ACCT 211 Connect Homework Individual Learning Project solutions complete answers

ACCT 211 Connect Homework Individual Learning Project solutions complete answers 

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On October 1, 2021, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. The company’s initial chart of accounts follows.

 

S. Rey invested $49,000 cash, a $28,000 computer system, and $9,000 of office equipment in the company in exchange for common stock.

The company paid $3,260 cash for four months' rent. Hint: Debit Prepaid Rent for $3,260.

The company purchased $1,400 of computer supplies on credit from Harris Office Products.

The company paid $1,740 cash for one year's premium on a property and liability insurance policy. Hint: Debit Prepaid Insurance for $1,740.

The company billed Easy Leasing $5,400 for services performed in installing a new Web server.

The company paid $1,400 cash for the computer supplies purchased from Harris Office Products on October 3.

The company hired Lyn Addie as a part-time assistant.

The company billed Easy Leasing another $1,700 for services performed.

The company received $5,400 cash from Easy Leasing as partial payment on its account.

The company paid $765 cash to repair computer equipment that was damaged when moving it.

The company paid $1,698 cash for advertisements.

The company received $1,700 cash from Easy Leasing on its account.

The company billed IFM Company $6,108 for services performed.

The company paid $875 cash for Lyn Addie’s wages for seven days' work.

The company paid a $3,500 cash dividend.

The company paid $310 cash for mileage expenses.

The company received $5,233 cash from Liu Corporation for computer services performed.

The company purchased computer supplies for $1,055 cash from Harris Office Products.

The company billed Gomez Company $6,668 for services performed.

The company agreed to perform future services for Alex’s Engineering Company. No work has yet been performed.

The company received $2,508 cash from IFM Company as partial payment of the October 28 bill.

The company paid $150 cash for miscellaneous expenses. Hint: Debit Miscellaneous Expenses for $150.

The company completed work and sent a bill for $4,850 to Alex’s Engineering Company.

The company sent another bill to IFM Company for the past-due amount of $3,600.

The company paid $372 cash for mileage expenses.

The company paid $1,750 cash for Lyn Addie's wages for 14 days' work.

The company paid a $1,200 cash dividend.

 

1. Prepare journal entries to record each of the above transactions for Business Solutions.

2. Prepare ledger accounts (in balance column format) and post the journal entries from requirement 1 to them.

3. Prepare a trial balance as of the end of November.

 

Karla Tanner opens a web consulting business called Linkworks and completes the following transactions in its first month of operations.

Prepare journal entries for each transaction and identify the financial statement impact of each entry. 

The financial statements are automatically generated based on the journal entries recorded. 

 

Tanner invested $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock.

The company prepaid $9,000 cash for 12 months' rent for office space. The company's policy is to record prepaid expenses in balance sheet accounts.

The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days.

The company completed services for a client and immediately received $4,000 cash.

The company completed a $6,000 project for a client, who must pay within 30 days.

The company paid $11,600 cash to settle the account payable created on April 3.

The company paid $2,400 cash for the premium on a 12-month prepaid insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts.

The company received $4,400 cash as partial payment for the work completed on April 9.

The company completed work for another client for $2,890 on credit.

The company paid $5,500 cash in dividends.

The company purchased $600 of additional office supplies on credit.

The company paid $435 cash for this month’s utility bill.

 

Net income or loss is transferred from the income statement to the:

Ending retained earnings is transferred to the:

The balance in retained earnings comes from the: