1. Prepare journal entrles to record each of the December transactions and events for Business Solutions. 2-a. Prepare adjusting entrles to reflect a through f. 2-b. Post the Journal entrles to record each of the December transactions from Requirement 1 and adjusting entrles from Requirem 2A. After completing Requirement 7, post the closing entrles to the general ledger accounts. 3. Prepare an adjusted trlal 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 entrles as of December 31, 2019 and then post the closing entrles to the general ledger In Requirement 2B. 8. Prepare a post-closing trlal balance as of December 31, 2020. Complete this question by entering your answers in the tabs below. Prepare a balance sheet as of December 31, 2020. 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. Business Solutions had the following transactions and events in December 2020. December 2 Paid $1,015 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $450 cash for minor repairs to the company's computer. December 4 Received $4,850 cash from Alex's Engineering Co. for the receivable from November. December 10 Paid cash to Lyn Addie for six days of work at the rate of \$110 per day. December 14 Notified by Alex's Engineering Company that Business solutions's bid of $7,200 on a proposed project has been accepted. Alex's paid a $1,700 cash advance to Business Solutions. December 15 Purchased $1,200 of computer supplies on credit from Harris office Products. December 16 sent a reminder to Gomez Company to pay the fee for services recorded on November 8. December 20 completed a project for Liu corporation and received $5,875 cash. December 22-26 Took the week off for the holidays. December 28 Received $3,100 cash from Gomez Company on its receivable. December 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile). December 31 The company paid $1,200 cash in dividends. The following additional facts are collected for use in making adjusting entrles prlor to preparing financlal statements for the company's first three months. a. The December 31 Inventory count of computer supplies shows $650 still avallable. b. Three months have explred since the 12 -month insurance premlum was pald In advance. c. As of December 31, Lyn Addle has not been pald for four days of work at $110 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' prepald rent have explred. \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ 612: Depreciation Expense-Office Equipment } & \multicolumn{4}{|c|}{ 613: Depreciation Expense-Computer Equipment } \\ \hline Date & Debit & Credit & Balance & Date & Debit & Credit & Balance \\ \hline December 01 & & & 0 & December 01 & & & 0 \\ \hline \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline \multicolumn{4}{|c|}{ 623: Wages Expense } & \multicolumn{4}{|c|}{ 637: Insurance Expense } \\ \hline Date & Debit & Credit & Balance & Date & Debit & Credit & Balance \\ \hline December 01 & & & 2,475 & December 01 & & & 0 \\ \hline \\ \hline \\ \hline \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline \multicolumn{4}{|c|}{ 640: Rent Expense } & \multicolumn{4}{|c|}{ 652: Computer Supplies Expense } \\ \hline Date & Debit & Credit & Balance & Date & Debit & Credit & Balance \\ \hline December 01 & & & 0 & December 01 & & & 0 \\ \hline \\ \hline \\ \hline \\ \hline & & & & & & & \\ \hline \multicolumn{4}{|c|}{ 655: Advertising Expense } & \multicolumn{4}{|c|}{ 676: Mileage Expense } \\ \hline Date & Debit & Credit & Balance & Date & Debit & Credit & Balance \\ \hline \multicolumn{4}{|l|}{ December 01} & \multirow[t]{4}{*}{ December 01} & & & \multirow{2}{*}{674} \\ \hline & & & & \\ \hline & & & & & & & \\ \hline & & & & & & \\ \hline \multicolumn{4}{|c|}{ 677: Miscellaneous Expense } & \multicolumn{4}{|c|}{ 684: Repairs Expense-Computer } \\ \hline Date & Debit & Credit & Balance & Date & Debit & Credit & Balance \\ \hline December 01 & & & 190 & December 01 & & & 715 \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & : Income & & & & & & \\ \hline Date & Debit & Credit & Balance & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline \end{tabular} Requlred: 1. Prepare Journal entrles to record each of the December transactions and events for Business Solutions. 2-a. Prepare adjusting entrles to reflect a through f. 2-b. Post the journal entrles to record each of the December transactions from Requirement 1 and adjusting entrles from Requirement 2A. After completing Requirement 7, post the closing entrles to the general ledger accounts. 3. Prepare an adjusted trlal 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 entrles as of December 31, 2019 and then post the closing entrles to the general ledger in Requirement 2B. 8. Prepare a post-closing trlal balance as of December 31, 2020. Complete this question by entering your answers in the tabs below. Requlred: 1. Prepare Journal entrles to record each of the December transactions and events for Business Solutions. 2-a. Prepare adjusting entrles to reflect a through f. 2.b. Post the journal entrles to record each of the December transactions from Requirement 1 and adjusting entrles from Requirem 2A. After completing Requirement 7, post the closing entrles to the general ledger accounts. 3. Prepare an adjusted trlal 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 entrles as of December 31, 2019 and then post the closing entrles to the general ledger in Requirement 2B. 8. Prepare a post-closing trlal balance as of December 31, 2020. Complete this question by entering your answers in the tabs below. Prepare an income statement for the three months ended December 31, 2020. 1. Prepare Journal entrles to record each of the December transactions and events for Business Solutions. 2-a. Prepare adjusting entrles to reflect a through f. 2.b. Post the Journal entrles to record each of the December transactions from Requirement 1 and adjusting entrles from Requirem 2A. After completing Requirement 7, post the closing entrles to the general ledger accounts. 3. Prepare an adjusted trlal 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 entrles as of December 31, 2019 and then post the closing entrles to the general ledger In Requirement 2B. 8. Prepare a post-closing trlal balance as of December 31, 2020. Complete this question by entering your answers in the tabs below. Prepare a post-closing trial balance as of December 31, 2020