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Crede 213 126 ALLUUHUN 2140 - Comprehensive Problem Due 25 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. After the success of the company's first two months, Santana Rey Continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Sols reflecting its transactions for October and November of 2019) follows No Account Title Debit 1211 101 Cash $ 38 264 al 106 Accounts receivable 13.118 Computer supplies 2545 128 Prepaid insurance 1,920 2X 131 Prepaid rent 3.00 163 Office equipment 8.400 164 Accumulated depreciation-Office equipment 167 Computer equipment 20.400 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 68.000 307 Common stock 318 Retained earnings 5,700 319 Dividends 31,134 403 Computer services revenue 612 Depreciation expense Office equipment 613 Depreciation expense-Computer equipment 2.400 623 Wages expense 637 Insurance expense 640 Rent expense 652 Computer supplies expense- 1.728 655 Advertising expense 664 676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense-Computer $ 99,134 $ 99.1 Totals 745 Dec. 4 Rard cash to bar's Engineed plex's paies on crede Nobited has been one of Computer supay the Business Solutions had the following transactions and events in December 2019 2 Paid $990 cash to Hillside Mall for Business Solutions' share of mal advertising costs Paid $470 cash for minor repairs to the company's computer. Received $4,550 cash from Alex's Engineering Co. for the receivable from November 10 Paid cash to Lyn Addie for six days of work at the rate of $120 per day 14/ Notified by Alex's Engineering Co that Business Solutions' bid of $7,700 on a proposed project has been accepted. Alex's paid a $2,200 cash advance to Business Solutions 15 Purchased $1,400 of computer supplies on credit from Harris Office Products 18 Sent a reminder to Gomez Co to pay the fee for service recorded on November Completed a project for Liu Corporation and received $8 225 cash Took the week off for the holidays.com Received $3,900 cash from Gomez Co. on its receivable. Reimbursed S. Rey for business automobile mileage (500 miles at 50 24 per mile) The company paid $1,300 cash in dividends. 20 22-26 28 31 29 212 100 213 126 Accounting 2140 - Comprehensive On October 12019. 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 Alter the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2010. nadjusted r a nge of Business Solutions reflecting its transactions for October and November of 2019 ollows Debit Credit Account Title No $ 38 264 I 101 Casb 13 118 Accounts receivable 2.545 Computer supplies 215 12 1.920 Prepaid insurance 3.060 K 131 Prepaid rent 163 Otice equipment 8.400 164 Accumulated depreciation Office equipment 167 Computer equipment 20,400 168 Accumulated depreciation Computer equipment 201 Accounts payable 210 Wages payable Unearned computer services revenue 307 Common stock 68,000 318 Retained earnings 319 Dividends 403 Computer services revenue 31.134 612 Depreciation expense-Office equipment Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 840 Rent expense 652 Computer supplies expense 655 Advertising expense- 1.728 676 Mileage expense- 064 677 Miscellaneous expenses 684 Repairs expense-Computer 745 $ 99,134 $ 99.134 OOOO 190 Totals Business Solutions had the following transactions and events in December 2019. Dec 2 3 4 10 14 15 16 20 22,26 28 29 31 Paid $990 cash to Hillside Mall for Business Solutions' share of mal advertising costs Paid $470 cash for minor repairs to the company's computer Received 54,550 cash from Alex's Engineering Co for the receivable from November Paid cash to Lyn Addie for six days of work at the rate of $120 per day Notified by Alex's Engineering Co that Business Solutions bid of $7.700 on a proposed project has been accepted. Alex's paid a $2,200 cash advance to Business Solutions Purchased $1,400 of computer supplies on credit from Harris Office Products Sent a reminder to Gomez Co to pay the fee for services recorded on November Completed a project for Liu Corporation and received $6.225 cash Took the week off for the holidays. How Received $3,900 cash from Gomez Co. on its receivable Reimbursed S. Rey for business automobile mileage (500 miles at $0 24 per mile) The company paid $1,300 cash in dividends. PV 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 $610 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 $120 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 1. Three of the four months' prepaid rent have expired. Required: 1/ Prepare journal entries to record each of the December transactions and events for Business Solutions 2-a. Prepare adjusting entries to reflect a through f o .4 2-b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger (vg.5-8). 3. Prepare an adjusted trial balance as of December 31, 2019. pg 9.) 4. Prepare an income statement for the three months ended December 31. 3010 10 5. Prepare a statement of retained earnings for the three months ended December 31, 2019 Da 10 6. Prepare a balance sheet as of December 31, 2019. Da 7. Record and post the necessary closing entries as of December 31, 2019.12. Da 8. Prepare a post-closing trial balance as of December 31, 2019 of December 31, 2018 9.13) Oct, now, dee expenses noomcone sumay. Crede 213 126 ALLUUHUN 2140 - Comprehensive Problem Due 25 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. After the success of the company's first two months, Santana Rey Continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Sols reflecting its transactions for October and November of 2019) follows No Account Title Debit 1211 101 Cash $ 38 264 al 106 Accounts receivable 13.118 Computer supplies 2545 128 Prepaid insurance 1,920 2X 131 Prepaid rent 3.00 163 Office equipment 8.400 164 Accumulated depreciation-Office equipment 167 Computer equipment 20.400 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 68.000 307 Common stock 318 Retained earnings 5,700 319 Dividends 31,134 403 Computer services revenue 612 Depreciation expense Office equipment 613 Depreciation expense-Computer equipment 2.400 623 Wages expense 637 Insurance expense 640 Rent expense 652 Computer supplies expense- 1.728 655 Advertising expense 664 676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense-Computer $ 99,134 $ 99.1 Totals 745 Dec. 4 Rard cash to bar's Engineed plex's paies on crede Nobited has been one of Computer supay the Business Solutions had the following transactions and events in December 2019 2 Paid $990 cash to Hillside Mall for Business Solutions' share of mal advertising costs Paid $470 cash for minor repairs to the company's computer. Received $4,550 cash from Alex's Engineering Co. for the receivable from November 10 Paid cash to Lyn Addie for six days of work at the rate of $120 per day 14/ Notified by Alex's Engineering Co that Business Solutions' bid of $7,700 on a proposed project has been accepted. Alex's paid a $2,200 cash advance to Business Solutions 15 Purchased $1,400 of computer supplies on credit from Harris Office Products 18 Sent a reminder to Gomez Co to pay the fee for service recorded on November Completed a project for Liu Corporation and received $8 225 cash Took the week off for the holidays.com Received $3,900 cash from Gomez Co. on its receivable. Reimbursed S. Rey for business automobile mileage (500 miles at 50 24 per mile) The company paid $1,300 cash in dividends. 20 22-26 28 31 29 212 100 213 126 Accounting 2140 - Comprehensive On October 12019. 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 Alter the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2010. nadjusted r a nge of Business Solutions reflecting its transactions for October and November of 2019 ollows Debit Credit Account Title No $ 38 264 I 101 Casb 13 118 Accounts receivable 2.545 Computer supplies 215 12 1.920 Prepaid insurance 3.060 K 131 Prepaid rent 163 Otice equipment 8.400 164 Accumulated depreciation Office equipment 167 Computer equipment 20,400 168 Accumulated depreciation Computer equipment 201 Accounts payable 210 Wages payable Unearned computer services revenue 307 Common stock 68,000 318 Retained earnings 319 Dividends 403 Computer services revenue 31.134 612 Depreciation expense-Office equipment Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 840 Rent expense 652 Computer supplies expense 655 Advertising expense- 1.728 676 Mileage expense- 064 677 Miscellaneous expenses 684 Repairs expense-Computer 745 $ 99,134 $ 99.134 OOOO 190 Totals Business Solutions had the following transactions and events in December 2019. Dec 2 3 4 10 14 15 16 20 22,26 28 29 31 Paid $990 cash to Hillside Mall for Business Solutions' share of mal advertising costs Paid $470 cash for minor repairs to the company's computer Received 54,550 cash from Alex's Engineering Co for the receivable from November Paid cash to Lyn Addie for six days of work at the rate of $120 per day Notified by Alex's Engineering Co that Business Solutions bid of $7.700 on a proposed project has been accepted. Alex's paid a $2,200 cash advance to Business Solutions Purchased $1,400 of computer supplies on credit from Harris Office Products Sent a reminder to Gomez Co to pay the fee for services recorded on November Completed a project for Liu Corporation and received $6.225 cash Took the week off for the holidays. How Received $3,900 cash from Gomez Co. on its receivable Reimbursed S. Rey for business automobile mileage (500 miles at $0 24 per mile) The company paid $1,300 cash in dividends. PV 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 $610 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 $120 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 1. Three of the four months' prepaid rent have expired. Required: 1/ Prepare journal entries to record each of the December transactions and events for Business Solutions 2-a. Prepare adjusting entries to reflect a through f o .4 2-b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger (vg.5-8). 3. Prepare an adjusted trial balance as of December 31, 2019. pg 9.) 4. Prepare an income statement for the three months ended December 31. 3010 10 5. Prepare a statement of retained earnings for the three months ended December 31, 2019 Da 10 6. Prepare a balance sheet as of December 31, 2019. Da 7. Record and post the necessary closing entries as of December 31, 2019.12. Da 8. Prepare a post-closing trial balance as of December 31, 2019 of December 31, 2018 9.13) Oct, now, dee expenses noomcone sumay