GL0308 (Algo) - Based on the Serial Problem LO P1, P2, P3, P4, P5 The November 30, 2021, unadjusted trial balance of Best Bytes is found in the Trial balance tab. Best Bytes had the following transactions and events in December 2021. December 2 Paid $1,060 cash to Lakeview Mall for Best Bytes' share of mall advertising costs. December 3 Paid $520 cash for minor repairs to the company's computer. December 4 Received $6,000 cash from Sanchez Engineering Co. for the receivable from November. December 10 Paid cash to Sandy Perry for six days of work at the rate of $220 per day. December 14 Notified by Sanchez Engineering Co. that Best Bytes' bid of $7,100 on a proposed project has been accepted. Sanchez paid a $1,550 cash advance to Best Bytes. December 15 Purchased $1,700 of computer supplies on credit from Ryan Office Products. December 16 Sent a reminder to Marshall Co. to pay the fee for services recorded on November 8 . December 20 Completed a project for Fox Corporation and received $6,800cash. December 22-26 Took the week off for the holidays. December 28 Received $3,800 cash from Marshall Co. on its receivable. December 29 Reimbursed K. Perry for business automobile mileage (700 miles at $0.32 per mile). December 31 Paid $1,900 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 $1,060 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Sandy Perry has not been paid for four days of work at $220 per day. d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1 , is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent has expired. Notified by Sanchez Engineering Co. that Best Bytes' bid of $7,100 on a proposed project has been accepted. Sanchez paid a $1,550 cash advance to Best Bytes. Note: Enter debits before credits. Adjusted BEST BYTES Income Statement For Three Months Ended December 31, 2021 Revenues: General Ledger Account \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Computer equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Nov 30 & & & 25,120 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|r|r|} \hline \multicolumn{5}{|c|}{ Accounts payable } \\ \hline No. & Date & Debit & \multicolumn{1}{|c|}{ Credit } & \multicolumn{1}{|c|}{ Balance } \\ \hline & Nov 30 & & & 0 \\ \hline 6 & Dec 15 & & 1,700 & 1,700 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 79,000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Dividends } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 5,700 \\ \hline 11 & Dec 31 & 1,900 & & 7,600 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Computer services revenue } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{c|}{ Balance } \\ \hline & Nov 30 & & & 31,600 \\ \hline 8 & Dec 20 & & 6,800 & 38,400 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Wages expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Nov 30 & & & 4,620 \\ \hline 4 & Dec 10 & 1,320 & & 5,940 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Advertising expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Nov 30 & & & 1,790 \\ \hline 1 & Dec 02 & 1,060 & & 2,850 \\ \hline \end{tabular} \begin{tabular}{|r|c|r|r|r|} \hline \multicolumn{5}{|c|}{ Mileage expense } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{c|}{ Balance } \\ \hline & Nov 30 & & & 790 \\ \hline 10 & Dec 29 & 224 & & 1,014 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Miscellanous expenses } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Nov 30 & & & 370 \\ \hline \end{tabular} \begin{tabular}{|r|c|r|r|r|} \hline \multicolumn{5}{|c|}{ Repairs expense - Computer } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{c|}{ Balance } \\ \hline & Nov 30 & & & 840 \\ \hline 2 & Dec 03 & 520 & & 1,360 \\ \hline \end{tabular} Unadjusted a. The December 31 inventory count of computer supplies shows $1,060 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Sandy Perry has not been paid for four days of work at $220 per day. d. The computer system, acquired on October 1 , is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1 , is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent has expired. For each adjustment, indicate the income statement and balance sheet account affected, and the impact on If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustme found on the income statement tab. (Hint: Select unadjusted on the drop-down.) GL0308 (Algo) - Based on the Serial Problem LO P1, P2, P3, P4, P5 The November 30, 2021, unadjusted trial balance of Best Bytes is found in the Trial balance tab. Best Bytes had the following transactions and events in December 2021. December 2 Paid $1,060 cash to Lakeview Mall for Best Bytes' share of mall advertising costs. December 3 Paid $520 cash for minor repairs to the company's computer. December 4 Received $6,000 cash from Sanchez Engineering Co. for the receivable from November. December 10 Paid cash to Sandy Perry for six days of work at the rate of $220 per day. December 14 Notified by Sanchez Engineering Co. that Best Bytes' bid of $7,100 on a proposed project has been accepted. Sanchez paid a $1,550 cash advance to Best Bytes. December 15 Purchased $1,700 of computer supplies on credit from Ryan Office Products. December 16 Sent a reminder to Marshall Co. to pay the fee for services recorded on November 8 . December 20 Completed a project for Fox Corporation and received $6,800cash. December 22-26 Took the week off for the holidays. December 28 Received $3,800 cash from Marshall Co. on its receivable. December 29 Reimbursed K. Perry for business automobile mileage (700 miles at $0.32 per mile). December 31 Paid $1,900 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 $1,060 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Sandy Perry has not been paid for four days of work at $220 per day. d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1 , is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent has expired. Notified by Sanchez Engineering Co. that Best Bytes' bid of $7,100 on a proposed project has been accepted. Sanchez paid a $1,550 cash advance to Best Bytes. Note: Enter debits before credits. Adjusted BEST BYTES Income Statement For Three Months Ended December 31, 2021 Revenues: General Ledger Account \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Computer equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Nov 30 & & & 25,120 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|r|r|} \hline \multicolumn{5}{|c|}{ Accounts payable } \\ \hline No. & Date & Debit & \multicolumn{1}{|c|}{ Credit } & \multicolumn{1}{|c|}{ Balance } \\ \hline & Nov 30 & & & 0 \\ \hline 6 & Dec 15 & & 1,700 & 1,700 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 79,000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Dividends } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 5,700 \\ \hline 11 & Dec 31 & 1,900 & & 7,600 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Computer services revenue } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{c|}{ Balance } \\ \hline & Nov 30 & & & 31,600 \\ \hline 8 & Dec 20 & & 6,800 & 38,400 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Wages expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Nov 30 & & & 4,620 \\ \hline 4 & Dec 10 & 1,320 & & 5,940 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Advertising expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Nov 30 & & & 1,790 \\ \hline 1 & Dec 02 & 1,060 & & 2,850 \\ \hline \end{tabular} \begin{tabular}{|r|c|r|r|r|} \hline \multicolumn{5}{|c|}{ Mileage expense } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{c|}{ Balance } \\ \hline & Nov 30 & & & 790 \\ \hline 10 & Dec 29 & 224 & & 1,014 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Miscellanous expenses } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Nov 30 & & & 370 \\ \hline \end{tabular} \begin{tabular}{|r|c|r|r|r|} \hline \multicolumn{5}{|c|}{ Repairs expense - Computer } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{c|}{ Balance } \\ \hline & Nov 30 & & & 840 \\ \hline 2 & Dec 03 & 520 & & 1,360 \\ \hline \end{tabular} Unadjusted a. The December 31 inventory count of computer supplies shows $1,060 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Sandy Perry has not been paid for four days of work at $220 per day. d. The computer system, acquired on October 1 , is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1 , is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent has expired. For each adjustment, indicate the income statement and balance sheet account affected, and the impact on If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustme found on the income statement tab. (Hint: Select unadjusted on the drop-down.)