Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please fill out all of it, especially the part under plant assets.' Thank you! After the success of the company's first two months, Santana Rey

image text in transcribedimage text in transcribedimage text in transcribed

Please fill out all of it, especially the part under plant assets.' Thank you!

After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30,2021 , unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2021) follows. Business Solutions had the following transactions and events in December 2021. December 2 Paid $1,025 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $500 cash for minor repairs to the company's computer. December 4 Received $3,950 cash from Alex's Engineering Company for the receivable from November. December 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. been accepted. Alex's paid a $1,500 cash advance to Business Solutions. December 15 Purchased $1,100 of computer supplies on credit from Harris office Products. December 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8 . December 20 Completed a project for Liu Corporation and received $5,625 cash. December 22-26 Took the week off for the holidays. December 28 Received $3,000 cash from Gomez Company on its receivable. December 29 Reimbursed S. Rey for business automobile mileage (600 miles at \$0.32 per mile) December 31 Paid $1,500 cash for dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months. a. The December 31 inventory count of computer supplies shows $580 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day. d. The computer system, acquired on October 1 , is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent have expired. Prepare a classified balance sheet as of December 31,2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions