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linda_us, Master's Degree
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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.

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.

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.)

Submitted: 4 years ago.
Category: Multiple Problems
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