On October 1, 2017, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. Rey adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2017. The company's initial chart of accounts follows Account Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent ortice Equipment Computer Equipment Accounts Payable No. Account 101 Connon Stock 106 Dividends 126 Computer Services Revenue 128 Wages Expense 131 Advertising Expense 16) Mileage Expense 167 Miscellaneous Expenses 201 Repairs Expense-Computer No. 307 319 403 623 655 676 677 Det. 1 5. Rey invented $51,000 cash, a $29,000 computer system, and $9,000 of office equipment in the company in exchange for its common stock. 2 The company paid $3,280 cash for four months' pent. (Hint Debit Prepaid Rent for $3,280.) 3 The company purchased $1,360 of computer supplies on credit from Harris office Products. 5 The company paid $2,100 cash for one year's premium on property and ability insurance policy. (Hint: Debit Prepaid Insurance for $2,100.) 6 The company billed Easy Leasing 55,700 for services performed in installing a new web server. The company paid $1,360 cash for the computer supplies purchased from Harris office Products on October 3. 10 The company hired Lyn Addie as a part-time assistant for $140 per day, as needed. 12 The company billed Easy Leasing another $1,800 for services performed 15 The company received $5,700 cash from any leasing as partial payment on its account. 17 The company paid $770 cash to repair computer equipment that was damaged when moving it. 20 The company paid $1,698 cash for advertisements published in the local newspaper 22 The company received $1,000 cash from Easy Leasing on to account. 28 The company billed IT Company 55,608 for services performed 31 The company paid $980 cash for Lyn Addie's wages for seven days' work. 31 The company paid $3,600 cash in dividends. 1 The company reimbursed 8. Roy in cash for business automobile mileage allowance (Roy logged 1,000 miles at 50.30 per mile) 2 The company received $4,73) cash rron Liu Corporation for computer services perforned. 5 The company purchased computer supplies for $1,115 each from Here office Products 8 The company billed Gonez co. 55,868 for services perforned 13 The company received notification from Alex's Engineering Co. that Business Solutions's bid of $3,950 for an Nov. 7 13 The company received notification from Alex's Engineering Co. that Business Solutions's bid of $3,950 for an upcoming project was accepted. 18 The company received $3,208 cash from IFM Company as partial payment of the October 28 bill. 22 The company donated 5220 cash to the United May in the company's mane 24 The company completed work and sent a bill for $3,950. to Alex's Engineering Co. 25 The company sent another bill to IFM Company for the past-due amount of $2,400. 28 The company reimbursed S. Rey in cash for business automobile mileage (1,200 miles at $0.30 per mile). 30 The company paid 01,960 cash for Lyn ddie's wages for 14 days' work. 30 The company paid $1,600 cash in dividends. Required: 1. Prepare journal entries to record each of the above transactions for Business Solutions 2. Prepare ledger accounts (in balance column format) and post the journal entries from requirement to them, 3. Prepare a trial balance as of the end of November Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of the above transactions for Business Solutions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5
