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168 Accumulated depreciation-Computer equipment 201 Accounts payable 216 Wages payable 236 301 382 403 413 414 415 502 612 613 623 637 640 652 655 676 677 684 Unearned computer services revenue S. Rey, Capital S. Rey, Withdraals Computer services revenue Sales Sales returns and allowances Sales discounts Cest of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer BOOOOOOOO 0 0 0 0 0 0 January 13 1,240 1,120 660 1,430 82,953 0 0 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. Its transactions for January through March follow. January 4 The company paid cash to Lyn Addie for five days' work at the rate of $165 per day. Four of the five days relate to wages payable that were accrued in the prior year. January 5 Santana Rey invested an additional $23,900 cash in the company. January 7 The company purchased $6,500 of merchandise from Kansas Corporation with terms of 1/10, n/30, FOB shipping point, invoice dated January 7. January 9 The company received $2,688 cash from Gomez Company as full payment on its account. January 11 The company completed a five-day project for Alex's Engineering Company and billed it $5,480, which is the total price of $6,910 less the advance payment of $1, 430. The company debited Unearned Computer Services Revenue for $1,430. The company sold merchandise with a retail value of $4,700 and a cost of $3,510 to Liu Corporation, invoice dated January 13. January 15 The company paid $688 cash for freight charges on the merchandise purchased on January 7. January 16 The company received $4,030 cash from Delta Company for computer services provided. January 17 The company paid Kansas Corporation for the invoice dated January 7, net of the discount. January 20 The company gave a price reduction (allowance) of $700 to Liu Corporation and credited Liu's accounts receivable for that amount. January 22 The company received the balance due from Liu Corporation, net of the discount and the allowance. January 24 The company returned defective merchandise to Kansas Corporation and accepted a credit against future
January 22 The company received the balance due from Liu Corporation, net of the discount and the allowance. January 24 The company returned defective merchandise to Kansas Corporation and accepted a credit against future purchases (debited accounts payable). The defective merchandise invoice cost, net of the discount, was $496. January 26 The company purchased 99,700 of merchandise from Kansas Corporation with terms of 1/10, n/30, FOB destination, invoice dated January 26. January 25 The company sold merchandise with a $4,450 cost for $5,860 on credit to KC, Incorporated, invoice dated January 26. January 31 The company paid cash to Lyn Addie for 10 days' work at $165 per day. February 1 The company paid $2,655 cash to Hillside Mall for another three months' rent in advance. February 3 The company paid Kansas Corporation for the balance due, net of the cash discount, less the $496 credit from merchandise returned on January 24. February 5 The company paid $530 cash to Facebook for an advertisement to appear on February 5 only. February 11 The company received the balance due from Alex's Engineering Company for fees billed on January 11. February 15 S. Rey withdrew $4,690 cash from the company for personal use. February 23 The company sold merchandise with a $2,530 cost for $3,300 on credit to Delta Company, invoice dated February 23. February 26 The company paid cash to Lyn Addie for eight days' work at $165 per day. February 27 The company reimbursed Santana Rey $96 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." March 8 The company purchased $2,730 of computer supplies from Harris Office Products on credit with terms of n/30, FOB destination, invoice dated March 8. March 9 The company received the balance due from Delta Company for merchandise sold on February 23. March 11 The company paid $850 cash for minor repairs to the company's computer. March 16 The company received $5,410 cash from Dream, Incorporated, for computing services provided. March 19 The company paid the full amount due of $3,850 to Harris Office Products, consisting of amounts created on December 15 (of $1,120) and March 8. March 24 The company billed Easy Leasing for $9,237 of computing services provided. March 25 The company sold merchandise with a $2,162 cost for $2,900 on credit to Wildcat Services, invoice dated March 25. March 30 The company sold merchandise with a $1,248 cost for $2,370 on credit to IFM Company, invoice dated March 30. March 31 The company reimbursed Santana Rey $64 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." The following additional facts are available for preparing adjustments on March 31 prior to financial statement preparation. a. The March 31 amount of computer supplies still available totals $2.085 b. Prepaid Insurance coverage of $636 expired during this three-month period. c. Lyn Addie has not been paid for seven days of work at the rate of $165 per day. d. Prepaid rent of $2.655 expired during this three-month period e. Depreciation on the computer equipment for January 1 through March 31 is $1.240 Depreciation on the office equipment for January 1 through March 31 is $290 9. The March 31 amount of merchandise inventory still available totals $574
a. The March 31 amount of computer supplies still available totals $2,085. b. Prepaid Insurance coverage of $636 expired during this three-month period. e. Lyn Addie has not been paid for seven days of work at the rate of $165 per day. d. Prepaid rent of $2,655 expired during this three-month period. e. Depreciation on the computer equipment for January 1 through March 31 is $1,240. Depreciation on the office equipment for January 1 through March 31 is $290 g. The March 31 amount of merchandise inventory still available totals $574. SP 5 Serial Problem Part 1 (Algo) Required: 1. Prepare journal entries to record each of the January through March transactions. Journal entry worksheet < 8... 37 The company paid cash to Lyn Addie for five days' work at the rate of $165 per day. Four of the five days relate to wages payable that were accrued in the prior year Note: Enter debits before credits Date January 04 Record untry 5 General Journal Clear entry 6 7 Debit Credit Vi gan jurnal
" SP 5 Serial Problem Part 2 (Algo) 2. Post the journal entries in part 1 to the accounts in the company's general ledger Note: Begin with the ledger's post-closing adjusted balances as of December 31, 2021 Thare December 31 106 2: Accounts Receivable-Wildcat Services Date December 31 Debit Credit Balance Dure December 31 Clebit 1043 Accounts Receivable-Eavy Leasing Debit Credit Date December 31
6 SP 5 Serial Problem Part 3 3. Prepare a 6-column work sheet that includes the unadjusted trial balance, the March 31 adjustments (a) through (g), and the adjusted trial balance. Do not prepare closing entries and do not journalize the adjustments or post them to the ledger Number 101 106.1 106.2 106.3 106.4 106.5 106.6 106.7 106.8 106.9 119 120 128 131 163 164 167 168 201 210 236 Easy Leasing IFM Company La Corporation (Algo) Account Tide Cash Alex's Engineering Company Wakat Services Gomez Company Delta Company KC. Incorporated Dream, Incorporated Merchandise inventory Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation Computer equipment Accounts payable Wages payable Uneamed computer services revenue BUSINESS SOLUTIONS Parnal Work Sheet March 31, 2022 Unaditisted Trial Balance Debit Credit Adjustments Detit Credit Adjusted Triad Balance Debit Credit
ro . SP 5 Serial Problem Part 4 (Algo) 4. Prepare an income statement (from the adjusted trial balance in part 3) for the three months ended March 31, 2022. (a) Use a single-step format. List all expenses without differentiating between selling expenses and general and administrative expenses. (b) Use a multiple-step format that begins with gross sales (service revenues plus gross product sales) and includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Categorize the following accounts as selling expenses: Wages Expense, Mileage Expense, and Advertising Expense. Categorize the remaining expenses as general and administrative. Complete this question by entering your answers in the tabs below. Required 4A Required 45 Prepare an income statement (from the adjusted trial balance in part 3) for the three months ended March 31, 2022. (b) Use a multiple-step format that begins with gross sales (service revenues plus gross product sales) and includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Categorize the following accounts as selling expenses: Wages Expense, Mileage Expense, and Advertising Expense. Categorize the remaining expenses as general and administrative. Net sales Expenses Selling expenses BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2022 0 Show less &
eBlock Prist eferences Ac Required 4A Required 48 Prepare an income statement (from the adjusted trial balance in part 3) for the three months ended March 31, 2022. (a) use a single-step format. List all expenses without differentiating between selling expenses and general and administrative expenses. Revenues Total revenues Expenses Total expenses BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2022 Required 4B >
19 The company paid the full about due or 34, a to harris urrice Products, consisting or amounts created on December 15 (of $1,120) and March 8. March 24 March 25 The company hilled Easy Leasing for $9, 237 of computing services provided. The company sold merchandise with a $2,162 cost for $2,908 on credit to Wildcat Services, invoice dated March 25. March 30 The company sold merchandise with a $1,248 cost for $2,378 on credit to IFM Company, invoice dated March 30. March 31 The company reimbursed Santana Rey $64 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." The following additional facts are available for preparing adjustments on March 31 prior to financial statement preparation. a. The March 31 amount of computer supplies still available totals $2,085. b. Prepaid Insurance coverage of $636 expired during this three-month period E. Lyn Addie has not been paid for seven days of work at the rate of $165 per day. d. Prepaid rent of $2,655 expired during this three-month period. e. Depreciation on the computer equipment for January 1 through March 31 is $1,240. t Depreciation on the office equipment for January 1 through March 31 is $290 9. The March 31 amount of merchandise inventory still available totals $574. SP 5 Serial Problem Part 5 (Algo) 5. Prepare a statement of owner's equity (from the adjusted trial balance in part 3) for the three months ended March 31, 2022 BUSINESS SOLUTIONS Statement of Owner's Equity For Three Months Ended March 31, 2022 S. Rey, Capital, Dec. 31. 2021 S. Rey Capital March 31, 2022
SP 5 Serial Problem Part 6 (Algo) G. Prepare a classified balance sheet (from the adjusted trial balance) as of March 31, 2022. (Report Accounts receivable as a single amount) Current assets Total current assets Plant assets Total plant assets Total assets Current Sabilities BUSINESS SOLUTIONS Balance Shees March 21, 2022 Assets Liabilities Equity