Submission #1

1. Prepare journal entries to record the October transactions for Business Solutions using General Journal Oct GJ1 tab in the Excel spreadsheet provided. (Note: If no entry is required for a particular transaction, enter "No journal entry required".)

Data for Project On October 1, 2017, Santana Rey launched a computer services company called Busines Solutions, which provides consulting services, computer system installations, and custom program development. Rey adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2017 Chart of Accounts Account Account No. 101 No. 302 403 S. Rey, Withdrawals Computer Services Revenue Depreciation Expense Office Equip Depreciation Expense Comp Equip Wages Expense Insurance Expense Cash Accounts Receivable Computer Supplies 126 612 613 128 131 163 Prepaid Insurance 623 637 Prepaid Rent Office Equipment Accumulated Depreciation Office Equipment Computer Equipment Accumulated Depreciation - Comp Equipment Accounts Payable Wages Payable Unearned Computer Services Revenue S. Rey, Capital Rent Expense Computer Supplies Expense Advertising Expense 164 640 652 167 168 201 210 236 655 Mileage Expense Miscellaneous Expenses Repairs Expense- Computer Income Summar 676 677 684 901 Transaction Details October 1 Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company for $3,300.) Office Products. insurance policy. (Hint: Debit Prepaid Insurance for $2,220.) 2 The company paid $3,300 cash for four months' rent. (Hint: Debit Prepaid Rent 3 The company purchased $1,420 of computer supplies on credit from Harris 5 The company paid $2,220 cash for one year's premium on a property and liability 6 The company billed Easy Leasing $4,800 for services performed in installing a 8 The company paid $1,420 cash for the computer supplies purchased from Harris 10 The company hired Lyn Addie as a part-time assistant for $125 per day, as 12 he company billed Easy Leasing another $1,400 for services performed new web server Office Products on October 3 12 needn