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Dec. Doc. GL0305 (Static) - Based on the Serial Problem Business Solutions LO P1, P2, P3, P4, P5, P6 The November 30, 2020, unadjusted trial balance of Business Solutions is found in the Trial balance tab Business Solutions had the following transactions and events in December 2020 Dec. 2 Paid $1,025 cash to 1110.de Hall for Business Solutions share of mall advertising costs. Dec. 3 Paid $500 cash for minor repairs to the company's computer. 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. T4 Notified by Alex's Engineering Co. that Business Solutions bid of $7,000 on a proposed project has been accepted. Alex's paid a $1.500 cash advance to Business Solutions. Dec. 15 Purchased $1,100 of computer supplies on credit from Warria Ottice Products 16 Sent a reminder to Gonez co. to pay the fee for services recorded on November 1 Doc. 20 Completed a project for LG Corporation and received $5,625 caah. Dec 22- took the week off for the holidaya. 26 Dec. 28 Received $3,000 cash tron Conex Co. on its receivable Dee. 29 Hombursed 1. say for business automobile mileage (60miles at $0.12 per mile). Dec. 11 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: Dee. 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. 1. Three of the four months prepaid rent has expired. Chec No Date Account Title Debit Credit 1 Dec 02 1,025 Advertising expense Cash 1,025 VO 2 Dec 03 500 Repairs expense - Computer Cash 500 3 Dec 04 Cash 3,950 Accounts receivable 3,950 4 Dec 10 750 Wages expense Cash 750 5 Dec 14 1,500 Cash Uneamed computer services revenue 1,500 6 Dec 15 1,100 Computer supplies Accounts payable 1,100 7 Dec 16 No journal entry required Dec 20 5,625 Cash Comouter services revenue 5.625 BRE Check 192 10 Dec 29 Mileage expense Cash 192 11 Dec 31 Dividends 1,500 Cash 1,500 12 Dec 31 3,065 Computer supplies expense Computer supplies 3,065 13 Dec 31 555 Insurance expense Prepaid insurance 555 14 Dec 31 500 Wages expense Wages payable 500 15 Dec 31 1,250 Depreciation expense - Computer equipment Accumulated depreciation - Computer equipment 1,250 16 Dec 31 400 Depreciation expense - Office equipment Accumulated depreciation - Office equipment 400 17 Dec 31 2,475 Rent expense Prepaid rent 2,475 General Ledger Account Cash No. Date Accounts receivable Debit Credit Debit Credit No. Date 1 1,025 500 3 Balance 12,618 8,668 5,668 Nov 30 Dec 04 Dec 28 9 3,950 3,000 3,950 gogo 2 3 4 5 750 Nov 30 Dec 02 Dec 03 Dec 04 Dec 10 Dec 14 Dec 20 Dec 28 Dec 29 Dec 31 Balance 38,264 37.239 36,739 40.689 39,939 41,439 47,064 50,064 49,872 48,372 8 1,500 5,625 3,000 9 10 192 1,500 11 Computer supplies Debit Credit No. Prepaid insurance Debit Credit No, Date Nov 30 Dec 15 Dec 31 6 12 Balance 2.545 3,645 580 Date Nov 30 Dec 31 Balance 2.220 1,665 1,100 13 555 3,055 Prepaid rent Debit No. Date Credit Office equipment Debit Credit Balance No. Date Balance Prepaia rent umice equipment No. Date Debit Credit No. Debit Credit Balance 3,300 825 Date Nov 30 Balance 8,000 Nov 30 Dec 31 17 2,475 No. Computer equipment Debit Credit Accumulated depreciation - Office equipment Date Debit Credit Balance Nov 30 0 Dec 31 400 400 No. Date Nov 30 Balance 20,000 16 No. Accounts payable Debit Credit Accumulated depreciation - Computer equipment Date Debit Credit Balance Nov 30 0 Dec 31 1.250 1.250 No. Balance Date Nov 30 Dec 15 15 6 0 1,100 1.100 Wages payable Debit Credit No. Balance No. Date Nov 30 Dec 31 Unearned computer services revenue Date Debit Credit Nov 30 Dec 14 1,500 Balance 0 0 14 500 500 5 1,500 Common stock Dividends No. Date Debit Credit No. Date Balance 73,000 Debit Credit 12 Balance 5,600 7,100 11 Dec 31 1,500 No. Debit Credit Balance No. Debit Credit Date Nov 30 Dec 31 Balance 2,625 0 Date Nov 30 Dec 10 Dec 31 15 1,250 1,250 4 750 3,375 3,875 14 500 Insurance expense Debit Credit Rent expense No. Date Balance No. Debit Credit Balance Nov 30 Dec 31 Date Nov 30 Dec 31 13 0 555 555 17 2,475 0 2,475 No. Computer supplies expense Date Debit Credit Nov 30 Dec 31 3,065 Advertising expense Debit Credit Balance No. Date Nov 30 Balance 1,728 2.753 0 3,065 12 12 1 Dec 02 1,025 Mileage expense Debit Credit No. Miscellanous expenses Debit Credit No. Date Nov 30 Dec 29 Balance 704 896 Date Nov 30 Balance 250 10 192 No Repairs expense - Computer Date Debit Credit Nov 30 Dec 03 500 Balance 805 1,305 2 Cm work VI Adjusted BUSINESS SOLUTIONS Trial Balance December 31, 2020 Credit $ Debit 48,372 5,668 580 1,665 825 8,000 er 400 20,000 Account Title Cash Accounts receivable 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 Dividends Computer services revenue Depreciation expense - Office equipment Depreciation expense - Computer equipment Wages expense 1,250 1,100 500 1,500 73,000 7.100 31,284 400 1,250 3,875 VU 825 8,000 400 20,000 1,250 1,100 500 1,500 73,000 7.100 Prepaid rent Office equipment Accumulated depreciation - Office equipment Computer equipment Accumulated depreciation. Computer equipment Accounts payable Wages payable Uneamed computer services revenue Common stock Dividends Computer services revenue Depreciation expense - Office equipment Depreciation expense - Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expenso Mileage expense Miscellanous expenses Repairs expense - Computer Total 31,284 400 1,250 3,875 555 2,475 3,065 2,753 896 250 1,305 109,034 $ $ 109,034 BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2020 Revenues: Computer services revenue $ 31,284 0 $ 31,284 400+ 1,250 3,875 Total revenues Expenses: Depreciation expense - Office equipment Depreciation expense - Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellanous expenses Repairs expense - Computer 555 2,475 3,065 2,753 896 250 1,305 0 Total expenses Net income $ 16,824 14,460 $ Adjusted BUSINESS SOLUTIONS Balance Sheet December 31, 2020 ASSETS $ Current assets: Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent 48,372 5,668 580 1,665 825 0 $ 57,110 8,000 (400) 7,600 Total current assets Plant assets: Office equipment Accumulated depreciation - Office equipment Office equipment, net Computer equipment Accumulated depreciation - Computer equipment Computer equipment, net Total plant assets Total assets 20,000 (1,250) 18,750 26,350 83,460 $ Total current assets $ 57,110 8,000 (400) 7,600 Plant assets: Office equipment Accumulated depreciation - Office equipment Office equipment, net Computer equipment Accumulated depreciation - Computer equipment Computer equipment, net Total plant assets Total assets 20,000 (1,250) 18,750 26,350 83,460 $ LIABILITIES AND EQUITY Liabilities: Accounts payable Wages payable Unearned computer services revenue 1,100 500 1,500 0 3,100 Total liabilities Equity Common stock Retained earnings Total equity Total liabilities and equity 73,000 7,360 80,360 83,460 $ Check my world Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) (Negative amounts must be entered with a minus sign) Show less Adjusted Impact on not Income Adjusting entry related to: a) Computer supplies b) Prepaid insurance Account affecting the: Income Statement Balance Sheet Computer supplies expense Computer supplies Insurance expense Prepaid insurance $ (3,065) (555) c) Accrued wages (500) (1,250) d) Depreciation - Computer equipment e) Depreciation - Office equipment D) Prepaid rent Total Impact on income due to adjustments Net income before adjustments Wages expense Wages payablo Depreciation expense- Accumulated depreciation. Computer equipment Computer equipment Depreciation expense - Office Accumulated depreciation equipment Office equipment Rent expenso Prepaid rent (400) (2,475) (8.245) $ $ Had the adjustments not been prepared, income would have been overstated by (8.245) (100.0%