On October 1, 2019, 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, 2019. The company's initial chart of accounts follows. No. No. 301 Account Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Office Equipment Computer Equipment Accounts Payable Account 101 S. Rey, Capital 106 S. Rey, Withdrawals 126 Computer Services Recreme 128 Vages Expense 131 Advertising Expense 163 Hleage Expense 167 Miscellaneous Expenses 201 Repairs Expense -Computer 623 655 676 684 Oct. 1 S. Rey invested $51,000 cash a $29,000 computer system, and $8,000 of office equipment in the company, 2 The company paid $3,280 cash for four months rent. Hint: Debit Prepaid Rent for $3,280. 3 The company purchased $1,350 of computer supplies on credit fron Harris Office Products. 5 The company paid $2,220 cash for one year's prend un on a property and liability insurance policy. Wint: Debit Prepaid Treurance for $2,220. 6 The comparty billed Easy Leasing $5, 600 for services performed in installing a new Web server. 8 The company paid $1,350 cash for the computer supplies purchased from Harris Office Products on October 3. 10 The company hired Lyn Addie as a part-time assistant. 12 The company billed Easy Leasing another $1,800 for services performed. 15 The company received $5,600 cash from Easy Leasing as partial payment on its account. 17 The company paid $195 cash to repair computer equipment that was damaged when moving it. 20 The company paid $1,723 cash for advertisements published in the local newspaper. 22 The company received $1,800 cash from Easy Leasing on its account. 28 The company billed IFM Company $5,508 for services performed 31 The company paid $980 cash for Lyn Addie' svages for seven days' work. 31 S. Roy withdrev $2,800 cash from the company for personal use. 1 The company reimbursed S. Rey in cash for business automobile mileage allowance (Rey logged 1,000 miles at $0.29 per nale). 2 The company received $4.933 cash from Liu Corporation for computer services performed. 5 The company purchased computer supplies for $1,025 cash fron Harris Office Products. 8 The company billed Gomez Co. 36,168 for services performed 13 The company agreed to perform future services for Alex's Engineering Co. No vork has yet been performed 18 The company received $1,608 cash from IFM Company a partial payant of the October 28 bill. 22 The company paid $200 cash for miscellaneous expenses. Hint: Debit Miscellaneous Expense for $200. 24 The company completed work and sent a bill for $3,950 to Alex's Engineering Co. 25 The company sent mother bill to IFM Company for the past-due anout of $3,900. 28 The company reimbursed S. Rey in cash for business witomobile mileage (1.200 miles at $0.29 per mile). 30 The company paid $1,960 cash for Lyn Addie's vages for 14 days' work. 30 S. Roy withdrev $1,100 cash fron the company for personal use. Nov. 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
