1 After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2020, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2020) follows Credit Print Debit $ 38,564 13,318 2,545 1.980 3,120 8,200 24,000 163) $ 73,000 No. Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent office equipment 164 Accumulated depreciation office equipment 167 Computer equipment 168 Accumulated depreciation Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 307 Coron stock 318 Retained earnings 319 Dividends 403 Computer services revenue 612 Depreciation expense-office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense-Computer Totals 6.100 30, 359 2.125 1,728 654 230 795 $103,359 $103.359 Business Solutions had the following transactions and events in December 2020 Dec. 2 Paid $975 cash to Hillside Malt for Business Solutions's share of all advertising costs. 3 Paid $470 cash for minor repairs to the company's computer. 4 Received $4,750 cash from Alex's Engineering Co. for the receivable from November. 1e Paid cash to lyn Addie for six days of work at the rate of $100 per day, 14 Notified by Alex's Engineering Co. that Business Solutions's bid of $7,600 on a proposed project has been accepted. Alex's paid a $2,300 cash advance to Business Solutions. Ches Business Solutions had the following transactions and events in December 2020 Dec. 2 Paid $975 cash to Hillside Mall for Business Solutions's share of mall advertising costs. 3 Paid $470 cash for minor repairs to the company's computer. 4 Received $4,750 cash froe Alex's Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $100 per day. 14 Notified by Alex's Engineering Co. that Business Solutions's bid of 57,600 on a proposed project has been accepted. Alex's paid a $2,300 cash advance to Business Solutions. 15 Purchased $1,200 of computer supplies on credit fron Harris Office Products 16 Sent a reninder to Gonez co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $6,375 cash. 22- Took the week oft for the holidays. 26 28 Received $3,200 cash from Gonez Co. on its receivable. 29 Reimbursed S. Rey for business automobile allenge (600 sites at $0.30 per mile), 31 The company paid $1,400 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 a. The December 31 Inventory count of computer supplies shows $640 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 $100 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 ife with no salvage value. 1. Three of the four months prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions 2-a. Prepare adjusting entries to reflect a through 2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7. post the closing entries to the general ledger accounts 3. Prepare an adjusted trial balance as of December 31, 2020. 4. Prepare an income statement for the three months ended December 31, 2020 5. Prepare a statement of retained earnings for the three months ended December 31, 2020. 6. Prepare a balance sheet as of December 21 2020 1 LL LEU - REA > LAHEILLUDUS LAMS > MUE, USLUR ven accepted. Alex's paid a $2,300 cash advance to Business Solutions. 15 Purchased $1,200 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 8. 20 Completed a project for Liu Corporation and received $6,375 cash. 22- Took the week off for the holidays. 26 28 Received $3,200 cash fron Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile nileage (600 miles at $0.30 per sile). 31 The company paid $1,400 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. a. The December 31 Inventory count of computer supplies shows $640 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 $100 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 4. Three of the four months prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions. 2-a. Prepare adjusting entries to reflect a through / 2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7 post the closing entries to the general ledger accounts. 3. Prepare an adjusted trial balance as of December 31, 2020 4. Prepare an income statement for the three months ended December 31, 2020, 5. Prepare a statement of retained earnings for the three months ended December 31, 2020 6. Prepare a balance sheet as of December 31, 2020. 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28 8. Prepare a post-closing trial balance as of December 31, 2020, 1 After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2020, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2020) follows Credit Print Debit $ 38,564 13,318 2,545 1.980 3,120 8,200 24,000 163) $ 73,000 No. Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent office equipment 164 Accumulated depreciation office equipment 167 Computer equipment 168 Accumulated depreciation Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 307 Coron stock 318 Retained earnings 319 Dividends 403 Computer services revenue 612 Depreciation expense-office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense-Computer Totals 6.100 30, 359 2.125 1,728 654 230 795 $103,359 $103.359 Business Solutions had the following transactions and events in December 2020 Dec. 2 Paid $975 cash to Hillside Malt for Business Solutions's share of all advertising costs. 3 Paid $470 cash for minor repairs to the company's computer. 4 Received $4,750 cash from Alex's Engineering Co. for the receivable from November. 1e Paid cash to lyn Addie for six days of work at the rate of $100 per day, 14 Notified by Alex's Engineering Co. that Business Solutions's bid of $7,600 on a proposed project has been accepted. Alex's paid a $2,300 cash advance to Business Solutions. Ches Business Solutions had the following transactions and events in December 2020 Dec. 2 Paid $975 cash to Hillside Mall for Business Solutions's share of mall advertising costs. 3 Paid $470 cash for minor repairs to the company's computer. 4 Received $4,750 cash froe Alex's Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $100 per day. 14 Notified by Alex's Engineering Co. that Business Solutions's bid of 57,600 on a proposed project has been accepted. Alex's paid a $2,300 cash advance to Business Solutions. 15 Purchased $1,200 of computer supplies on credit fron Harris Office Products 16 Sent a reninder to Gonez co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $6,375 cash. 22- Took the week oft for the holidays. 26 28 Received $3,200 cash from Gonez Co. on its receivable. 29 Reimbursed S. Rey for business automobile allenge (600 sites at $0.30 per mile), 31 The company paid $1,400 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 a. The December 31 Inventory count of computer supplies shows $640 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 $100 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 ife with no salvage value. 1. Three of the four months prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions 2-a. Prepare adjusting entries to reflect a through 2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7. post the closing entries to the general ledger accounts 3. Prepare an adjusted trial balance as of December 31, 2020. 4. Prepare an income statement for the three months ended December 31, 2020 5. Prepare a statement of retained earnings for the three months ended December 31, 2020. 6. Prepare a balance sheet as of December 21 2020 1 LL LEU - REA > LAHEILLUDUS LAMS > MUE, USLUR ven accepted. Alex's paid a $2,300 cash advance to Business Solutions. 15 Purchased $1,200 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 8. 20 Completed a project for Liu Corporation and received $6,375 cash. 22- Took the week off for the holidays. 26 28 Received $3,200 cash fron Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile nileage (600 miles at $0.30 per sile). 31 The company paid $1,400 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. a. The December 31 Inventory count of computer supplies shows $640 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 $100 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 4. Three of the four months prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions. 2-a. Prepare adjusting entries to reflect a through / 2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7 post the closing entries to the general ledger accounts. 3. Prepare an adjusted trial balance as of December 31, 2020 4. Prepare an income statement for the three months ended December 31, 2020, 5. Prepare a statement of retained earnings for the three months ended December 31, 2020 6. Prepare a balance sheet as of December 31, 2020. 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28 8. Prepare a post-closing trial balance as of December 31, 2020