1) Need help with "Record and post the necessary closing entries as of December 31, 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)" .

2)

Prepare a post-closing trial balance as of December 31, 2017.

BUSINESS SOLUTIONS
Post-Closing Trial Balance
December 31, 2017
	Debit	Credit
Cash
Accounts receivable
Computer supplies
Prepaid insurance
Prepaid rent
Office equipment
Accumulated depreciationOffice equipment
Computer equipment
Accumulated depreciationComputer equipment
Accounts payable
Wages payable
Unearned computer services revenue
Common stock
Retained earnings
Totals	$0	$0

After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 20 unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2017) follows. Credit Debit $ 38,664 12,818 2,545 1,980 3,240 8,600 21,200 70,000 No. Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation office equipment 167 Computer equipment 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable Wang 236 Unearned computer services revenue 307 Common stock 318 Retained earnings 319 Dividends 403 Computer services revenue 612 Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment Wages expense 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscal Miscellaneous expenses 684 Repairs expense-Computer Totals 6,600 31,049 623 2,125 1,678 614 190 795 $101,049 $ 101,049 Business Solutions had the following transactions and events in December 2017 Dec. 2 Paid $1,005 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $460 cash for minor repairs to the company's computer. 4 Received $4,150 cash from Alex's Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $115 per day. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,200 on a proposed project has been accepted. Alex's paid a $2,100 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 $6,525 cash. 22- Took the week off for the holidays. 26 28 Received $3,400 cash from Gomez Co. on its receivable. 29 Reimbursed s. Rey for business automobile mileage (500 miles at $0.23 per mile). 31 The company paid $1,000 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 $115 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. f. Three of the four months' prepaid rent has 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 f. 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 Credit Debit 51,569 5,268 640 1,485 8101 8,600 430 BUSINESS SOLUTIONS Adjusted Trial Balance December 31, 2017 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 Wages payable Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment 21,200 1,325 1,200 460 2,100 70,000 7,600 37,574 Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Totals 430 1,325 3,275 495 2,430 3,105 2,683 729 190 1,255 113,089 $ 113,089 BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2017 Revenue $ 37,574 Computer services revenue Expenses Depreciation expense-Office equipment Depreciation expense Computer equipment Wages expense Insurance expense Rent expense 430 1,325 3,275 495 2,430 3,105 2,683 729 190 1,255 Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Total expenses Net income 15,917 21,657 $ BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2017 Retained earnings, October 1, 2017 $ Add: Net income 0 21,657 21,657 7,600 14,057 Less: Dividends Retained earnings, December 31, 2017 $ Prepare a balance sheet as of December 31, 2017. BUSINESS SOLUTIONS Balance Sheet December 31, 2017 Assets Cash Accounts receivable 51,569 5,268 640 1,485 810 [ $ [ 8,170 8,600 430 21,200 1,325 19,875 87,817 Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Total Assets Liabilities Accounts payable Wages payable Unearned computer services revenue Total Liabilities Equity Common stock Retained earnings Total Liabilities and Equity 1,200 460 2,100 3,760 70,000 14,057 87,817 | $ Record and post the necessary closing entries as of December 31, 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet Credit No 1 Date Dec. 31 General Journal Computer services revenue Income summary Debit 37,574 37,574 2 Dec. 31 15,917 430 Income summary Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer 1,325 3,275 495 2,430 3,105 2,683 729 190 1,255 3 Dec. 31 14,057 Income summary Retained earnings 14,057 4 Dec. 31 7,600 Retained earnings Dividends 7,600 Prepare a post-closing trial balance as of December 31, 2017. BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2017 Debit Credit Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earings Totals $ 0 $