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SP 7 Serial Problem Business Solutions (Algo) LO P1, P2, P3, P4 Santana Rey created Business Solutions on October 1, 2021. 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, 2021. 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. Credit Debit $ 48, 492 0 0 0 3,070 0 2,788 0 0 0 0 610 1,715 625 8,000 $ 230 21,100 Number 101 106.1 100 106.2 100 106.3 106.4 106.5 106.6 105 106.7 100 106.8 100 106.9 110 119 126 120 128 121 131 163 164 167 168 201 210 236 301 302 403 43 413 4 414 A15 415 50 502 612 612 613 623 623 637 637 640 652 655 676 677 684 Account Title Cash Alex's Engineering Company Wildcat Services ci Easy Leasing . IFM Company Liu Corporation Gomez Company Delta Company KC, Incorporated Dream, Incorporated Merchandise inventory Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue s. Rey, Capital S. Rey, Withdrawals Computer services revenue Sales . Sales returns and allowances Sales discounts Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer 1,100 1, 120 700 1,400 81,850 0 0 0 0 0 0 0 U 0 0 0 0 0 0 0 0 0 0 0 In response to requests from customers, S. Rey will begin selling computer software. The company will extend credit terms of 1/10, 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: January 4 The company paid cash to Lyn Addie for five days' work at the rate of $175 per day. Four of the five days relate to wages payable that were accrued in the prior year. January 5 Santana Rey invested an additional $23,600 cash in the company. January 7 The company purchased $6,200 of merchandise from Kansas Corporation with terms of 1/10, n/30, FOB shipping point, invoice dated January 7. January 9 The company received $2,788 cash from Gomez Company as full payment on its account. January 11 The company completed a five-day project for Alex's Engineering Company and billed it $5,370, which is the total price of $6,770 less the advance payment of $1,400. The company debited Unearned Computer Services Revenue for $ 1,400. January 13 The company sold merchandise with a retail value of $4,500 and a cost of $3,560 to Liu Corporation, invoice dated January 13. January 15 The company paid $600 cash for freight charges on the merchandise purchased on January 7. January 16 The company received $4,200 cash from Delta Company for computer services provided. January 17 The company paid Kansas Corporation for the invoice dated January 7, net of the discount. January 20 The company gave a price reduction (allowance) of $600 to Liu Corporation, and credited Liu's accounts receivable for that amount. January 22 The company received the balance due from Liu Corporation, net of the discount and the allowance. January 24 The company returned defective merchandise to Kansas Corporation and accepted a credit against future purchases (debited accounts payable). The defective merchandise invoice cost, net of the discount, was $496. January 26 The company purchased $9,000 of merchandise from Kansas Corporation with terms of 1/10, n/30, FOB destination, invoice dated January 26. January 26 The company sold merchandise with a $4,550 cost for $5,820 on credit to kc, Incorporated, invoice dated January 26. January 31 The company paid cash to Lyn Addie for 10 days' work at $175 per day. February 1 The company paid $2,295 cash to Hillside Mall for another three months' rent in advance. February 3 The company paid Kansas Corporation for the balance due, net of the cash discount, less the $496 credit from merchandise returned on January 24. February 5 The company paid $530 cash to Facebook for an advertisement to appear on February 5 only. February 11 The company received the balance due from Alex's Engineering Company for fees billed on January 11. February 15 s. Rey withdrew $4,670 cash from the company for personal use. February 23 The company sold merchandise with a $2,630 cost for $3,290 on credit to Delta Company, invoice dated February 23. February 26 The company paid cash to Lyn Addie for eight days' work at $175 per day. February 27 The company reimbursed Santana Rey $96 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." March 8 The company purchased $2,820 of computer supplies from Harris Office Products on credit with terms of n/30, FOB destination, invoice dated March 8. March 9 The company received the balance due from Delta Company for merchandise sold on February 23. March 11 The company paid $790 cash for minor repairs to the company's computer. March 16 The company received $5,330 cash from Dream, Incorporated, for computing services provided. March 19 The company paid the full amount due of $3,940 to Harris Office Products, consisting of amounts created on December 15 (of $1,120) and March 8. March 24 The company billed Easy Leasing for $9,167 of computing services provided. March 25 The company sold merchandise with a $2,032 cost for $2,910 on credit to Wildcat Services, invoice dated March 25. March 30 The company sold merchandise with a $1,058 cost for $2,390 on credit to IFM Company, invoice dated March 30. March 31 The company reimbursed Santana Rey $160 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." Assume that Santana Rey expands Business Solutions' system to include special journals. Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, cash receipts journal, purchases journal, and cash payments journal or general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash payments journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, and 24 and March 24. Do not record and post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. Sales Cash Receipts Purchases Cash Payments General Journal Enter the Business Solutions transactions for January through March in a sales journal. SALES JOURNAL Accounts Account Debited Receivable Debit Sales Credit Date Cost of Goods Sold Debit Inventory Credit March 31 Totals $ 0 $ 0 Complete this question by entering your answers in the tabs below. Sales Cash Receipts Purchases Cash Payments General Journal Enter the Business Solutions transactions for January through March in a cash receipts journal. CASH RECEIPTS JOURNAL Date Account Credited Cash Debit Sales Discount Debit Accounts Receivable Credit Services Revenue Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit March 31 Totals 0 $ 0 $ 0 $ 0 $ 0 $ 0 Complete this question by entering your answers in the tabs below. Sales Cash Receipts Purchases Cash Payments General Journal Enter the Business Solutions transactions for January through March in a purchases journal. PURCHASES JOURNAL Date Account Date of Invoice Terms Accounts Payable Credit Inventory Debit Computer Supplies Debit Other Accounts Debit March 31 Totals $ 0 $ 0 $ 0 $ 0 Sales Cash Receipts Purchases Cash Payments General Journal Enter the Business Solutions transactions for January through March in a general journal. The transactions on the followin be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not record and post the adjusting entries fo March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list :X: 1 Record the additional cash investment by Santana Rey. > 2 Record the entry for completion of a five-day project for Alex's Engineering Company and billing it $5,370, which is the total price of $6,770 less the advance payment of $1,400. The company debited Unearned Computer Services Revenue for $1,400. 3 Record the entry for allowance of $600 given by the company to Liu Corporation. Credit 4 Record the entry for return of defective merchandise which had a $496 cost. 5 Record the entry for providing computer services to Easy Leasing for $9,167. Note : = journal entry has been entered Record entry Clear entry View general journal SP 7 Serial Problem Business Solutions (Algo) LO P1, P2, P3, P4 Santana Rey created Business Solutions on October 1, 2021. 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, 2021. 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. Credit Debit $ 48, 492 0 0 0 3,070 0 2,788 0 0 0 0 610 1,715 625 8,000 $ 230 21,100 Number 101 106.1 100 106.2 100 106.3 106.4 106.5 106.6 105 106.7 100 106.8 100 106.9 110 119 126 120 128 121 131 163 164 167 168 201 210 236 301 302 403 43 413 4 414 A15 415 50 502 612 612 613 623 623 637 637 640 652 655 676 677 684 Account Title Cash Alex's Engineering Company Wildcat Services ci Easy Leasing . IFM Company Liu Corporation Gomez Company Delta Company KC, Incorporated Dream, Incorporated Merchandise inventory Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue s. Rey, Capital S. Rey, Withdrawals Computer services revenue Sales . Sales returns and allowances Sales discounts Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer 1,100 1, 120 700 1,400 81,850 0 0 0 0 0 0 0 U 0 0 0 0 0 0 0 0 0 0 0 In response to requests from customers, S. Rey will begin selling computer software. The company will extend credit terms of 1/10, 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: January 4 The company paid cash to Lyn Addie for five days' work at the rate of $175 per day. Four of the five days relate to wages payable that were accrued in the prior year. January 5 Santana Rey invested an additional $23,600 cash in the company. January 7 The company purchased $6,200 of merchandise from Kansas Corporation with terms of 1/10, n/30, FOB shipping point, invoice dated January 7. January 9 The company received $2,788 cash from Gomez Company as full payment on its account. January 11 The company completed a five-day project for Alex's Engineering Company and billed it $5,370, which is the total price of $6,770 less the advance payment of $1,400. The company debited Unearned Computer Services Revenue for $ 1,400. January 13 The company sold merchandise with a retail value of $4,500 and a cost of $3,560 to Liu Corporation, invoice dated January 13. January 15 The company paid $600 cash for freight charges on the merchandise purchased on January 7. January 16 The company received $4,200 cash from Delta Company for computer services provided. January 17 The company paid Kansas Corporation for the invoice dated January 7, net of the discount. January 20 The company gave a price reduction (allowance) of $600 to Liu Corporation, and credited Liu's accounts receivable for that amount. January 22 The company received the balance due from Liu Corporation, net of the discount and the allowance. January 24 The company returned defective merchandise to Kansas Corporation and accepted a credit against future purchases (debited accounts payable). The defective merchandise invoice cost, net of the discount, was $496. January 26 The company purchased $9,000 of merchandise from Kansas Corporation with terms of 1/10, n/30, FOB destination, invoice dated January 26. January 26 The company sold merchandise with a $4,550 cost for $5,820 on credit to kc, Incorporated, invoice dated January 26. January 31 The company paid cash to Lyn Addie for 10 days' work at $175 per day. February 1 The company paid $2,295 cash to Hillside Mall for another three months' rent in advance. February 3 The company paid Kansas Corporation for the balance due, net of the cash discount, less the $496 credit from merchandise returned on January 24. February 5 The company paid $530 cash to Facebook for an advertisement to appear on February 5 only. February 11 The company received the balance due from Alex's Engineering Company for fees billed on January 11. February 15 s. Rey withdrew $4,670 cash from the company for personal use. February 23 The company sold merchandise with a $2,630 cost for $3,290 on credit to Delta Company, invoice dated February 23. February 26 The company paid cash to Lyn Addie for eight days' work at $175 per day. February 27 The company reimbursed Santana Rey $96 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." March 8 The company purchased $2,820 of computer supplies from Harris Office Products on credit with terms of n/30, FOB destination, invoice dated March 8. March 9 The company received the balance due from Delta Company for merchandise sold on February 23. March 11 The company paid $790 cash for minor repairs to the company's computer. March 16 The company received $5,330 cash from Dream, Incorporated, for computing services provided. March 19 The company paid the full amount due of $3,940 to Harris Office Products, consisting of amounts created on December 15 (of $1,120) and March 8. March 24 The company billed Easy Leasing for $9,167 of computing services provided. March 25 The company sold merchandise with a $2,032 cost for $2,910 on credit to Wildcat Services, invoice dated March 25. March 30 The company sold merchandise with a $1,058 cost for $2,390 on credit to IFM Company, invoice dated March 30. March 31 The company reimbursed Santana Rey $160 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." Assume that Santana Rey expands Business Solutions' system to include special journals. Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, cash receipts journal, purchases journal, and cash payments journal or general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash payments journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, and 24 and March 24. Do not record and post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. Sales Cash Receipts Purchases Cash Payments General Journal Enter the Business Solutions transactions for January through March in a sales journal. SALES JOURNAL Accounts Account Debited Receivable Debit Sales Credit Date Cost of Goods Sold Debit Inventory Credit March 31 Totals $ 0 $ 0 Complete this question by entering your answers in the tabs below. Sales Cash Receipts Purchases Cash Payments General Journal Enter the Business Solutions transactions for January through March in a cash receipts journal. CASH RECEIPTS JOURNAL Date Account Credited Cash Debit Sales Discount Debit Accounts Receivable Credit Services Revenue Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit March 31 Totals 0 $ 0 $ 0 $ 0 $ 0 $ 0 Complete this question by entering your answers in the tabs below. Sales Cash Receipts Purchases Cash Payments General Journal Enter the Business Solutions transactions for January through March in a purchases journal. PURCHASES JOURNAL Date Account Date of Invoice Terms Accounts Payable Credit Inventory Debit Computer Supplies Debit Other Accounts Debit March 31 Totals $ 0 $ 0 $ 0 $ 0 Sales Cash Receipts Purchases Cash Payments General Journal Enter the Business Solutions transactions for January through March in a general journal. The transactions on the followin be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not record and post the adjusting entries fo March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list :X: 1 Record the additional cash investment by Santana Rey. > 2 Record the entry for completion of a five-day project for Alex's Engineering Company and billing it $5,370, which is the total price of $6,770 less the advance payment of $1,400. The company debited Unearned Computer Services Revenue for $1,400. 3 Record the entry for allowance of $600 given by the company to Liu Corporation. Credit 4 Record the entry for return of defective merchandise which had a $496 cost. 5 Record the entry for providing computer services to Easy Leasing for $9,167. Note : = journal entry has been entered Record entry Clear entry View general journal