Serial Problem Business Solutions LO P1, P2, P3, P4, P5
After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2017, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2017) follows.
Comprehensive Problem i Saved Serial Problem Business Solutions LO P1, P2, P3, P4, P5 55 points After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2017, unadjusted trial balance of Business Solutions (reflecting its transactions for October and 8 03:40:13 101 Account Title 106 Cash Debit Credit Skipped Accounts receivable Computer supplies 1 918 128 2', 645 131 Prepaid insurance 1 , 92 ffice equipment 8, 400 167 ccumulated depreciation Office equipment Book Computer equipment cumulated dep ter equipment 22, 000 238 accounts payable 307 farned computer services revenue 318 mon stock Retained earnings 403 Dividends 5, 100 612 puter services revenue 38, 084 623 Depreciation expense-Computer equipment 637 Wages expense enters expense 2, 600 652 Computer supplies expense Advertising expense Mileage expense 1, 65 Miscellaneous expenses 644 684 Repairs expense- Totals 745 $102, 084 $102, 084 Business Solutions had the following transactions and events in December 2017. Dec. 2 Paid $965 cash to Hillside Mall for Business Solutions' sh paid $430 cash for minor repairs to the company's computer. 10 Paid cash to Lyn Addie for six days of work at the rate of s110 per day. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7, 400 on a proposed project has been European end paid a $2:0oo cash advance to business isOFFire 16 sent a reminder to Gomez Co. to pa pay the fee for services recorded on November 8. pleted a project for Liu Corporation and received $5, 725 cash. 26 Took the week off for the holidays. 29 Reimbursed's Bey For business automobile milesde 1400 31 The company paid $1, 200 cash in dividends. e mileage (400 miles at $0.24 per mile) . The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months: a. The December 31 inventory count of computer supplies shows $640 still available. b. Three months have expired since the 12- ith insurance premium was paid in advance of December 31, Lyn Addie has not been paid for four days of work at $110 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. f. Three of the four months' prepaid rent has expired. Required: . Prepare journal entries to record each of the December t 2-a. Prepare ad to reflect a through f. and events for Business Solutions. st the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger. 3. Prepare an adjusted trial balance as of December 31, 2017. 4. Prepare an income statement for the three months ended December 31, 2017. . Prepare a statement of retained earnings for the three months ended December 31, 2017. epare a balance sheet as of December 31, 2017. 7. Record and post the necessary closing entries as of December 31, 2017 B. Prepare a post-closing trial balance ar of Com-wiete this question by entering your answers in the tabs below. Req 1 Req 2A Req 3 Req 4 Req 6 Req 7 Req 8 Journal entry worksheet
