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307 Common stock 236 Unearned Computer Services Revenue Date Debit Credit Balance Dec. 31 Date Debit Credit Balance Dec. 31 318 Retained earnings Debit Credit 319 Dividends Debit Credit Date Balance Date Balance Dec. 31 403 Computer Services Revenue 413 Sales Date Debit Credit Balance Date Debit Credit Balance 163 Office Equipment Debit Credit Date Balance 164 Accumulated Depreciation-Office Equipment Date Debit Credit Balance Dec. 31 Dec. 31 167 Computer Equipment Debit Credit 168 Accumulated Depreciation-Computer Equipment Date Debit Credit Balance Date Balance Dec. 31 Dec. 31 201 Accounts Payable Debit Credit 210 Wages Payable Debit Credit Date Balance Date Balance Dec. 31 Dec. 31 119 Merchandise Inventory Debit Credit 126 Computer Supplies Debit Credit Date Balance Date Balance Dec. 31 0 Dec. 31 128 Prepaid Insurance Debit Credit 131 Prepaid Rent Debit Credit Date Balance Date Balance Dec. 31 Dec. 31 106.2 Accounts Receivable-Wildcat Services Date Debit Credit Balance 106.3 Accounts Receivable-Easy Leasing Debit Credit Balance Date Dec. 31 0 Dec. 31 0 Mar. 25 106.4 Accounts ReceivableIEM Co. Debit Credit Date Balance 106.5 Accounts Receivable-Liu Corporation Date Debit Credit Balance Dec. 31 Dec. 31 0 Mar. 30 106.6 Accounts Receivable-Gomez Co. Debit Credit Balance 106.7 Accounts Receivable-Delta Co. Debit Credit Balance Date Date Dec. 31 Dec. 31 0 Jan. 09 106.8 Accounts Receivable-KC, Inc. Debit Credit 106.9 Accounts Receivable-Dream, Inc. Debit Credit Balance Date Balance Date Dec. 31 0 Dec. 31 0 Jan. 26 101 Cash Debit Credit 106.1 Accounts Receivable-Alex's Engineering Co. Date Debit Credit Balance Date Balance Dec. 31 Dec. 31 0 Jan. 04 Mar. 31 Jan. 05 Jan. 09 Jan. 15 Jan. 16 Jan. 17 Jan. 22 Jan. 31 Feb. 01 Feb. 03 Feb. 05 Feb. 11 Feb. 15 Feb. 26 Feb. 27 Mar. 09 Mar. 11 Mar. 16 Mar. 19 January 26. 24 The company returned defective merchandise to Kansas Corp. and accepted a credit against future purchases. The defective merchandise invoice cost, net of the discount, was $486. 26 The company purchased $9,800 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB destination, invoice dated January 26. 26 The company sold merchandise with a $4,630 cost for $5,850 on credit to kc, Inc., invoice dated 31 The company paid cash to Lyn Addie for 10 days' work at $175 per day. Feb. 1 The company paid $2,595 cash to Hillside Mal for another three months' rent in advance. 3 The company paid Kansas Corp. for the balance due, net of the cash discount, less the $486 amount in the credit memorandum. 5 The 11 The company received the balance due from Alex's Engineering Co. for fees billed on January 11. 15 The company paid $4,730 cash in dividends. 23 The company sold merchandise with a $2,540 cost for $3,360 on credit to Delta co., invoice dated 26 The company paid cash to Lyn Addie for eight days' work at $175 per day. 27 The company reimbursed Santana Rey for business automobile mileage (600 miles at $0.32 per mile). The company purchased $2,760 of computer supplies from Harris Office Products on credit, invoice dated March 8. 9 The company received the balance due from Delta Co. for merchandise sold on February 23. 11 The company paid $920 cash for minor repairs to the company's computer. 16 The company received $5,380 cash from Dream, Inc., for computing services provided. 19 The company paid the full amount due to Harris Office Products, consisting of amounts created on December 15 (of $1,200) and March 8. 24 The company billed Easy Leasing for $9,167 of computing services provided. 25 The company sold merchandise with a $2,072 cost for $2,870 on credit to Wildcat Services, invoice dated March 25. 30 The company sold merchandise with a $1,098 cost for $2,330 on credit to IFM Company, invoice dated March 30. 31 The company reimbursed Santana Rey for business automobile mileage (900 miles at $0.32 per mile). February 23. Mar. The following additional facts are available for preparing adjustments on March 31 prior to financial statement preparation: a. The March 31 amount of computer supplies still available totals $2,015. b. Three more months have expired since the company purchased its annual insurance policy at a $2,544 cost for 12 months of coverage. c. Lyn Addie has not been paid for seven days of work at the rate of $175 per day. d. Three months have passed since any prepaid rent has been transferred to expense. The monthly rent expense is $865. e. Depreciation on the computer equipment for January 1 through March 31 is $1,210. f. Depreciation on the office equipment for January 1 through March 31 is $380. g. The March 31 amount of merchandise inventory still available totals $644. 0 Rentrance expense 15 The January 13. 16 The company paid $680 cash for freight charges on the merchandise purchased on January 7. 413 Sales 414 Sales returns and allowances 0 415 Sales discounts 0 502 Cost of goods sold 612 22 Depreciation expense-office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 640 Rent expense 652 Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense-Computer In response to requests from customers, S. Rey will begin selling computer software. The company will extend credit terms of 1/10, n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Additional accounts (Nos. 119, 413, 414, 415, and 502) are added to its general ledger to accommodate the company's new merchandising activities. Also, Business Solutions does not use reversing entries and, therefore, all revenue and expense accounts have zero beginning balances as of January 1, 2018. Its transactions for January through March follow: Jan. 4 The company paid cash to Lyn Addie for five days' work at the rate of $175 per day. Four of the five days relate to wages payable that were accrued in the prior year. 5 Santana Rey invested an additional $24,400 cash in the company in exchange for more common stock. 7 The company purchased $7,600 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB shipping point, invoice dated January 7. The company received $2,668 cash from Gomez co. as full payment on its account. 11 The company completed a five-day project for Alex's Engineering Co. and billed it $5,350, which is the total price of $6,740 less the advance payment of $1,390. 13 The company sold merchandise with a retail value of $4,800 and a cost of $3,370 to Liu Corp., invoice dated received $4,190 cash from Delta Co. for computer services provided. 17 The company paid Kansas Corp. for the invoice dated January 7, net of the discount. 20 Liu Corp. returned $400 of defective merchandise from its invoice dated January 13. The returned merchandise, which had a $300 cost, is discarded. (The policy of Business Solutions is to leave the cost of defective products in cost of goods sold.) 22 The company received the balance due from Liu Corp., net of both the discount and the credit for the returned merchandise. and arranted a credit ninet 24 The namnany returned defertiva marchandica to Vanese Corn futura 101 106.9 Inc. 680 106.4 IFM Co. din upplies Nividends Santana Rey created Business Solutions on October 1, 2017. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2017. Santana Rey decided to add a fourth digit with a decimal point to the 106 account number that had been used for the single Accounts Receivable account. This change allows the company to continue using the existing chart of accounts. No. Account Title Debit Credit Cash $48,512 106.1 Alex's Engineering Co. 0 106.2 Wildcat Services 0 0 106.3 Easy Leasing o 3,060 106.5 Liu Corp. o 106.6 Gomez co. 2,668 106.7 Delta Co. 106.8 kc, Inc. Dream, 119 119 Merchandise inventory 126 120 128 120 insurance 1,908 131 131 Prepaid rent 163 103 Office equipment 8,160 164 164 Accumulated depreciation-office equipment 380 167 16/ Computer equipment 20,300 168 168 Accumulated depreciation-Computer equipment 1, 210 201 201 Accounts payable 1,200 210 va Wages payable 700 236 20- Unearned computer services revenue 1, 390 307 24 Soni 73, 903 318 7,370 319 403 Computer services revenue 413 Sales 414 Sales returns and allowances 415 Sales discounts 502 Cost of goods sold 612 Depreciation expense-office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 640 Rent expense 652 Commuter sunnlies evnense 865 $ Common stock 0 0 0 0 0 637 Insurance Expense Debit Credit 640 Rent Expense Debit Credit Date Balance Date Balance 652 Computer Supplies Expense Debit Credit 655 Advertising Expense Debit Credit Date Balance Date Balance 676 Mileage Expense Debit Credit 677 Miscellaneous Expenses Debit Credit Date Balance Date Balance 684 Repairs Expense-Computer Debit Credit Date Balance 414 Sales Returns and Allowances 415 Sales Discounts Debit Credit Date Debit Credit Balance Date Balance 502 Cost of Goods Sold 612 Depreciation Expense-Office Equipment Date Debit Credit Balance Date Debit Credit Balance 613 Depreciation Expense-Computer Equipment Date Debit Credit Balance 623 Wages Expense Debit Credit Balance