This paper circulates around the core theme of On October 1,2011, Santana Rey launched a computer services company called Business Solutions, together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
On October 1,2011, Santana Rey launched a computer services company called Business Solutions, which 1 answer below » On October 1,2011, Santana Rey launched a computer services company called Business Solutions, which provides consulting 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 December31, 2011. The company’s initial chart of accounts follows, Account No. Cash 101 Accounts Receivable 106 Computer Supplies 126 Prepaid Insurance 128 Prepaid Rent 131 Office Equipment 163 Computer Equipment 167 Accounts payable 201 S. Rey, Capital 301 S. Rey, Withdrawals 3 View complete question » On October 1,2011, Santana Rey launched a computer services company called Business Solutions, which provides consulting 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 December31, 2011. The company’s initial chart of accounts follows, Account No. Cash 101 Accounts Receivable 106 Computer Supplies 126 Prepaid Insurance 128 Prepaid Rent 131 Office Equipment 163 Computer Equipment 167 Accounts payable 201 S. Rey, Capital 301 S. Rey, Withdrawals 302 Computer Service Revenue403 Wages Expense 623 Advertising Expense 655 Mileage Expense 676 Miscellaneous Expenses 677 Repairs Expense-Computer684 Document Preview: On October 1,2011, Santana Rey launched a computer services company called Business Solutions, which provides consulting 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 December31, 2011. The company’s initial chart of accounts follows, Account No. Cash 101 Accounts Receivable 106 Computer Supplies 126 Prepaid Insurance 128 Prepaid Rent 131 Office Equipment 163 Computer Equipment 167 Accounts payable 201 S. Rey, Capital 301 S. Rey, Withdrawals 302 Computer Service Revenue403 Wages Expense 623 Advertising Expense 655 Mileage Expense 676 Miscellaneous Expenses 677 Repairs Expense-Computer684 Required: 1. Prepare journal entries to record each of the following transactions for Business Solutions Oct. 1 S. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company 2 The company paid #3,300 cash for four months’ rent(Hint: Debit Prepaid Rent for $3,300) 3 The company purchased $1,420 of computer supplies on credit from Harris Office Products. 5 The company paid $2,220 cash for one year’s premium on property and liability insurance policy (Hint: Debit Prepaid Insurance for $2,220) 6 The company billed Easy Leasing $4,800 for services performed in installing a new Web server. 8 The company paid $1,420 cash for the computer supplies purchased from Harris Office Products on October 3. 10 The company hired Lyn Addie as a part-time assistant for $125 per day, as needed. 12 The company billed Easy Leasing another $1,400 for services performed. 15 The company received $4,800 cash from Easy Leasing as partial payment on its account 17 The company paid $805 cash to repair computer equipment that was damaged when moving it. 20 The company paid $1,728 cash for advertisements published in the local newspaper. 22 The company received $1,400 cash from Easy Leasing on its account 28 The company… Attachments: Q.docx View less » Jul 28 2015 12:57 PM
