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After the success of the company's first two months

20/10/2021 Client: muhammad11 Deadline: 2 Day

After The Success Of The Companys First Two Months, Santana

Customer Question

After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. The November 30, 2011, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2011) follows.

101

Cash

$

38,764


106

Accounts receivable


13,618


126

Computer supplies


2,645


128

Prepaid insurance


2,160


131

Prepaid rent


2,960


163

Office equipment


8,700


164

Accumulated depreciation—Office equipment


$

0

167

Computer equipment


20,800


168

Accumulated depreciation—Computer equipment


0

201

Accounts payable


0

210

Wages payable


0

236

Unearned computer services revenue


0

301

S. Rey, Capital


66,000

302

S. Rey, Withdrawals


6,100


403

Computer services revenue


35,459

612

Depreciation expense—Office equipment


0


613

Depreciation expense—Computer equipment


0


623

Wages expense


2,525


637

Insurance expense


0


640

Rent expense


0


652

Computer supplies expense


0


655

Advertising expense


1,638


676

Mileage expense


604


677

Miscellaneous expenses


200


684

Repairs expense—Computer


745





Totals

$

101,459


$

101,459



Business Solutions had the following transactions and events in December 2011.

Dec.

2

Paid $1,005 cash to Hillside Mall for Business Solutions’ share of mall advertising costs.


3

Paid $400 cash for minor repairs to the company’s computer.


4

Received $4,050 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 $105 per day.


14

Notified by Alex's Engineering Co. that Business Solutions’ bid of $8,000 on a proposed project has been accepted. Alex’s paid a $1,700 cash advance to Business Solutions.


15

Purchased $1,400 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 $6,075 cash.


22–26

Took the week off for the holidays.


28

Received $3,400 cash from Gomez Co. on its receivable.


29

Reimbursed S. Rey for business automobile mileage (400 miles at $0.32 per mile).


31

S. Rey withdrew $1,300 cash from the company for personal use.

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 $630 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 $105 per day.

d.

The company's computer is expected to have a four-year life with no salvage value.

e.

The office equipment 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.(In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

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