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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 modied 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 chanofaccounm. NO. 161 166. 166. 166. 166. 166. 166. 166. 166. 166. 119 126 128 131 163 164 16? 16B 261 216 236 36? 313 319 463 413 414 415 562 612 613 623 637 can wmmm-h-EIJNH Account Title Cash Alex's Engineering Co. wildcat Services Easy Leasing IFM Co. Liu Corp. Gomez Co. Delta Co. KC, Inc. Dream, Inc. Merchandise inventory Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciationOffice equipment Computer equipment Accumulated depreciationComputer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Sales Sales returns and allowances Sales discounts Cost of goods sold Depreciation expenseOffice equipment Depreciation expenseComputer equipment Wages expense Insurance expense Dani- nvnnnL-n Debit $43,512 0 o 0 3,660 30000000 Credit 366 1,210 1,230 730 1,390 73,933 7,370 613 623 63? 64B 652 655 676 67? 684 r r -- r"' Depreciation expenseComputer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expenseComputer GGGOGGGGGI In response to requests from customers, 5. Rey will begin selling computer software. The company will extend credit terms of 1,310. nl30, 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 5 7 9 11 13 15 16 17 26 22 24 26 25 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. Santana Rey invested an additional $24,466 cash in the company in exchange for more common stock. The company purchased $7,666 of merchandise from Kansas Corp. with terms of 1f16, n!36, F66 shipping point, invoice dated January 7. The company received $2,668 cash from Gomez Co. as full payment on its account. The company completed a five-day project for Alex's Engineering Co. and billed it $5,356, which is the total price of $6,746 less the advance payment of $1,396. The company sold merchandise with a retail value of $4,666 and a cost of $3,376 to Liu corp., invoice dated January 13. The company paid $636 cash for freight charges on the merchandise purchased on January 7. The company received $4,196 cash from Delta Co. for computer services provided. The company paid Kansas Corp. for the invoice dated January 7, net of the discount. Liu Corp. returned $466 of defective merchandise from its invoice dated January 13. The returned merchandise, which had a $366 cost, is discarded. (The policy of Business Solutions is to leave the cost of defective products in cost of goods sold.) The company received the balance due from Liu Corp., net of both the discount and the credit for the returned merchandise. 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 $466. The company purchased $9,666 of merchandise from Kansas Corp. with terms of 1f16, n736, F66 destination, invoice dated January 26. The company sold merchandise with a $4,636 cost for $5,656 on credit to KC, Inc., invoice dated January 76. January 26. 31 The company paid cash to Lyn Addie for 16 days' work at $175 per day. Feb. 1 The company paid $2,595 cash to Hillside Hall 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 company paid $423 cash to the local newspaper for an advertising insert in today's paper. 11 The company received the balance due from Alex's Engineering Co. for fees billed on January 11. 15 The company paid $4,736 cash in dividends. 23 The company sold merchandise with a $2,543 cost for $3,366 on credit to Delta Co., invoice dated February 23. 23 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 (366 miles at $6.32 per mile). Mar. 3 The company purchased $2,766 of computer supplies from Harris Office Products on credit, invoice dated March 3. 9 The company received the balance due from Delta Co. for merchandise sold on February 23. 11 The company paid $923 cash for minor repairs to the company's computer. 13 The company received $5,336 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 $1,236) and March 3. 24 The company billed Easy Leasing for $9,167 of computing services provided. 25 The company sold merchandise with a $2,672 cost for $2,376 on credit to wildcat Services, invoice dated March 25. 36 The company sold merchandise with a $1,698 cost for $2,336 on credit to IFH Company, invoice dated March 33. 31 The company reimbursed Santana Rey for business automobile mileage (966 miles at $6.32 per mile). 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 clays 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. 9. Depreciation on the computer equipment for January 1 through March 31 is $1,210. f. Depreciation on the ofce equipment for January1 through March 31 is $380. 9. The March 31 amount of merchandise inventory still available totals $644. ICI CI 91, ZU10 Assets Current assets Cash Merchandise inventory Computer supplies Prepaid insurance Prepaid rent Accounts receivable Total current assets 0 Plant assets Office equipment Accumulated depreciation-Office equipment Office Equipment, net 0 Computer equipment Accumulated depreciation-Computer equipment Computer equipment, net O Total plant assets 0 Total assets 0 Liabilities Current liabilities Accounts receivable $ 0 Wages payable EquityEquity Common Stock Retained Earnings Total equity Total liabilities and equity $ 0