After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2018 unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2018) follows. Account Title Debit $ 38,664 12,718 2,645 2,100 2,960 8,400 Credit No 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Of 164 Accumulated depreciation-Office equipment 167 Computer equipment 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 307 Common stock 318 Retained earnings 319 Dividends 403 Computer services revenue 612 Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense-Computer fice equipment 20,400 73,000 6,400 26,759 2,125 1,648 694 220 785 $.99,759 99,759 Totals Business Solutions had the following transactions and events in December 2018 Dec. 2 Paid $1,020 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $470 cash for minor repairs to the company's computer. 4 Received $4,350 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 $115 per day 14 Notified by Alex' s Engineering Co. that Business Solutions' bid of $7,300 on a proposed project has been accepted. Alexs paid a $2,500 cash advance to Business Solutions. 15 Purchased $1,800 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 $6,475 cash. 22- Took the week off for the holidays. 26 28 Received $3,500 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 $1,400 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 $650 stil 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 $115 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 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, 2018 4. Prepare an income statement for the three months ended December 31, 2018 5. Prepare a statement of retained earnings for the three months ended December 31, 2018 6. Prepare a balance sheet as of December 31, 2018 7. Record and post the necessary closing entries as of December 31, 2018 8. Prepare a post-closing trial balance as of December 31, 2018 Req 1 Req 2A Req 2B Req 3 Req 4 Req 5 Req 6 Req 7 Req 8 Record and post the necessary closing entries as of December 31, 2018. (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 4 Close the revenue account(s) Note: Enter debits before credits. Debit Date General Journal Credit Dec. 31 Record entry Clear entry View general journal