After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30,2021 , unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2021) follows. Business Solutions had the following transactions and events in December 2021 Deceeber 2 Paid 8975 cash to Hillside Mal1 for Business Solutions's share of nall advertising costs. Decenber 3 paid $400 cash for ainor repairs to the conpsay's conputer. Deceaber 4 Received $4,750 cash fron Alex' a Engineering Coepany for the receivable froa Noverber. Decenber 10 paid cash to Lyn addie for six days of work at the rate of $110 por day. Decenber 14 Notified by Alex's tingineering Conpany that lusiness solutions's bid of $7,700 on a proposed project has been accepted. Alex's paid a $1,900 eash advance to Businese solutions. December 15 Purchased $2,000 of oonputer sopplies on eredit fron Barris orfice Products. Decenber 26 Sent a reninder to Gonez Coepany to pay the fee for acrvices recorded on November 8. Decenber 20 Conpleted a project for hiv Corporation and received $5,875 canh. December 22-26 Fook the veek off for the holldays. Decenber 23 . Recelved 53,800 cash from Coner Conpany oa its receivable. Deceaber 29 Neinbursed 5 . Ney for business avteeobile mileage ( 400mil es at 50.27 per alle). Decenber 31 pald 51,200 easb for 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 $610 still avallable. 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 $110 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. t. Three of the four months' prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. 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 odjusted trial balance as of December 31,2021. 4. Prepare an income statement for the three months ended December 31,2021 5. Prepare a statement of retained earnings for the three months ended December 31,2021 6. Prepare a classified balance sheet as of December 31,2021 . 7. Record the necessary dosing entries as of December 31,2021 8. Prepare a post-ciosing trial balance as of December 31,2021 After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30,2021 , unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2021) follows. Business Solutions had the following transactions and events in December 2021 Deceeber 2 Paid 8975 cash to Hillside Mal1 for Business Solutions's share of nall advertising costs. Decenber 3 paid $400 cash for ainor repairs to the conpsay's conputer. Deceaber 4 Received $4,750 cash fron Alex' a Engineering Coepany for the receivable froa Noverber. Decenber 10 paid cash to Lyn addie for six days of work at the rate of $110 por day. Decenber 14 Notified by Alex's tingineering Conpany that lusiness solutions's bid of $7,700 on a proposed project has been accepted. Alex's paid a $1,900 eash advance to Businese solutions. December 15 Purchased $2,000 of oonputer sopplies on eredit fron Barris orfice Products. Decenber 26 Sent a reninder to Gonez Coepany to pay the fee for acrvices recorded on November 8. Decenber 20 Conpleted a project for hiv Corporation and received $5,875 canh. December 22-26 Fook the veek off for the holldays. Decenber 23 . Recelved 53,800 cash from Coner Conpany oa its receivable. Deceaber 29 Neinbursed 5 . Ney for business avteeobile mileage ( 400mil es at 50.27 per alle). Decenber 31 pald 51,200 easb for 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 $610 still avallable. 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 $110 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. t. Three of the four months' prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. 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 odjusted trial balance as of December 31,2021. 4. Prepare an income statement for the three months ended December 31,2021 5. Prepare a statement of retained earnings for the three months ended December 31,2021 6. Prepare a classified balance sheet as of December 31,2021 . 7. Record the necessary dosing entries as of December 31,2021 8. Prepare a post-ciosing trial balance as of December 31,2021