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On October 1 , 2 0 2 1 , Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system
On October Santana Rey launched a computer services company called Business Solutions, which provides consulting
services, computer system installations, and custom program development. The company's initial chart of accounts follows.
October S Rey invested $ cash, a $ computer system, and $ of office equipment in the company in
exchange for common stock.
October The company paid $ cash for four months' rent. Hint: Debit Prepaid Rent for $
October The company purchased $ of computer supplies on credit from Harris ffice Products.
October The company paid $ cash for one year's premium on a property and liability insurance policy. Hint:
Debit Prepaid Insurance for $
October The company billed Easy Leasing $ for services performed in installing a new Web server.
October The company paid $ cash for the computer supplies purchased from Harris ffice Products on ctober
ctober The company hired Lyn Addie as a parttime assistant.
October The company billed Easy Leasing another $ for services performed.
October The company received $ cash from Easy Leasing as partial payment on its account.
october The company paid $ cash to repair computer equipment that was damaged when moving it
October The company paid $ cash for advertisements.
October The company received $ cash from Easy Leasing on its account.
October The company billed IFM Company $ for services performed.
October The company paid $ cash for Lyn Addie's wages for seven days' work.
ctober The company paid a $ cash dividend.
November The company paid $ cash for mileage expenses.
November The company received $ cash from Liu Corporation for computer services performed.
November The company purchased computer supplies for $ cash from Harris ffice Products.
November The company billed Gomez Company $ for services performed.
November The company agreed to perform future services for Alex's Engineering Company. No work has yet been
performed.
November The company received $ cash from IFM Company as partial payment of the ctober bill.
November The company paid $ cash for miscellaneous expenses. Hint: Debit Miscellaneous Expenses for $
November The company completed work and sent a bill for $ to Alex's Engineering Company.
November The company sent another bill to IFM Company for the pastdue amount of $
November The company paid $ cash for mileage expenses.
November The company paid $ cash for Lyn Addie's wages for days' work.
November The company paid a $ cash dividend.
Required:
Prepare journal entries to record each of the above transactions for Business Solutions.
Prepare ledger accounts in balance column format and post the journal entries from requirement to them.
Prepare a trial balance as of the end of November.
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