13,218 167 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 No. Account Title Debit Credit 101 Cash $ 38,564 106 Accounts receivable 126 Computer supplies 2,545 128 Prepaid insurance 2,220 131 Prepaid rent 3,140 163 Office equipment 8,900 164 Accumulated depreciation office equipment 5 Computer equipment 22,000 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 0 307 Common stock 69,000 318 Retained earnings 319 Dividends 403 Computer services revenue 33,974 612 Depreciation expense-Office equipment 0 613 Depreciation expense-Computer equipment 6233 Wages expense 2,600 637 Insurance expense 640 Rent expense 652 Computer supplies expense 0 655 Advertising expense 1,658 676 Mileage expense 6M 672 Miscellaneous expenses 210 Repairs expense-Computer 725 Totals $102,974 $102,974 6,500 684 Business Solutions had the following transactions and events in December 2020, 2 Paid $985 cash to Hillside Mall for Business Solutions's share of mall advertising costs. 3 Paid $410 cash for winor repairs to the company's computer 4 Received $4,358 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 $120 per day. Business Solutions had the following transactions and events in December 2020 Dec 2 Paid $985 cash to Hillside all for Business Solutions's share of all advertising costs. 3 Pald 5410 cash for minor repairs to the company's computer 4 Received 54,350 cash froe Alex's Engineering Co. for the receivable from November 20 Paid cash to Lyn Addie for six days of work at the rate of $120 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 $1,600 cash advance to Business Solutions 15 Purchased $1,100 of computer supplies on credit from Hereis Office Products 16 Sent a render to Gomez co to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,725 cash. 22-Took the week off for the holidays. 26 28 Received 53,300 cash from Gomez Co. on its receivable 29 Reimbursed 5. Rey for business automobile mileage (500 116 at 54.22 per mile) 31 The company paid $1,200 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 $660 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 $120 per day d. The computer system, acquired on October 115 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 We with no solvage 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 through 2.b. Post the journal entries to record each of the December transactions from Requirement and adjusting entries from Requirement 2. 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 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 2B. 8. Prepare a post-closing trial balance as of December 31, 2020 Complete this question by entering your answers in the tabs below. Reg 1 Req ZA Reg 28 Reg 3 Req4 Reg 5 Reg 6 Req Reg 8 Prepare journal entries to record each of the December transactions and events for Business Solutions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 5 6 7 8 11 Paid $985 cash to Hillside Mall for Business Solutions's share of mall advertising costs. Noter Enter debits before credits