SP 3 Serial Problem Business Solutions (Algo) LO P1, P2, P3, P4, P5 After the success of the companys first two months, Santana Rey continues to operate Business Solutions The November 30, 2021, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2021) follows Number Account Title Debit Credit 101 Cash $ 39,064 106 Accounts receivable 13,318 126 Computer supplies 2,645 128 Prepaid insurance 2,160 131 Prepaid rent 3,140 163 Office equipment 8,300 164 Accumulated depreciationOffice equipment 0 167 Computer equipment 21,600 168 Accumulated depreciationComputer equipment 0 201 Accounts payable 0 210 Wages payable 0 236 Unearned computer services revenue 0 301 S Rey, Capital 68,000 302 S Rey, Withdrawals 6,300 403 Computer services revenue 34,284 612 Depreciation expenseOffice equipment 0 613 Depreciation expenseComputer equipment 0 623 Wages expense 2,450 637 Insurance expense 0 640 Rent expense 0 652 Computer supplies expense 0 655 Advertising expense 1,708 676 Mileage expense 664 677 Miscellaneous expenses 200 684 Repairs expenseComputer 735 Totals $ 102,284 $ 102,284 Business Solutions had the following transactions and events in December 2021 December 2 Paid $995 cash to Hillside Mall for Business Solutions's share of mall advertising costs December 3 Paid $420 cash for minor repairs to the companys computer December 4 Received $4,250 cash from Alexs Engineering Company for the receivable from November December 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day December 14 Notified by Alexs Engineering Company that Business Solutions's bid of $7,400 on a proposed project has been accepted Alexs paid a $1,700 cash advance to Business Solutions December 15 Purchased $1,200 of computer supplies on credit from Harris Office Products December 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8 December 20 Completed a project for Liu Corporation and received $5,975 cash December 22 26 Took the week off for the holidays December 28 Received $3,800 cash from Gomez Company on its receivable December 29 Reimbursed S Rey for business automobile mileage (500 miles at $0 27 per mile) December 31 S Rey withdrew $1,000 cash from the company for personal use The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the companys first three months The December 31 inventory count of computer supplies shows $620 still available Three months have expired since the 12 month insurance premium was paid in advance As of December 31, Lyn Addie has not been paid for four days of work at $125 per day The computer system, acquired on October 1, is expected to have a four year life with no salvage value The office equipment, acquired on October 1, is expected to have a five year life with no salvage value 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, adjusting entries to the accounts in the ledger 3 Prepare an adjusted trial balance as of December 31, 2021

Question

SP 3 Serial Problem Business Solutions (Algo) LO P1, P2, P3, P4, P5 After the success of the companys first two months, Santana Rey continues to operate Business Solutions  The November 30, 2021, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2021) follows  Number Account Title Debit Credit 101 Cash $ 39,064 106 Accounts receivable 13,318 126 Computer supplies 2,645 128 Prepaid insurance 2,160 131 Prepaid rent 3,140 163 Office equipment 8,300 164 Accumulated depreciationOffice equipment 0 167 Computer equipment 21,600 168 Accumulated depreciationComputer equipment 0 201 Accounts payable 0 210 Wages payable 0 236 Unearned computer services revenue 0 301 S  Rey, Capital 68,000 302 S  Rey, Withdrawals 6,300 403 Computer services revenue 34,284 612 Depreciation expenseOffice equipment 0 613 Depreciation expenseComputer equipment 0 623 Wages expense 2,450 637 Insurance expense 0 640 Rent expense 0 652 Computer supplies expense 0 655 Advertising expense 1,708 676 Mileage expense 664 677 Miscellaneous expenses 200 684 Repairs expenseComputer 735 Totals $ 102,284 $ 102,284 Business Solutions had the following transactions and events in December 2021  December 2 Paid $995 cash to Hillside Mall for Business Solutions's share of mall advertising costs  December 3 Paid $420 cash for minor repairs to the companys computer  December 4 Received $4,250 cash from Alexs Engineering Company for the receivable from November  December 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day  December 14 Notified by Alexs Engineering Company that Business Solutions's bid of $7,400 on a proposed project has been accepted  Alexs paid a $1,700 cash advance to Business Solutions  December 15 Purchased $1,200 of computer supplies on credit from Harris Office Products  December 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8  December 20 Completed a project for Liu Corporation and received $5,975 cash  December 22 26 Took the week off for the holidays  December 28 Received $3,800 cash from Gomez Company on its receivable  December 29 Reimbursed S  Rey for business automobile mileage (500 miles at $0 27 per mile)  December 31 S  Rey withdrew $1,000 cash from the company for personal use  The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the companys first three months  The December 31 inventory count of computer supplies shows $620 still available  Three months have expired since the 12 month insurance premium was paid in advance  As of December 31, Lyn Addie has not been paid for four days of work at $125 per day  The computer system, acquired on October 1, is expected to have a four year life with no salvage value  The office equipment, acquired on October 1, is expected to have a five year life with no salvage value  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, adjusting entries to the accounts in the ledger  3  Prepare an adjusted trial balance as of December 31, 2021

Accepted Answer

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December 2	Paid $995 cash to Hillside Mall for Business Solutions's share of mall advertising costs.
December 3	Paid $420 cash for minor repairs to the companys computer.
December 4	Received $4,250 cash from Alexs Engineering Company for the receivable from November.
December 10	Paid cash to Lyn Addie for six days of work at the rate of $125 per day.
December 14	Notified by Alexs Engineering Company that Business Solutions's bid of $7,400 on a proposed project has been accepted. Alexs paid a $1,700 cash advance to Business Solutions.
December 15	Purchased $1,200 of computer supplies on credit from Harris Office Products.
December 16	Sent a reminder to Gomez Company to pay the fee for services recorded on November 8.
December 20	Completed a project for Liu Corporation and received $5,975 cash.
December 22-26	Took the week off for the holidays.
December 28	Received $3,800 cash from Gomez Company on its receivable.
December 29	Reimbursed S. Rey for business automobile mileage (500 miles at $0.27 per mile).
December 31	S. Rey withdrew $1,000 cash from the company for personal use.

Question

SP 3 Serial Problem Business Solutions (Algo) LO P1, P2, P3, P4, P5 After the success of the companys first two months, Santana Rey continues