Serial Problem Business Solutions LO P1, P2, P3, P4 [The following information applies to the questions displayed below] Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2019. Santana Rey decided to add a fourth digit with a decimal point to the 106 account number that had been used for the single Accounts Receivable account. This change allows the company to continue using the existing chart of accounts. In response to requests from customers, S. Rey will begin selling computer software. The company will extend credit terms of 1110,n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees, Additional accounts (Nos. 119,413, 414, 415, and 502) are added to its general ledger to accommodate the company's new merchandising activities. Its transactions for January through March follow: 3an. 4 The company paid cash to Lyn Addie for five days' work at the rate of 5155 per day. Four of the five days relate to wages payable that were accrued in the prior year. 5 Santane Rey invested an additional 524,700 cash in the coapany in exchange for more comon stock. 7 The company purchased 87,000 of merchandise from Kansas Corp. With terms of 1/10,n/30, fol shipping point, Invoice dated January 7. 9 The coepany recelved $2,878 cash from Gomez co. as full paynent on its account. 11 The conpany completed a five-day project for Alex's Engineering Co. and billed it 55, 480, which is the total price of $6,610 less the advance payment of $1,330. The company debited Uncarned computer Services levenue for 33 The coepany sold merchandise with a retait volue of 54,460 and a cost of 53,540 to 41 corp., invoice dated The company paid $760 cash for freight charges on the merchandise purchased on January 7. 16 The coepany recelved 54,070 cash from belta Co, for conputer services provided. 17. The company pald Kansas Corp. for the Involce dated January 7 , net of the discount. 20 The company gave a price reduction (allowance) of s4a to tiu Corp., and credited Liu's accounts receivable for. 22 The company recelved the balance, due from Li corp., net of the discount and the allowance. 24 The coepany returned defective nerchandise to Kansas Corp. and accepted a credit against future purchases (debited accounts payable). The defective merchandise invoice cost, net of the discount, was \$476. 26 the company purchased 59 , 500 of nerchandise from Kansas Corp. with terns of 1/10,n/30, , FoB destination, involce dated Jonwary 26 . 26 The coepany sold merchandise with a 54,510 cost for 55,370 on credit to KC, Inc., invoice dated January 26. 11 The company paid cash to Lyn Addie for 10 doys' work $5,370 on credit 155 1. The coopany paid $2,685 cath to Hiuls day, Yeb. I The cospany paid $2,685 cath to Hillside hall for another three nonths rent in advance. 3. The coepany paid Kansas Corp. for the b. merchandise returned on January 24 . due, net of the cash discount, less the 4776 credit from 11 The company received the balance due from an advertiseaent to appear on February 5 only. 15 the company pald a 54,790 cash dividend. 23 the company sold merchandise with a $2,55. 26 the coepany paid cash to Lyn Addie for e cost for 53,400 on credit to delta co., involce dated February 23. 27 The company reimbursed Santana Rey $123 cash for bustrest 5155 per day. reiobursenent as 7ileage Expense.- Mar. a The coepany purchased 52,77 of coeputer sup. destination, invoice dated March a. Marris office Products on credit with teres of n/30,POB 11. The momaviv nafa trad rnch for minne mena Delta Co. for werchandise sold on February 23. 11 The company poid $800 cash for ainor repairs to the company's cooputer. 16 The company received $5,270 cash from Dream, Inc., for computing services provided. 19 The company paid the full amount due of $3,880 to Harris office Products, consisting of amounts created on December 15 (of $1,110 ) and Morch 8 . 24 The company billed Easy Leasing for $9,157 of computing services provided. 25 The company sold merchandise with a $2,972 cost for $2,990 on credit to Wildcat Services, invoice dated March 25 . 30 The company sold merchandise with a $1,098 cost for $2,350 on credit to IfM Company, invoice dated March 30. The following additional facts are available for preparing adjustments on March 31 prior to financial statement preparation: a. The March 31 amount of computer supplies still avatlable totals $2,005. b. Prepaid Insurance coverage of $636 expired during this 3 month period. c. Lyn Addie has not been paid for seven days of work at the rate of $155 per day. d. Prepaid rent of $2,685 expired during this 3 month period. e. Depreciation on the computer equipment for January 1 through March 31 is $1,210. 1. Depreciation on the office equipment for January 1 through March 31 is $270. 9. The March 31 amount of merchandise inventory still available totals $664. 2. Post the journal entries in part 1 to the accounts in the company's general ledger. Note: Begin with the ledger's post-closing adjusted balances as of December 31, 2019 . Serial Problem Business Solutions LO P1, P2, P3, P4 [The following information applies to the questions displayed below] Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2019. Santana Rey decided to add a fourth digit with a decimal point to the 106 account number that had been used for the single Accounts Receivable account. This change allows the company to continue using the existing chart of accounts. In response to requests from customers, S. Rey will begin selling computer software. The company will extend credit terms of 1110,n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees, Additional accounts (Nos. 119,413, 414, 415, and 502) are added to its general ledger to accommodate the company's new merchandising activities. Its transactions for January through March follow: 3an. 4 The company paid cash to Lyn Addie for five days' work at the rate of 5155 per day. Four of the five days relate to wages payable that were accrued in the prior year. 5 Santane Rey invested an additional 524,700 cash in the coapany in exchange for more comon stock. 7 The company purchased 87,000 of merchandise from Kansas Corp. With terms of 1/10,n/30, fol shipping point, Invoice dated January 7. 9 The coepany recelved $2,878 cash from Gomez co. as full paynent on its account. 11 The conpany completed a five-day project for Alex's Engineering Co. and billed it 55, 480, which is the total price of $6,610 less the advance payment of $1,330. The company debited Uncarned computer Services levenue for 33 The coepany sold merchandise with a retait volue of 54,460 and a cost of 53,540 to 41 corp., invoice dated The company paid $760 cash for freight charges on the merchandise purchased on January 7. 16 The coepany recelved 54,070 cash from belta Co, for conputer services provided. 17. The company pald Kansas Corp. for the Involce dated January 7 , net of the discount. 20 The company gave a price reduction (allowance) of s4a to tiu Corp., and credited Liu's accounts receivable for. 22 The company recelved the balance, due from Li corp., net of the discount and the allowance. 24 The coepany returned defective nerchandise to Kansas Corp. and accepted a credit against future purchases (debited accounts payable). The defective merchandise invoice cost, net of the discount, was \$476. 26 the company purchased 59 , 500 of nerchandise from Kansas Corp. with terns of 1/10,n/30, , FoB destination, involce dated Jonwary 26 . 26 The coepany sold merchandise with a 54,510 cost for 55,370 on credit to KC, Inc., invoice dated January 26. 11 The company paid cash to Lyn Addie for 10 doys' work $5,370 on credit 155 1. The coopany paid $2,685 cath to Hiuls day, Yeb. I The cospany paid $2,685 cath to Hillside hall for another three nonths rent in advance. 3. The coepany paid Kansas Corp. for the b. merchandise returned on January 24 . due, net of the cash discount, less the 4776 credit from 11 The company received the balance due from an advertiseaent to appear on February 5 only. 15 the company pald a 54,790 cash dividend. 23 the company sold merchandise with a $2,55. 26 the coepany paid cash to Lyn Addie for e cost for 53,400 on credit to delta co., involce dated February 23. 27 The company reimbursed Santana Rey $123 cash for bustrest 5155 per day. reiobursenent as 7ileage Expense.- Mar. a The coepany purchased 52,77 of coeputer sup. destination, invoice dated March a. Marris office Products on credit with teres of n/30,POB 11. The momaviv nafa trad rnch for minne mena Delta Co. for werchandise sold on February 23. 11 The company poid $800 cash for ainor repairs to the company's cooputer. 16 The company received $5,270 cash from Dream, Inc., for computing services provided. 19 The company paid the full amount due of $3,880 to Harris office Products, consisting of amounts created on December 15 (of $1,110 ) and Morch 8 . 24 The company billed Easy Leasing for $9,157 of computing services provided. 25 The company sold merchandise with a $2,972 cost for $2,990 on credit to Wildcat Services, invoice dated March 25 . 30 The company sold merchandise with a $1,098 cost for $2,350 on credit to IfM Company, invoice dated March 30. The following additional facts are available for preparing adjustments on March 31 prior to financial statement preparation: a. The March 31 amount of computer supplies still avatlable totals $2,005. b. Prepaid Insurance coverage of $636 expired during this 3 month period. c. Lyn Addie has not been paid for seven days of work at the rate of $155 per day. d. Prepaid rent of $2,685 expired during this 3 month period. e. Depreciation on the computer equipment for January 1 through March 31 is $1,210. 1. Depreciation on the office equipment for January 1 through March 31 is $270. 9. The March 31 amount of merchandise inventory still available totals $664. 2. Post the journal entries in part 1 to the accounts in the company's general ledger. Note: Begin with the ledger's post-closing adjusted balances as of December 31, 2019