Question

Credit No. 101 126 Debit $ 39,064 13,118 2,645 2,220 3,100 8,500 o 128 131 163 164 167 168 201 210 22,800 o ooo 236 Unean 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 72,000 0 6,300 31,289 0 307 318 319 403 612 613 623 637 640 652 655 676 677 684 2,225 Oo 1,678 694 210 735 $ 103,289 $103,289 Business Solutions had the following transactions and events in December 2019.

Answer 1

Journal Entries Date Account Title and Explaination Debit Post. Ref. Credit (S) (S) Dec.2 950.00 Advertising Expense Cash (To record advertising expenses paid) 950.00 450.00 Dec.3 |Repairs expense - Computer Cash |(To record Computer Repair charges paid) 450.00 Dec.4 $ 4,450.00 Cash Accounts Receivable (To record Collection of receivables) $ 4,450.00 Dec.10 Wages Expense $ 1,150.00 Cash $ 1,150.00 (To record wages paid) Dec.14 $ 2,500.00 Cash Unearned Computer Service Revenue |(To record Cash received for Service to be provided) 2,500.00

$ 1,900.00 Dec.15 Computer Supplies Accounts Payable (To record Computer Supplies purchased on account) S 1,900.00 Dec.16 No Journal Entry Required for sending remainder Dec.20 $ 5,625.00 Cash Computer Service Revenue (To record Cash received for service provided) $ 5,625.00 Dec.22 No Journal Entry required for Holidays taken $ 3,000.00 Dec.28 Cash Accounts Receivable (To record collection of Receivables) $ 3,000.00 155.00 Dec.29 Mileage Expense (500x$0.31) Cash (To record Mileage Expenses paid) 155.00

$ 1,000.00 Dec.31 Dividends Cash (To record dividends paid) 1,000.00 3,905.00 Adjusting Entries Computer Supplies Expense ($2645+$1900-$640) Computer Supplies (To record adjusting entry for consumption of Computer Supplies) 3,905.00 $ 555.00 Insurance Expense ($2220/12x3) Prepaid Insurance (To record Expired portion of prepaid insurance) $ 555.00 460.00 Wages Expense (4x$115) Wages Payable |(TO record accrued Wages Expense) $ 460.00 1,425.00 Depreciation Expense - Computer Equipment ($22800/4x3/12) Accumulated Depreciation - Computer Equipment (To record Depreciation on Computer Equipment) 1,425.00

425.00 Depreciation Expense - Office Equipment ($8500/5x3/12) Accumulated Depreciation - Office Equipment (To record Depreciation on Office Equipment) 425.00 $ 2,325.00 Rent Expense ($3100/4x3) Prepaid Rent (To record Expensed portion of prepaid rent) 2,325.00