The November 30, 2018, unadjusted trial balance of Business Solutions is found in the Trial balance tab Business Solutions had the following transactions and events in December 2018 Dec Dec. Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions share of moll advertising costs. Dec 3 Paid 55ee cash for minor repairs to the company's computer. Dec. 4 Received $3,950 cash from Alex's Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. Dec. 14 Notified by Alex's Engineering Co. that Business Solutions bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. Dec. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. Dec 2e Completed a project for Liu Corporation and received $5,625 cash. Dec. 22- Took the week off for the holidays. 26 Dec. 28 Received $3,000 cash from Gomez Co. on its receivable. Dec. 29 Reimbursed S. Rey for business automobile mileage (600 miles at 50. per mile). Dec. 31 The company paid $1,500 cash in dividends. ces w 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 $580 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Lyn Addie has not been paid for four days of work at $125 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. General Journal General Ledger Requirement Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income Prepare journal entries for each of the December transactions. If no journal entry is required, select "No journal entry required" in the first account field. Then, using the 3-step adjusting entry process, and the information given for adjustments, prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy. Show less er 3 GL Assignment Check my work mode : This shows what is correct or in om Leger statement tange ancome Prepare journal entries for each of the December transactions. If no journal entry is required, select "No journal entry required in the first account field. Then, using the 3-step adjusting entry process, and the information given for adjustments, prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy. Date Account Title Credit No 1 Debit 1005 Dec 02 Advertising expense 1,025 OO 00 2 Dec 03 Repairs expense. Computer Cash 500 500 Dec 04 Cash Accounts receivable 3.000 Oo 3.950 Des 10 Cash 750 5 Dec 14 1.500 Unarmed computer services revenue 1500 OOO OO OO 8 Dec 15 Computer supplies Accounts payable 1,100 1.100 7 Dec 16 No journal entry required 3 De 20 Cash Computer services 5.695 5.625 Dec 28 3.000 Accounts receivable 2.000 19 O O OO OO Menge pense Cash 102 102 11 Dec 31 Dividends 1500 1.500 12 Dec 31 500 14 Dec 1 0 0 0 125 0 Prey Type here to search Dec. 29 Reimbursed s. Rey for business automobile mileage (see miles at se. 32 per sile). Dec 31 The company paid $1,500 cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months: 6. The December 31 Inventory count of computer supplies shows $580 still available b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31. Lyn Addie has not been paid for four days of work at $125 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 t. Three of the four months prepaid rent has expired. General Joumal Requirement General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet impact on Income Use the drop down to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account based on your selection. Adjusted BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2019 Revenues S 0 Expenses 0 0 0 0 0 0 0 0 0 Net income 0 St Retained Balance Sheet General General Income Impact on Requirement Trial Balance Journal Ledger Statement Earnings Income Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjusted balances will appear for each account based on your selection. Include all balance sheet accounts, even those with zero balances Show less Adjusted BUSINESS SOLUTIONS Balance Sheet December 31, 2019 ASSETS Cument assets Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent DO 47,687 5.068 4 225 2.220 3.300 0 5 63.000 Total current assets Plant assets 0 0 0 Total plant assets LIABILITIES AND EQUITY 5 0 0 0 0 Equity St Retained Earnings Impact on Income > Type here to search ! paid $1.50 cash advance to business Solutions 15 Purchased $1,100 of computer supplies on credit from Harris Office Products 15 sent a render to Gomer Co. to pay the fee for services recorded on November 20 Completed project for Liu Corporation and received 55,65 cash. Dec 22- took the week off for the holidays Det 28 Received 33,00 cash froe Gomet Co, on its receivable. Det 29 Reisbursed S Rey for business automobile mileage (e riles at se. 32 per mile). 31 The company paid 51, se cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months The December 31 inventory count of computer supplies shows $580 still available b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Lyn Addie has not been paid for four days of work at $125 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 Three of the four months prepaid rent has expired. General Journal General Ledger Income Statement St Retained Earnings Trial Balance Requirement Balance Sheet Impact on Income For each adjustment indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) (Negative amounts must be entered with a minus sign) Show less Adjusted Account affecting the Income Statement Balance Sheet Impact on net income Adjusting entry related to a) Computer supplies ) Prepaid insurance c) Acordwages Depreciation - Computer equipment .) Depreciation - Office equipment Prepaid rent $ 0 Had the adjustments not been prepared, income would have been understated by 0 ( Balance Sheet Type here to search The November 30, 2018, unadjusted trial balance of Business Solutions is found in the Trial balance tab Business Solutions had the following transactions and events in December 2018 Dec Dec. Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions share of moll advertising costs. Dec 3 Paid 55ee cash for minor repairs to the company's computer. Dec. 4 Received $3,950 cash from Alex's Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. Dec. 14 Notified by Alex's Engineering Co. that Business Solutions bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. Dec. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. Dec 2e Completed a project for Liu Corporation and received $5,625 cash. Dec. 22- Took the week off for the holidays. 26 Dec. 28 Received $3,000 cash from Gomez Co. on its receivable. Dec. 29 Reimbursed S. Rey for business automobile mileage (600 miles at 50. per mile). Dec. 31 The company paid $1,500 cash in dividends. ces w 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 $580 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Lyn Addie has not been paid for four days of work at $125 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. General Journal General Ledger Requirement Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income Prepare journal entries for each of the December transactions. If no journal entry is required, select "No journal entry required" in the first account field. Then, using the 3-step adjusting entry process, and the information given for adjustments, prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy. Show less er 3 GL Assignment Check my work mode : This shows what is correct or in om Leger statement tange ancome Prepare journal entries for each of the December transactions. If no journal entry is required, select "No journal entry required in the first account field. Then, using the 3-step adjusting entry process, and the information given for adjustments, prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy. Date Account Title Credit No 1 Debit 1005 Dec 02 Advertising expense 1,025 OO 00 2 Dec 03 Repairs expense. Computer Cash 500 500 Dec 04 Cash Accounts receivable 3.000 Oo 3.950 Des 10 Cash 750 5 Dec 14 1.500 Unarmed computer services revenue 1500 OOO OO OO 8 Dec 15 Computer supplies Accounts payable 1,100 1.100 7 Dec 16 No journal entry required 3 De 20 Cash Computer services 5.695 5.625 Dec 28 3.000 Accounts receivable 2.000 19 O O OO OO Menge pense Cash 102 102 11 Dec 31 Dividends 1500 1.500 12 Dec 31 500 14 Dec 1 0 0 0 125 0 Prey Type here to search Dec. 29 Reimbursed s. Rey for business automobile mileage (see miles at se. 32 per sile). Dec 31 The company paid $1,500 cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months: 6. The December 31 Inventory count of computer supplies shows $580 still available b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31. Lyn Addie has not been paid for four days of work at $125 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 t. Three of the four months prepaid rent has expired. General Joumal Requirement General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet impact on Income Use the drop down to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account based on your selection. Adjusted BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2019 Revenues S 0 Expenses 0 0 0 0 0 0 0 0 0 Net income 0 St Retained Balance Sheet General General Income Impact on Requirement Trial Balance Journal Ledger Statement Earnings Income Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjusted balances will appear for each account based on your selection. Include all balance sheet accounts, even those with zero balances Show less Adjusted BUSINESS SOLUTIONS Balance Sheet December 31, 2019 ASSETS Cument assets Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent DO 47,687 5.068 4 225 2.220 3.300 0 5 63.000 Total current assets Plant assets 0 0 0 Total plant assets LIABILITIES AND EQUITY 5 0 0 0 0 Equity St Retained Earnings Impact on Income > Type here to search ! paid $1.50 cash advance to business Solutions 15 Purchased $1,100 of computer supplies on credit from Harris Office Products 15 sent a render to Gomer Co. to pay the fee for services recorded on November 20 Completed project for Liu Corporation and received 55,65 cash. Dec 22- took the week off for the holidays Det 28 Received 33,00 cash froe Gomet Co, on its receivable. Det 29 Reisbursed S Rey for business automobile mileage (e riles at se. 32 per mile). 31 The company paid 51, se cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months The December 31 inventory count of computer supplies shows $580 still available b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Lyn Addie has not been paid for four days of work at $125 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 Three of the four months prepaid rent has expired. General Journal General Ledger Income Statement St Retained Earnings Trial Balance Requirement Balance Sheet Impact on Income For each adjustment indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) (Negative amounts must be entered with a minus sign) Show less Adjusted Account affecting the Income Statement Balance Sheet Impact on net income Adjusting entry related to a) Computer supplies ) Prepaid insurance c) Acordwages Depreciation - Computer equipment .) Depreciation - Office equipment Prepaid rent $ 0 Had the adjustments not been prepared, income would have been understated by 0 ( Balance Sheet Type here to search