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On October 1, 2019, 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 December 31, 2019. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Oct. 1 5. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company in exchange for its common stock. Oct. 2 The company paid $3,300 cash for four months' rent. (The company's policy is to record prepaid expenses in balance sheet accounts. Oct. 3. The company purchased $1,420 of computer supplies on credit from Harris Office Products, Oct. 5 The company paid $2,220 cash for one year's premium on a property and liability insurance policy. (The company's policy is to record prepaid expenses in balance sheet accounts.) Oct. 6 The company billed Easy Leasing $4,800 for services performed in installing a new web server. Oct. 8 The company paid $1,420 cash for the computer supplies purchased from Harris Office Products on October 3. Oct. 10 The company hired Lyn Addie as a part-time assistant for $125 per day, as needed. Oct. 12 The company billed Easy Leasing another $1,400 for services performed. Oct. 15 The company received $4,800 cash from Easy Leasing as partial payment on its account. Oct. 17 The company paid $805 cash to repair computer equipment that was damaged when moving it. Oct 20 The company paid $1,728 cash for advertisements published in the local newspaper. Oct. 22 The company received $1,400 cash from Easy Leasing on its account. Oct. 28 The company billed IFM Company $5,208 for services performed. Oct. 31 The company paid $875 cash for Lyn Addie's wages for seven days' work. Oct. 31 The company paid $3,600 cash in dividends. Nov. 1 The company reimbursed S. Rey in cash for business automobile mileage allowance (Rey logged 1,000 miles at $0.32 per mile). Nov. 2 The company received $4,633 cash from Liu Corporation for computer services performed. Nov. 5 The company purchased computer supplies for $1,125 cash from Harris Office Products. Nov. 8 The company billed Gomez Co. $5,668 for services performed. Nov. 13 The company received notification from Alex's Engineering Co. that Business Solutions's bid of $3,950 for an upcoming project was accepted. Nov. 18 The company received $2,208 cash from IFM Company as partial payment of the October 28 bill. Nov. 22 The company donated $250 cash to the United Way in the company's name. Nov. 24 The company completed work and sent a bill for $3,950 to Alex's Engineering Co. Nov. 25 The company sent another bill to IFM Company for the past-due amount of $3,800. Nov. 28 The company reimbursed S. Rey in cash for business automobile mileage (1,200 miles at $0.32 per mile). Nov. 30 The company paid $1,750 cash for Lyn Addie's wages for 14 days' work. Nov. 30 The company paid $2,000 cash in dividends. 7 Oct 10 No journal entry required 8 Oct 12 1,400 Accounts receivable Computer services revenue 1,400 9 Oct 15 Cash 4,800 Accounts receivable 4,800 10 Oct 17 805 Repairs expense - Computer Cash 805 11 Oct 20 1,728 Advertising expense Cash 1,728 12 Oct 22 Cash 1,400 Accounts receivable 1,400 13 Oct 28 Accounts receivable 5,280 X Computer services revenue 5,280 14 Oct 31 875 Wages expense Cash 875 15 Oct 31 Dividends 3,600 Cash 3,600 16 Nov 01 Mileage expense Is 320 Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. BUSINESS SOLUTIONS Income Statement For Two Months Ended November 30, 2019 Revenues: Computer services revenue 25,731 $ 25,731 Total revenues Expenses: Wages expense Advertising expense Repairs expense - Computer Mileage expense Miscellaneous expenses 2,625 1,728 805 704 250 Total expenses Net income 6,112 19,619 X Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the retained earnings. BUSINESS SOLUTIONS Statement of Retained Earnings For Two Months Ended November 30, 2019 Retained earnings, October 1, 2019 Add: Net income 19,619 19,619 19,619 Less: Dividends 5,600 Less: Dividends Retained earnings, November 30, 2019 5,600 14,019 Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate. BUSINESS SOLUTIONS Balance Sheet November 30, 2019 Assets: 38,264 12,690 2,545 Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Computer equipment 2,220 3,300 8,000 20,000 Total Assets 87,019 o Liabilities: Accounts payable Total liabilities Stockholders' Equity: Common stock Retained earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 73,000 14,019 87,019 87,019 $ -rr- . . Increased equity - Stockholder investment (1,400) Increased equity - Revenue 5,208 Increased equity - Revenue 875 Decreased equity - Dividends (3,600) Decreased equity - Expense (320) > > Increased equity - Revenue 4,633 No change in equity 0 Increased equity - Revenue 5,668 Oct. 22) The company received $1,400 cash from Easy Leasing on its account. Oct. 28) The company billed IFM Company $5,208 for services performed. Oct. 31) The company paid $875 cash for Lyn Addie's wages for seven days' work. Oct. 31) The company paid $3,600 cash in dividends. Nov. 1) The company reimbursed S. Rey in cash for business automobile mileage allowance (Rey logged 1,000 miles at $0.32 per mile). Nov. 2) The company received $4,633 cash from Liu Corporation for computer services performed. Nov. 5) The company purchased computer supplies for $1,125 cash from Harris Office Products. Nov. 8) The company billed Gomez Co. $5,668 for services performed. Nov. 13) The company received notification from Alex's Engineering Co. that Business Solutions's bid of $3,950 for an upcoming project was accepted. Nov. 18) The company received $2,208 cash from IFM Company as partial payment of the October 28 bill. Nov. 22) The company donated $250 cash to the United Way in the company's name. Nov. 24) The company completed work and sent a bill for $3,950 to Alex's Engineering Co. Nov. 25) The company sent another bill to IFM Company for the past-due amount of $3,000 Nov. 28) The company reimbursed S. Rey in cash for business automobile mileage (1,200 miles at $0.32 per mile). Nov. 30) The company paid $1,750 cash for Lyn Addie's wages for 14 days' work. Nov. 30) The company paid $2,000 cash in dividends. No change in equity 0 No change in equity 0 Decreased equity - Expense (250) Increased equity - Revenue 3,950 No change in equity 0 Decreased equity - Expense > (384) Decreased equity - Expense (1,750) No change in equity x 0 $ 89,297 Total impact on equity What is the balance in the total equity as reported on the balance sheet