After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2020, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2020) follows. Number Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 167 Computer equipment 168 equipment 201 Accounts payable 210 Wages payable 236 Accumulated depreciation-office equipment Accumulated depreciation-Computer 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 Totals Debit Credit $38,364 13,418 2,545 1,980 3,160 8,800 22,000 67,000 6,000 34,994 2,450 e 1,648 644 180 805 $ 101,994 $101,994 Business Solutions had the following transactions and events in December 2020. December 2 Paid $980 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $460 cash for minor repairs to the company's computer. December 4 Received $4,750 cash from Alex's Engineering Co. for the receivable from November. December 10 Paid cash to Lyn Addie for six days of work at the rate of $115 per day. December 14 Notified by Alex's Engineering Company that Business Solutions's bid of $7,700 on a proposed project has been accepted. Alex's paid a $1,600 cash advance to Business Solutions. After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2020, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2020) follows. Number Account Title 101 106 Cash Debit $38,364 Credit Accounts receivable 13,418 126 Computer supplies 2,545 128 Prepaid insurance 1,980 131 Prepaid rent 3,160 163 Office equipment 8,800 164 Accumulated depreciation-office equipment 50 167 Computer equipment 22,000 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 0 307 Common stock 67,000 318 Retained earnings 319 Dividends 6,000 403 Computer services revenue 34,994 612 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 Totals 2,450 0 1,648 644 188 805 $101,994 $ 101,994 Business Solutions had the following transactions and events in December 2020. December 2 Paid $980 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $460 cash for minor repairs to the company's computer, December 4 Received $4,750 cash from Alex's Engineering Co. for the receivable from November. December 10 Paid cash to Lyn Addie for six days of work at the rate of $115 per day. December 14 Notified by Alex's Engineering Company that Business Solutions's bid of $7,700 on a proposed project has been accepted. Alex's paid a $1,600 cash advance to Business Solutions. December 15 Purchased $1,300 of computer supplies on credit from Harris Office Products. narasher 16 Cant reminder In FAA Comma to the fan for caruicar racedad an Mahar o Prev 1 of 1 Next > December 2 Paid $980 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $460 cash for minor repairs to the company's computer. December 4 Received $4,750 cash from Alex's Engineering Co. for the receivable from November. December 10 Paid cash to Lyn Addie for six days of work at the rate of $115 per day. December 14 Notified by Alex's Engineering Company that Business Solutions's bid of $7,700 on a proposed project has been accepted. Alex's paid a $1,600 cash advance to Business Solutions. December 15 Purchased $1,300 of computer supplies on credit from Harris Office Products. December 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8. December 20 Completed a project for Liu Corporation and received $5,925 cash. December 22-26 Took the week off for the holidays. December 28 Received $3,100 cash from Gomez Company on its receivable. December 29 Reimbursed S. Rey for business automobile nileage (400 miles at $0.29 per mile). December 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 $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, 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. 6. Prepare a balance sheet as of December 31, 2020. 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28. 8. Prepare a post-closing trial balance as of December 31, 2020. Complete this question by entering your answers in the tabs below. Check