@ After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions (reflecting Its transactions for October and November of 2019) follows. No. Account Title Debit Credit 101 Cash $ 38,264 106 Accounts receivable 12,618 126 Computer supplies 2,545 128 Prepaid insurance 2,22e 131 Prepaid rent 3,3ee 163 Office equipment 8, eee 164 Accumulated depreciation-office equipment $ 167 Computer equipment 20, eee 168 Accumulated depreciation-Computer equipment 201 Accounts payable e 210 Wages payable 236 Unearned computer services revenue 307 Common stock 73, eee 318 Retained earnings e 319 Dividends 5,600 403 Computer services revenue 25,659 612 Depreciation expense-office equipment @ 613 Depreciation expense-Computer equipment e 623 Wages expense 2,625 637 Insurance expense 640 Rent expense 652 Computer supplies expense e 655 Advertising expense 1,728 676 Mileage expense 704 677 Miscellaneous expenses 250 684 Repairs expense-Computer 805 Totals $ 98,659 $98,659 @ @ Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $500 cash for minor repairs to the company's computer. 4 Received $3,950 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 $125 per day. 14 Notified by Alex's Engineering co. that Business Solutions bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 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 $5,625 cash. 22-26 took the week off for the holidays. 28 Received $3,000 cash from Gomez co. on its receivable. 29 Reimbursed s. Rey for business automobile mileage (600 miles at $0.32 per mile). 31 The company paid $1,500 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 $580 still available. b. Three months have expired since the 12-month Insurance premium was paid in advance. c. As of December 31, Lyn Addle has not been paid for four days of work at $125 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 have explred. 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 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, 2019. 4. Prepare an income statement for the three months ended December 31, 2019. 5. Prepare a statement of retained earnings for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019. 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, 2019. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 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 Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 28 Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 Reg 8 Prepare adjusting entries to reflect a through f. View transaction list Journal entry worksheet Req 1 Reg 2A Reg 2B Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 Reg 8 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. 101: Cash 106: Accounts Receivable Date Debit Credit Balance Date Debit Credit Balance Dec. 01 38,264 Dec. 01 12.618 126: Computer Supplies Debit Credit 128: Prepaid Insurance Debit Credit Date Date Balance 2,545 Balance 2.220 Dec 01 Dec. 01 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date Date Balance Balance 3.300 Dec. 01 Dec. 01 8,000 164: Accumulated Depreciation-Office Equipment Date Debit Credit Balance 167: Computer Equipment Debit Credit Date Balance 20.000 Dec. 01 0 Dec. 01 168: Accumulated Depreciation-Computer Equipment 201: Accounts Payable 168: Accumulated Depreciation-Computer Equipment Date Debit Credit Balance Dec. 01 201: Accounts Payable Debit Credit Date Balance 0 Dec. 01 0 210: Wages Payable Debit Credit Date Balance 236: Unearned Computer Services Revenue Date Debit Credit Balance Dec. 01 Dec. 01 0 0 307: Common Stock Debit Credit 318: Retained Earnings Debit Credit Date Balance Balance Date Dec. 01 Dec. 01 73,000 0 319: Dividends Debit 403: Computer Services Revenue Debit Credit Date Credit Date Balance 5,600 Balance 25,659 Dec. 01 Dec. 01 612: Depreciation Expense-Office Equipment Date Debit Credit Balance 613: Depreciation Expense-Computer Equipment Date Debit Credit Balance Dec. 01 Dec. 01 0 0 623: Wages Expense Debit Credit 637: Insurance Expense Debit Credit Date Balance Date Balance Dec. 01 2.625 Dec. 01 0 Req 1 Reg 2A Reg 2B Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 Req 8 Prepare an adjusted trial balance as of December 31, 2019. BUSINESS SOLUTIONS Adjusted Trial Balance December 31, 2019 Account Title 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 Dividends Computer services revenue Depreciation expense-Office equipment Depreciation expenseComputer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Totals Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Reg 3 Req 4 Reg 5 Reg 6 Req 7 Reg 8 Prepare an income statement for the three months ended December 31, 2019. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2019 Revenue Expenses Total expenses Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Reg 3 Req 4 Reg 5 Reg 6 Req 7 Reg 8 Prepare a statement of retained earnings for the three months ended December 31, 2019. BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2019 Retained earnings, October 1, 2019 Retained earnings, December 31, 2019 Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Reg 3 Reg 4 Reg 5 Reg 6 Req 7 Reg 8 Prepare a balance sheet as of December 31, 2019. BUSINESS SOLUTIONS Balance Sheet December 31, 2019 Assets Total Assets Liabilities Total Liabilities Equity Total equity Total Liabilities and Equity Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 2B Reg 3 Reg 4 Reqs Reg 6 Reg 7 Reg 8 Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 2B. View transaction list Journal entry worksheet 3 4 1 2 > Close the revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 28 Reg 3 Reg 4 Req5 Reg 6 Req 7 Reg 8 Prepare a post-closing trial balance as of December 31, 2019. BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2019 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