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. No. Account Title Debit Credit 101 Cash $ 38,564 106 Accounts receivable 12,818 126 Computer supplies 2,545 128 Prepaid Insurance 2,220 131 Prepaid rent 2,92 160 Office equipment 8,200 164 Accumulated depreciation office equipment $ e 167 Computer equipment 22,800 168 Accumulated depreciation-Computer equipment Accounts payable 210 We payable e 236 Unearned computer services revenue 307 Common stock 71,000 310 Retained earnings 319 Dividends 6,500 403 Computer services revenue 30,994 612 Depreciation expense-Office equipment Depreciation expense--Computer equipment @ 623 Wages expense 2,150 637 Insurance expense a 640 Rent expense 0 652 Computer supplies, expense e 655 Advertising expense 1, 688 676 Mileage expense 614 677 Miscellaneous expenses 200 684 Repairs expense-Computer 775 Totals $101,994 $101,994 Business Solutions had the following transactions and events in December 2020 Dec 2 Paid $900 cash to Hillside Mall for Business Solutions's share of mall advertising costs. 3 Paid 5470 cash for minor repairs to the company's computer. 6 Received 54,550 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 $120 per day 14 Notified by Alex's Engineering Co that Business Solutions's bid of 57.500 on a proposed project has been accepted. Alex's paid a $2,100 cash advance to Business Solutions 15 Purchased $2,000 of computer supplies on credit from Harris Office Products, 16 sent reminder to Gomez co to pay the fee for services recorded on November 8. 20 Completed project for Liu Corporation and received 56,375 cash 22- took the week off for the holidays. 26 28 Received $3,300 cash from onez co on its receivable 29 Reimbursed S Rey for business automobile mileage (400 miles at 50.26 per mile): 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 $630 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 $120 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, 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 2B 8. Prepare a post-closing trial balance as of December 31, 2020 Complete this question by entering your answers in the tabs below. Reg 1 Req ZA Reg 28 Reg 3 Reg 4 Regs Reg 6 Req7 Rege 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 Journal entry worksheet 3 5 6 8 11 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. Reg 1 Reg 2A Req 28 Req3 Reg 4 Reqs Reg 6 Reg 7 Req8 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 Journal entry worksheet 2 3 4 5 6 7 8 11 Paid $940 cash to Hillside Mall for Business Solutions's share of mall advertising costs Note: Enter debits before credits Date General Journal Debit Credit Dec 02 Record entry Clear entry View general Journal 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. Req1 Reg 2A Req 2B Req3 Reg 4 Reqs Req 7 Req 6 Req 8 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 Journal entry worksheet 3 4 5 6 7 8 11 > Paid $470 cash for minor repairs to the company's computer. Note: Enter debits before credits Date General Journal Debit Credit Dec 03 Record entry Clear entry View general Journal Seved blem chapter 3-Extra credit 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, 2020 Complete this question by entering your answers in the tabs below. Req7 Reg 5 Reg 8 Req 28 Reg 6 Req 3 Reg 1 Reg 2A Reg 4 Prepare journal entries to record each of the December transactions and events for Business Solutions. (If no entry is required transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 1 4 5 6 7 8 11 > Received $4,550 cash from Alex's Engineering Co. for the receivable from November Note: Enter debits before credits Date General Journal Debit Credit Dec 04 Record entry Clear entry View general Journal 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, 2020. Complete this question by entering your answers in the tabs below. Reg 8 Reg 6 Reg 7 Req1 Reg 5 Req 2A Req 2B Reg 3 Reg 4 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 Journal entry worksheet 8 > Adjusted Trial Balance December 31, 2020 Account Title 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 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 Reg 1 Req 2A Reg 28 Reg 3 Reg 4 Reg 5 Reg 6 Req7 Reg 8 Prepare an income statement for the three months ended December 31, 2020. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2020 Revenue Expenses Total expenses 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 fu 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 led Requirement 2B 8. Prepare a post-closing trial balance as of December 31, 2020. od OK Complete this question by entering your answers in the tabs below. ht Reg 1 Reg 3 Reg 6 Reg 4 Reg 2A Reg 7 Req5 Reg 2B Reg 8 nces Prepare a statement of retained earnings for the three months ended December 31, 2020. BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2020 Retained earnings, October 1, 2020 Retained earnings, December 31, 2020 Prepare a balance sheet as of December 31, 2020. BUSINESS SOLUTIONS Balance Sheet December 31, 2020 Assets Total Assets Liabilities Total Liabilities Equity Total equity Total Liabilities and Equity Reg 1 Reg 2A Reg 28 Reg 3 Reg 4 Reg 5 Reg 6 Req 7 Req 8 Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in View transaction list a Journal entry worksheet Reg Reg 2A Reg 2B Reg 3 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 Requirement 28 View transaction list Journal entry worksheet Reg 1 Req 2A Reg 2B Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 Reg 8 Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 2 View transaction list Journal entry worksheet 3 Record the closure of the dividend account. Note: Enter debits before credits General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal . Req1 Req 2A Reg 26 Req3 Reg 4 Reg 5 Reg 6 Reg 7 Regs Prepare a post-closing trial balance as of December 31, 2020. BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2020 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