Santana Rey created Business Solutions on October 1, 2017. The company has been successful, and its...
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Santana Rey created Business Solutions on October 1, 2017. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2017. Santana Rey decided to add a fourth digit with a decimal point to the 106 account number that had been used for the single Accounts Receivable account. This change allows the company to continue using the existing chart of accounts. No. Account Title Debit Credit 101 Cash $48,562 106.1 Alex's Engineering Co. 106.2 Wildcat Services 106.3 Easy Leasing 106.4 IFM Co. 3,150 106.5 Liu Corp. 106.6 Gomez Co. 2,708 106.7 Delta Co. 106.8 KC, Inc. 106.9 Dream, Inc. Merchandise inventory 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 S. Rey, Capital S. Rey, Withdrawals Computer services revenue 119 126 640 128 1,855 131 825 163 8, 200 164 390 167 21,200 168 1,120 1,240 201 210 740 236 1,490 82,160 301 302 403 413 Sales 414 Sales returns and allowances 415 Sales discounts 502 Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment 612 613 623 Wages expense 637 Insurance expense 640 Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer 652 655 676 677 684 In response to requests from customers, S. Rey will begin selling computer software. The company will extend credit terms of 1/10, n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Additional accounts (Nos. 119, 413, 414, 415, and 502) are added to its general ledger to accommodate the company's new merchandising activities. Also, Business Solutions does not use reversing entries and, therefore, all revenue and expense accounts have zero beginning balances as of January 1, 2018. Its transactions for January through March follow: 4 The company paid cash to Lyn Addie for five days' work at the rate of $185 per day. Four of the five days relate to wages payable that were accrued in the prior year. Jan. 4 The company paid cash to Lyn Addie for five days' work at the rate of $185 per day. Four of the five days relate to wages payable that were accrued in the prior year. 5 Santana Rey invested an additional $25,000 cash in the company. 7 The company purchased $6,200 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB shipping point, invoice dated Jan. January 7. 9 The company received $2,708 cash from Gomez Co. as full payment on its account. 11 The company completed a five-day project for Alex's Engineering Co. and billed it $5,430, which is the total price of $6,920 less the advance payment of $1,490. 13 The company sold merchandise with a retail value of $5,000 and a cost of $3,470 to Liu Corp., invoice dated January 13. 15 The company paid $800 cash for freight charges on the merchandise purchased on January 7. 16 The company received $4,040 cash from Delta Co. for computer services provided. 17 The company paid Kansas Corp. for the invoice dated January 7, net of the discount. 20 Liu Corp. returned $700 of defective merchandise from its invoice dated January 13. The returned merchandise, which had a $250 cost, is discarded. (The policy of Business Solutions is to leave the cost of defective products in cost of goods sold.) 22 The company received the balance due from Liu Corp., net of both the discount and the credit for the returned merchandise. 24 The company returned defective merchandise to Kansas Corp. and accepted a credit against future purchases. The defective merchandise invoice cost, net of the discount, was $496. 26 The company purchased $9, 600 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB destination, invoice dated January 26. 26 The company sold merchandise with a $4,510 cost for $5,970 on credit to KC, Inc., invoice dated January 26. 31 The company paid cash to Lyn Addie for 10 days' work at $185 per day. 1 The company paid $2,355 cash to Hilllside Mall for another three months' rent in advance. 3 The company paid Kansas Corp. for the balance due, net of the cash discount, less the $496 amount in the credit memorandum. 5 The company paid $500 cash to the local newspaper for an advertising insert in today's paper. 11 The company received the balance due from Alex's Engineering Co. for fees billed on January 11. 15 Santana Rey withdrew $4,720 cash from the company for personal use. 23 The company sold merchandise with a $2,650 cost for $3,400 on credit to Delta Co., invoice dated February 23. 26 The company paid cash to Lyn Addie for eight days' work at $185 per day. 27 The company reimbursed Santana Rey for business automobile mileage (400 miles at $0.32 per mile). 8 The company purchased $2,790 of computer supplies from Harris Office Products on credit, invoice dated March 8. 9 The company received the balance due from Delta Co. for merchandise sold on February 23. 11 The company paid $930 cash for minor repairs to the company's computer. 16 The company received $5,310 cash from Dream, Inc., for computing services provided. 19 The company paid the full amount due to Harris Office Products, consisting of amounts created on December 15 (of $1,240) Feb. Mar. and March 8. 24 The company billed Easy Leasing for $9,047 of computing services provided. 25 The company sold merchandise with a $2,042 cost for $2,830 on credit to Wildcat Services, invoice dated March 25. 30 The company sold merchandise with a $1,088 cost for $2,340 on credit to IFM Company, invoice dated March 30. 31 The company reimbursed Santana Rey for business automobile mileage (1,100 miles at $0.32 per mile). Assume that Santana Rey expands Business Solutions' accounting system to include special journals. Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. General Journal Sales Cash Receipts Purchases Cash Disbmt Enter the Business Solutions transactions for January through March in a sales journal. SALES JOURNAL Cost of Goods Accounts Account Debited Receivable Dr. Sales Cr. Date Sold Dr. Inventory Cr. Mar. 31 Totals < Sales Cash Receipts > Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. Cash Receipts Purchases General Journal Sales Cash Disbmt Enter the Business Solutions transactions for January through March in a cash receipts journal. CASH RECEIPTS JOURNAL Sales Cash Dr. Discount Dr. Accounts Receivable Cr. Services Revenue Cr. Other Accts. Cr. Cost of Goods Sold Dr. Date Account Credited Inventory Cr. Mar. 31 Totals 이 S 이 $ 이 S < Sales Purchases > Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. General Cash Receipts Purchases Sales Cash Disbmt Journal Enter the Business Solutions transactions for January through March in a purchases journal. PURCHA SES JOURNAL Date of Invoice Computer Supplies Other Accounts Dr. Accounts Inventory Dr. Date Account Terms Payable Cr. Dr. Mar. 31 Totals < Cash Receipts Cash Disbmt > Complete this question by entering your answers in the tabs below. General Journal Sales Cash Receipts Purchases Cash Disbmt Enter the Business Solutions transactions for January through March in a cash disbursements journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. CASH DISBURSEMENTS JOURNAL Cash Cr. Inventory Cr. Other Accounts Dr. Accounts Payable Dr. Date Payee Account Debited Jan. 04 Mar. 31 Totals 이 $ 이 S Cash Receipts Purchases General Journal Sales Cash Disbmt Enter the Business Solutions transactions for January through March in a general journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 > Record the additional cash investment by Santana Rey. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 Record entry Clear entry View general journal < Cash Disbmt General Jourmal > Complete this question by entering your answers in the tabs below. General Journal Sales Cash Receipts Purchases Cash Disbmt Enter the Business Solutions transactions for January through March in a general journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the additional cash investment by Santana Rey. > 2 Record the entry for completion of a five-day project for Alex's Engineering Co. and billing it $5,430, which is the total price of $6,920 less the advance payment of $1,490. 3 Record the entry for return of defective merchandise which had a sales price of $700 cost. Credit 4 Record the entry for return of defective merchandise which had a $496 cost. 5 Record the entry for providing computer services to Easy Leasing for $9,047. Note :0= journal entry has been entered Record entry Clear entry View general journal < Cash Disbmt General Journal > Santana Rey created Business Solutions on October 1, 2017. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2017. Santana Rey decided to add a fourth digit with a decimal point to the 106 account number that had been used for the single Accounts Receivable account. This change allows the company to continue using the existing chart of accounts. No. Account Title Debit Credit 101 Cash $48,562 106.1 Alex's Engineering Co. 106.2 Wildcat Services 106.3 Easy Leasing 106.4 IFM Co. 3,150 106.5 Liu Corp. 106.6 Gomez Co. 2,708 106.7 Delta Co. 106.8 KC, Inc. 106.9 Dream, Inc. Merchandise inventory 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 S. Rey, Capital S. Rey, Withdrawals Computer services revenue 119 126 640 128 1,855 131 825 163 8, 200 164 390 167 21,200 168 1,120 1,240 201 210 740 236 1,490 82,160 301 302 403 413 Sales 414 Sales returns and allowances 415 Sales discounts 502 Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment 612 613 623 Wages expense 637 Insurance expense 640 Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer 652 655 676 677 684 In response to requests from customers, S. Rey will begin selling computer software. The company will extend credit terms of 1/10, n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Additional accounts (Nos. 119, 413, 414, 415, and 502) are added to its general ledger to accommodate the company's new merchandising activities. Also, Business Solutions does not use reversing entries and, therefore, all revenue and expense accounts have zero beginning balances as of January 1, 2018. Its transactions for January through March follow: 4 The company paid cash to Lyn Addie for five days' work at the rate of $185 per day. Four of the five days relate to wages payable that were accrued in the prior year. Jan. 4 The company paid cash to Lyn Addie for five days' work at the rate of $185 per day. Four of the five days relate to wages payable that were accrued in the prior year. 5 Santana Rey invested an additional $25,000 cash in the company. 7 The company purchased $6,200 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB shipping point, invoice dated Jan. January 7. 9 The company received $2,708 cash from Gomez Co. as full payment on its account. 11 The company completed a five-day project for Alex's Engineering Co. and billed it $5,430, which is the total price of $6,920 less the advance payment of $1,490. 13 The company sold merchandise with a retail value of $5,000 and a cost of $3,470 to Liu Corp., invoice dated January 13. 15 The company paid $800 cash for freight charges on the merchandise purchased on January 7. 16 The company received $4,040 cash from Delta Co. for computer services provided. 17 The company paid Kansas Corp. for the invoice dated January 7, net of the discount. 20 Liu Corp. returned $700 of defective merchandise from its invoice dated January 13. The returned merchandise, which had a $250 cost, is discarded. (The policy of Business Solutions is to leave the cost of defective products in cost of goods sold.) 22 The company received the balance due from Liu Corp., net of both the discount and the credit for the returned merchandise. 24 The company returned defective merchandise to Kansas Corp. and accepted a credit against future purchases. The defective merchandise invoice cost, net of the discount, was $496. 26 The company purchased $9, 600 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB destination, invoice dated January 26. 26 The company sold merchandise with a $4,510 cost for $5,970 on credit to KC, Inc., invoice dated January 26. 31 The company paid cash to Lyn Addie for 10 days' work at $185 per day. 1 The company paid $2,355 cash to Hilllside Mall for another three months' rent in advance. 3 The company paid Kansas Corp. for the balance due, net of the cash discount, less the $496 amount in the credit memorandum. 5 The company paid $500 cash to the local newspaper for an advertising insert in today's paper. 11 The company received the balance due from Alex's Engineering Co. for fees billed on January 11. 15 Santana Rey withdrew $4,720 cash from the company for personal use. 23 The company sold merchandise with a $2,650 cost for $3,400 on credit to Delta Co., invoice dated February 23. 26 The company paid cash to Lyn Addie for eight days' work at $185 per day. 27 The company reimbursed Santana Rey for business automobile mileage (400 miles at $0.32 per mile). 8 The company purchased $2,790 of computer supplies from Harris Office Products on credit, invoice dated March 8. 9 The company received the balance due from Delta Co. for merchandise sold on February 23. 11 The company paid $930 cash for minor repairs to the company's computer. 16 The company received $5,310 cash from Dream, Inc., for computing services provided. 19 The company paid the full amount due to Harris Office Products, consisting of amounts created on December 15 (of $1,240) Feb. Mar. and March 8. 24 The company billed Easy Leasing for $9,047 of computing services provided. 25 The company sold merchandise with a $2,042 cost for $2,830 on credit to Wildcat Services, invoice dated March 25. 30 The company sold merchandise with a $1,088 cost for $2,340 on credit to IFM Company, invoice dated March 30. 31 The company reimbursed Santana Rey for business automobile mileage (1,100 miles at $0.32 per mile). Assume that Santana Rey expands Business Solutions' accounting system to include special journals. Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. General Journal Sales Cash Receipts Purchases Cash Disbmt Enter the Business Solutions transactions for January through March in a sales journal. SALES JOURNAL Cost of Goods Accounts Account Debited Receivable Dr. Sales Cr. Date Sold Dr. Inventory Cr. Mar. 31 Totals < Sales Cash Receipts > Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. Cash Receipts Purchases General Journal Sales Cash Disbmt Enter the Business Solutions transactions for January through March in a cash receipts journal. CASH RECEIPTS JOURNAL Sales Cash Dr. Discount Dr. Accounts Receivable Cr. Services Revenue Cr. Other Accts. Cr. Cost of Goods Sold Dr. Date Account Credited Inventory Cr. Mar. 31 Totals 이 S 이 $ 이 S < Sales Purchases > Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. General Cash Receipts Purchases Sales Cash Disbmt Journal Enter the Business Solutions transactions for January through March in a purchases journal. PURCHA SES JOURNAL Date of Invoice Computer Supplies Other Accounts Dr. Accounts Inventory Dr. Date Account Terms Payable Cr. Dr. Mar. 31 Totals < Cash Receipts Cash Disbmt > Complete this question by entering your answers in the tabs below. General Journal Sales Cash Receipts Purchases Cash Disbmt Enter the Business Solutions transactions for January through March in a cash disbursements journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. CASH DISBURSEMENTS JOURNAL Cash Cr. Inventory Cr. Other Accounts Dr. Accounts Payable Dr. Date Payee Account Debited Jan. 04 Mar. 31 Totals 이 $ 이 S Cash Receipts Purchases General Journal Sales Cash Disbmt Enter the Business Solutions transactions for January through March in a general journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 > Record the additional cash investment by Santana Rey. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 Record entry Clear entry View general journal < Cash Disbmt General Jourmal > Complete this question by entering your answers in the tabs below. General Journal Sales Cash Receipts Purchases Cash Disbmt Enter the Business Solutions transactions for January through March in a general journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the additional cash investment by Santana Rey. > 2 Record the entry for completion of a five-day project for Alex's Engineering Co. and billing it $5,430, which is the total price of $6,920 less the advance payment of $1,490. 3 Record the entry for return of defective merchandise which had a sales price of $700 cost. Credit 4 Record the entry for return of defective merchandise which had a $496 cost. 5 Record the entry for providing computer services to Easy Leasing for $9,047. Note :0= journal entry has been entered Record entry Clear entry View general journal < Cash Disbmt General Journal > Santana Rey created Business Solutions on October 1, 2017. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2017. Santana Rey decided to add a fourth digit with a decimal point to the 106 account number that had been used for the single Accounts Receivable account. This change allows the company to continue using the existing chart of accounts. No. Account Title Debit Credit 101 Cash $48,562 106.1 Alex's Engineering Co. 106.2 Wildcat Services 106.3 Easy Leasing 106.4 IFM Co. 3,150 106.5 Liu Corp. 106.6 Gomez Co. 2,708 106.7 Delta Co. 106.8 KC, Inc. 106.9 Dream, Inc. Merchandise inventory 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 S. Rey, Capital S. Rey, Withdrawals Computer services revenue 119 126 640 128 1,855 131 825 163 8, 200 164 390 167 21,200 168 1,120 1,240 201 210 740 236 1,490 82,160 301 302 403 413 Sales 414 Sales returns and allowances 415 Sales discounts 502 Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment 612 613 623 Wages expense 637 Insurance expense 640 Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer 652 655 676 677 684 In response to requests from customers, S. Rey will begin selling computer software. The company will extend credit terms of 1/10, n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Additional accounts (Nos. 119, 413, 414, 415, and 502) are added to its general ledger to accommodate the company's new merchandising activities. Also, Business Solutions does not use reversing entries and, therefore, all revenue and expense accounts have zero beginning balances as of January 1, 2018. Its transactions for January through March follow: 4 The company paid cash to Lyn Addie for five days' work at the rate of $185 per day. Four of the five days relate to wages payable that were accrued in the prior year. Jan. 4 The company paid cash to Lyn Addie for five days' work at the rate of $185 per day. Four of the five days relate to wages payable that were accrued in the prior year. 5 Santana Rey invested an additional $25,000 cash in the company. 7 The company purchased $6,200 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB shipping point, invoice dated Jan. January 7. 9 The company received $2,708 cash from Gomez Co. as full payment on its account. 11 The company completed a five-day project for Alex's Engineering Co. and billed it $5,430, which is the total price of $6,920 less the advance payment of $1,490. 13 The company sold merchandise with a retail value of $5,000 and a cost of $3,470 to Liu Corp., invoice dated January 13. 15 The company paid $800 cash for freight charges on the merchandise purchased on January 7. 16 The company received $4,040 cash from Delta Co. for computer services provided. 17 The company paid Kansas Corp. for the invoice dated January 7, net of the discount. 20 Liu Corp. returned $700 of defective merchandise from its invoice dated January 13. The returned merchandise, which had a $250 cost, is discarded. (The policy of Business Solutions is to leave the cost of defective products in cost of goods sold.) 22 The company received the balance due from Liu Corp., net of both the discount and the credit for the returned merchandise. 24 The company returned defective merchandise to Kansas Corp. and accepted a credit against future purchases. The defective merchandise invoice cost, net of the discount, was $496. 26 The company purchased $9, 600 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB destination, invoice dated January 26. 26 The company sold merchandise with a $4,510 cost for $5,970 on credit to KC, Inc., invoice dated January 26. 31 The company paid cash to Lyn Addie for 10 days' work at $185 per day. 1 The company paid $2,355 cash to Hilllside Mall for another three months' rent in advance. 3 The company paid Kansas Corp. for the balance due, net of the cash discount, less the $496 amount in the credit memorandum. 5 The company paid $500 cash to the local newspaper for an advertising insert in today's paper. 11 The company received the balance due from Alex's Engineering Co. for fees billed on January 11. 15 Santana Rey withdrew $4,720 cash from the company for personal use. 23 The company sold merchandise with a $2,650 cost for $3,400 on credit to Delta Co., invoice dated February 23. 26 The company paid cash to Lyn Addie for eight days' work at $185 per day. 27 The company reimbursed Santana Rey for business automobile mileage (400 miles at $0.32 per mile). 8 The company purchased $2,790 of computer supplies from Harris Office Products on credit, invoice dated March 8. 9 The company received the balance due from Delta Co. for merchandise sold on February 23. 11 The company paid $930 cash for minor repairs to the company's computer. 16 The company received $5,310 cash from Dream, Inc., for computing services provided. 19 The company paid the full amount due to Harris Office Products, consisting of amounts created on December 15 (of $1,240) Feb. Mar. and March 8. 24 The company billed Easy Leasing for $9,047 of computing services provided. 25 The company sold merchandise with a $2,042 cost for $2,830 on credit to Wildcat Services, invoice dated March 25. 30 The company sold merchandise with a $1,088 cost for $2,340 on credit to IFM Company, invoice dated March 30. 31 The company reimbursed Santana Rey for business automobile mileage (1,100 miles at $0.32 per mile). Assume that Santana Rey expands Business Solutions' accounting system to include special journals. Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. General Journal Sales Cash Receipts Purchases Cash Disbmt Enter the Business Solutions transactions for January through March in a sales journal. SALES JOURNAL Cost of Goods Accounts Account Debited Receivable Dr. Sales Cr. Date Sold Dr. Inventory Cr. Mar. 31 Totals < Sales Cash Receipts > Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. Cash Receipts Purchases General Journal Sales Cash Disbmt Enter the Business Solutions transactions for January through March in a cash receipts journal. CASH RECEIPTS JOURNAL Sales Cash Dr. Discount Dr. Accounts Receivable Cr. Services Revenue Cr. Other Accts. Cr. Cost of Goods Sold Dr. Date Account Credited Inventory Cr. Mar. 31 Totals 이 S 이 $ 이 S < Sales Purchases > Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. General Cash Receipts Purchases Sales Cash Disbmt Journal Enter the Business Solutions transactions for January through March in a purchases journal. PURCHA SES JOURNAL Date of Invoice Computer Supplies Other Accounts Dr. Accounts Inventory Dr. Date Account Terms Payable Cr. Dr. Mar. 31 Totals < Cash Receipts Cash Disbmt > Complete this question by entering your answers in the tabs below. General Journal Sales Cash Receipts Purchases Cash Disbmt Enter the Business Solutions transactions for January through March in a cash disbursements journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. CASH DISBURSEMENTS JOURNAL Cash Cr. Inventory Cr. Other Accounts Dr. Accounts Payable Dr. Date Payee Account Debited Jan. 04 Mar. 31 Totals 이 $ 이 S Cash Receipts Purchases General Journal Sales Cash Disbmt Enter the Business Solutions transactions for January through March in a general journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 > Record the additional cash investment by Santana Rey. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 Record entry Clear entry View general journal < Cash Disbmt General Jourmal > Complete this question by entering your answers in the tabs below. General Journal Sales Cash Receipts Purchases Cash Disbmt Enter the Business Solutions transactions for January through March in a general journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the additional cash investment by Santana Rey. > 2 Record the entry for completion of a five-day project for Alex's Engineering Co. and billing it $5,430, which is the total price of $6,920 less the advance payment of $1,490. 3 Record the entry for return of defective merchandise which had a sales price of $700 cost. Credit 4 Record the entry for return of defective merchandise which had a $496 cost. 5 Record the entry for providing computer services to Easy Leasing for $9,047. Note :0= journal entry has been entered Record entry Clear entry View general journal < Cash Disbmt General Journal > Santana Rey created Business Solutions on October 1, 2017. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2017. Santana Rey decided to add a fourth digit with a decimal point to the 106 account number that had been used for the single Accounts Receivable account. This change allows the company to continue using the existing chart of accounts. No. Account Title Debit Credit 101 Cash $48,562 106.1 Alex's Engineering Co. 106.2 Wildcat Services 106.3 Easy Leasing 106.4 IFM Co. 3,150 106.5 Liu Corp. 106.6 Gomez Co. 2,708 106.7 Delta Co. 106.8 KC, Inc. 106.9 Dream, Inc. Merchandise inventory 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 S. Rey, Capital S. Rey, Withdrawals Computer services revenue 119 126 640 128 1,855 131 825 163 8, 200 164 390 167 21,200 168 1,120 1,240 201 210 740 236 1,490 82,160 301 302 403 413 Sales 414 Sales returns and allowances 415 Sales discounts 502 Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment 612 613 623 Wages expense 637 Insurance expense 640 Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer 652 655 676 677 684 In response to requests from customers, S. Rey will begin selling computer software. The company will extend credit terms of 1/10, n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Additional accounts (Nos. 119, 413, 414, 415, and 502) are added to its general ledger to accommodate the company's new merchandising activities. Also, Business Solutions does not use reversing entries and, therefore, all revenue and expense accounts have zero beginning balances as of January 1, 2018. Its transactions for January through March follow: 4 The company paid cash to Lyn Addie for five days' work at the rate of $185 per day. Four of the five days relate to wages payable that were accrued in the prior year. Jan. 4 The company paid cash to Lyn Addie for five days' work at the rate of $185 per day. Four of the five days relate to wages payable that were accrued in the prior year. 5 Santana Rey invested an additional $25,000 cash in the company. 7 The company purchased $6,200 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB shipping point, invoice dated Jan. January 7. 9 The company received $2,708 cash from Gomez Co. as full payment on its account. 11 The company completed a five-day project for Alex's Engineering Co. and billed it $5,430, which is the total price of $6,920 less the advance payment of $1,490. 13 The company sold merchandise with a retail value of $5,000 and a cost of $3,470 to Liu Corp., invoice dated January 13. 15 The company paid $800 cash for freight charges on the merchandise purchased on January 7. 16 The company received $4,040 cash from Delta Co. for computer services provided. 17 The company paid Kansas Corp. for the invoice dated January 7, net of the discount. 20 Liu Corp. returned $700 of defective merchandise from its invoice dated January 13. The returned merchandise, which had a $250 cost, is discarded. (The policy of Business Solutions is to leave the cost of defective products in cost of goods sold.) 22 The company received the balance due from Liu Corp., net of both the discount and the credit for the returned merchandise. 24 The company returned defective merchandise to Kansas Corp. and accepted a credit against future purchases. The defective merchandise invoice cost, net of the discount, was $496. 26 The company purchased $9, 600 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB destination, invoice dated January 26. 26 The company sold merchandise with a $4,510 cost for $5,970 on credit to KC, Inc., invoice dated January 26. 31 The company paid cash to Lyn Addie for 10 days' work at $185 per day. 1 The company paid $2,355 cash to Hilllside Mall for another three months' rent in advance. 3 The company paid Kansas Corp. for the balance due, net of the cash discount, less the $496 amount in the credit memorandum. 5 The company paid $500 cash to the local newspaper for an advertising insert in today's paper. 11 The company received the balance due from Alex's Engineering Co. for fees billed on January 11. 15 Santana Rey withdrew $4,720 cash from the company for personal use. 23 The company sold merchandise with a $2,650 cost for $3,400 on credit to Delta Co., invoice dated February 23. 26 The company paid cash to Lyn Addie for eight days' work at $185 per day. 27 The company reimbursed Santana Rey for business automobile mileage (400 miles at $0.32 per mile). 8 The company purchased $2,790 of computer supplies from Harris Office Products on credit, invoice dated March 8. 9 The company received the balance due from Delta Co. for merchandise sold on February 23. 11 The company paid $930 cash for minor repairs to the company's computer. 16 The company received $5,310 cash from Dream, Inc., for computing services provided. 19 The company paid the full amount due to Harris Office Products, consisting of amounts created on December 15 (of $1,240) Feb. Mar. and March 8. 24 The company billed Easy Leasing for $9,047 of computing services provided. 25 The company sold merchandise with a $2,042 cost for $2,830 on credit to Wildcat Services, invoice dated March 25. 30 The company sold merchandise with a $1,088 cost for $2,340 on credit to IFM Company, invoice dated March 30. 31 The company reimbursed Santana Rey for business automobile mileage (1,100 miles at $0.32 per mile). Assume that Santana Rey expands Business Solutions' accounting system to include special journals. Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. General Journal Sales Cash Receipts Purchases Cash Disbmt Enter the Business Solutions transactions for January through March in a sales journal. SALES JOURNAL Cost of Goods Accounts Account Debited Receivable Dr. Sales Cr. Date Sold Dr. Inventory Cr. Mar. 31 Totals < Sales Cash Receipts > Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. Cash Receipts Purchases General Journal Sales Cash Disbmt Enter the Business Solutions transactions for January through March in a cash receipts journal. CASH RECEIPTS JOURNAL Sales Cash Dr. Discount Dr. Accounts Receivable Cr. Services Revenue Cr. Other Accts. Cr. Cost of Goods Sold Dr. Date Account Credited Inventory Cr. Mar. 31 Totals 이 S 이 $ 이 S < Sales Purchases > Required: 2. & 3. Enter the Business Solutions transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. Complete this question by entering your answers in the tabs below. General Cash Receipts Purchases Sales Cash Disbmt Journal Enter the Business Solutions transactions for January through March in a purchases journal. PURCHA SES JOURNAL Date of Invoice Computer Supplies Other Accounts Dr. Accounts Inventory Dr. Date Account Terms Payable Cr. Dr. Mar. 31 Totals < Cash Receipts Cash Disbmt > Complete this question by entering your answers in the tabs below. General Journal Sales Cash Receipts Purchases Cash Disbmt Enter the Business Solutions transactions for January through March in a cash disbursements journal. If the transaction does not specify the name of the payee, state "not specified" in the Payee column of the cash disbursements journal. CASH DISBURSEMENTS JOURNAL Cash Cr. Inventory Cr. Other Accounts Dr. Accounts Payable Dr. Date Payee Account Debited Jan. 04 Mar. 31 Totals 이 $ 이 S Cash Receipts Purchases General Journal Sales Cash Disbmt Enter the Business Solutions transactions for January through March in a general journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 > Record the additional cash investment by Santana Rey. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 Record entry Clear entry View general journal < Cash Disbmt General Jourmal > Complete this question by entering your answers in the tabs below. General Journal Sales Cash Receipts Purchases Cash Disbmt Enter the Business Solutions transactions for January through March in a general journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24 and March 24. Do not post the adjusting entries for the end of March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the additional cash investment by Santana Rey. > 2 Record the entry for completion of a five-day project for Alex's Engineering Co. and billing it $5,430, which is the total price of $6,920 less the advance payment of $1,490. 3 Record the entry for return of defective merchandise which had a sales price of $700 cost. Credit 4 Record the entry for return of defective merchandise which had a $496 cost. 5 Record the entry for providing computer services to Easy Leasing for $9,047. Note :0= journal entry has been entered Record entry Clear entry View general journal < Cash Disbmt General Journal >
Expert Answer:
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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