Question no 3

On September 1, 2015, Sara Louren launched a computer services company called IT Solutions, which provides consulting services, computer system installations, and custom program development. Louren adopts the calendar year for reporting purposes and expects to prepare the companys first set of financial statements on December 31, 2015.

Sept. 1 S. Louren invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company.

2 The company paid $3,300 cash for four months rent. (Hint: Debit Prepaid Rent for $3,300.)

3 The company purchased $1,420 of computer supplies on credit from Harris Office Products.

5 The company paid $2,220 cash for one years premium on a property and liability insurance policy. (Hint: Debit Prepaid Insurance for $2,220.)

6 The company billed Easy Leasing $4,800 for services performed in installing a new web server.

8 The company paid $1,420 cash for the computer supplies purchased from Harris Office Products on Sept 3.

10 The company hired Lyn Addie as a part-time assistant for $125 per day, as needed.

12 The company billed Easy Leasing another $1,400 for services performed.

15 The company received $4,800 cash from Easy Leasing as partial payment on its account.

17 The company paid $805 cash to repair computer equipment that was damaged when moving.

20 The company paid $1,728 cash for advertisements published in the local newspaper.

22 The company received $1,400 cash from Easy Leasing on its account.

28 The company billed IFM Company $5,208 for services performed.

31 The company paid $875 cash for Lyn Addies wages for seven days work.

31 S. Louren withdrew $3,600 cash from the company for personal use.

Oct. 1 The company reimbursed S. Louren in cash for business automobile mileage allowance (Rey logged 1,000 miles at $0.32 per mile).

2 The company received $4,633 cash from Liu Corporation for computer services performed.

5 The company purchased computer supplies for $1,125 cash from Harris Office Products.

8 The company billed Gomez Co. $5,668 for services performed.

13 The company received notification from Alexs Engineering Co. that Business Solutions bid of $3,950 for an upcoming project is accepted.

18 The company received $2,208 cash from IFM Company as partial payment of the sept 28 bill.

22 The company donated $250 cash to the United Way in the companys name

24 The company completed work for Alexs Engineering Co. and sent it a bill for $3,950.

25 The company sent another bill to IFM Company for the past-due amount of $3,000.

28 The company reimbursed S. Louren in cash for business automobile mileage (1,200 miles at $0.32 per mile).

30 The company paid $1,750 cash for Lyn Addies wages for 14 days work.

30 S. Louren withdrew $2,000 cash from the company for personal use.

Required

1. Prepare journal entries to record each of the following transactions for Business Solutions.

2. Open ledger accounts.

3. Prepare a trial balance as of the end of October.

4. Prepare Financial Statements.

This Subject is Financial Accounting please give me proper and accurate answer according to the questions soon as possible don't copy from other i will give you thumb