{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-29T17:02:28-04:00", "answer_date": "2024-05-29 17:02:28", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1895307", "url": "\/study-help\/questions\/on-october-1-2021-santana-rey-launched-a-computer-services-1895307", "question_creation_date_js": "2024-05-29T17:02:28-04:00", "question_creation_date": "May 29, 2024 05:02 PM", "meta_title": "[Solved] On October 1, 2021, Santana Rey launched | SolutionInn", "meta_description": "Answer of - On October 1, 2021, Santana Rey launched a computer services company called Business Solutions, which provides consult | SolutionInn", "meta_keywords": "october,1,2021,santana,rey,launched,computer,services,company,called,business,solutions", "question_title_h1": " On October 1, 2021, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program", "question_title": " On October 1, 2021, Santana Rey launched a computer services company", "question_title_for_js_snippet": "On October 1, 2021, 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 Account Cash Number 101 Account Connon stock Number 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 Expense Computer 684 October 1 S Rey invested $46,000 cash, a $27,000 computer systen, and $8,000 of office equipment in the company in exchange for common stock October 2 The company paid $3,300 cash for four months' rent Hint Debit Prepaid Rent for $3,300 October 3 The company purchased $1,400 of computer supplies on credit from Harris Office Products October 5 The company paid $1,920 cash for one year's premium on a property and liability insurance policy Hint Debit Prepaid Insurance for $1,920 October 6 The company billed Easy Leasing $4,800 for services performed in installing a new web server October 8 The company paid $1,400 cash for the computer supplies purchased from Harris Office Products on October 3 1 October 10 The company hired Lyn Addie as a part time assistant October 12 The company billed Easy Leasing another $1,900 for services performed October 15 The company received $4,800 cash from Easy Leasing as partial payment on its account October 17 The company paid $785 cash to repair computer equipment that was damaged when moving it October 20 The company paid $1,698 cash for advertisements October 22 The company received $1,900 cash from Easy Leasing on its account October 28 The company billed IFM Company $5,688 for services performed October 31 The company paid $910 cash for Lyn Addie's wages for seven days' work October 31 The company paid a $2,800 cash dividend November 1 The company paid $250 cash for mileage expenses November 2 The company received $5,233 cash from Liu Corporation for computer services performed November 5 The company purchased computer supplies for $1,075 cash from Harris Office Products November 8 The company billed Gomez Company $6,268 for services performed November 13 The company agreed to perform future services for Alex's Engineering Company No work has yet been performed November 18 The company received $3,308 cash from IFM Company as partial payment of the October 28 bill November 22 The company paid $180 cash for miscellaneous expenses Hint Debit Miscellaneous Expenses for $180 November 24 The company completed work and sent a bill for $4,450 to Alex's Engineering Company November 25 The company sent another bill to IFM Company for the past due amount of $2,300 November 28 The company paid $300 cash for mileage expenses November 30 The company paid $1,820 cash for Lyn Addie's wages for 14 days' work November 30 The company paid a $2,000 cash dividend 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 1 to them 3 Prepare a trial balance as of the end of November", "question_description": "\"image", "transcribed_text": "On October 1, 2021, 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. Account Cash Number 101 Account Connon stock Number 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 Expense-Computer 684 October 1 S. Rey invested $46,000 cash, a $27,000 computer systen, and $8,000 of office equipment in the company in exchange for common stock. October 2 The company paid $3,300 cash for four months' rent. Hint: Debit Prepaid Rent for $3,300. October 3 The company purchased $1,400 of computer supplies on credit from Harris Office Products. October 5 The company paid $1,920 cash for one year's premium on a property and liability insurance policy. Hint: Debit Prepaid Insurance for $1,920. October 6 The company billed Easy Leasing $4,800 for services performed in installing a new web server. October 8 The company paid $1,400 cash for the computer supplies purchased from Harris Office Products on October 3.1 October 10 The company hired Lyn Addie as a part-time assistant. October 12 The company billed Easy Leasing another $1,900 for services performed. October 15 The company received $4,800 cash from Easy Leasing as partial payment on its account. October 17 The company paid $785 cash to repair computer equipment that was damaged when moving it. October 20 The company paid $1,698 cash for advertisements. October 22 The company received $1,900 cash from Easy Leasing on its account. October 28 The company billed IFM Company $5,688 for services performed. October 31 The company paid $910 cash for Lyn Addie's wages for seven days' work. October 31 The company paid a $2,800 cash dividend. November 1 The company paid $250 cash for mileage expenses. November 2 The company received $5,233 cash from Liu Corporation for computer services performed. November 5 The company purchased computer supplies for $1,075 cash from Harris Office Products. November 8 The company billed Gomez Company $6,268 for services performed. November 13 The company agreed to perform future services for Alex's Engineering Company. No work has yet been performed. November 18 The company received $3,308 cash from IFM Company as partial payment of the October 28 bill. November 22 The company paid $180 cash for miscellaneous expenses. Hint: Debit Miscellaneous Expenses for $180. November 24 The company completed work and sent a bill for $4,450 to Alex's Engineering Company. November 25 The company sent another bill to IFM Company for the past-due amount of $2,300. November 28 The company paid $300 cash for mileage expenses. November 30 The company paid $1,820 cash for Lyn Addie's wages for 14 days' work. November 30 The company paid a $2,000 cash dividend. 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 1 to them. 3. Prepare a trial balance as of the end of November", "related_book": { "title": "Financial and managerial accounting", "isbn": "111800423X, 9781118233443, 1118016114, 9781118004234, 1118233441, 978-1118016114", "edition": "1st edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/221.jpg", "uri": "\/textbooks\/financial-and-managerial-accounting-1st-edition-221", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CTKR3DBP", "uri": "\/textbooks\/dont-touch-my-hair-echoes-of-resilience-and-identity-1st-edition-979-8873568628-267469", "name": "Dont Touch My Hair Echoes Of Resilience And Identity", "edition": "1st Edition" }, "question_posted": "2024-05-29 17:02:28", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-August-28", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/10-1-journalize-the-following-transactions-for-bigelow-company-for-490212", "description": "10 1 Journalize the following transactions for Bigelow Company for the month of October. 31 Oct Stockholders invest cash in the company in exchange for common stock. 5 Oct The company buys a delivery...", "stars": 3 }, { "url": "\/a-3kg-plane-figure-is-suspended-at-a-point-10", "description": "A 3-kg plane figure is suspended at a point 10 cm from its center of mass. When it is oscillating with small amplitude, the period of oscillation is 2.6 s. Find the moment of inertia I about an axis...", "stars": 3 }, { "url": "\/study-help\/financial-accounting\/key-figures-for-the-recent-two-years-of-both-apple", "description": "Key figures for the recent two years of both Apple and Google follow. Required 1. Compute profit margins for (a) Apple and (b) Google for the two years of data shown. 2. Which company is more...", "stars": 3 }, { "url": "\/study-help\/theory-of-probability\/consider-the-gamblers-ruin-problem-where-on-each-bet-the-1982895", "description": "Consider the gamblers ruin problem where on each bet the gambler either wins 1 with probability p or loses 1 with probability 1 p. The gambler will continue to play until his winnings are either N i...", "stars": 3 }, { "url": "\/pro-chemicals-uses-an-automated-mixing-machine-in-its-mixing", "description": "Pro Chemicals uses an automated mixing machine in its Mixing Department to combine three raw materials into a product called Trio. On average, each unit of Trio contains $3 of Material X, $6 of...", "stars": 3 }, { "url": "\/study-help\/questions\/question-1-using-the-accounting-equation-calculate-the-missing-numbers-9827545", "description": "Question 1 Using the accounting equation, calculate the missing numbers: ASSETS Year 1 Cash $ 26,000 $ Accounts Receivable 18,000 $ Inventory $ 25,000 $ Prepaid Expenses $ 3,500 $ TOTAL ASSETS $...", "stars": 3 }, { "url": "\/study-help\/questions\/carla-vista-company-has-the-following-balances-in-selected-accounts-379352", "description": "Carla Vista Company has the following balances in selected accounts on December 31, 2020. Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid...", "stars": 3 }, { "url": "\/study-help\/questions\/harvard-manufacturing-company-is-considering-the-followinginvestment-proposalinitial-investmentdepreciable-assets-1579445", "description": "Harvard Manufacturing Company is considering the followinginvestment proposal:Initial investment:Depreciable assets (straight-line)$45,600Working capital3,800Operations (per year for 1 answer", "stars": 3 }, { "url": "\/study-help\/questions\/the-document-that-governs-the-relationship-between-the-anote-holder-1377449", "description": "The document that governs the relationship between the A-Note holder and the B-Note holder is the a)Subordination Agreement b)Intercreditor Agreement c)Participation or Co-lender Agreement...", "stars": 3 }, { "url": "\/study-help\/questions\/select-the-misleading-graph-line-chart-of-monthly-average-temperature-1377847", "description": "Select the misleading graph. Line chart of Monthly average temperature. Month is on the x axis and average temperature is on the y-axis. Scatterplot with rainfall on the x-axis and tree density on...", "stars": 3 }, { "url": "\/study-help\/questions\/greece-is-now-subject-to-enhanced-supervision-by-euro-zone-2941204", "description": "Greece is now subject to \"enhanced supervision\" by euro zone creditors, having exited the bail- out programme in August 2018. The government has committed to meeting annual primary budget __________...", "stars": 3 }, { "url": "\/study-help\/questions\/a-manufacturing-company-has-recently-outsourced-its-entire-operations-processes-1378323", "description": "A manufacturing company has recently outsourced its entire operations processes. Moreover, the CEO has decided to start an e-commerce business model to find a new market to target consumers with...", "stars": 3 }, { "url": "\/study-help\/questions\/primary-source-analysis-there-are-three-newspaper-excerpts-included-in-2933166", "description": "Primary source analysis. There are three newspaper excerpts included in the Election of 1800 section of the lesson. For each source, identify if it was a Republican newspaper (in favor of the...", "stars": 3 }, { "url": "\/study-help\/questions\/please-claen-write-hand-5-10-p-there-are-three-8257432", "description": "please claen write hand 5) (10 p.) There are three securities in a portfolio. For each security, the geometric mean of rate of returns in ten years is shown in Table 1. The covariances between each...", "stars": 3 }, { "url": "\/study-help\/survey-of-mathematics\/on-october-1-2014-the-dow-jones-industrial-average-djia", "description": "On October 1, 2014, the Dow Jones Industrial Average (DJIA) opened at 17,042 points. During that day it lost 237 points. On October 2 it lost 4 points. On October 3 it gained 209 points. Deter-mine...", "stars": 3 }, { "url": "\/study-help\/management-in-the-hospitality-industry\/how-has-the-sarbanesoxley-act-affected-us-business-ethics-1640947", "description": "How has the Sarbanes-Oxley Act affected U.S. business ethics?", "stars": 3 }, { "url": "\/study-help\/management-in-the-hospitality-industry\/what-are-three-approaches-to-assessing-whether-a-business-decision-1640948", "description": "What are three approaches to assessing whether a business decision or behavior is ethical?", "stars": 3 }, { "url": "\/study-help\/management-in-the-hospitality-industry\/what-are-some-steps-in-conducting-a-social-responsibility-audit-1640950", "description": "What are some steps in conducting a social responsibility audit?", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/problem-5-true-or-false-questions-1-basic-financial-statements-1895306", "next": "\/study-help\/questions\/part-1-instructions-record-the-following-journal-entries-for-abc-1895308" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": " On October 1, 2021, Santana Rey launched a computer services company", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/on-october-1-2021-santana-rey-launched-a-computer-services-1895307" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }_id": "1" } }