Reference no: EM132919831

Question - Graystone Inc is a computer services company which provides consulting services, computer system installations, and custom program development. It was founded in 2006, and quickly became known as one of the top companies in the industry due to their unique and highly customizable services. Graystone Inc attributes a great deal of its success to its commitment to customer service and core values of honesty, integrity and excellence.

Graystone Inc had the following transactions during the month of December 2020:

1-Dec Shareholders invested $48,000 cash in the business in exchange for shares,

6 Purchased equipment costing $14,000 and supplies for $2,500 on account,

7 Paid $24,000 cash in advance for 12 months' rent for the office,

9 Received $3,200 cash for hardware rental services provided,

11 Performed services and billed customer for services performed $5,600,

15 Received $8,500 cash from customer for services not performed yet,

24 Paid $7,000 cash for the purchase on account on December 6th,

27 Borrowed $10,000 cash from the bank by signing a note. The note is due in 2030,

28 Received half of the amount in cash from the billed customers on December 11th,

29 Declared and paid cash dividends to shareholders for $5,500,

30 Paid $750 for December utilities (gas, electricity and water bills).

Requirements -

1) Record the transactions into the General Journal;

2) Record the transactions into the related T-Accounts;

3) Prepare Trial Balance for Business Solutions Ltd for the month of December 2020.

4) General Excel/ Word structure.