After the success of the companys first two months santana

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Reference no: EM13586813

After the success of the companys 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. No. Account Title Debit Credit 101 Cash $ 38,864 106 Accounts receivable 13,018

126   Computer supplies
2,545


128   Prepaid insurance
2,160


131   Prepaid rent
3,060


163   Office equipment
8,700


164   Accumulated depreciation-Office equipment


$ 0
167   Computer equipment
20,400


168   Accumulated depreciation-Computer equipment



0
201   Accounts payable



0
210   Wages payable



0
236   Unearned computer services revenue



0
301   Common stock



70,000

  Retained earnings



0
302   Dividends
6,400


403   Computer services revenue



30,599
612   Depreciation expense-Office equipment
0


613   Depreciation expense-Computer equipment
0


623   Wages expense
2,175


637   Insurance expense
0


640   Rent expense
0


652   Computer supplies expense
0


655   Advertising expense
1,658


676   Mileage expense
704


677   Miscellaneous expenses
170


684   Repairs expense-Computer
745



   





  Totals $ 100,599  
$ 100,599  

  





Business Solutions had the following transactions and events in December 2011.
Dec. 2   Paid $1,000 cash to Hillside Mall for Business Solutions' share of mall advertising costs.

3   Paid $420 cash for minor repairs to the company's computer.

4   Received $4,250 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 $120 per day.

14

  Notified by Alex's Engineering Co. that Business Solutions' bid of $7,200 on a proposed   project has been accepted. Alex's paid a $1,600 cash advance to Business Solutions.


15   Purchased $2,100 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 $5,825 cash.

22-26   Took the week off for the holidays.

28   Received $3,500 cash from Gomez Co. on its receivable.

29   Reimbursed S. Rey for business automobile mileage (500 miles at $0.29 per mile).

31   The business paid $1,200 cash for dividends.

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 $620 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 $120 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.)

Reference no: EM13586813

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