Question

The Company reimbursed S. Rey in cash for business automobile mileage allowance (Rey logged 1,000 miles at $0.32 per mile). The company received $4,633 cash from Liu Corporation for computer services performed. The company purchased computer supplies for $1,125 cash from Harris Office Products The company billed Gomez Co. $5.668 for services performed. The company received notification from Alex's Engineering Co. that Business Solutions' bid of $3,950 for an upcoming project was accepted. The company received $2,208 cash from IFM Company as partial payment of the October 28 bill. The company donated $250 cash to the United Way in the company's name. The company completed work and sent a bill for $3,950 to Alex's Engineering ACC 121 Accounting Cycle Project (ACP)- Revised November 8: 13 18 22 24 The company sent another bill to IFM Company for the past-due amount of $3,000. The company reimbursed S. Rey in cash for business automobile mileage (1,200 miles at $0.32 per mile). The company paid $1,750 cash for Lyn Addie's wages for 14 days' work. S. Rey withdrew $2,000 cash from the company for personal use. Co. 25 28 30 30 Paid $1,025 cash to Hillside Mall for Business Solutions' share of mall 2 December advertising costs. Paid $500 cash for minor repairs to the company's computer. Received $3,950 cash from Alex's Engineering Co. for the receivable from November. Paid cash to Lyn Addie for six days of work at the rate of $125 per day. 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 3 4 10 14 Business Solutions. Purchased $1,100 of computer supplies on credit from Harris Office Products. Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. 15 16 Completed a project for Liu Corporation and received $5,625 cash. 20 22-26 Took the week off for the holidays. Received $3,000 cash from Gomez Co. on its receivable. Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile). S. Rey withdrew $1,500 cash from the company for personal use. 28 29 31 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. f. Three of the four months' prepaid rent has expired. 41Page ACC 121-ACP

Answer 1

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Date	Account	Debit	Credit
Nov 1	Mileage Expense	$       320
	Cash		$       320
	(To record mileage expense) (1,000*0.32)
Nov 2	Cash	$    4,633
	Computer Service Revenue		$    4,633
	(To record service provided)
Nov 5	Computer Supplies	$    1,125
	Accounts Payable		$    1,125
	(To record purchase of supplies)
Nov 8	Accounts Receivable	$    5,668
	Computer Service Revenue		$    5,668
	(To record service provided)
Nov 13	No Entry
Nov 18	Cash	$    2,208
	Accounts Receivable		$    2,208
	(To record cash received)
Nov 22	Donation Expense	250
	Cash		250
	(To record donation expense)
Nov 25	No Entry
Nov 28	Mileage Expense	$       384
	Cash		$       384
	(To record mileage expense) (1,200*0.32)
Nov 30	Wages Expense	$    1,750
Nov 30	Cash		$    1,750
	(To record wages expense)
Nov 30	S Rey, Withdrawal	$    2,000
Nov 30	Cash		$    2,000
	(To record payment of drawing)
Dec 2	Advertising Expense	$    1,025
Dec 2	Cash		$    1,025
	(To record advertising Expense)
Dec 3	Repairs Expense-Computer	$       500
Dec 3	Cash		$       500
	(To record repair Expense)
Dec 4	Cash	$    3,950
Dec 4	Accounts Receivable		$    3,950
	(To record receipt of amount)
Dec 10	Wages Expense	$       750
Dec 10	Cash		$       750
	(To record wages expense)
Dec 14	Cash	$    1,500
Dec 14	Unearned Computer Service Revenue		$    1,500
	(To record advance received)
Dec 15	Computer Supplies	$    1,100
Dec 15	Accounts Payable		$    1,100
	(To record purchase of supplies)
Dec 16	No Entry
Dec 16
Dec 20	Cash	$    5,625
Dec 20	Computer Service Revenue		$    5,625
	(To record service provided)
Dec 22	No Entry
Dec 22
Dec 28	Cash	$    3,000
Dec 28	Accounts Receivable		$    3,000
	(To record receipt of collection)
Dec 29	Mileage Expense	$       192
Dec 29	Cash		$       192
	(To record mileage expense)
Dec 31	Dividends	$    1,500
Dec 31	Cash		$    1,500
	(To record payment of Dividends)
Adjusting:
Date	Account	Debit	Credit
a	Computer Supplies Expense	$    1,645
a	Computer Supplies		$    1,645
	(To record supplies used) $1,125+$1,100-$580
b	Insurance Expense	Prepaid amount not given
b	Prepaid Insurance		Prepaid amount not given
	(To record expired insurance)
c	Wages Expense	$       500
c	Wages Payable		$       500
	(To record wages accrued) $125*4
d	Depreciation Expense-Office Equipment	Value not given
d	Accumulated Depreciation-Office Equipment		Value not given
	(To record depreciation)
e	Depreciation Expense-Computer Equipment	Value not given
e	Accumulated Depreciation-Computer Equipment		Value not given
	(To record depreciation)
f	Rent Expense	Rent not given
f	Prepaid Rent		Rent not given
	(To record rent expense)