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131 Return to qu 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 Solutions (reflecting its transactions for October and November of 2019) follows. No. Account Title Debit Credit 101 Cash $ 39,064 106 Accounts receivable 12,718 126 Computer supplies 2,645 128 Prepaid insurance 1,920 Prepaid rent 3,080 163 office equipment 8,800 164 Accumulated depreciation-office equipment 167 Computer equipment 20,800 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 307 Common stock 65,000 318 Retained earnings 319 Dividends 5,800 403 Computer services revenue 35,484 612 Depreciation expense-office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 2,450 637 Insurance expense 640 Rent expense @ 652 Computer supplies expense @ 655 Advertising expense 1,638 Mileage expense 604 677 Miscellaneous expenses 170 684 Repairs expense-Computer Totals $100,484 $100,484 0 0 0 0 676 795 Business Solutions had the following transactions and events in December 2019. Dec. 2 paid $1,020 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $470 cash for minor repairs to the company's computer. 4 Received $4,350 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 $110 per day. Prev 1 of 1 Next Return to questior 4 received >4,350 casn Tron Alex & Engineering co. Tor the receivao Le Tron November. 10 Paid cash to Lyn Addie for six days of work at the rate of $110 per day. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,100 on a proposed project has been accepted. Alex's paid a $2,000 cash advance to Business Solutions. 15 Purchased $1,800 of computer supplies on credit from Harris Office Products. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,775 cash. 22-Took the week off for the holidays. 26 28 Received $3,400 cash from Gonez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (540 miles at $0.27 per mile). 31 The company paid $1,300 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 $600 still available. b. Three months have expired since the 12-month insurance premium was paid in advance, c. As of December 31. Lyn Addle has not been paid for four days of work at $110 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 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. 2-b. Post the journal entries to record each of the December transactions from Requirement and adjusting entries from Requirement 2A. After completing Requirement 7 post the closing entries to the general ledger accounts. 3. Prepare an adjusted trial balance as of December 31, 2019, 4. Prepare an income statement for the three months ended December 31, 2019. 5. Prepare a statement of retained earnings for the three months ended December 31, 2019, 6. Prepare a balance sheet as of December 31, 2019. 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28. 8. Prepare a post-closing trial balance as of December 31, 2019. Prev 1 of 1 Next Return to question Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 Req8 Prepare journal entries to record each of the December transactions and events for Business Solutions. (If no entry is requ for a transaction/event, select "No Journal Entry Required in the first account field.) General Journal Debit Credit No 1 Date Dec 02 1,020 Advertising expense Cash 1,020 2 Dec 03 470 Repairs expense--Computer Cash 470 3 Dec 04 4,350 Cash Accounts receivable 4.350 4 > Dec 10 680 Wages expense Cash 660 5 Dec 14 2,000 Cash Unearned computer services revenue 2.000 6 Dec 15 1,800 Computer supplies Accounts payable olo 1.800 7 Dec 16 No journal entry required 8 Dec 20 5.775 Cash Computer services revenue 5.775 9 Dec 28 Cash Accounts receivable lo 3,400 3.400 10 Dec 29 135 Mileage expense Cash 135 11 Dec 31 1.300 Dividends Cash 1,300 Reg 2 > Prev 1 of 1 Next Return to question tee on the tour mon prepaid rentave expired . ired: pare journal entries to record each of the December transactions and events for Business Solutions. "repare adjusting entries to reflect a through Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries Requirement 2A. After completing Requirement 7. post the closing entries to the general ledger accounts, pare an adjusted trial balance as of December 31, 2019. pare an income statement for the three months ended December 31, 2019, pare a statement of retained earnings for the three months ended December 31, 2019 pare a balance sheet as of December 31, 2019. cord the necessary closing entries as of December 31, 2019 and then post the closing entries to the general in Requirement 2 pare a post-closing trial balance as of December 31, 2019. Answer is not complete. mplete this question by entering your answers in the tabs below. Reg 4 Regs Reg 6 Req7 Reg eq1 Reg 2A Reg 28 Req pare adjusting entries to reflect a through f. Transaction Computer supplies expense Computer supplies General Journal Debit Credit 3.845 3,845 b 480 Insurance expense Prepaid insurance 480 O 440 Wages expense Wages payable olo 440 d 1.300 Depreciation expense-Computer equipment Accumulated depreciation-Computer equipment OO 1.300 e. 440 Depreciation expense-Office equipment Accumulated depreciation Office equipment olo 440 1 2.310 Rent expense Prepaid rent Oo 2,310 Prev 1 of 1 Next Return to question Reg 1 Reg 2A Reg 28 Req3 Reg 4 Req5 Req6 Req 7 Req8 Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7, post the closing entries to the general ledger accounts. 101: Cash Debit 106: Accounts Receivable Debit Credit Credit Date Dec 01 Dec 04 Dec. 28 Balance 12,718 8,368 4.968 1.020 470 4,350 3,400 4,350 Date Dec 01 Dec 02 Dec. 03 Dec 04 Dec. 10 Dec. 29 Dec. 14 Dec. 20 Dec. 28 Dec 31 OOOOOOOOO 560 135 Balance 39.064 38.044 37.574 41.924 41.264 41.129 43,129 48.904 52,304 51,004 2.000 5,775 3,400 1,300 126: Computer Supplies Debit Credit 128: Prepaid Insurance Debit Credit Date Dec 01 Balance 2.645 4,445 600 Date Dec 01 Dec 31 Ad Balance 1,920 1,440 1,800 480 Dec. 15 Dec 31 Adi 3,845 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date Dec 01 Dec 31 Adi Balance 3.080 770 Date Dec 01 Balance 8,800 2,310 Prov 1 of 1 IH Next Return to question 167: Computer Equipment Debit Credit 164: Accumulated Depreciation Office Equipment Date Debit Credit Balance Dec. ot 0 Dec 31 Adi 440 440 Date Dec 01 Balance 20,800 201: Accounts Payable Debit Credit 168: Accumulated Depreciation -- Computer Equipment Date Debit Credit Balance Dec. of 0 Dec 31 Adi 1.300 1.300 Date Dec. 01 Balance 0 1,800 Dec. 15 1,800 210: Wages Payable Debit Credit Date Dec. 01 Dec 31 Adj Balance 0 236: Uneamed Computer Services Revenue Date Debit Credit Balance Dec 01 0 Dec. 14 2.000 2.000 440 440 307: Common Stock Debit Creda 318: Retained Earnings Debit Credit Date Doc. of Balance 65,000 Date Dec 01 Balance 0 319: Dividends Debit Credit 403: Computer Services Revenue Debit Credit Date Dec 01 Dec. 31 Balance 5,800 7.100 Date Doc. 01 Dec 20 Balance 35,484 41.250 41,200 1,300 5.775 Prov 1 of 1 !!! Next Return to question Date 612: Depreciation Expense-Office Equipment Debit Credit Balance Dec 01 0 Dec 31 Adi 440 440 613: Depreciation Expense--Computer Equipment Date Debit Credit Balance Dec 01 0 Dec 31 Adi 1,300 1,300 > 623: Wages Expense Debit Credit 637: Insurance Expense Debit Credit Date Dec 01 Dec 10 Dec 31 Adi Date Dec 01 Dec 31 Adi Balance 2.450 3,110 3.550 3,550 Balance 0 480 480 : 660 440 640: Ront Expense Debit Credit 652: Computer Supplies Expense Debit Credit Date Dec 01 Dec 31 Adi Balance 0 2.310 Date Dec 01 Dec 31 Adi Balance 0 3,845 2.310 s 3,845 655: Advertising Expense Debit Credit 676: Mileage Expense Debit Credit Date Dec 01 Dec 02 Balance 1.638 Date Dec, 01 Dec. 29 Balance 604 739 1.020 2.658 135 Prev 1 of 1 !!! Next Return to question Answer is not complete. Complete this question by entering your answers in the tabs below. Reg1 Reg 2A Reg 28 Reg 3 Reg 4 Regs Reg 6 Reg 7 Reqs Prepare an adjusted trial balance as of December 31, 2019. BUSINESS SOLUTIONS Adjusted Trial Balance December 31, 2019 Account Title Cash Accounts receivable Credit Debit 51004 4.968 600 1440 770 8.800 $ 440 20.800 1.300 1.800 440 2,000 65.000 o Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation--Computer equipment Accounts payable Wages payable Uneamed computer services revenue Common stock Retained eaming Dividends Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Totals 7.100 41.259 440 1.300 3.550 480 2.310 3.845 2.658 739 170 1.255 112.239 $ 112.239 Prev 1 of 1 Next Return to question 2-b. Post the journal entries to record each of the December transactions from Requirement and adjusting entries from Requirement 2A. After completing Requirement 7 post the closing entries to the general ledger accounts. 3. Prepare an adjusted trial balance as of December 31, 2019. 4. Prepare an income statement for the three months ended December 31, 2019, 5. Prepare a statement of retained earnings for the three months ended December 31, 2019 6. Prepare a balance sheet as of December 31, 2019 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 2B 8. Prepare a post-closing trial balance as of December 31, 2019, Answer is not complete Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg zB Regs Reg 4 Regs Reg 6 Req Reg 8 Prepare an income statement for the three months ended December 31, 2019. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2019 Revenue Computer services revenue 41.259 $ lololo Expenses Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense Computer Depreciation expense-Office equipment Depreciation expense-Computer equipment 3.550 480 2.310 3.845 2.658 739 170 1.265 440 1.300 ololololololo Total expenses Net income 16.757 24.502 Prev 1 of 1 Next ompletion. Return to question 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 $500 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 $110 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. 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 2-6. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7. post the closing entries to the general ledger accounts. 3. Prepare an adjusted trial balance as of December 31, 2019 4. Prepare an income statement for the three months ended December 31, 2019 5. Prepare a statement of retained earnings for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28 8. Prepare a post-closing trial balance as of December 31, 2019, Answer is not complete. Complete this question by entering your answers in the tabs below. Rega Reg 1 Reg 2A Reg 28 Reg 3 Reg 4 Reqs Reg Reg 7 Prepare a statement of retained earnings for the three months ended December 31, 2019. BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2019 Retained earnings. October 1, 2019 Add: Not income 24,502 24.502 Less: Dividends (7.100) Retained earings, December 31, 2019 17.402 $ Reg4 Prev 1 of 1 Next 1 Return to question 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28 8. Prepare a post-closing trial balance as of December 31, 2019. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 4 Reg 5 Reg 6 Req7 Reg 8 Reg 1 Req 2A Req 28 Req3 Prepare a balance sheet as of December 31, 2019. BUSINESS SOLUTIONS Balance Sheet December 31, 2019 Assets Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation--Office equipment Computer equipment Accumulated depreciation Computer equipment Total Assets Liabilities Accounts payable Wages payable Uneared computer services revenue 51,004 4.968 600 1.440 770 8.360 $ 8.800 (440) 20.800 (1.300) 19.500 86,642 $ OOO 1.800 440 2.000 4.240 Total Liabilities Equity Common stock Retained earings OO 65.000 17.402 Total equity Total Liabilities and Equity $ 82.402 $ 86.642 (Regs Req7 > Prev 1 of 1 1 Next Return to question 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 2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7. post the closing entries to the general ledger accounts 3. Prepare an adjusted trial balance as of December 31, 2019 4. Prepare an income statement for the three months ended December 31, 2019. 5. Prepare a statement of retained earnings for the three months ended December 31, 2019 6. Prepare a balance sheet as of December 31, 2019 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 2B 8. Prepare a post-closing trial balance as of December 31, 2019. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Req3 Reg 4 Reg 5 Reg 6 Req Red B Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28. No Credit Date Dec 31 General Journal Computer services revenue Income summary Debit 41.259 1 OO 41.259 2 Dec 31 16,757 Income summary Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Depreciation expense-Office equipment Depreciation expense-Computer equipment OOOOOOOOOO 3,550 480 2.310 3,845 2.658 739 170 1.265 440 1.300 3 Dec 31 24,502 Income summary Retained earings O 24.502 4 Dec 31 7.100 Retained earnings Dividends 7.100 Reg Rey > Prev 1 of 1 Next Return to question 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 2-b. Post the journal entries to record each of the December transactions from Requirement and adjusting entries from Requirement 2A. After completing Requirement 7post the closing entries to the general ledger accounts 3. Prepare an adjusted trial balance as of December 31, 2019 4. Prepare an income statement for the three months ended December 31, 2019. 5. Prepare a statement of retained earnings for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019. 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28. 8. Prepare a post-closing trial balance as of December 31, 2019. Answer is not complete Complete this question by entering your answers in the tabs below. Regs Reg 6 Reg 7 Reqs Credit Reg 1 Req 2A Reg 28 Reg 3 Reg 4 Prepare a post-closing trial balance as of December 31, 2019. BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2019 Debit Cash $ 51,004 Accounts receivable 4.968 Computer supplies 600 Prepaid insurance 1,440 Prepaid rent 770 Office equipment 8,800 Accumulated depreciation Office equipment $ Computer equipment 20.800 Accumulated depreciation Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Totals $ 88 382 5 440 . 1.300 1 800 460 2.000 65.000 17.402 88 382 Reg7 Prev 1 of 1 Next