1 After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2017 unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2017) follows. Credit No. 101 105 Debit $38.264 12,618 2,545 2,220 3.300 3,000 COM 5 0 20,000 0 120 131 16 164 167 100 201 210 236 102 310 910 40 612 73,000 Account Title Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent office equipment Accumulated depreciation Office Equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Nages payable Unearned computer services revenue Connon stock Retained earning Dividends Computer services revenue Depreciation office equipment Depreciation expense-Computer equipment Hinges open Insurance expense Hent sense Computer supplies expense Advertising expense lease expense scellaneous expenses Repairs expense-Computer Totals 5.00 . 2.1 0 23 637 640 63 20 704 250 676 677 S. $91,559 OK Business Solutions had the following transactions and events in December 2017 Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions' share of wall advertising costs. 3 Paid $500 cash for minor repairs to the company's computer. 4 Received $3,950 cash from Alex's Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addle for six days of work at the rate of $125 per day. 14 Notified by Alex's Engineering co. that Business Solutions' bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. 16 Sent a reminder to Gomez Co to pay the fee for services recorded on November 3. 20 Completed project for Liu Corporation and received $5,625 cash. 22-26 Took the week off for the holidays. 28 Received $3,000 cash from Gomez Co. on its receivable 29 Reimbursed S. Rey for business automobile mileage 600 miles at $0.32 per mile) 31 The company paid $1,500 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 ences o, The December 31 inventory count of computer supples shows 5580 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 $125 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 1. Three of the four months' prepaid rent has expired It Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions 2-o. Prepare adjusting entries to reflect a through 2-b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger 3. Prepare an adjusted trial balance as of December 31, 2017 4. Prepare an income statement for the three months ended December 31, 2017 5. Prepare a statement of retained earnings for the three months ended December 31, 2017 6. Prepare a balance sheet as of December 31, 2017 7. Record and post the necessary closing entries as of December 31, 2017 8. Prepare a post-closing trial balance as of December 31, 2017 be Reternica 1 Journal entry worksheet