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. No. Account Title Debit Credit 101 Cash 106 $38,364 Accounts receivable 13,218 126 Computer supplies 2,545 128 Prepaid insurance 2,040 131 Prepaid rent 3,180 163 office equipment 164 Accumulated depreciation office equipment 8,200 $ 167 Computer equipment 16B Accumulated depreciation-Computer equipment 20,800 201 Accounts payable 210 Wages payable Unearned computer services revenue 307 @ Connon stock 318 Retained earnings 72,000 319 Dividends 403 5,700 Computer services revenue 612 27,544 Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 2,280 640 Rent expense 0 652 Computer supplies expense 655 Advertising expense 1,718 676 Mileage expense 674 677 Miscellaneous expenses 170 584 Repairs expense-Computer 735 Totals $ 99,544 $99,544 236 Business Solutions had the following transactions and events in December 2019, Dec. Book 2 Paid $1,010 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $460 cash for minor repairs to the company's computer. 4 Received $4,450 cash fron Alex's Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $110 per day. 14 Notified by Alex's Engineering Co that Business Solutions bid of $7,300 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. 15 Purchased $2,000 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 $5,925 cash. 22- Took the week off for the holidays. 26 28 Received $3,100 cash fron Gonez Co. on its receivable. 29 Reimbursed 5. Rey for business automobile nileage (500 miles at $9.29 per mile). 31 The company paid $1,300 cash in dividends. int 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 $580 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 $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. Three of the four months prepaid rent have expired. Danilor 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 2.b. Post the journal entries to record each of the December transactions from Requirement 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 2 B. Prepare a post-closing trial balance as of December 31, 2019 Complete this question by entering your answers in the tabs below. Rea 1 Reg 2A Reg 28 Reg Reg 4 Reg 5 Reg 6 Req 7 Red Prepare a statement of retained earnings for the three months ended December 31, 2019. BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2019 Retained earnings October 1, 2019 uestion by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Req3 Req 4 Reg 5 Reg 6 Req 7 Prepare a statement of retained earnings for the three months ended December 31, 2019. BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2019 Retained earnings, October 1, 2019 Retained earnings, December 31, 2019 0