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- do not answer this question if you're not going to answer everything i am asking for. this is a long multipart problem
-do not copy and paste something someone else has posted that doesnt even give the info i am asking for (i wasted two of my questions because people did this
-please correct the answers that i got wrong with the correct ones
-please fill in the cells or answer in a way that i can easily understand where things go and why
-i am very confused with part 2B
big big thank you to whoever ends up helping me out with this. its taken me forever and its so frustrating to keep getting parts wrong!
Serial Problem Business Solutions LO P1, P2, P3, P4, P5, P6 After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2019) follows. No. Account Title Debit Credit 101 Cash $ 38,264 106 Accounts receivable 12,618 126 Computer supplies 2,545 128 Prepaid insurance 2,220 131 Prepaid rent 3,300 163 office equipment 8,000 164 Accumulated depreciation-office equipment $ 167 Computer equipment 20,000 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 307 Common stock 73,000 318 Retained earnings 319 Dividends 5,600 403 Computer services revenue 25,659 612 Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment 62 Wages expense 2.625 Prev 1 of 1 HII Next Credit Debit $ 38,264 12,618 2,545 2,220 3,300 8,000 0 20,000 No. 101 106 126 128 131 163 164 167 168 201 210 236 307 318 319 403 612 613 623 637 640 652 655 676 677 684 Account Title Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense leage expense Miscellaneous expenses Repairs expense-Computer Totals 73,000 0 5,600 25,659 2,625 @ 1,728 704 250 805 98,659 $98,659 Next Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions' share of all advertising costs. 3 Paid $500 cash for minor repairs to the company's computer. 4 Received $3,950 cash from Alex's Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. 14 Notified by Alex's Engineering Co. that Business Solutions bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 of computer supplies on credit from Harris office Products. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,625 cash. 22-26 Took the week off for the holidays. 28 Received $3,000 cash from Gomez Co. on its receivable. 29 Reimbursed 5. Rey for business automobile mileage (600 miles at $9.32 per mile). 31 The company paid $1,500 cash in 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. o. 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. 1. Three of the four months prepaid rent have expired Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions. 2-a. Prepare adjusting entries to reflect a through f. 2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7, post the closing entries to the general ledger accounts. 3. Prepare an adjusted trial balance as of December 31, 2019 4. Prepare an income statement for the three months ended December 31, 2019. 5. Prepare a statement of retained earnings for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019. 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 2B 8. Prepare a post-closing trial balance as of December 31, 2019, Reg 1 Reg 2A Req 2B Reg 3 Reg 4 Reg 5 Req 6 Req 7 Reg 8 Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2. After completing Requirement 7. post the closing entries to the general ledger accounts. 101: Cash 106: Accounts Receivable Debit Credit Debit Credit Balance Date Dec 01 Dec 02 Balance 38,264 Date Dec 01 12618 126: Computer Supplies Debit Credit 128: Prepaid Insurance Debit Credit Date Date Dec 01 Balance 2,545 Balance 2.220 Dec. 01 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date Dec. 01 Balance 3,300 Date Dec 01 Balance 8.000 164: Accumulated Depreciation ---Office Equipment Date Debit Credit Balance Dec 01 0 167: Computer Equipment Debit Credit Date Dec. 01 Balance 20.000 167: Computer Equipment Debit Credit 164: Accumulated Depreciation - Office Equipment Date Debit Credit Balance Dec 01 0 Date Dec 01 Balance 20,000 201: Accounts Payable Debit Credit Balance 168: Accumulated Depreciation Computer Equipment Date Debit Credit Balance Dec 01 Date Dec 01 0 0 210: Wages Payable Debit Credit Balance 236: Uneamed Computer Services Revenue Date Debit Credit Balance Dec. 01 0 Date Dec. 01 0 ZU: wages rayaure Debit Credit Balance Date Dec 01 20. Uneamed computer SCIVICES revenue Date Debit Credit Balance Dec. 01 0 307: Common Stock Debit Credit 318: Retained Earnings Debit Credit Balance Date Balance Date Dec 01 Doc. 01 73,000 319: Dividends Debit 403: Computer Services Revenue Debit Credit Credit Date Dec. 01 Balance 5,600 Date Dec 01 Balance 25,659 Saved Help 10 eck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate com 612: Depreciation Expense-Office Equipment Date Debit Credit Balance Dec 01 0 613: Depreciation Expense - Computer Equipment Date Debit Credit Balance Dec. 01 0 623: Wages Expense Debit Credit 637: Insurance Expense Debit Credit Balance Date Balance 2,625 Date Dec. 01 0 Dec. 01 640: Rent Expense Debit Credit 652: Computer Supplies Expense Debit Credit Date Balance 0 Balance 0 Date Dec 01 Dec 01 640: Rent Expense Debit Credit 652: Computer Supplies Expense Debit Credit Date Balance Date Dec. 01 Balance 0 Dec. 01 0 655: Advertising Expense Debit Credit 676: Mileage Expense Debit Credit Date Balance Date Dec. 01 Balance 1,728 704 Dec 01 677: Miscellaneous Expense Debit Credit 684: Repairs Expense-Computer Debit Credit Date Dec 01 Balance 250 Date Dec 01 Balance 805 677: Miscellaneous Expense Debit Credit 684: Repairs Expense Computer Debit Credit Date Balance 250 Date Dec 01 Balance 805 Dec 01 901: Income Summary Debit Credit Date Balance Reg 1 Reg 2A Req 2B Req3 Req 4 Req 5 Reg 6 Reg 7 Prepare a statement of retained earnings for the three months ended December 31, 2019. BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2019 Retained earnings, October 1, 2019 $ Add: Net income 73,000 $ 14,460 87,460 7,100 80,360 Less: Dividends Retained earnings, December 31, 2019 BUSINESS SOLUTIONS Balance Sheet December 31, 2019 Assets 48,372 Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment 5,668 580 1,665 825 7,600 $ 8,000 (400) 20,000 (1.250) 18.750 83,460 Total Assets Liabilities Accounts payable Wages payable Unearned computer services revenue S 0 1.100 500 1,500 7,600 (400) 20,000 (1,250) 18.750 83,460 Total Assets Liabilities $ 1,100 500 Accounts payable Wages payable Unearned computer services revenue 1,500 3.100 Total Liabilities Equity Dividends 80,360 X Total equity Total Liabilities and Equity 80,360 83,460 $ Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 2B. No Date General Journal Debit Credit 1 Dec. 31 25,659 Computer services revenue Income summary 25,659 2 Dec. 31 25,659 2,625 X Income summary Wages expense Rent expense Computer supplies expense 0 23,034 3 Dec. 31 25,659 Income summary Retained earnings 5,600 4 Dec. 31 Computer supplies expense Dividends Prepare journal entries to record each of the December transactions and events for Business Solutions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Date General Journal Debit Credit 1 Dec 02 Advertising expense Cash 1,025 1025 2 Dec 03 500 > Repairs expense-Computer Cash 500 3 Dec 04 3.950 Cash Accounts receivable 3.950 . 4 Dec 10 750 Wages expense Cash 00 750 5 Dec 14 1.500 Cash Unearned computer services revenue 1.500 Prov 1 of 1 Next Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indir 1 6 Dec 15 1,100 Computer supplies Accounts payable 1,100 S 7 Dec 16 No journal entry required its 8 Dec 20 5,625 Cash Computer services revenue 5,625 9 Dec 28 3.000 > Cash Accounts receivable 3,000 10 Dec 29 192 Mileage expense Cash 00 192 11 Dec 31 1.500 Dividends Cash O 1.500 Req2A > Prepare adjusting entries to reflect a through f. No Transaction General Journal Debit Credit 1 a 3,065 Computer supplies expense Computer supplies 3,065 2 b 555 Insurance expense Prepaid insurance 555 3 500 Wages expense Wages payable olo 500 4 d 1.250 Depreciation expense-Computer equipment Accumulated depreciation-Computer equipment 1.250 5 400 Depreciation expense-Office equipment Accumulated depreciation Office equipment 400 Rent expense . 2475 Computer supplies 3,065 2 555 > Insurance expense Prepaid insurance so 555 3 500 Wages expense Wages payable 30 500 4 d * 1,250 Depreciation expense-Computer equipment Accumulated depreciation-Computer equipment 1.250 5 e 400 Depreciation expense-Office equipment Accumulated depreciation-Office equipment 400 6 f 2.475 Rent expense Prepaid rent 2,475 Prepare an adjusted trial balance as of December 31, 2019. BUSINESS SOLUTIONS Adjusted Trial Balance December 31, 2019 Account Title Debit Credit Cash $ 48,372 5,668 580 1,665 825 8,000 Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation--Office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock $ 400 20.000 1.250 1.100 500 1.500 73.000 Uuuu $ 400 20,000 1,250 1.100 500 B 1,500 73.000 Accumulated depreciation-Office equipment Computer equipment Accumulated depreciation - Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense 0 7.100 31.284 400 1.250 3.875 03 555 2.475 3,065 2.753 SIS 7,100 31,284 400 1.250 Dividends Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Totals 3,875 555 2.475 3,065 2.753 896 250 1,305 109.034 $ 109.034 Req 2B Req 4 > Prepare an income statement for the three months ended December 31, 2019. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2019 Revenue Computer services revenue $ 31,284 400 Expenses Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer 1,250 3.875 555 2,475 3,065 2,753 896 250 1,305 >ISIS OOO Prey 1 of 1 !!! Next 'p to search Check my work mode: This shows what is correct or incorrect for the work you have 400 Expenses Depreciation expense-Office equipment Depreciation expense -Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense--Computer 1,250 3,875 555 2,475 3.065 2,753 896 250 1,305 Total expenses Net income 16.824 14,460 Balance Sheet December 31, 2019 Assets Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment 48,372 5,668 580 1,665 825 7,600 $ 8.000 (400) 20,000 (1.250) OOO 18.750 83,460 $ Total Assets Liabilities Accounts payable Wages payable Unearned computer services revenue ololo 1.100 500 1.500 3.100 Total Liabilities 025 Prepaid rent Office equipment 7,600 $ 8,000 (400) 20,000 (1,250) 18,750 83,460 Total Assets Liabilities Accounts payable Wages payable Unearned computer services revenue $ >> 1,100 500 1,500 3.100 Total Liabilities Equity Dividends % 80,360 x Total equity Total Liabilities and Equity 80 360 $ 83,460 Reqs Req7 > Proy 1 of 1 !!! Next Req 1 Reg 2A Req 2B Req3 Reg 4 Req5 Reg 6 Req 7 Reg 8 Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 2B. No Date Debit Credit 1 Dec. 31 General Journal Computer services revenue Income summary 25,659 25,659 2 Dec. 31 25,659 Income summary Wages expense Rent expense Computer supplies expense 2,625 X 0 X 23,034 3 Dec 31 Income summary Retained earnings SIS 25,659 5.600 Dec. 31 Computer supplies expense Dividends Prey 1 of 1 18 Next art 1 A Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does n No Date Credit Debit 25,659 1 General Journal Computer services revenue Income summary Dec. 31 25,659 2 Dec. 31 25,659 Income summary Wages expense Rent expense Computer supplies expense 2,625 0 23,034 3 Dec. 31 25,659 Income summary Retained earnings 5,600 4 Dec. 31 Computer supplies expense Dividends Req6 Req8 > Balance Sheet December 31, 2019 Assets Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment 48,372 5,668 580 1,665 825 7,600 $ 8,000 (400) 20,000 (1.250) olololo 18.750 83,460 $ Total Assets Liabilities Accounts payable Wages payable Unearned computer services revenue ololo 1.100 500 1.500 Total Liabilities 3.100 025 Prepaid rent Office equipment 7,600 $ 8,000 (400) 20,000 (1,250) 18,750 83,460 Total Assets Liabilities Accounts payable Wages payable Unearned computer services revenue $ 1,100 500 1,500 IS 3,100 Total Liabilities Equity Dividends % 80,360 > Total equity Total Liabilities and Equity 80.360 $ 83,460 Reqs Req7 > Prey 1 of 1 !!! Next Req 1 Reg 2A Req 28 Reg 3 Reg 4 Req5 Reg 6 Req 7 Reg 8 Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 2B No Date General Journal Credit Debit 25,659 1 Dec 31 Computer services revenue Income summary 25,659 2 Dec. 31 25,659 Income summary Wages expense Rent expense Computer supplies expense 2,625 X 0 X 23.034 X 3 Dec 31 25,659 Income summary Retained earnings 5.600 4 Dec 31 Computer supplies expense Dividends Prev of 1 Hii Next art 1 A Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does n No Date Credit Debit 25,659 1 General Journal Computer services revenue Income summary Dec. 31 25,659 2 Dec. 31 25,659 Income summary Wages expense Rent expense Computer supplies expense 2,625 0 23,034 3 Dec 31 25,659 Income summary Retained earnings 5,6003 4 Dec. 31 Computer supplies expense Dividends Reqs Req8 >
