You following transactions and events in December 2017 Dec. 2 Paid $1,180 cash t

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You following transactions and events in December 2017 Dec. 2 Paid $1,180 cash to Westview Mall Dec. 3 Paid s6ee cash for minor repairs to the company's computer Dec. 4 Received $5,488 cash from Kelley Engineering Co. for the receivable from Dec. 18 Paid cash to John Hayes for six days of work at the rate of $220 per day Dec. 14 Notified by Kelley Engineering co. that First class Systems' bid of $7,580 on a proposed project has been accepted. Kelley for First Class Systems' share of mall advertising costs ems' bid of $7,see on a proposed project has been accepted. Kelley paid a $1,75e cash advance to First Class Systems Dec. 15 Purchased $1,3se of computer supplies on credit from Smith Office Products. Dec. 16 Sent a reminder to Aloan Co. to pay the fee for services recorded on November 8. Dec. 28 Completed a project for Byrnes Corporation and received $6,100 cash. Dec. 28 Received $4,880 cash from Aloan Co. on its receivable Dec. 29 Reinbursed M. Hayes for business automobile mileage (6e miles at $e.32 per mile). Dec. 31 The company paid $1,see 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: es a. The December 31 inventory count of computer supplies shows $780 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, John Hayes has not been paid for four days of work at $220 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. t. Three of the four months' prepaid rent has expired. Requirement General General Ledger Trial Balance Income Earmings Balance Sheet Impact on ournal Statementt Retained Income Prepare journal entries for each of the December transactions. If no journal entry is required, select "No journal entry required" in the first account field. Then, using the 3-step adjusting entry process, and the information given for adjustments, prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy Show less ew transaction list Journal entry worksheet

Explanation / Answer

Business Solutions Journal Entries December 31st General Journal Date Particular Debit Credit 2-Dec Advertisement Expenses $      1,180.00     To cash $                1,180.00 (Being amount paid to Westview mall for first class system share of mall advertising cost) 3-Dec Repair Expenses-Computer $          600.00     To Cash $                   600.00 (Being amount paid for computer repair expenses) 4-Dec Cash $      5,400.00     To Accounts Receivable $                5,400.00 (Being amount received from Kelly Engineering Co.) 10-Dec Wages Expenses=($220*6) $      1,320.00      To Cash $                1,320.00 (Being amount paid to John Hayes for six days work) 14-Dec Cash $      1,500.00     To Unearned Service Revenue $                1,500.00 (Being amount received as advance from Kelly Engineering Co.) 15-Dec Computer Supplies $      1,350.00      To Accounts Payable $                1,350.00 (Being amount of computer supplies purchased on credit from Smith Office Products) 16-Dec No Entry 20-Dec Cash $      6,100.00       To Service Revenue $                6,100.00 (Being amount received from Brynes Corporation) 28-Dec Cash $      4,000.00       To Accounts Receivable $                4,000.00 (Being amount received from Aloan Co.) 29-Dec Mileage Expenses=(600*$.32) $          192.00       To Cash $                   192.00 (Being amount paid to M.Hayes for business automobile mileage) 31-Dec Dividend $      1,500.00       To Cash $                1,500.00 (Being amount of dividend paid in cash) Adjusted Journal Entries Date Particular Debit Credit 31-Dec Computer Supplies Expenses $      1,180.00      To Computer Supplies $                1,180.00 (Being amount of Computer supplies Expenses) 31-Dec Insurance Expenses $          600.00      To Prepaid Insurance $                   600.00 (Being amount of Unexpired Insurance expenses) 31-Dec Wages Expenses=($220*4) $          880.00     To Wages Payable $                   880.00 (Being amount of 4 days wages due) 31-Dec Depreciation      To Accumulated Depreciation-Computer System (Being amount of Depreciation) 31-Dec Depreciation     To Accumulated Depreciation-Office Equipment (Being amount of Depreciation on Office Equipment) 31-Dec Rent      To Prepaid Rent (Being amount of 3 months rent)

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