ACCOUNTING CYCLE PROBLEM

PLEASE HELP WITH PARTS: 2b, 3, 4, 5, 6, 7, 8.

Due Aug 4 11:59

I will try to make this as clear as possible, If you have advice or need me to post more pictures please let me know in the comments!

-Photos until the 1st business solutions are all parts to Question 2b

-The Adjusted Trial balance photo (2 pictures) is question 3

- The income Statement photo is question 4

-Statement of retained earnings photo is question 5 (2 pictures)

-2nd to last picture is question 7

-last picture is question 8

After the success of the companys 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.

No.	Account Title	Debit			Credit
101	Cash	$	38,864
106	Accounts receivable		13,518
126	Computer supplies		2,645
128	Prepaid insurance		2,040
131	Prepaid rent		3,000
163	Office equipment		8,100
164	Accumulated depreciationOffice equipment				$	0
167	Computer equipment		20,000
168	Accumulated depreciationComputer equipment					0
201	Accounts payable					0
210	Wages payable					0
236	Unearned computer services revenue					0
307	Common stock					69,000
318	Retained earnings					0
319	Dividends		6,200
403	Computer services revenue					30,949
612	Depreciation expenseOffice equipment		0
613	Depreciation expenseComputer equipment		0
623	Wages expense		2,325
637	Insurance expense		0
640	Rent expense		0
652	Computer supplies expense		0
655	Advertising expense		1,708
676	Mileage expense		624
677	Miscellaneous expenses		170
684	Repairs expenseComputer		755
	Totals	$	99,949		$	99,949

Business Solutions had the following transactions and events in December 2017.

Dec.	2		Paid $1,015 cash to Hillside Mall for Business Solutions share of mall advertising costs.
	3		Paid $400 cash for minor repairs to the companys computer.
	4		Received $4,850 cash from Alexs 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 Alexs Engineering Co. that Business Solutions bid of $7,900 on a proposed project has been accepted. Alexs paid a $2,200 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 8.
	20		Completed a project for Liu Corporation and received $5,825 cash.
	2226		Took the week off for the holidays.
	28		Received $3,800 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 $1,100 cash in dividends.

The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the companys first three months:

1. The December 31 inventory count of computer supplies shows $640 still available.
2. Three months have expired since the 12-month insurance premium was paid in advance.
3. As of December 31, Lyn Addie has not been paid for four days of work at $115 per day.
4. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.
5. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.
6. 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.

Req 2A Req 4 Req 6 Req 8 Req 1 Req 2B Req 3 Req 5 Req 7 Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger Cash Accounts Receivable Date Debit Credit Balance Date Debit Credit Balance Dec. 01 38,864 Dec. 01 13,518 4,850 3,800 Dec. 02 Dec. 04 37,849 8,668 1,015 Dec. 28 Dec. 03 400 37,449 4,868 Dec. 04 4,850 42,299 Dec. 10 690 41,609 Dec. 14 2,200 39,409 Dec. 20 5,825 45,234 Dec. 28 3,800 49,034 Dec. 29 48,919 115 Dec. 31 1,100 47,819 Computer Supplies Prepaid Insurance Date Debit Credit Balance Date Debit Credit Balance Dec, 01 2,645 Dec. 01 2,040 Dec. 15 Dec. 31 1,100 3,745 510 1,530 Office Equipment Prepaid Rent Date Debit Credit Balance Date Debit Credit Balance Dec. 01 3,000 Dec. 01 8,100 Dec. 31 2,250 750 Dec. 31 405 7,695 Accumulated Depreciation-Office Equipment Computer Equipment Date Debit Credit Balance Date Debit Credit Balance Dec. 01 0 Dec. 01 20,000 Dec. 31 405 405 Dec. 31 1,250 18,750 Accumulated Depreciation-Computer Equipment Accounts Payable Date Debit Credit Balance Date Debit Credit Balance Dec. 01 0 Dec. 01 0 Dec. 31 1,250 Dec. 31 1,250 1,100 1,100 Wages Payable Unearned Computer Services Revenue Date Debit Credit Balance Date Debit Credit Balance Dec. 01 0 Dec. 01 0 Dec. 14 Dec. 31 460 460 2,200 2,200 Retained Earnings Common Stock Date Debit Credit Balance Date Debit Credit Balance Dec. 01 Dec. 01 69,000 0 Dividends Computer Services Revenue Date Debit Credit Balance Date Debit Credit Balance Dec. 01 6,200 Dec. 01 30,949 Depreciation Expense Office Equipment Depreciation Expense-Computer Equipment Date Debit Credit Balance Date Debit Credit Balance Dec. 01 0 Dec. 01 C Insurance Expense Wages Expense Credit Date Debit Credit Balance Date Debit Balance Dec. 01 2,325 Dec. 01 C Rent Expense Computer Supplies Expense Date Debit Credit Balance Date Debit Credit Balance Dec. 01 C Dec. 01 0 Advertising Expense Mileage Expense Date Debit Credit Balance Date Debit Credit Balance Dec. 01 1,708 Dec. 01 624 Miscellaneous Expense Repairs Expense-Computer Date Debit Credit Balance Date Debit Credit Balance Dec. 01 170 Dec. 01 755 Rent Expense Computer Supplies Expense Date Debit Credit Balance Date Debit Credit Balance Dec. 01 C Dec. 01 0 Advertising Expense Mileage Expense Date Debit Credit Balance Date Debit Credit Balance Dec. 01 1,708 Dec. 01 624 Miscellaneous Expense Repairs Expense-Computer Date Debit Credit Balance Date Debit Credit Balance Dec. 01 170 Dec. 01 755 Income Summary Date Debit Credit Balance BUSINESS SOLUTIONS Adjusted Trial Balance December 31, 2017 Account Title 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 earnings Dividends Computer services revenue 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 C $ 0 Totals Req 2B Req 4 Req 7 Req 1 Req 2A Req 2B Req 3 Req 4 Req 5 Req 6 Req 8 Prepare a statement of retained earnings for the three months ended December 31, 2017. BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2017 Retained earnings, October 1, 2017 C Retained earnings, December 31, 2017 C Req 4 Req 6 Total Liabilities Equity 0 Total Liabilities and Equity Req 5 Req 7 Complete this question by entering your answers in the tabs below. Req 3 Req 7 Req 1 Req 2A Req 2B Req 4 Req 5 Req 6 Req 8 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 X: Record the revenue account. 1 2 Record the expense accounts. Record the Income Summary account. 4 Record the dividends account. Credit 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 earnings C 0 Totals Rea 7 Rea 8