On October 1, 2021, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. The company’s initial chart of accounts follows. Account Number Account Number Cash 101 S. Rey, Capital 301 Accounts Receivable 106 S. Rey, Withdrawals 302 Computer Supplies 126 Computer Services Revenue 403 Prepaid Insurance 128 Wages Expense 623 Prepaid Rent 131 Advertising Expense 655 Office Equipment 163 Mileage Expense 676 Computer Equipment 167 Miscellaneous Expenses 677 Accounts Payable 201 Repairs Expense—Computer 684 October 1 S. Rey invested $48,000 cash, a $25,000 computer system, and $8,000 of office equipment in the company. October 2 The company paid $3,260 cash for four months' rent. Hint: Debit Prepaid Rent for $3,260. October 3 The company purchased $1,340 of computer supplies on credit from Harris Office Products. October 5 The company paid $1,920 cash for one year's premium on a property and liability insurance policy. Hint: Debit Prepaid Insurance for $1,920. October 6 The company billed Easy Leasing $4,900 for services performed in installing a new Web server. October 8 The company paid $1,340 cash for the computer supplies purchased from Harris Office Products on October 3. October 10 The company hired Lyn Addie as a part-time assistant. October 12 The company billed Easy Leasing another $1,700 for services performed. October 15 The company received $4,900 cash from Easy Leasing as partial payment on its account. October 17 The company paid $760 cash to repair computer equipment that was damaged when moving it. October 20 The company paid $1,683 cash for advertisements. October 22 The company received $1,700 cash from Easy Leasing on its account. October 28 The company billed IFM Company $5,908 for services performed. October 31 The company paid $700 cash for Lyn Addie’s wages for seven days' work. October 31 S. Rey withdrew $3,100 cash from the company for personal use. November 1 The company paid $230 cash for mileage expenses. November 2 The company received $5,533 cash from Liu Corporation for computer services performed. November 5 The company purchased computer supplies for $1,090 cash from Harris Office Products. November 8 The company billed Gomez Company $5,968 for services performed. November 13 The company agreed to perform future services for Alex’s Engineering Company. No work has yet been performed. November 18 The company received $3,908 cash from IFM Company as partial payment of the October 28 bill. November 22 The company paid $170 cash for miscellaneous expenses. Hint: Debit Miscellaneous Expenses for $170. November 24 The company completed work and sent a bill for $4,450 to Alex’s Engineering Company. November 25 The company sent another bill to IFM Company for the past-due amount of $2,000. November 28 The company paid $276 cash for mileage expenses. November 30 The company paid $1,400 cash for Lyn Addie's wages for 14 days' work. November 30 S. Rey withdrew $1,400 cash from the company for personal use. Required: 1. Prepare journal entries to record each of the above transactions for Business Solutions. 2. Prepare ledger accounts (in balance column format) and post the journal entries from requirement 1 to them. 3. Prepare a trial balance as of the end of November. please solve in excel and show formula no copy paste give narrations also

On October 1, 2021, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. The company’s initial chart of accounts follows. Account Number Account Number Cash 101 S. Rey, Capital 301 Accounts Receivable 106 S. Rey, Withdrawals 302 Computer Supplies 126 Computer Services Revenue 403 Prepaid Insurance 128 Wages Expense 623 Prepaid Rent 131 Advertising Expense 655 Office Equipment 163 Mileage Expense 676 Computer Equipment 167 Miscellaneous Expenses 677 Accounts Payable 201 Repairs Expense—Computer 684 October 1 S. Rey invested $48,000 cash, a $25,000 computer system, and $8,000 of office equipment in the company. October 2 The company paid $3,260 cash for four months' rent. Hint: Debit Prepaid Rent for $3,260. October 3 The company purchased $1,340 of computer supplies on credit from Harris Office Products. October 5 The company paid $1,920 cash for one year's premium on a property and liability insurance policy. Hint: Debit Prepaid Insurance for $1,920. October 6 The company billed Easy Leasing $4,900 for services performed in installing a new Web server. October 8 The company paid $1,340 cash for the computer supplies purchased from Harris Office Products on October 3. October 10 The company hired Lyn Addie as a part-time assistant. October 12 The company billed Easy Leasing another $1,700 for services performed. October 15 The company received $4,900 cash from Easy Leasing as partial payment on its account. October 17 The company paid $760 cash to repair computer equipment that was damaged when moving it. October 20 The company paid $1,683 cash for advertisements. October 22 The company received $1,700 cash from Easy Leasing on its account. October 28 The company billed IFM Company $5,908 for services performed. October 31 The company paid $700 cash for Lyn Addie’s wages for seven days' work. October 31 S. Rey withdrew $3,100 cash from the company for personal use. November 1 The company paid $230 cash for mileage expenses. November 2 The company received $5,533 cash from Liu Corporation for computer services performed. November 5 The company purchased computer supplies for $1,090 cash from Harris Office Products. November 8 The company billed Gomez Company $5,968 for services performed. November 13 The company agreed to perform future services for Alex’s Engineering Company. No work has yet been performed. November 18 The company received $3,908 cash from IFM Company as partial payment of the October 28 bill. November 22 The company paid $170 cash for miscellaneous expenses. Hint: Debit Miscellaneous Expenses for $170. November 24 The company completed work and sent a bill for $4,450 to Alex’s Engineering Company. November 25 The company sent another bill to IFM Company for the past-due amount of $2,000. November 28 The company paid $276 cash for mileage expenses. November 30 The company paid $1,400 cash for Lyn Addie's wages for 14 days' work. November 30 S. Rey withdrew $1,400 cash from the company for personal use. Required: 1. Prepare journal entries to record each of the above transactions for Business Solutions. 2. Prepare ledger accounts (in balance column format) and post the journal entries from requirement 1 to them. 3. Prepare a trial balance as of the end of November. please solve in excel and show formula no copy paste give narrations also

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

100%

Account	Number	Account	Number
Cash	101	S. Rey, Capital	301
Accounts Receivable	106	S. Rey, Withdrawals	302
Computer Supplies	126	Computer Services Revenue	403
Prepaid Insurance	128	Wages Expense	623
Prepaid Rent	131	Advertising Expense	655
Office Equipment	163	Mileage Expense	676
Computer Equipment	167	Miscellaneous Expenses	677
Accounts Payable	201	Repairs Expense—Computer	684

October 1	S. Rey invested $48,000 cash, a $25,000 computer system, and $8,000 of office equipment in the company.
October 2	The company paid $3,260 cash for four months' rent. Hint: Debit Prepaid Rent for $3,260.
October 3	The company purchased $1,340 of computer supplies on credit from Harris Office Products.
October 5	The company paid $1,920 cash for one year's premium on a property and liability insurance policy. Hint: Debit Prepaid Insurance for $1,920.
October 6	The company billed Easy Leasing $4,900 for services performed in installing a new Web server.
October 8	The company paid $1,340 cash for the computer supplies purchased from Harris Office Products on October 3.
October 10	The company hired Lyn Addie as a part-time assistant.
October 12	The company billed Easy Leasing another $1,700 for services performed.
October 15	The company received $4,900 cash from Easy Leasing as partial payment on its account.
October 17	The company paid $760 cash to repair computer equipment that was damaged when moving it.
October 20	The company paid $1,683 cash for advertisements.
October 22	The company received $1,700 cash from Easy Leasing on its account.
October 28	The company billed IFM Company $5,908 for services performed.
October 31	The company paid $700 cash for Lyn Addie’s wages for seven days' work.
October 31	S. Rey withdrew $3,100 cash from the company for personal use.
November 1	The company paid $230 cash for mileage expenses.
November 2	The company received $5,533 cash from Liu Corporation for computer services performed.
November 5	The company purchased computer supplies for $1,090 cash from Harris Office Products.
November 8	The company billed Gomez Company $5,968 for services performed.
November 13	The company agreed to perform future services for Alex’s Engineering Company. No work has yet been performed.
November 18	The company received $3,908 cash from IFM Company as partial payment of the October 28 bill.
November 22	The company paid $170 cash for miscellaneous expenses. Hint: Debit Miscellaneous Expenses for $170.
November 24	The company completed work and sent a bill for $4,450 to Alex’s Engineering Company.
November 25	The company sent another bill to IFM Company for the past-due amount of $2,000.
November 28	The company paid $276 cash for mileage expenses.
November 30	The company paid $1,400 cash for Lyn Addie's wages for 14 days' work.
November 30	S. Rey withdrew $1,400 cash from the company for personal use.

Required:
1. Prepare journal entries to record each of the above transactions for Business Solutions.
2. Prepare ledger accounts (in balance column format) and post the journal entries from requirement 1 to them.
3. Prepare a trial balance as of the end of November.

please solve in excel and show formula no copy paste give narrations also

Expert Solution