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 Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Oct. Oct. Oct. Oct. 12 The 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. Oct. 2 The company paid $3,300 cash for four months' rent. (The company's policy is to record prepaid expenses in balance sheet accounts.) Oct. 3 The company purchased $1,420 of computer supplies on credit from Harris Office Products. 5 The company paid $2,220 cash for one year's premium on a property and liability insurance policy. (The company's policy is to record prepaid expenses in balance sheet accounts.) 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. Oct. 10 The company hired Lyn Addie as a part-time assistant for $125 per day, as needed. Oct. 15 The company received $4,800 cash from Easy Leasing as partial payment on its account. oct. 17 The company paid $8e5 cash to repair computer equipment that was damaged when moving it. Oct. 20 The company paid $1,728 cash for advertisements published in the local newspaper. Oct. 22 The company received $1,400 cash from Easy Leasing on its account. Oct. 2: The company billed Company $5,208 for services performed. Oct. 31 The company paid $875 cash for Lyn Addie's wages for seven days' work. Oct. 31 The company paid $3,600 cash in dividends. Nov. 1 The reimbursed S. Rey in cash for business automobile mileage allowance (Rey logged 1,000 miles at $0.32 per mile). Nov. 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. Nov. 13 The company received notification from Alex's Engineering Co. that Business Solutions's bid of $3,950 for an upcoming accepted. Nov. 18 The company received $2,208 cash from IFM Company as partial payment of the October 28 bill. Nov. 22 The company donated $250 cash to the United Way in the company's name. Nov. 24 The company completed work and sent a bill for $3,950 to Alex's Engineering Co. Nov. 25 The company sent another bill to IFM Company for the past-due amount of $3,000. Nov. 28 The company reimbursed s. Rey in cash for business automobile mileage (1,200 miles at $0.32 per mile). Nov. 30 The company paid $1,750 cash for Lyn Addie's wages for 14 days' work. Nov. 30 The company paid $2,000 cash in dividends. Company Nov. Nov. project was accente Statement Earnings Balance Sheet Equity General Journal General Journal Tab modction, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger. General Ledger Tab - To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Abnormal balances appear in parentheses. Click on any amount to see the underlying journal entry. Trial Balance Tab - A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. If your trial balance doesn't balance, review your journal entries on the general journal tab. Income Statement Tab - Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. Statement of Retained earnings Tab - Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the owner's capital balance. Balance Sheet Tab - Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate. Impact on Equity Tab - Using the dropdown buttons, indicate the impact each item has on total equity. Compare the total with the amount of equity reported on the balance sheet. BUSINESS SOLUTIONS Trial Balance November 30, 2019 Account Title Debit Credit Cash $ 58,041 21,026 2,545 2,220 3,300 8,000 20,000 1,420 Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Computer equipment Accounts payable Common stock Dividends Wages expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense - Computer Total 73,000 5,600 2,625 1,728 704 250 805 128,264 $ 73,000 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. BUSINESS SOLUTIONS Income Statement For Two Months Ended November 30, 2019 Revenues Computer services revenue Expenses: Wages expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense - Computer 2,625 1.728 704 250 805 Total expenses (Net income 6.112 (6,112) $ Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the retained earings. BUSINESS SOLUTIONS Statement of Retained Earnings For Two Months Ended November 30, 2019 Retained earnings, October 1, 2019 5,600 5,600 Retained earnings, November 30, 2019 $ (5.600)