Solved by verified expert:Prepare journal entries to record each of the December transactions and events for Business Solutions. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.).Please review the docs. attached and help me to input it correctly. There are 11 transactions in total to record but it only allowed me to upload this files. 7 more to come .
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extra_credit_.docx
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After the success of the company’s first two months, Santana Rey continues
to operate Business Solutions. The November 30, 2017, unadjusted trial
balance of Business Solutions (reflecting its transactions for October and
November of 2017) follows.
No.
101
106
126
128
131
163
164
167
168
201
210
236
307
318
319
403
612
613
623
637
640
652
655
676
677
684
Account Title
Cash
Accounts receivable
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
Common stock
Retained earnings
Dividends
Computer services revenue
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
Totals
Debit
$ 39,064
13,318
2,545
1,980
2,960
8,900
$
22,800
71
5,700
31
0
0
2,225
0
0
0
1,678
634
190
755
$ 102,749
Business Solutions had the following transactions and events in December
2017.
Dec.
Cre
2 Paid $945 cash to Hillside Mall for Business Solutions’ share of mall advertising costs.
3 Paid $440 cash for minor repairs to the company’s computer.
4 Received $4,350 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.
14 Notified by Alex’s Engineering Co. that Business Solutions’ bid of $7,800 on a
proposed project has been accepted. Alex’s paid a $2,400 cash advance to Business
Solutions.
$ 102
15 Purchased $1,200 of computer supplies on credit from Harris Office Products.
16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8.
20 Completed a project for Liu Corporation and received $6,425 cash.
22– Took the week off for the holidays.
26
28 Received $3,200 cash from Gomez Co. on its receivable.
29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.22 per mile).
31 The company paid $1,100 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:
a. The December 31 inventory count of computer supplies shows $670 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.
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, 2017.
4. Prepare an income statement for the three months ended December 31,
2017.
5. Prepare a statement of retained earnings for the three months ended
December 31, 2017.
6. Prepare a balance sheet as of December 31, 2017.
7. Record and post the necessary closing entries as of December 31, 2017.
8. Prepare a post-closing trial balance as of December 31, 2017.
…
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