Part 1 On October 1, 2019, Raymond Santana launched a computer services company called Computer Solutions, which provides consulting services, computer system installations, and custom program development Santana adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2019. The company's initial chart of accounts follows. No. Account No. Account 101 Cash 106. 1 A/R - Alex's Engineering Co. 236 Unearned computer services revenue 307 Common stock 106. A/R-Wildcat Services 2 318 Retained earnings 106. 3 A/R-West Leasing 319 Dividends 106. A/R-IFM Co. 4 403 Computer services revenue 106. 5 A/R-Liu Corp. 413 Sales 106. A/R-Gomez Co. 414 Sales returns and allowances 6 A/R-Delta Co. 106. 7 415 Sales discounts 106. A/R-KC, Inc 502 Cost of goods sold 8 106. A/R -Dream, Inc. 612 Depreciation expense-Office equipment 9 119 Merchandise inventory 613 Depreciation expense-Computer equipment 126 Computer supplies 623 Wages expense 128 Prepaid insurance 637 Insurance expense 131 Prepaid rent 640 Rent expense Window Help 100% We 125% 1 Practice Set Wild, part 1 (4) Text Shape Meda View Zoom Insert Table Chart 106. A/R-KC, Inc. 502 Cost of goods sold 106. A/R-Dream, Inc. 612 Depreciation expense-Office equipment 119 Merchandise inventory 613 Depreciation expense-Computer equipment 126 Computer supplies 128 Prepaid insurance 623 Wages expense 637 Insurance expense 131 640 Rent expense 163 164 167 Prepaid nt Office equipment Accumulated depreciation--Office equipment Computer equipment Accumulated depreciation - Computer equipment Accounts payable Wages payable 652 Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 168 201 684 Repairs expense--Computer 210 Oct 1 2 R. Santana invested $50,000 cash, a $24,000 computer system, and $6,000 of office equipment in the company in exchange for its common stock. The company paid $3,300 cash for four months' rent. (Use Prepaid Rent account.) The company purchased $1,350 of computer supplies on credit from Harris Office Products. The company paid $2,220 cash for one year's premium on a property and 3 5 Oct 1 2 3 5 6 8 R. Santana invested $50,000 cash, a $24,000 computer system, and $6,000 of office equipment in the company in exchange for its common stock. The company paid $3,300 cash for four months' rent. (Use Prepaid Rent account.) The company purchased $1,350 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. The company initially records insurance as a prepaid expense. The company bille& West Leasing $4,800 for services performed in installing a new Web server. The company paid $1,350 cash for the computer supplies purchased from Harris Office Products on October 3. The company hired Lyn Addie as a part-time assistant for $125 per day, as needed. The company billed West Leasing another $1,400 for services performed. The company received $4,800 cash from West Leasing as partial payment on its account. The company paid $805 cash to repair computer equipment that was damaged when moving it. The company paid $1,375 cash for advertisements published in the local newspaper The company received $1,400 cash from West Leasing on its account. 1 0 1 2 5 1 7 ON 2 2 00 N The company billed IFM Company $5,208 for services performed. The company paid $875 cash for Lyn Addie's wages for seven days' work. 3 1 The company paid $3,600 cash in dividends. 1 No V. The company reimbursed R. Santana in cash for business automobile mileage allowance (Santana logged 1,000 miles at $0.32 per mile). 1 No V. The company reimbursed R. Santana in cash for business automobile mileage allowance (Santana logged 1,000 miles at $0.32 per mile). 5 1 3 1 8 The company received $4,633 cash from Liu Corporation for computer services performed. The company purchased computer supplies for $1,075 cash from Harris Office Products. 8 The company billed Gomez Co. $5,750 for services performed. The company received notification from Alex's Engineering Co. that Computer Solutions' bid of $3,950 for an upcoming project was accepted. The company received $2,208 cash from IFM Company as partial payment of the October 28 bill. 2 The company donated $250 cash to the United Way in the company's 2 2 The company completed work and sent a bill for $3,950 to Alex's 4 Engineering Co. 2 The company sent another bill to IFM Company for the past-due amount 5 of $3,000 The company reimbursed R. Santana in cash for business automobile mileage (1,200 miles at $0.32 per mile). name. AN 2 8 3 0 The company paid $1,750 cash for Lyn Addie's wages for 14 days' work. 3 0 The company paid $2,000 cash in dividends. De 2 Paid $1.025 cash to Hilltop Mall for Computer Solutions share of mall De 2 C. 3 Paid $1,025 cash to Hilltop Mall for Computer Solutions' share of mall advertising costs. Paid $500 cash for minor repairs to the company's computer. Received $3,950 cash from Alex's Engineering Co. for the receivable from November. Paid cash to Lyn Addie for six days of work at the rate of $125 per day. 4 1 0 1 4 1 5 Notified by Alex's Engineering Co. that Computer Solutions' bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions Purchased $1,100 of computer supplies on credit from Harris Office Products. Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. 1 6 Completed a project for Liu Corporation and received $5,625 cash. 2 0 22-26 Took the week off for the holidays. Received $3,000 cash from Gomez Co. on its receivable. 2 8 2 9 Reimbursed R. Santana for business automobile mileage (600 miles at $0.32 per mile). The company paid $1,500 cash in dividends. 3 1 Required: 3 1 The company paid $1,500 cash in dividends. Required: 1. Open the Excel file provided and save as YourName_ACCT305_PS1. The Excel file includes the following worksheets: general journal, general ledger, and 2019 trial balance. You will add additional worksheets to the file as you complete the assignment. NOTE: You may find it helpful to view two worksheets at the same time. This can be done by using view, new window, side by side. 2. (5 points) Prepare journal entries to record each of the above transactions for Computer Solutions for October through December 2019 using the general journal sheet in the Excel file provided. 3. (5 points) Using the general ledger provided in the Excel file, post the transactions from the general journal to the general ledger. 4. (5 points) Transfer balances from the general ledger to the unadjusted trial balance provided. Use SUM formulas to total columns and ensure your trial balance is in balance. If columns do not balance search for errors and correct! (CHECK FIGURES: Cash - (Oct) 42,675; (Nov) 43,737; (Dec) 53,845; Computer Services Revenue - (Oct) 11,408; (Nov) 25,741; (Dec) 31,366; Advertising Expense - (Oct) 1,375; (Nov) 1,375; (Dec) 2,400) 5. Upload your Excel spreadsheet to Blackboard. Part 1 On October 1, 2019, Raymond Santana launched a computer services company called Computer Solutions, which provides consulting services, computer system installations, and custom program development Santana adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2019. The company's initial chart of accounts follows. No. Account No. Account 101 Cash 106. 1 A/R - Alex's Engineering Co. 236 Unearned computer services revenue 307 Common stock 106. A/R-Wildcat Services 2 318 Retained earnings 106. 3 A/R-West Leasing 319 Dividends 106. A/R-IFM Co. 4 403 Computer services revenue 106. 5 A/R-Liu Corp. 413 Sales 106. A/R-Gomez Co. 414 Sales returns and allowances 6 A/R-Delta Co. 106. 7 415 Sales discounts 106. A/R-KC, Inc 502 Cost of goods sold 8 106. A/R -Dream, Inc. 612 Depreciation expense-Office equipment 9 119 Merchandise inventory 613 Depreciation expense-Computer equipment 126 Computer supplies 623 Wages expense 128 Prepaid insurance 637 Insurance expense 131 Prepaid rent 640 Rent expense Window Help 100% We 125% 1 Practice Set Wild, part 1 (4) Text Shape Meda View Zoom Insert Table Chart 106. A/R-KC, Inc. 502 Cost of goods sold 106. A/R-Dream, Inc. 612 Depreciation expense-Office equipment 119 Merchandise inventory 613 Depreciation expense-Computer equipment 126 Computer supplies 128 Prepaid insurance 623 Wages expense 637 Insurance expense 131 640 Rent expense 163 164 167 Prepaid nt Office equipment Accumulated depreciation--Office equipment Computer equipment Accumulated depreciation - Computer equipment Accounts payable Wages payable 652 Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 168 201 684 Repairs expense--Computer 210 Oct 1 2 R. Santana invested $50,000 cash, a $24,000 computer system, and $6,000 of office equipment in the company in exchange for its common stock. The company paid $3,300 cash for four months' rent. (Use Prepaid Rent account.) The company purchased $1,350 of computer supplies on credit from Harris Office Products. The company paid $2,220 cash for one year's premium on a property and 3 5 Oct 1 2 3 5 6 8 R. Santana invested $50,000 cash, a $24,000 computer system, and $6,000 of office equipment in the company in exchange for its common stock. The company paid $3,300 cash for four months' rent. (Use Prepaid Rent account.) The company purchased $1,350 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. The company initially records insurance as a prepaid expense. The company bille& West Leasing $4,800 for services performed in installing a new Web server. The company paid $1,350 cash for the computer supplies purchased from Harris Office Products on October 3. The company hired Lyn Addie as a part-time assistant for $125 per day, as needed. The company billed West Leasing another $1,400 for services performed. The company received $4,800 cash from West Leasing as partial payment on its account. The company paid $805 cash to repair computer equipment that was damaged when moving it. The company paid $1,375 cash for advertisements published in the local newspaper The company received $1,400 cash from West Leasing on its account. 1 0 1 2 5 1 7 ON 2 2 00 N The company billed IFM Company $5,208 for services performed. The company paid $875 cash for Lyn Addie's wages for seven days' work. 3 1 The company paid $3,600 cash in dividends. 1 No V. The company reimbursed R. Santana in cash for business automobile mileage allowance (Santana logged 1,000 miles at $0.32 per mile). 1 No V. The company reimbursed R. Santana in cash for business automobile mileage allowance (Santana logged 1,000 miles at $0.32 per mile). 5 1 3 1 8 The company received $4,633 cash from Liu Corporation for computer services performed. The company purchased computer supplies for $1,075 cash from Harris Office Products. 8 The company billed Gomez Co. $5,750 for services performed. The company received notification from Alex's Engineering Co. that Computer Solutions' bid of $3,950 for an upcoming project was accepted. The company received $2,208 cash from IFM Company as partial payment of the October 28 bill. 2 The company donated $250 cash to the United Way in the company's 2 2 The company completed work and sent a bill for $3,950 to Alex's 4 Engineering Co. 2 The company sent another bill to IFM Company for the past-due amount 5 of $3,000 The company reimbursed R. Santana in cash for business automobile mileage (1,200 miles at $0.32 per mile). name. AN 2 8 3 0 The company paid $1,750 cash for Lyn Addie's wages for 14 days' work. 3 0 The company paid $2,000 cash in dividends. De 2 Paid $1.025 cash to Hilltop Mall for Computer Solutions share of mall De 2 C. 3 Paid $1,025 cash to Hilltop Mall for Computer Solutions' share of mall advertising costs. Paid $500 cash for minor repairs to the company's computer. Received $3,950 cash from Alex's Engineering Co. for the receivable from November. Paid cash to Lyn Addie for six days of work at the rate of $125 per day. 4 1 0 1 4 1 5 Notified by Alex's Engineering Co. that Computer Solutions' bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions Purchased $1,100 of computer supplies on credit from Harris Office Products. Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. 1 6 Completed a project for Liu Corporation and received $5,625 cash. 2 0 22-26 Took the week off for the holidays. Received $3,000 cash from Gomez Co. on its receivable. 2 8 2 9 Reimbursed R. Santana for business automobile mileage (600 miles at $0.32 per mile). The company paid $1,500 cash in dividends. 3 1 Required: 3 1 The company paid $1,500 cash in dividends. Required: 1. Open the Excel file provided and save as YourName_ACCT305_PS1. The Excel file includes the following worksheets: general journal, general ledger, and 2019 trial balance. You will add additional worksheets to the file as you complete the assignment. NOTE: You may find it helpful to view two worksheets at the same time. This can be done by using view, new window, side by side. 2. (5 points) Prepare journal entries to record each of the above transactions for Computer Solutions for October through December 2019 using the general journal sheet in the Excel file provided. 3. (5 points) Using the general ledger provided in the Excel file, post the transactions from the general journal to the general ledger. 4. (5 points) Transfer balances from the general ledger to the unadjusted trial balance provided. Use SUM formulas to total columns and ensure your trial balance is in balance. If columns do not balance search for errors and correct! (CHECK FIGURES: Cash - (Oct) 42,675; (Nov) 43,737; (Dec) 53,845; Computer Services Revenue - (Oct) 11,408; (Nov) 25,741; (Dec) 31,366; Advertising Expense - (Oct) 1,375; (Nov) 1,375; (Dec) 2,400) 5. Upload your Excel spreadsheet to Blackboard