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    "meta_title": "[Solved] On October 1,2011, Santana Rey launched a | SolutionInn",
    "meta_description": "Answer of - On October 1,2011, Santana Rey launched a computer services company called Business Solutions, which provides consulti | SolutionInn",
    "meta_keywords": "october,1,2011,santana,rey,launched,computer,services,company,called,business,solutions,provides",
    "question_title_h1": "On October 1,2011, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. Rey",
    "question_title": "On October 1,2011, Santana Rey launched a computer services company called Business",
    "question_title_for_js_snippet": "On October 1,2011, 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 December31, 2011  The company's initial chart of accounts follows, Account No  Cash 101 Accounts Receivable 106 Computer Supplies 126 Prepaid Insurance 128 Prepaid Rent 131 Office Equipment 163 Computer Equipment 167 Accounts payable 201 S  Rey, Capital 301 S  Rey, Withdrawals 302 Computer Service Revenue403 Wages Expense 623 Advertising Expense 655 Mileage Expense 676 Miscellaneous Expenses 677 Repairs Expense Computer684 Required  1  Prepare journal entries to record each of the following transactions for Business Solutions Oct  1 S  Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company 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 year's premium on 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 S  Rey withdrew $3,600 cash from the company for personal use  Nov  1 The company reimbursed S  Rey in cash for business automobile mileage allowance (Rey loged 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 Alex Engineering Co  that Business Solutions' bid of $3,950 for an upcoming project is 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 for Alex's Engineering Co  and sent it a bill for $3,950  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 S  Rey withdrew $2,000 cash from the company for personal use  2  Open ledger accounts ( in balance column format ) and post the journal entries from part 1 to them  3  Prepare a trial balance as of the end of November",
    "question_description": "On October 1,2011, 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 December31, 2011. The company's initial chart of accounts follows, Account No. Cash 101 Accounts Receivable 106 Computer Supplies 126 Prepaid Insurance 128 Prepaid Rent 131 Office Equipment 163 Computer Equipment 167 Accounts payable 201 S. Rey, Capital 301 S. Rey, Withdrawals 302 Computer Service Revenue403 Wages Expense 623 Advertising Expense 655 Mileage Expense 676 Miscellaneous Expenses 677 Repairs Expense-Computer684 Required: 1. Prepare journal entries to record each of the following transactions for Business Solutions Oct. 1 S. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company 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 year's premium on 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 S. Rey withdrew $3,600 cash from the company for personal use. Nov. 1 The company reimbursed S. Rey in cash for business automobile mileage allowance (Rey loged 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 Alex Engineering Co. that Business Solutions' bid of $3,950 for an upcoming project is 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 for Alex's Engineering Co. and sent it a bill for $3,950. 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 S. Rey withdrew $2,000 cash from the company for personal use. 2. Open ledger accounts ( in balance column format ) and post the journal entries from part 1 to them. 3. Prepare a trial balance as of the end of November",
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