101 106 126 120 10 164 147 148 201 210 234 307 318 *** 319 PAY 403 632 613 423 ** 637 Account Title Cash Accounts receiv

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101 106 126 120 10 164 147 148 201 210 234 307 318 319 Pay 403 632 613 423 637 Account Title Cash Accounts Receiv 1 (50.18 KiB) Viewed 3 times

101 106 126 120 10 164 147 148 201 210 234 307 318 319 Pay 403 632 613 423 637 Account Title Cash Accounts Receiv 2 (50.18 KiB) Viewed 3 times

101 106 126 120 10 164 147 148 201 210 234 307 318 319 Pay 403 632 613 423 637 Account Title Cash Accounts Receiv 3 (50.18 KiB) Viewed 3 times

101 106 126 120 10 164 147 148 201 210 234 307 318 319 Pay 403 632 613 423 637 Account Title Cash Accounts Receiv 4 (50.18 KiB) Viewed 3 times

101 106 126 120 10 164 147 148 201 210 234 307 318 319 Pay 403 632 613 423 637 Account Title Cash Accounts Receiv 5 (54.22 KiB) Viewed 3 times

101 106 126 120 10 164 147 148 201 210 234 307 318 319 Pay 403 632 613 423 637 Account Title Cash Accounts Receiv 6 (23.44 KiB) Viewed 3 times

101 106 126 120 10 164 147 148 201 210 234 307 318 319 Pay 403 632 613 423 637 Account Title Cash Accounts Receiv 7 (23.44 KiB) Viewed 3 times

101 106 126 120 10 164 147 148 201 210 234 307 318 319 Pay 403 632 613 423 637 Account Title Cash Accounts Receiv 8 (26.92 KiB) Viewed 3 times

101 106 126 120 10 164 147 148 201 210 234 307 318 *** 319 PAY 403 632 613 423 ** 637 Account Title Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rest office equipment Accumulated depreciation office equipment Computer equipment Accumulated depreciation-Computer epipment Accounts payable pop Nages payable Unearned computer services revenue Common stock Betained earnings Dividende Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment vages expense Issurance expense *** 640 MAY 452 655 676 677 Miscellaneous expenses SH Repairs experse-Computer Best expense Computer supplies expense Mvertising expens Mileage expense Debit $ 39,164 12,918 2,445 1,900 3,200 8.800 23,200 4,100 2,400 Credit • 47,000 1,400 444 230 735 $ 103,704 Business Solutions had the following transactions and events in December 2020 36,784 103,704 December 3 Paid $1,000 cash to Hillside mall for Business Solutions's share of all advertising costs. December 3 Paid $470 cash for minor repairs to the company's computer. December 4 Received $4,830 cash from Alex's Engineering Co. for the receivable from November. December 10 Paid cash to Lyn Addle for six days of work at the rate of $123 per day. December 14 Setified by Ales's Engineering Company that Business Solutions's bid of 57,600 on proposed project has been accepted. Alex's paid a $2,400 cash advance to Business Solutions. December 11 Purchased 12.100 of computer supplies os credit tree sarria office Producta. December 14 Sent a reminder to Gones Company to pay the fee for services recorded on November 1. Pecember 20 Completed project for Lis Corporation and received 15,875 cash. December 22-26 took the veek off for the holidays. December 28 Beceived $3,700 cash fron Gomes Company on its receivable. December 23 Beimbursed 5. Bey for business automobile mileage (400 miles at 30.22 per mile). December 31 The company paid $1,200 cash in dividende. Requirement 28. 8. Prepare a post-closing trial balance as of December 31, 2020 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 $600 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 $120 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 have expired. Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions. 2-a. Prepare adjusting entries to reflect a through 2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7. post the closing entries to the general ledger accounts. 3. Prepare an adjusted trial balance as of December 31, 2020 4. Prepare an income statement for the three months ended December 31, 2020. 5. Prepare a statement of retained earnings for the three months ended December 31, 2020 6. Prepare a balance sheet as of December 31, 2020 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the p ledger in
PART II. UPLOAD THE 3 TRIAL BALANCE FORMS TO CANVAS, 15 POINTS. UNADJUSTED TRIAL BALANCE ON DECEMBER 31, 2020, 9 POINTS Part 1, Step 1 listed above, contains instructions to prepare the unadjusted trial balance after posting the activity transactions to the general ledger. This consists of general ledger balances after the December activity has been posted, but before any adjusting journal entries are posted. Manually complete the unadjusted trial balance on the form you printed or saved. ADJUSTED TRIAL BALANCE ON DECEMBER 31, 2020, 3 POINTS During your work in Part I, step 3 in Connect you completed the adjusted trial balance. This is NOT the same as the unadjusted trial balance. Enter your Connect solution on the adjusted trial balance form to upload to Canvas. A picture of your Connect unadjusted trial balance will earn zero points. POST-CLOSING TRIAL BALANCE ON DECEMBER 31, 2020, 3 POINTS During your work in Part 1, step 8 in Connect you completed a post-closing trial balance. This is NOT the same as the other two previously completed trial balances. Enter your Connect solution onto the post closing trial balance form. A picture of your Connect post-closing trial balance will earn zero points. Upload the forms to Canvas Upload either your scanned or handwritten copies of your trial balances saved in pdf format to Canvas. A balancing and accurate set of three trial balances can earn a total of 15 points. The 31 Page 2022 scoring rubric is in Canvas. Your trial balances will be verified to your Connect work and scored manually in Canvas. A picture of your Connect post-closing trial balance will earn zero points. PART III. UPLOAD MEMO TO CANVAS, 10 POINTS. Analyze your results for Business Solutions by answering the specific questions on the provided memo form. The following questions should be answered in your analysis, your writing must be your own work. Based on your financial statements for Business Solutions answer the following questions: 1. Complete the accounting equation for Business Solutions using the dollar amounts in this format: $=$_ +S 2. In discussing Business Solutions latest financial statements, you as the manager say that it is the "the net income results on the bottom line that really count. What do you mean? Which financial statement are you referring to? Are the results reflected satisfactory? Explain your answers. 3. Does Business Solutions have enough cash to pay its liabilities on December 31, 2020? Please list the December 31 balance of cash, subtract the amount of total current liabilities and calculate the overage or shortfall cash amount. Does Business Solutions need to improve this situation? If your answer is that no improvement is needed, please describe what they are doing correctly. If your answer is yes improvement is needed, please provide a suggestion on how the company may improve.
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Memo To: From Company Professor Robin Reilly Student name Business Solutions (financial statements dated December 31, 2020) Date: Subject: Project, Part II Analysis. 10 points. PART III. UPLOAD ANALYSIS MEMO TO CANVAS, 10 POINTS. Analyze your results for Business Solutions by answering the specific questions on the provided memo form in Canvas. The following questions should be answered in your analysis, your writing must be in your own work Based on your financial statements for Business Solutions answer the following questions: 1. Complete the accounting equation for Business Solutions using the amounts in this format $ 5 2. In discussing Business Solutions latest financial statements, you as the manager say that it is the "the net income results on the bottom line" that really count. What do you mean? Which financial statement are you referring to? Are the results reflected satisfactory? Explain your answers. 3. Does Business Solutions have enough cash to pay its liabilities on December 31, 2020? Please list the December 31 balance of cash, subtract the amount of total current liabilities and calculate the overage or shortfall cash amount. Does Business Solutions need to improve this situation? If your answer is that no improvement is needed. please describe what they are doing correctly. If your answer is yes improvement is needed, please provide a suggestion on how the company may improve. Upload this completed document in pdf format to Canvas for scoring prior to the due date.