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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.

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 companys initial chart of accounts follows.

Account Number Account Number
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

October 1 S. Rey invested $47,000 cash, a $26,000 computer system, and $8,000 of office equipment in the company in exchange for common stock.
October 2 The company paid $3,260 cash for four months' rent. Hint: Debit Prepaid Rent for $3,260.
October 3 The company purchased $1,350 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 $5,500 for services performed in installing a new Web server.
October 8 The company paid $1,350 cash for the computer supplies purchased from Harris Office Products on October 3.
October 10 The company hired Lyn Addie as a part-time assistant.
October 12 The company billed Easy Leasing another $2,100 for services performed.
October 15 The company received $5,500 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 $1,683 cash for advertisements.
October 22 The company received $2,100 cash from Easy Leasing on its account.
October 28 The company billed IFM Company $5,508 for services performed.
October 31 The company paid $980 cash for Lyn Addies wages for seven days' work.
October 31 The company paid a $3,300 cash dividend.
November 1 The company paid $250 cash for mileage expenses.
November 2 The company received $5,633 cash from Liu Corporation for computer services performed.
November 5 The company purchased computer supplies for $1,055 cash from Harris Office Products.
November 8 The company billed Gomez Company $5,868 for services performed.
November 13 The company agreed to perform future services for Alexs Engineering Company. No work has yet been performed.
November 18 The company received $1,908 cash from IFM Company as partial payment of the October 28 bill.
November 22 The company paid $210 cash for miscellaneous expenses. Hint: Debit Miscellaneous Expenses for $210.
November 24 The company completed work and sent a bill for $4,150 to Alexs Engineering Company.
November 25 The company sent another bill to IFM Company for the past-due amount of $3,600.
November 28 The company paid $300 cash for mileage expenses.
November 30 The company paid $1,960 cash for Lyn Addie's wages for 14 days' work.
November 30 The company paid a $1,000 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.

Required 1 - Journal entry worksheet:

1) S. Rey invested $47,000 cash, a $26,000 computer system, and $8,000 of office equipment in the company in exchange for common stock.

2) The company paid $3,260 cash for four months rent.

3) The company purchased $1,350 of computer supplies on credit from Harris Office Products.

4) The company paid $1,920 cash for one years premium on a property and liability insurance policy.

5) The company billed Easy Leasing $5,500 for services performed in installing a new Web server.

6) The company paid $1,350 cash for the computer supplies purchased from Harris Office Products on October 3.

7) The company hired Lyn Addie as a part-time assistant.

8) The company billed Easy Leasing another $2,100 for services performed

9) The company received $5,500 cash from Easy Leasing as partial payment on its account.

10) The company paid $785 cash to repair computer equipment that was damaged when moving it.

11) The company paid $1,683 cash for advertisements.

12) The company received $2,100 cash from Easy Leasing on its account.

13) The company billed IFM Company $5,508 for services performed.

14) The company paid $980 cash for Lyn Addies wages for seven days work.

15) The company paid a $3,300 cash dividend.

16) The company paid $250 cash for mileage expenses.

17) The company received $5,633 cash from Liu Corporation for computer services performed.

18) The company purchased computer supplies for $1,055 cash from Harris Office Products.

19) The company billed Gomez Company $5,868 for services performed.

20) The company agreed to perform future services for Alexs Engineering Company. No work has yet been performed.

21) The company received $1,908 cash from IFM Company as partial payment of the October 28 bill.

22) The company paid $210 cash for miscellaneous expenses.

23) The company completed work and sent a bill for $4,150 to Alexs Engineering Company.

24) The company sent another bill to IFM Company for the past-due amount of $3,600

25) The company paid $300 cash for mileage expenses.

26) The company paid $1,960 cash for Lyn Addies wages for 14 days work.

27) The company paid a $1,000 cash dividend.

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