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help with this Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions' share of mall advertising costs. Dec. 3 Paid $500 cash for
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Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions' share of mall advertising costs. Dec. 3 Paid $500 cash for minor repairs to the company's computer. Dec. 4 Received $3,950 cash from Alex's Engineering Co. for the receivable from November. Dec. 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. Dec. 14 Notified by Alex's Engineering Co. that Business Solutions bid of $7,000 on a proposed project has been accept Alex's paid a $1,500 cash advance to Business Solutions. Dec. 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. Dec. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for Liu Corporation and received $5,625 cash. Dec. 22- Took the week off for the holidays. 26 Dec. 28 Received $3,000 cash from Gomez Co. on its receivable. Dec. 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile). Dec. 31 The company paid $1,500 cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months: a. The December 31 inventory count of computer supplies shows $580 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day. d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent has expired. $ (3,065) rance (555) es (500) Computer equipment > (1,250) Wages expense Depreciation expense Computer equipment Depreciation expense Office equipment Rent expense Wages payable Accumulated depreciation Computer equipment Accumulated depreciation Office equipment Prepaid rent OOoo - Office equipment (400) (2.475) (8.245) income due to adjustments ore adjustments $ $ (8.245) Had the adjustments not been prepared, income would have been overstated by (100.0%
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