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PLEASE HELP ME WITH WHAT IS WRONG AND MISSING - THANK YOU! Answer is not complete. BUSINESS SOLUTIONS Partial Work Sheet March 31, 2022 Unadjusted
PLEASE HELP ME WITH WHAT IS WRONG AND MISSING THANK YOU!
Answer is not complete. BUSINESS SOLUTIONS Partial Work Sheet March 31, 2022 Unadjusted Trial Balance Santana Rey created Business Solutions on October I, 2021 The company has been successful, and list Of Customers has grown. TO accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2021. Santana Rey decided to add a fourth digit with a decimal point to the 106 account number that had been used for the single Accounts Receivable account. This change allows the company to continue using the existing chart Of accounts. Adjusted Trial Balance umber $ 48, 392 106.2 106.3 106.4 106,5 1 oes 100.7 1 oe.e 106.9 74, 322 t Title Alex'S Company Wildcat Services Easy Leasing IFM company L Corporation GO Z Company Delta C ompa Incorporated Merchandise in Ver MOW Computer supplies Prepaid iwurance Prepaid rent depreciationOffice Az-cumulated depreciationComputer Accounts payable VVa9 eS payable unearned Stock Retained earnings Dividends Computer services revenue Sales Sales returns and allowances Sales discounts Cost Of goods St*d equipment Depreciation equipment Wag Cs Se Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense RepairS Totals 71.0680 2.950 9.077 5.430 e 2.0510 3.360 1.827 3.340 21,100 e 4.620 800 e 33 e 4.655 520 576 760 Adjustrnents 1.3770 1.355 e 609 e 2.505 1.1809 1,377 0 300 e 1,130e 1.715 e 609 2.505 1.355 e 0Number 106.1 106.2 106.3 106.4 le6.5 106.6 106.7 106.8 106.9 31B 413 612 613 623 655 Account Tit Cash Alex's Engineering Company Wildcat Services Easy Leasing IFM Company Liu Corporation Gomez Company Delta Company KC, Incorporated Dream, Incorporated merchandise inventory Computer supplies Prepaid insurance Prepaid rent Office equipment equipment Computer equipment Accumulated depreciationComputer equipment Accounts payable Wages payable Unearned Computer services revenue Comon stock Retained earnings Dividends Computer services revenue Sales Sales returns and allowances Sales discounts Cost Of goods sold Depreciation expenseOffice equipment Depreciat ion expenseComputer equipment Wages expense Insurance expense Rent expense Conputer supplies expense Advertising expense Mileage expense Miscel laneous expenses Repairs expenseComputer Debit 3, 2e 2, 858 1,827 8, 140 21, lee C redit&/ $ 3 1,180 1, 10B 1.42 300 0 1.1800 97,822 7.660 25.337 0 18,560 0 71.0680 2.950 e 5,430 0 5,920 674 e 2.005 1.2180 835 8,140 0 21.1000 4.620 800 0 33 0 15,147 0 300 1,1800 6.370 e 609 2.505 1.3550 520 0 576 0 760 163,192 600 0 2.3600 97,822 7,660 25.337 0 18.5600 152,339 In response to requests from customers, S. Rey will begin selling computer software. The company will extend credit terms of 1/10, nf30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Additional accounts (Numbers. 119, 413.414, 415, and 502) are added to its general ledger to accommodate the company's new merchandising activities. Its transactions for January through March follow. January 4 January 5 January 7 January g 159,997 150,859 9,041 7,326 January January January January January January January January January Janu aw January 13 15 16 17 22 24 26 26 31 February I February 3 February 5 February 11 Februar,' 15 Feb ry 23 Feb ry 26 February 27 March 8 March 9 March March March March 16 19 24 25 31 The company paid cash to Lyn Addie for five days' work at the rate Of $245 per day. Four Of the five days relate to wages payable that accrued in the prior year. Santana Rey invested an additional $23,5e cash in the company in exchange for more cmmon stock. The company purchased $6,000 of nerchandise from Kansas Corporation with terms of 1/1e, n/3e, FOB shipping point, invoice dated January 7. The Company received $2, 858 cash from Gomez Company as full payment on its account. The company completed a fiveday project for Alex'S Engineering Company and it $5.41e, which is the total price of $6,B3 less the advance payment of $1,42e. The company debited Unearned Computer Services Revenue for $1,420. The company sold merchandise with a retail value of $4, lee and a cost of $3,360 to Liu Corporation, invoice dated January 13. The company paid $650 cash for freight charges on the merchandise purchased on January 7. The company received $4, cash f Delta Company for computer services provided. The company paid Kansas Corporation for the invoice dated January 7, net of the discount. The company gave a price reduction ( a L Lowance) of to Liu Corporation and credited Liu's accounts receivable for that amount. The company received the balance due from Liu Corporation, net of the discount and the al Iowance. The company returned defective merchandise to Kansas Corporation and accepted a credit against future purchases (debited accounts payable). The defective merchandise invoice cost, net Of the discount, was S476. The company purchased $9, 800 of merchandise from Kansas Corporation with terms of 1/1, n/3e, FOB destination, invoice dated January 26. The company sold merchandise with a $4,520 cost for $5,920 on credit to KC, Incorporated, dated January 26. The company paid cash to Lyn Addie for 10 days' work at $245 per day. The paid $2, cash to for another three months' rent advance. The company paid Kansas Corporation for the balance due, net of the cash discount, less the $476 credit from merchandise returned on January 24. The company paid $520 cash to Facebook for an advertisement to appear on February 5 only. The company received the balance due fron Alex's Engineering Company for fees bitted on January The Company paid a $4,620 cash dividend. The company sold merchandise with a $2,620 cost for $3,3e on credit to Delta Company, invoice dated February 23. The company paid cash to Lyn Addie for eight days' uork at $245 per day. The company reimbursed Santana Rey $352 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense. The company purchased $2, 750 of computer supplies frun Harris Office Products on credit with terms Of FOB destination, invoice dated March 8. The company received the balance due from Delta Company for merchandise sold on February 23. The Company paid $750 cash for minor repairs to the computer. The company received $5,400 cash from Dream, Incorporated, for computing services provided. The Company paid the full amount due Of $3,850 to Harris Office products, consisting Of created on December IS (of $1 , 100) and March 8. The ccnpany billed Easy Leasing for $9,077 of computing services provided. The company sold merchandise with a $2,102 cost for $2,950 on credit to Wildcat Services, invoice dated March 25. The company sold merchandise with a $1,168 cost for $2,23e on credit to IFN Company, invoice dated March 3e. The company reimbursed Santana Rey $224 cash for business automobile mileage. The coapany recorded the reinbursement as "Hi Leage Expense. " The following additional facts are available for preparing adjustments on March 31 prior to financial statement preparation. a. The March 31 amount of computer supplies still available totals $2,005, b. Prepaid Insurance coverage of S609 expired during this three-month period, c. Lyn Addie has not been paid for seven days of work at the rate of $245 per day. d. Prepaid rent of $2,505 expired during this three-month period, e. Depreciation on the computer equipment for January I through March 31 is $1,180. f. Depreciation on the office equipment for January I through March 31 is $300. g. The March 31 amount of merchandise inventory still available totals $674. SP 4 Serial Problem part 3 (Algo) 3. Prepare a 6-column work sheet that includes the unadjusted trial balance, the March 31 adjustments (a) through and the adjusted trial balance, Do not prepare closing entries and do not journalize the adjustments or post them to the ledger,
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