After the success of the company's first two month5, Santana Rey continues to operate Business Solutions. The November 30,2020 , unadjusted trial balance of Eusiness Solutions (reflecting its transactions for October and November of 2020) follows. Business Solutions had the following transactions and events in December 2020 . December 2 Rald 5915 cash to litlladde Mal1 for. fusinesh Folutions' nbare of nal1 advertistnd cost. December 3 Paid 5410 caish for ininor repaira to the company's conputer. December 4 Received 34,650 canh fros Alex's thairiering Co. for the receivable from Noveaber. Business Solutions had the following transactions and events in December 2020 . Deenber 2 Paid 5985 cash to Hillnide Mall for \#uginesg Solutions's ahare of abll advertising costs. Decenber j Paid $410 canh for minor repalrs to the company's cooputer. pecembar 4 Rccelved $4,650 cash from Alex's Engineering co. tor the recelvable from wovenber. Decenber 10 Paid canh to Lyn Addie for 91x daym of work at the rate of $100 per day. Decenber 14 Notified by Alex's Engineering Coppany that Eininess solutions'n bid of 57,200 on a proposod projoct has been accepted. Alox' a paid a $2,400 cash advance to gueinese solutions. Decenber 15 purchased $2,000 of conputer aupplien on oredit fron Harris office Products. Decenber 16 sent a remindor to Gonez company to pay the foo for servicen recorded on November a. December 20 completed a project for Liu Corporation and received $6,225 canh. pecenber 2226 rook the veek off for the holidays. December 28 recelved $3,200 cash from comez company on its receivable. December 29 Reimbursed 8 . Rey for buoiness automobilo alienge (500 milien at 50.26 per nile). Decorber 31 the conpany 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 $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 $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. 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 f. 2-b. Post the joumal 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 . Required: 1. Prepare Journal entries to record each of the December transactions and events for Business Solutions: 2-a. Prepare andusting entries to rellect a through f. 2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requifement 2A. After completing Recuirement 7, post the closing entries to the general fedger accounts 3. Prepare an adjusted tial balance as of December 31,2020 . 4. Prepare an income statement for the three months ended December 31,2020. 3. Prepare a statement of setained eamings for the three months ended December 31,2020 . 5. Prepare a balance sheat as of December 31,2020 . 7. Record the necessary closing entries as of December 31, 2019 and then post the ciosing entries to the general ledger in Requirement 28 8. Prepare a post-closing trial batance as of December 31, 2020. Complete this question by entering your answers in the tabs belowi Post the joumal entries to record each of the December transactions from Requirement 1 and odjusting eatrias from Requirement-2A, After completing Re the closing entries to the general ledger accounts. \begin{tabular}{|l|r|r|r|} \hline \multicolumn{1}{|c|}{ 12f Prepald Reert } \\ \hline Date & Debit & Credik & Ealance \\ \hline December 01 & & & 2,920 \\ \hline Decembar 31 & & 2,190 & 730 \\ \hline & & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|r|r|} \hline \multicolumn{2}{|c|}{ t65i Accumulated Depreciation-Computer Equipment } \\ \hline \multicolumn{1}{|c|}{ Date } & Debit & \multicolumn{1}{c|}{ Credit } & \multicolumn{1}{|c|}{ Balance } \\ \hline December 01 & & & 0 \\ \hline December 31 & & 1,325 & 1,325 \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|r|r|r|} \hline \multicolumn{1}{|c|}{ 210: Wages Fayable } \\ \hline Date & Debtt & Credit & Balance \\ \hline December 01 & & & 0 \\ \hline December 31 & & 400 & 400 \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular}