QUESTION IS TO FILL OUT CHARTS !!!!!
please help it keeps con telling me my answers are not complete and wrong
options are :
- Decreased equity - dividends
- Decreased equity- expense
- Increased equity- revenue
- Increased equity- stockholder investment
- No change in equity
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. 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. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. General Ledger Account Cash Accounts receivable Debit Credit No. Date Debit Credit No. Date Balance 0 Oct 01 Oct 01 Oct 01 Oct 06 1 45,000 4,800 4,800 5 8 2 Oct 02 Oct 12 1,400 6,200 4 3,300 2,220 1,420 9 Oct 05 Oct 08 Oct 15 Balance 0 45,000 41,700 39,480 38,060 42,860 42,055 40,327 41,727 4,800 1,400 1,400 0 6 12 9 4,800 13 Oct 15 Oct 17 Oct 22 Oct 28 Nov 08 5,208 5,668 10 19 805 1.728 5,208 10.876 8,668 12,618 11 Oct 20 21 Nov 18 2,208 12 1,400 23 Nov 24 3,950 Oct 22 Oct 31 875 14 15 3,600 Oct 31 Nov 01 40,852 37,252 36,932 16 320 Nov 02 4,633 41,565 17 18 1,125 Nov 05 Nov 18 21 2,208 22 Nov 22 Nov 28 40,440 42,648 42,398 42,014 40,264 250 384 1,750 2,000 25 26 Nov 30 Nov 30 27 38,264 Computer supplies Debit Credit Prepaid insurance Debit Credit No. Balance No. Date 0 Oct 01 Date Oct 01 Oct 03 Nov 05 Balance 0 2,220 3 4 Oct 05 1,420 1,125 1,420 2,545 2,220 18 Prepaid rent Office equipment Credit No. Debit Credit Balance No. Debit Balance Date Oct 01 Date Oct 01 Oct 01 0 0 3,300 2 Oct 02 3,300 1 1 8,000 8,000 Computer equipment Accounts payable No. Debit Credit No. Date Debit Credit Balance Date Oct 01 Oct 01 Balance 0 20,000 Oct 01 0 1 20,000 3 Oct 03 1,420 1,420 6 Oct 08 1,420 0 Common stock Dividends No. Date Debit Credit No. Date Debit Credit Balance Oct 01 Balance 0 73,000 Oct 01 1 Oct 01 73,000 15 Oct 31 3,600 2,000 3,600 5,600 27 Nov 30 Computer services revenue Wages expense No. Date Debit Credit Balance No. Date Debit Credit Balance Oct 01 0 Oct 01 0 5 Oct 06 14 Oct 31 875 875 8 Oct 12 26 Nov 30 1,750 2,625 tttttt 13 Oct 28 4,800 1,400 5,208 4,633 5,668 3,950 4,800 6,200 11,408 16,041 21,709 25,659 17 Nov 02 19 Nov 08 23 Nov 24 Advertising expense Mileage expense No. Date Debit Credit Balance No. Date Debit Credit Balance Oct 01 0 Oct 01 0 11 Oct 20 1,728 1,728 16 Nov 01 320 320 25 Nov 28 384 704 Miscellaneous expenses Repairs expense - Computer No. Date Debit Credit Balance No. Date Debit Credit Balance Oct 01 0 Oct 01 0 22 Nov 22 250 250 10 Oct 17 805 805 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal total credits, then there is a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less BUSINESS SOLUTIONS Trial Balance November 30, 2019 Account Title Debit Credit Cash $ 38,264 12,618 2,545 2,220 3,300 8,000 20,000 73,000 Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Computer equipment Common stock Dividends Computer services revenue Wages expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense - Computer 5,600 25,659 2,625 1,728 704 250 805 Total 98,659 $ 98,659 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 $ 25,659 Total revenues $ 25,659 2,625 Expenses: Wages expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense - Computer EET 1,728 704 250 805 Total expenses Net income 6,112 19,547 $ Trial Balance St Retained Earnings > 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 19,547 19,547 19,547 Less: Dividends 5,600 5,600 Retained earnings, November 30, 2019 $ 13,947 Income Statement Balance Sheet > 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 balance sheet. The account balances will automatically populate. BUSINESS SOLUTIONS Balance Sheet November 30, 2019 $ 38,264 * Assets: Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Computer equipment * 12,618 2,545 2,220 3,300 8,000 20,000 . Total Assets $ 86,947 Liabilities: Accounts payable Total liabilities Stockholders' Equity: Common stock Retained eamings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 73,000 13,947 86.947 86,947 $ Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity While the balance sheet reports the detail of individual assets and liabilities, Retained earnings is reported in total. The expanded accounting equation shows the four subsets of equity: Revenues, Expenses, Stockholder investments and Dividends. Using the dropdown buttons, indicate the impact each transaction has on total equity (if any). Compare the total with the amount of equity reported on the balance sheet. Show less A $ 73,000 0 0 0 4,800 Transaction Impact on Equity Oct. 1) S. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in Increased equity - Stockholder investment 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 No change in equity balance sheet accounts.) Oct. 3) The company purchased $1,420 of computer supplies Decreased equity - Expense 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 No change in equity company's policy is to record prepaid expenses in balance sheet accounts.) Oct. 6) The company billed Easy Leasing $4,800 for services Increased equity - Revenue 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. No change in equity Oct. 10) The company hired Lyn Addie as a part-time assistant for $125 per day, as needed. No change in equity Oct. 12) The company billed Easy Leasing another $1,400 for increased equity - Revenue services performed. Oct. 15) The company received $4,800 cash from Easy No change in equity Leasing as partial payment on its account. Oct. 17) The company paid $805 cash to repair computer Decreased equity - Expense equipment that was damaged when moving it. Oct. 20) The company paid $1,728 cash for advertisements Decreased equity - Expense published in the local newspaper. Oct. 22) The company received $1,400 cash from Easy Leasing on its account Increased equity - Revenue 0 0 1,400 0 $ (805) (1,728) 1.400 5,208 (875) 0 (320) 4,633 (1,125) 5,668 0 Oct. 28) The company billed IFM Company $5,208 for services performed. Increased equity - Revenue Oct. 31) The company paid $875 cash for Lyn Addie's wages Decreased equity - Expense for seven days' work. Oct. 31) The company paid $3,600 cash in dividends. No change in equity Nov. 1) The company reimbursed S. Rey in cash for business automobile mileage allowance (Rey logged 1,000 miles at Decreased equity - Expense $0.32 per mile) Nov. 2) The company received $4,633 cash from Liu Corporation for computer services performed. Increased equity - Revenue Nov. 5) The company purchased computer supplies for $1,125 cash from Harris Office Products. Decreased equity - Expense Nov. 8) The company billed Gomez Co. $5,668 for services performed. Increased equity - Revenue Nov. 13) The company received notification from Alex's Engineering Co. that Business Solutions's bid No change in equity 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. No change in equity Nov. 22) The company donated $250 cash to the United Way Decreased equity - Expense in the company's name. Nov. 24) The company completed work and sent a bill for $3,950 to Alex's Engineering Co. Increased equity - Revenue Nov. 25) The company sent another bill to IFM Company for Increased equity - Revenue the past-due amount of $3,000. Nov. 28) The company reimbursed S. Rey in cash for Decreased equity - Expense business automobile mileage (1,200 miles at $0.32 per mile). Nov. 30) The company paid $1,750 cash for Lyn Addie's Decreased equity - Expense wages for 14 days' work. Nov. 30) The company paid $2,000 cash in dividends. No change in equity Total impact on equity What is the balance in the total equity as reported on the balance sheet? 0 (250) 3,950 3,000 (384) (1,750) 0 $ 95,822
