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 companys first set of financial statements on December 31, 2017. The companys initial chart of accounts follows.

AccountNo. AccountNo.

Cash-101 Common Stock-307

Accounts Receivable-106 Dividends-319

Computer Supplies-126 Computer Services Revenue-403

Prepaid Insurance-128 Wages Expense-623

Prepaid Rent-131 Advertising Expense-655

Office Equipment-163 Mileage Expense-676

Computer Equipment-167 Miscellaneous Expenses-677

Accounts Payable-201 Repairs ExpenseComputer-684

Oct. 1 S. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company in exchange for its common stock.

2 The company paid $3,300 cash for four months rent. (Hint: Debit Prepaid Rent for $3,300.)

3 The company purchased $1,420 of computer supplies on credit from Harris Office Products.

5 The company paid $2,220 cash for one years premium on a property and liability insurance policy. (Hint: Debit Prepaid Insurance for $2,220.)

6 The company billed Easy Leasing $4,800 for services performed in installing a new Web server.

8 The company paid $1,420 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 $125 per day, as needed.

12 The company billed Easy Leasing another $1,400 for services performed.

15 The company received $4,800 cash from Easy Leasing as partial payment on its account.

17 The company paid $805 cash to repair computer equipment that was damaged when moving it.

20 The company paid $1,728 cash for advertisements published in the local newspaper.

22 The company received $1,400 cash from Easy Leasing on its account.

28 The company billed IFM Company $5,208 for services performed.

31 The company paid $875 cash for Lyn Addie's wages for seven days' work.

31 The company paid $3,600 cash in dividends.

Nov. 1 The company reimbursed S. Rey in cash for business automobile mileage allowance (Rey logged 1,000 miles at $0.32 per mile).

2 The company received $4,633 cash from Liu Corporation for computer services performed.

5 The company purchased computer supplies for $1,125 cash from Harris Office Products.

8 The company billed Gomez Co. $5,668 for services performed.

13 The company received notification from Alexs Engineering Co. that Business Solutionss bid of $3,950 for an upcoming project was accepted.

18 The company received $2,208 cash from IFM Company as partial payment of the October 28 bill.

22 The company donated $250 cash to the United Way in the company's name.

24 The company completed work and sent a bill for $3,950 to Alexs Engineering Co.

25 The company sent another bill to IFM Company for the past-due amount of $3,000.

28 The company reimbursed S. Rey in cash for business automobile mileage (1,200 miles at $0.32 per mile).

30 The company paid $1,750 cash for Lyn Addie's wages for 14 days' work.

30 The company paid $2,000 cash in dividends.

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, 2017. The company's initial chart of accounts follows. Account No Account No Cash 101 Common Stock 307 Accounts Receivable 108 Dividends 319 Computer Supplies 126 Computer Services Revenue 403 Prepaid Insurance 128 Wages Expense 623 Prepaid Rent 131 Advertising Expense 655 Office Equipment 163 Mileage Expense 676 Computer Equipment 167 Miscellaneous Expenses 677 Accounts Payable 201 Repairs Expense Computer 684 Oct 1 s. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company in exchange for its common stock, 2 The company paid $3,300 cash for four months rent. (Hint Debit Prepaid Rent for $3,300) 3. The company purchased $1,420 of computer supplies on credit from Harris Office Product 5 The company paid $2,220 cash for one year's premium on a property and liability insurance policy. (Hint: Debit Prepaid Insurance for $2.220.) 6 The company biled Easy Leasing $4,800 for services performed in installing a new Web server 8. The company paid $1.420 cash for the computer supplies purchased from Harris Office Products on October 3. 10 The company hired Lyn Addio as a part-time assistant for $125 per day, as needed 12. The company billed Easy Leasing another $1,400 for services performed 15 The company received $4,800 cash from Easy Leasing as partial payment on its account. 17 The company paid $805 cash to repair computer equipment that was damaged when moving it. 20 The company paid $1,728 cash for advertisements published in the local newspaper 22 The company received $1,400 cash from Easy Leasing on its account. 28 The company biled IFM Company $5,208 for services performed. 31 The company paid $875 cash for Lyn Addie's wages for seven days' work. 31 The company paid $3,600 cash in dividends. Now. The company reimbursed S. Rey in cash for business automobile mileage allowance (Reylogged 1,000 miles at $0.32 per mile) 2 The company received 54,633 cash from Liu Corporation for computer services performed The company purchased computer supplies for $1,125 cash from Harris Office Products, 8 The company biled Gomez Co. $5,658 for services performed. 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 $2.208 cash from IFM Company as partial payment of the October 28 bill 22 The company donated $250 cash to the United Way in the company's name. 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 $3,000. Oct. 1 5. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company in exchange for Rs common stock 2 The company paid $3,300 cash for four months rent (Wint: Debit Prepaid Rent for $3.300) 3. The company purchased $1,420 of computer supplies on credit from Harris Office Products The company paid $2,220 cash for one year's premium on a property and liability insurance policy. (Hint: Debit Prepaid Insurance for $2.220.) The company billed Easy Leasing $4.000 for services performed in installing a new Web server The company paid $1,420 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 $125 per day, as needed 12. The company billed Easy Leasing another $1,400 for services performed 15 The company received $4,800 cash from Easy Leasing as partial payment on its account 17 The company paid $805 cash to repair computer equipment that was damaged when moving it. 20 The company paid $1,728 cash for advertisements published in the local newspaper 22 The company received $1,400 cash from Easy Leasing on its account 28 The company billed IFM Company $5,208 for services performed 31 The company paid $875 cash for Lyn Addie's wages for seven days' work 31 The company paid $3,600 cash in dividends. Nov. 1. The company reimbursed S. Rey in cash for business automobile mileage allowance (Rey logged 1,000 miles at $0.32 per me) 2 The company received 4.633 cash from L Corporation for computer service performed 5 The company purchased computer supplies for $1,125 cash from Harris Office Products 8 The company biled Gomez Co $5,668 for services performed 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 $2,208 cash from IFM Company as partial payment of the October 28 bill 22 The company donated $250 cash to the United Way in the company's name. 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 $3,000 28 The company reimbursed S. Rey in cash for business automobile mileage (1,200 miles at $0.32 per mile). 30 The company paid $1,750 cash for Lyn Addie's wages for 14 days' work, 30 The company paid $2,000 cash in dividends. Required: 1. Prepare journal entries in the General Journal to record each of the above transactions for Business Solutions. (click here to download the worksheets) A 2. Post the journal entries from requirement #1 to the General Ledger (dick here to download the General Ledger and Trial Balance worksheets) A+ 3. Prepare a trial balance as of the end of November on the worksheet labeled Trial Balance in #2 Chapter 2 Serial Problem, SP2 Name: Part 1 Business Solutions GENERAL JOURNAL Date Account Titles and Explanation P.R. Debit Credit Created by Sheila Porter Chapter 2 Serial Problem, SP2 Name: Part 1 (Continued) Business Solutions Date Account Titles and Explanation P.R. Debit Credit Created by Sheila Porter Chapter 2 Serial Problem, SP2 Name: Part 1 (Continued) Business Solutions Date Account Tities and Explanation P.R. Debit Credit Created by Sheila Porter Name: Chapter 2 Part 2 Serial Problem, SP2 (Continued) GENERAL LEDGER Cash Explanation P.R. DEBIT Date ACCOUNT NO. 101 CREDIT BALANCE Accounts Receivable Explanation P.R. ACCOUNT NO. 106 CREDIT BALANCE Date DEBIT Created by Sheila Porter Chapter 2 Part 2 Serial Problem, SP2 (Continued) Name: Computer Supplies Explanation P.R. ACCOUNT NO. 126 CREDIT BALANCE Date DEBIT Prepaid Insurance Explanation P.R. ACCOUNT NO. 128 CREDIT BALANCE Date DEBIT Prepaid Rent Explanation ACCOUNT NO. 131 CREDIT BALANCE Date P.R. DEBIT Office Equipment Explanation P.R. ACCOUNT NO. 163 CREDIT BALANCE Date DEBIT Computer Equipment Explanation P.R. ACCOUNT NO. 167 CREDIT BALANCE Date DEBIT Created by Sheila Porter Name: Chapter 2 Part 2 Serial Problem, SP2 (Continued) Accounts Payable Explanation P.R. ACCOUNT NO. 201 CREDIT BALANCE Date DEBIT Common Stock Explanation P.R. ACCOUNT NO. 307 CREDIT BALANCE Date DEBIT Dividends Explanation ACCOUNT NO. 319 CREDIT BALANCE Date P.R. DEBIT Computer Services Revenue Explanation P.R. ACCOUNT NO. 403 CREDIT BALANCE Date DEBIT Created by Sheila Porter Name: Chapter 2 Part 2 Serial Problem, SP2 (Continued) Wages Expense Explanation P.R. ACCOUNT NO. 623 CREDIT BALANCE Date DEBIT Advertising Expense Explanation P.R. ACCOUNT NO. 655 CREDIT BALANCE Date DEBIT Mileage Expense Explanation P.R. ACCOUNT NO. 676 CREDIT BALANCE Date DEBIT Miscellaneous Expense Explanation P.R. ACCOUNT NO. 677 CREDIT BALANCE Date DEBIT Repairs Expense - Computer Explanation P.R. ACCOUNT NO. 684 CREDIT BALANCE Date DEBIT Created by Sheila Porter Chapter 2 Part 3 Serial Problem, SP2 Name: (Continued) Business Solutions Trial Balance 30-Nov-19 Debit Credit Totals Created by Sheila Porter