Question

couldnt fit it all in one screen

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. Credit Debit $38.264 12.618 2.545 2,220 3.300 8.000 166 20.000 168 Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment Accumulated depreciation office equipment 167 Computer equipment Accumulated depreciation Computer equipment 201 Accounts payable 210 Wagos payable 236 Unearned computer services revenue 5. Rey, Capital S. Rey. Withdrawals Computer services revenue 612 Depreciation expense office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 684 Repair expense-Computer Totals 301 73.000 302 25,659 $98.659 Business Solutions had the following transactions and events in December 2019, Dec. 2 Paid $1,025 cash to Hillside Hall for Business Solutions share of all advertising costs. 3 Paid $500 cash for B or repairs to the company's computer 4 Received $3.950 Castro Alex Engineering Co. for the receivable froNovember 10 Paid cash to Lyn Addle for six days of work at the rate of $125 per day. 14 Notified by Alex Engineering Co that Business Solutions bid of $7.000 on proposed project has been accepted. Alex's paid a $1.500 cash advance to Business Solutions 15 Purchased $1,100 of computer supplies on credit fron Barris Office Products 16 Sent a reminder to come co to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,625 cash. 22-26 Took the week off for the holidays.

Answer 1

Business Solutions Journal Enteries Date Particulars 2.12.2018 Advertising expense a/c Dr. To Cash (Being Advertising expense paid in Cash) Debit in $Credit in $ 1025 1025 500 3.12.2018 Repairs expense - computer a/c Dr. To Cash (Being Computer repairs incurred in cash) 500 4.12.2018 3950 Cash a/c Dr. To Accounts Receivable (Being Cash received in Debtors) 3950 750 10.12.2018 Wage expense a/c Dr. To Cash (Being Wages paid in Lyn Addie) 750 1500 14.12.2018 Cash a/c Dr. To Unearned Computer service revenue (Being Cash received in advance from clients) 1500 1100 15.12.2018 Computer Supplies a/c Dr. To Accounts Payable (Being Computer Supplies purchased on account) 1100 16.12.2018 No Entry Dr. 20.12.2018 Cash a/c To Computer Services Revenue (Being Cash received for project completed) 5625 3000 28.12.2018 Cash a/c Dr. To Accounts Receivable (Being Cash received from Debtors) 3000 192 29.12.2018 Mileage expense a/c Dr. To Cash (Being Mileage expense paid in cash) 600*0.32 31.12.2018 Dividends a/c Dr. To Cash (Being Dividends paid in cash) 1500 1500

Adjustment enteries Date Particulars Debit in $Credit in $ 31.12.2018|Computer supplies expense a/c Dr. 3065 To Computer Supplies 3065 2545 + 1100-580 (Being Computer Supplies Expense charged to Computer Supplies) 555 555 31.12.2018 Insurance expense a/c Dr. To Prepaid Insurance 2220 * 3/12 (Being Insurance expense charged to Prepaid Insurance) 500 500 31.12.2018 Wage expense a/c Dr. To Wages Payable (Being Wages accrued) 125 x 4 31.12.2018 Depreciation - Computer a/c Dr. To Accumulated Depreciation - Computer 20000 * 3/(4*12) (Being Depreciation charged to Computer Equip.) 1250 1250 400 31.12.2018 Depreciation - office equip a/c Dr. To Accumulated Depreciation - Office Equip 8000 * 3/(5*12) (Being Depreciation charged to Office Equip.) 2475 2475 31.12.2018 Rent expense a/c Dr. To Prepaid Rent 3300 x 3/4 (Being Rent expense charged to Prepaid Rent) Debit in $Credit in $ Dr. 16824 Closing Enteries Date Particulars 31.12.2018 Income Summary a/c To Depreciation - office equip To Depreciation - Computer To Wage expense To Insurance expense To Rent expense To Computer supplies expense To Advertising expense To Mileage expense To Miscellaneous expense To Repairs expense - computer 400 1250 3875 555 2475 3065 2753 896 250 1305 Dr. 31284 31.12.2018 Computer Service Revenue a/c To Income Summary 31284 Dr. 14460 31.12.2018 Income Summary a/c To Retained earnings 14460 Dr. 7100 31.12.2018 Retained Earnings a/c To Divdends 7100

Unadjusted Trial Balance As at 31.12.2018 Unadjusted Adjustment Adjusted Post Closing Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ 48372 48372 48372 5668 5668 5668 3645 3065 580 580 2220 555 1665 1665 3300 2475 825 825 8000 8000 8000 0 400 400 20000 20000 20000 1250 1250 1250 1100 1100 1100 500 500 500 1500 1500 1500 73000 73000 80360 400 No. Particulars 101 Cash 106 Accounts Receivable 126 Computer Supplies 128 Prepaid Insurance 131 Prepaid Rent 163 Office Equipment 164 Accumulated Depreciation - Off. Equip 167 Computer Equipment 168 Accumulated Depreciation - Computer 201 Accounts Payable 210 Wages Payable 236 Unearned Computer service Revenue 307 S.Rey, Capital 318 Retained Earnings 319 S.Rey, Withdrawals 403 Computer Service Revenue 612 Depreciation - office equip 613 Depreciation - Computer 623 Wage expense 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expense 684 Repairs expense - computer Totals 7100 7100 31284 31284 0 400 3375 400 1250 500 555 2475 3065 1250 3875 555 2475 3065 2753 896 2753 896 250 1305 106884 250 1305 109034 106884 8245 8245 109034 85110 85110

31284 Statement of Income For the period ending 31.12.2018 Computer Service Revenue Less: Depreciation - office equip Depreciation - Computer Wage expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expense Repairs expense - computer Net Income 400 1250 3875 555 2475 3065 2753 896 250 1305 16824 14460 Statement of Owner's Equity For the period ending 31.12.2018 S.Rey, Capital Net Income S.Rey, Withdrawals 31.12.2018 73000 14460 -7100 80360

Amounts in $ Amounts in $ Balance sheet As at 31.12.2018 Assets Current Assets Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Amounts in $ Amounts in $ Liabilities Current Liabilities 48372 Accounts Payable 5668 Wages Payable 580 Unearned Computer service Revenue 1665 825 57110 1100 500 1500 3100 Owner's Equity S.Rey, Capital 80360 7600 80360 Non Current Assets Office Equipment Accumulated Depreciation Computer Equipment Accumulated Depreciation Total Assets 8000 -400 20000 -1250 18750 83460 Total Liabilities & Shareholders Equity 83460