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 Det $ 38,564 13,418 2,545 2,920 3,020 8,500 $ 21,200 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 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 70,00 6,000 39,834 2,400 0 1,558 564 150 795 $108.834 5100,834 Dec. Business Solutions had the following transactions and events in December 2019. 2 Paid $965 cash to Hillside Mall for Business Solutions share of mall advertising costs. 3 Paid $410 cash for minor repairs to the company's computer, 4 Received $4,350 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 Fnoineering Co. That Rusiness Solutions bid nt 57.600 on a roosad rolert has been Prery 018 Next Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $965 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $410 cash for minor repairs to the company's computer. 4 Received $4,350 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 $7,688 on a proposed project has been accepted. Alex's paid a $1,700 cash advance to Business Solutions. 15 Purchased $1,500 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 $6,425 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 (500 miles at $0.24 per mile). 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. 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 . 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. Reg 1 Req 2A Reg 28 Req3 Reg 4 Req 5 Reg 6 Req 7 Req8 Prepare an income statement for the three months ended December 31, 2019 BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2019 Revenue Expenses Total expenses Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 2B Req3 Req 4 Req 5 PLDOLLICOLE Req 6 Req 7 Reg 8 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 (Reg 4 Req6 > BUSINESS SOLUTIONS Balance Sheet December 31, 2019 Assets Total Assets Liabilities Total Liabilities Equity Total equity Total Liabilities and Equity Req 1 Reg 2A Reg 28 Req3 Reg 4 Reg 5 Reg 6 Req 7 Req8 Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in View transaction list Journal entry worksheet Close the revenue account(s). Note: Enter debits before credits Date General Journal Debit Credit Dec. 31 Record entry Clear entry View general journal Req 1 Req 2A Req 2B Req3 Reg 4 Req 5 Req 6 Req 7 Prepare a post-closing trial balance as of December 31, 2019. 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 depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Totals