SP 2 Serial Problem Business Solutions (Static) LO A1, P1

On October 1, 2021, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. The companys initial chart of accounts follows.

Account	Number	Account	Number
Cash	101	Common stock	307
Accounts Receivable	106	Dividends	319
Computer Supplies	126	Computer Services Revenue	403
Prepaid Insurance	128	Wages Expense	623
Prepaid Rent	131	Advertising Expense	655
Office Equipment	163	Mileage Expense	676
Computer Equipment	167	Miscellaneous Expenses	677
Accounts Payable	201	Repairs ExpenseComputer	684

October 1	S. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company in exchange for common stock.
October 2	The company paid $3,300 cash for four months rent. Hint: Debit Prepaid Rent for $3,300.
October 3	The company purchased $1,420 of computer supplies on credit from Harris Office Products.
October 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.
October 6	The company billed Easy Leasing $4,800 for services performed in installing a new Web server.
October 8	The company paid $1,420 cash for the computer supplies purchased from Harris Office Products on October 3.
October 10	The company hired Lyn Addie as a part-time assistant.
October 12	The company billed Easy Leasing another $1,400 for services performed.
October 15	The company received $4,800 cash from Easy Leasing as partial payment on its account.
October 17	The company paid $805 cash to repair computer equipment that was damaged when moving it.
October 20	The company paid $1,728 cash for advertisements.
October 22	The company received $1,400 cash from Easy Leasing on its account.
October 28	The company billed IFM Company $5,208 for services performed.
October 31	The company paid $875 cash for Lyn Addie's wages for seven days' work.
October 31	The company paid a $3,600 cash dividend.
November 1	The company paid $320 cash for mileage expenses.
November 2	The company received $4,633 cash from Liu Corporation for computer services performed.
November 5	The company purchased computer supplies for $1,125 cash from Harris Office Products.
November 8	The company billed Gomez Company $5,668 for services performed.
November 13	The company agreed to perform future services for Alexs Engineering Company. No work has yet been performed.
November 18	The company received $2,208 cash from IFM Company as partial payment of the October 28 bill.
November 22	The company paid $250 cash for miscellaneous expenses. Hint: Debit Miscellaneous Expenses for $250.
November 24	The company completed work and sent a bill for $3,950 to Alexs Engineering Company.
November 25	The company sent another bill to IFM Company for the past-due amount of $3,000.
November 28	The company paid $384 cash for mileage expenses.
November 30	The company paid $1,750 cash for Lyn Addie's wages for 14 days' work.
November 30	The company paid a $2,000 cash dividend.

Required: 1. Prepare journal entries to record each of the above transactions for Business Solutions. 2. Prepare ledger accounts (in balance column format) and post the journal entries from requirement 1 to them. 3. Prepare a trial balance as of the end of November.

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of the above transactions for Business Solutions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet IIIII S. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company in exchange for common stock. Note: Enter debits before credits. General Journal Debit Credit Date October 01 Record entry Clear entry View general journal Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare ledger accounts (in balance column format) and post the journal entries from requirement 1 to them. 101: Cash 106: Accounts Receivable Debit Credit Date Debit Credit Balance Date Balance 126: Computer Supplies Debit Credit 128: Prepaid Insurance Debit Credit Date Balance Date Balance 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date Balance Date Balance 167: Computer Equipment Debit Credit 201: Accounts Payable Debit Credit Date Balance Date Balance 307: Common Stock Debit Credit 319: Dividends Debit Credit Date Balance Date Balance 403: Computer Services Revenue Debit Credit 623: Wages Expense Debit Credit Date Balance Date Balance 655: Advertising Expense Debit Credit 676: Mileage Expense Debit Credit Date Balance Date Balance 677: Miscellaneous Expenses Debit Credit 684: Repairs Expense-Computer Debit Credit Date Balance Date Balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a trial balance as of the end of November. Credit BUSINESS SOLUTIONS Trial Balance November 30 Debit Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Computer equipment Accounts payable Common stock Dividends Computer services revenue Wages expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense--Computer Totals S 0 S