After the success of the company?s first two months, Santana Rey continues to operate Business Solutions. The November 30, 2017, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2017) follows.

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No.Account TitleDebitCredit101Cash$39,164106Accounts receivable13,518126Computer supplies2,645128Prepaid insurance1,980131Prepaid rent2,980163Office equipment8,100164Accumulated depreciation?Office equipment$0167Computer equipment22,800168Accumulated depreciation?Computer equipment0201Accounts payable0210Wages payable0236Unearned computer services revenue0301S. Rey, Capital66,000302S. Rey, Withdrawals6,000403Computer services revenue36,744612Depreciation expense?Office equipment0613Depreciation expense?Computer equipment0623Wages expense2,150637Insurance expense0640Rent expense0652Computer supplies expense0655Advertising expense1,728676Mileage expense684677Miscellaneous expenses200684Repairs expense?Computer795Totals$102,744$102,744

Business Solutions had the following transactions and events in December 2017.

Dec.2Paid $1,000 cash to Hillside Mall for Business Solutions? share of mall advertising costs.3Paid $420 cash for minor repairs to the company?s computer.4Received $4,950 cash from Alex?s Engineering Co. for the receivable from November.10Paid cash to Lyn Addie for six days of work at the rate of $105 per day.14Notified by Alex?s Engineering Co. that Business Solutions? bid of $8,000 on a proposed project has been accepted. Alex?s paid a $1,600 cash advance to Business Solutions.15Purchased $1,300 of computer supplies on credit from Harris Office Products.16Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8.20Completed a project for Liu Corporation and received $6,075 cash.22?26Took the week off for the holidays.28Received $3,800 cash from Gomez Co. on its receivable.29Reimbursed S. Rey for business automobile mileage (500 miles at $0.27 per mile).31S. Rey withdrew $1,200 cash from the company for personal use.

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1. The December 31 inventory count of computer supplies shows $590 still available.
2. Three months have expired since the 12-month insurance premium was paid in advance.
3. As of December 31, Lyn Addie has not been paid for four days of work at $105 per day.
4. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.
5. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.
6. Three of the four months' prepaid rent has 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, 2017.

4.Prepare an income statement for the three months ended December 31, 2017.

5.Prepare a statement of owner?s equity for the three months ended December 31, 2017.

6.Prepare a balance sheet as of December 31, 2017.

1. Award: 75.00 points Serial Problem Business Solutions LO P1, P2, P3 After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2017, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2017) follows. No. 101 106 126 128 131 163 164 167 168 201 210 236 301 302 403 612 613 623 637 640 652 655 676 677 684 Account Title 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 S. Rey, Capital S. Rey, Withdrawals Computer services revenue Depreciation expenseOffice equipment Depreciation expenseComputer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expenseComputer Totals Debit $ 39,164 13,518 2,645 1,980 2,980 8,100 22,800 6,000 0 0 2,150 0 0 0 1,728 684 200 795 $ 102,744 Credit $ 0 0 0 0 0 66,000 36,744 $102,744 Business Solutions had the following transactions and events in December 2017. Dec. 2 Paid $1,000 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $420 cash for minor repairs to the company's computer. 4 Received $4,950 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 $105 per day. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $8,000 on a proposed project has been accepted. Alex's paid a $1,600 cash advance to Business Solutions. 15 Purchased $1,300 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 $6,075 cash. 22- Took the week off for the holidays. 26 28 Received $3,800 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (500 miles at $0.27 per mile). 31 S. Rey withdrew $1,200 cash from the company for personal use. 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 $590 still available. b. Three months have expired since the 12month insurance premium was paid in advance. c. As of December 31, Lyn Addie has not been paid for four days of work at $105 per day. d. The computer system, acquired on October 1, is expected to have a fouryear life with no salvage value. e. The office equipment, acquired on October 1, is expected to have a fiveyear life with no salvage value. f. Three of the four months' prepaid rent has expired. Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions. 2a. Prepare adjusting entries to reflect a through f. 2b. 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, 2017. 4. Prepare an income statement for the three months ended December 31, 2017. 5. Prepare a statement of owner's equity for the three months ended December 31, 2017. 6. Prepare a balance sheet as of December 31, 2017. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 4 Req 5 Req 6 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 view general journal Journal Entry Worksheet 1 2 3 4 5 6 7 8 9 10 11 Paid $1,000 cash to Hillside Mall for Business Solutions' share of mall advertising costs. Date General Journal Debit Credit Dec 02 *Enter debits before credits done clear entry previous record entry next References Worksheet Difficulty: 3 Hard Learning Objective: 03P2 Explain and prepare an adjusted trial balance. Serial Problem Business Solutions LO P1, P2, P3 Learning Objective: 03P1 Prepare and explain adjusting entries. Learning Objective: 03P3 Prepare financial statements from an adjusted trial balance