Answered step by step
Verified Expert Solution
Question
1 Approved Answer
work Business Solutions began operations on October 1, 2017. The November 30, 2017 unadjusted trial balance is included on the trial balance tab. Record the
work Business Solutions began operations on October 1, 2017. The November 30, 2017 unadjusted trial balance is included on the trial balance tab. Record the following transactions and events for December, 2017 Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions share of mall advertising costs. Dec. 3 Paid $500 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. Dec. 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. Dec. 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. 20 Completed a project for Liu Corporation and received $5,625 cash. Dec. 28 Received $3,000 cash from Gomez Co. on its receivable. Dec. 29 Reimbursed 5. Rey for business automobile mileagel (689 miles at $2.32 per mile). Dec. 31 5. Roy withdrew $1,500 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 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 1. Three of the four months prepaid rent has expired. Income General General Impact on St Owners Balance Sheet Requirement Trial Balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started