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. Credit Debit $ 38,364 12,918 2,645 2,040 2,900 8,500 $ 0 20,000 a a a No. 101 106 126 128 131 163 164 167 168 201 210 236 307 318 319 403 612 613 623 637 640 652 655 676 677 684 66,000 Account Title 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 Totals 5,900 33, 114 0 2,550 0 1,678 694 170 755 $ 99,114 $99,114 Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $960 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $450 cash for minor repairs to the company's computer. 4 Received $4,550 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 $7,500 on a proposed project has been accepted. Alex's 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 $5,775 cash. 22- Took the week off for the holidays. 26 28 Received $3,100 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.27 per mile). 31 The company paid $1,300 cash in dividends. a. The December 31 inventory count of computer supplies shows $640 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 $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 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 Req 2A Req 2B Reg 3 Reg 4 Req 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. Reg 1 Req 2A Req 2B Reg 3 Reg 4 Reg 5 Reg 6 Req 7 Req 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 Debit Credit Date Debit Credit Date Dec. 01 Dec. 04 Balance 38,364 Balance 12,918 Dec. 01 126: Computer Supplies Debit Credit 128: Prepaid Insurance Debit Credit Balance Date Date Dec. 01 Balance 2,040 2,645 Dec. 01 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date Date Balance 2,900 Balance 8,500 Dec. 01 Dec. 01 164: Accumulated Depreciation Office Equipment 167: Computer Equipment 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date Balance 2,900 Date Dec. 01 Balance 8,500 Dec. 01 164: Accumulated Depreciation Office Equipment Date Debit Credit Balance Dec. 01 167: Computer Equipment Debit Credit Date Balance 20.000 0 Dec. 01 168: Accumulated Depreciation-Computer Equipment Debit Credit Balance Dec. 01 201: Accounts Payable Debit Credit Date Date Balance 0 Dec. 01 0 210: Wages Payable Debit Credit Balance Date Dec. 01 236: Unearned Computer Services Revenue Date Debit Credit Balance Dec. 01 0 0 307: Common Stock Debit Credit 318: Retained Earnings Debit Credit Balance Date Dec. 01 Balance 66,000 Date Dec. 01 0 319: Dividends Debit Credit 403: Computer Services Revenue Debit Credit Date Balance Date Balance 612: Depreciation Expense-Office Equipment Date Debit Balance Credit 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 Balance 2,550 Date Dec. 01 Dec. 01 0 640: Rent Expense Debit Credit 652: Computer Supplies Expense Debit Credit Date Balance Balance Date Dec 01 Dec. 01 0 655: Advertising Expense Debit Credit 676: Mileage Expense Debit Credit Date Dec. 01 Balance 1,678 Date Dec. 01 Balance 694 677: Miscellaneous Expense 684: Repairs Expense-Computer 901: Income Summary Debit Credit Date Balance 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 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 Totals 0 0 BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2019 Revenue Expenses Total expenses 0 BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2019 Retained earnings, October 1, 2019 0 $ Retained earnings, December 31, 2019 $ 0 BUSINESS SOLUTIONS Balance Sheet December 31, 2019 Assets 0 0 0 Total Assets Liabilities 0 Total Liabilities Equity 0 Total equity Total Liabilities and Equity EA EA 0 Journal entry worksheet 1 2 3 4 > Close the revenue account(s). Note: Enter debits before credits. General Journal Debit Credit Date Dec. 31 Record entry Clear entry View general journal BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2019 Debit Credit Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciationComputer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Totals $ 0 $ 0