Question

comprehensive problem. requires the whole accounting cycle. please help! first 3 pics actual problem.   

Accounting 2140 - Comprehensive Problem On October 1, 2019, Santana Rey launched a computer services company called Business ilting services, computer system installations, and custom program development. Rey adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2019. After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2019) follows. Credit Debit $ 38,664 13,018 2,545 1,920 3,140 8,100 21,600 No. 101 106 126 128 131 163 164 167 168 201 210 236 307 318 319 403 612 68,000 Account Title Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Totals 6.100 32,779 623 637 640 652 655 676 677 684 1,708 704 230 725 $100,779 $100,779 Business Solutions had the following transactions and events in December 2019. Dec. 2 2 Paid $1,010 cash to Hillside Mall for Business Solutions' share of mall advertising costs. Daldsson.cash for minor test the company computer

Answer 1

Business Solutions Req 1 Journal entries Date Account 2-Dec Advertising expense Credit Calculation Debit $ 1,010 Cash $ 1,010 $ 500 3-Dec Repairs expense-Computer Cash $ 500 $ 4,950 4-Dec Cash Accounts Receivable $ 4,950 $ 660 =6*110 10-Dec Wages expense Cash $ 660 $ 2,100 14-Dec Cash Unearned Computer Services Revenue $ 2,100 $ 2,000 15-Dec Computer Supplies Accounts Payable $ 2,000 16-Dec No entry $ 6,575 20-Dec Cash Computer Services Revenue $ 6,575 Dec 22-26 No entry $ 3,600 28-Dec Cash Accounts Receivable $ 3,600 $ 192 =600*0.32 29-Dec Mileage expense Cash $ 192 $ 1,200 31-Dec Dividends Cash $ 1,200

Req 2-a Adjusting entries 31-Dec Computer supplies expense Computer Supplies $ 3,885 =2,545+2,000-660 $ 3,885 $ 480 =1,920/12*3 31-Dec Insurance expense Prepaid Insurance $ 480 $ 440 -4*110 31-Dec Wages expense Wages Payable $ 440 $ 1,350 =21,600/4 yrs *3/12 31-Dec Depreciation expense-Computer Equipment Accumulated Depreciation-Computer Equipment $ 1,350 $ 405 =8,100/5 yrs * 3/12 31-Dec Depreciation expense-Office Equipment Accumulated Depreciation Office Equipment $ 405 $ 2,355 =3,140/4*3 31-Dec Rent expense Prepaid Rent $ 2,355

Business Solutions Req 2-b T Accounts Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance Cash Accounts Receivable Computer Supplies Prepaid Insurance Op bal $ 38,664 $ 38,664 Op bal $13,018 $ 13,018 Op bal $ 2,545 $ 2,545 Op bal $ 1,920 $ 1,920 2-Dec $ 1,010 $ 37,654 4-Dec $ 4,950 $ 8,068 15-Dec $ 2,000 $ 4,545 31-Dec $ 480 $ 1,440 3-Dec $ 500 $37,154 28-Dec $ 3,600 $ 4,468 31-Dec $ 3,885 $ 660 4-Dec $ 4,950 $ 42,104 10-Dec $ 660 $ 41,444 14-Dec $ 2,100 $ 43,544 20-Dec $ 6,575 $ 50,119 28-Dec $ 3,600 $53,719 29-Dec $ 192 $ 53,527 31-Dec $ 1,200 $ 52,327 Office Equip Accum. Depr. - Office Equip Computer Equipment Accum. Depr. - Computer Equip Op bal $ 8,100 $ 8,100 31-Dec $ 405 $ 405 Op bal $21,600 $ 21,600 31-Dec $ 1,350 $ 1,350 Prepaid Rent Accounts Payable Wages Payable Unearned Computer Services Revenue Op bal $ 3,140 $ 3,140 15-Dec $ 2,000 $2,000 31-Dec $ 440 $ 440 14-Dec $ 2,100 $ 2,100 31-Dec $ 2,355 $ 785 Common Stock Dividends Income Summary Retained Earnings Op bal $ 68,000 $68,000 Op bal $ 6,100 $ 6,100 31-Dec $ 39,354 $ 39,354 Op bal $ - $ . 31-Dec $ 1,200 $ 7,300 31-Dec $ 16,969 $ 22,385 31-Dec $ 22,385 $ 22,385 31-Dec $ 7,300 $ - 31-Dec $ 22,385 31-Dec $ 7,300 $ 15,085 Computer Services Revenue Depreciation expense-Office Equipment Depreciation expense-Computer Equip Wages expense Op bal $ 32,779 $ 32,779 31-Dec $ 405 $ 405 31-Dec $ 1,350 $ 1,350 Op bal $ 2,325 $ 2,325 20-Dec $ 6,575 $ 39,354 31-Dec $ 405 $ - 31-Dec $ 1,350 $ - 10-Dec $ 660 $ 2,985 31-Dec $ 39,354 31-Dec $ 440 $ 3,425 31-Dec $ 3,425 $ - Insurance expense Rent expense Computer supplies expense Advertising expense 31-Dec $ 480 $ 480 31-Dec $ 2,355 $ 2,355 31-Dec $ 3,885 $ 3,885 Op bal $ 1,708 $ 1,708 31-Dec $ 480 $ - 31-Dec $ 2,355 $ - 31-Dec $ 3,885 $ - 2-Dec $ 1,010 $ 2,718 31-Dec $ 2,718 $ - Mileage expense Miscellaneous expense Repairs expense-Computer Op bal $ 704 $ 704 Op bal $ 230 $ 230 Op bal $ 725 $ 725 29-Dec $ 192 $ 896 31-Dec $ 230 $ . 3-Dec $ 500 $ 1,225 31-Dec $ 896 $ . 31-Dec $ 1,225 $ .

Reg 3 Business Solutions Account Names Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation Office Equipment Computer Equipment Accumulated Depreciation-Computer Equipment Accounts Payable Wages Payable Unearned Computer Services Revenue Common Stock Retained Earnings Dividends Computer Services Revenue Depreciation expense-Office Equipment Depreciation expense-Computer Equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expense Repairs expense-Computer Totals Adjusted TB Debit Credit 52,327 4,468 660 1,440 785 8,100 405 21,600 1,350 2,000 440 2,100 68,000 7,300 39,354 405 1,350 3,425 480 2,355 3,885 2,718 896 230 1,225 113,649 113,649

39,354 Req 4 Business Solutions Income Statement For three months ended Dec 31, 2019 Computer Services Revenue Expenses Depreciation expense-Office Equipment Depreciation expense-Computer Equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expense Repairs expense-Computer Total Expenses Net Income 405 1,350 3,425 480 2,355 3,885 2,718 896 230 1,225 16,969 22,385 Req 5 Statement of Retained Earnings For three months ended Dec 31, 2019 Retained Earnings, Oct 1, 2019 Net Income Subtotal Less Dividends Retained Earnings, Dec 31, 2019 22,385 22,385 (7,300) 15,085

Req6 Business Solutions Balance Sheet As of Dec 31, 2019 Assets Current Assets Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Total Current Assets 52,327 4,468 660 1,440 785 59,680 Fixed Assets Office Equipment Accumulated Depreciation Office Equipment Computer Equipment Accumulated Depreciation-Computer Equipment Total Fixed Assets Total Assets 8,100 (405) 7,695 21,600 (1,350) 20,250 27,945 87,625 Liabilities & Equity Liabilities Accounts Payable Wages Payable Unearned Computer Services Revenue Total Liabilities 2,000 440 2,100 4,540 Equity Common Stock Retained Earnings Total Equity Total Liabilities & Equity 68,000 15,085 83,085 87,625

Req7 Closing entries 31-Dec Computer Services Revenue Income Summary $ 39,354 $ 39,354 $ 16,969 31-Dec Income Summary Depreciation expense-Office Equipment Depreciation expense-Computer Equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expense Repairs expense-Computer $ $ $ $ $ $ $ $ $ $ 405 1,350 3,425 480 2,355 3,885 2,718 896 230 1,225 $ 22,385 31-Dec Income Summary Retained Earnings $ 22,385 $ 7,300 31-Dec Retained Earnings Dividends $ 7,300

Business Solutions Account Names Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation Office Equipment Computer Equipment Accumulated Depreciation-Computer Equipment Accounts Payable Wages Payable Unearned Computer Services Revenue Common Stock Retained Earnings Totals Req8 Post Closing TB Debit Credit 52,327 4,468 660 1,440 785 8,100 405 21,600 1,350 2,000 440 2,100 68,000 15,085 89,380 89,380