Question

After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2019) follows. No. Credit Debit $ 38,564 13,218 106 2,160 OOOOO OOOO in 9,000 23,200 Account Title 101 Cash Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation-office equipment 167 Computer equipment 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 307 Common stock Retained earnings Dividends Computer services revenue Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 640 Rent expense Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense-Computer Totals 6,600 34,499 2,575 on UOOOOOO con W 104,499 $104,499 Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $1,000 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $470 cash for minor repairs to the company's computer. 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 $100 per day. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,600 on a proposed project has been accepted. Alex's paid a $1,800 cash advance to Business Solutions. 15 Purchased $1,300 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 $6,275 cash. 22-26 Took the week off for the holidays. 28 Received $3,600 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (500 miles at $0.32 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
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Answer 1

1. Prepare Journal Entries for each of the December transactions. All the Entries you have passed seems correct. 2-a. Prepare the Adjusting Entries. S.No Particulars Debit Credit 3,345 Computer Supplies Expense Computer Supplies 3,345 540 Insurance Expense Prepaid Insurance 540 Wages Expense Wages Payable 400 1,450 Dep. Expense - Computer Equipment | $ Accum. Dep. - Computer Equipment $ 1,450 450 Dep. Expense - Office Equipment Accum. Dep. - Office Equipment 450 f 2,475 Rent Expense Prepaid Rent 2,475

3. Prepare the Adjusted Trial Balance. No. Particulars Adjustments Debit 1 Credit [ Ꮎ Business Solutions December 31, 2019 Trial Balance Unadjusted Debit Credit 50,859 5,668 3,945 2,160 3,300 9,000 101 106 | A Ꮎ A 126 Adjusted Debit Credit 50,859 $ 5,668 600 1,620 825 9,000 Ꮎ A A 128 A 3,345 540 2,475 A Ꮎ Ꮎ 131 A A 163 Ꮎ A 164 450 $ A A A 167 23,200 Ꮎ 23,200 $ 1,450 A A A 1,300 A A 168 201 210 236 307 400 A 1,450 1,300 400 1,800 70,000 A A A A 1,800 70,000 A A 318 Cash Accounts Receivables Computer Supplies Prepaid Insurance Prepaid Rent Office Equipment Accum. Dep. - Office Equipment Computer Equipment Accum. Dep. - Computer Equipment Accounts Payable Wages Payable Unearned Computer Services Revenue Common Stock Retained Earnings Dividends Computer Service Revenue Dep. Expense - Office Equipment Dep. Expense - Computer Equipment Wages Expense Insurance Expense Rent Expense Computer Supplies Expense Advertising Expense Mileage Expense Miscellaneous Expense Repairs Expense - Computer Totals A A A A LA LA LA LA LA LA LA LA LA LA LA LA LA LA LA LA LA LA LA LA LA LA LA 7,700 7,700 A A 40,774 40,774 A A 319 403 612 613 623 A A A 450 1,450 A A A 3,175 A A A 637 A A A 400 540 2,475 3,345 640 A A A 652 450 1,450 3,575 540 2,475 3,345 2,668 814 180 1,205 1,16,174 A A A $ A A A 655 676 677 684 2,668 814 180 1,205 1,13,874 $ A A $ $ 1,13,874 $ 8,660 $ 8,660 $ $ 1,16,174

4. Prepare an Income Statement. Business Solutions December 31, 2019 Income Statement Particulars Revenue : Computer Service Revenue $ Amount ($) 40,774 A A A A A Expenses : Dep. Expense - Office Equipment Dep. Expense - Computer Equipment Wages Expense Insurance Expense Rent Expense Computer Supplies Expense Advertising Expense Mileage Expense Miscellaneous Expense Repairs Expense - Computer Total Expenses 450 1,450 3,575 540 2,475 3,345 2,668 814 180 1,205 A A A A A 16,702 NET INCOME $ 24,072

5. Prepare a Statement of Retained Earnings. Business Solutions December 31, 2019 Statement of Retained Earnings Particulars Opening Balance Add : Net Income Less : Dividends Closing Balance Amount ($) 24,072 -7,700 16,372

$ | 6. Prepare a Balance Sheet. Business Solutions December 31, 2019 Balance Sheet Particulars Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Total Current Assets Amount ($) 50,859 5,668 600 A A A 1,620 825 A A 59,572 $ 8,550 A Office Equipment Accumulated Depreciation Computer Equipment Accumulated Depreciation Property, plant and Equipment Total Assets 9,000 -450 23,200 -1,450 toto $ a 21,750 30,300 89,872 Accounts Payable Wages Payable Unearned Computer Service Revenue Total Current Liabilities 1,300 400 1,800 3,500 Long-term Notes Payable Total Liabilities totoo oo ooo 3,500 Common Stock Retained Earnings Total Stockholders' Equity 70,000 16,372 86,372 Total Liabilities and Stockholders' Equity $ 89,872