follows Check my work Account Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent ottice Equipment Computer Equipment Accounts Payable No. Account 101 Common Stock 106 Dividends 126 Computer Services Revenge 128 Wages Expense 131 Advertising Expense 163 Mileage Expense 167 Miscellaneous Expenses 201 Repairs Expense-Computer No. 301 319 403 623 655 676 677 684 Book Print Det. References 1 5. Rey invested 545,000 cash, a $20,000 computer system, and 58,000 of office equipment in the company in exchange for common stock. 2 The company paid $3,300 cash for four months' rent. Wint: Debit Prepaid Rent for $3,300. The company purchased $1,420 of computer supplies on credit from Harris Office Products 5 The company paid $2,220 cash for one yer's premium on property and liability insurance policy. Wine: Debit Prepaid Insurance for $2,220. 6 The company billed Rasy Leasing 54,800 for services performed in installing a new web server. The company paid $1,420 cash for the computer supplies purchased from Harris office Products on October 3. 10 The company hired Lyn Addie as a part-time assistant. 12 The company billed lasy Leasing another $1,400 for services performed 15 The company received $4,800 cash from Easy Leasing as partial payment on to account. 17 The company paid $805 cash to repair computer equipment that was damaged when moving it. 20 The company paid $1,728 cash for advertisements published in the local newspaper. 22 The company received $1,400 each from Easy Leasing on ite account 28 The company billed ITH Company $5,208 for service performed 31 The company paid $875 cash for Lyn Midie's wages for seven days' work. 31 The company paid).600 cash dividend NOV. 1 The company reimbursed s. Rey in cash for business automobile mileage allowance (Rey logged 1,000 miles at $0.32 per mile). 2 The company received $4,633 cash from Liu Corporation for computer services performed. 5 The company purchased computer supplies for $1,125 cash from Harris Office Products 8 The company billed Gomez Co. $5,668 for services performed. 13 The company agreed to perform future services for Alex's Engineering Co. No work has yet been performed. 18 The company received $2,208 cash from IFM Company as partial payment of the October 28 bill. 22 The company paid $250 cash for miscellaneous expenses. Hint: Debit Miscellaneous Expense for $250. 24 The company completed work and sent a bill for $3,950 to Alex's Engineering Co. 25 The company sent another bill to ITM Company for the past-due amount of $3,000. 28 The company reimbursed S. Rey in cash for business automobile mileage (1,200 miles at $0.32 per mile). 30 The company paid $1,750 cash for Lyn Addie's wages for 14 days' work. 30 The company paid a $2,000 cash dividend. 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
