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Unformatted text preview: Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $1,000 cash to Hillside Hall for Business Solutions' share of mall advertising costs. 3 Paid $420 cash for minor repairs to the company*s computer. 4 Received $4,?50 cash from Alex's Engineering Co. for the receivable from November. 0 Paid cash to Lyn Addie for six days of work at the rate of $110 per day. 4 Notified by Alex's Engineering Co. that Business Solutions' bid of $?,flflfl on a proposed project has been accepted. Alex's paid a $2,2flfl cash advance to Business Solutions. 15 Purchased $2,10fl of computer supplies on credit from Harris Office Products. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 3. 20 Completed a project for Liu Corporation and received $6,075 cash. 22— Took the week off for the holidays. 28 Received $4,000 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage {500 miles at $fl-29 per mile). 31 The company paid $1,300 cash in 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 $590 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31. Lyn Addie has not been paid for four days of work at $110 per day. :1. 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 have expired. ...
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  • Fall '19
  • Balance Sheet, Decimal, Generally Accepted Accounting Principles, Business Solutions

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