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 Debit $ 38,264 12,618 2,545 2,220 3,300 8,000 $ 20,000 0 No. 101 106 126 128 131 163 164 167 168 201 210 236 307 318 319 403 612 613 623 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 0 0 73,000 0 5,600 25,659 0 2,625 613 2,625 0 623 637 640 652 655 676 677 684 Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Totals 1,728 704 250 805 $ 98,659 $98,659 Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $500 cash for minor repairs to the company's computer. 4 Received $3,950 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 $125 per day. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 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. 29.comnleted.a..nroiect..for..Jiu.Sornoration and..neceived..$5.625..cash.. 15 Purchased $1,100 of computer supplies on credit Trom Harris UTTice 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 $5,625 cash. 22-26 Took the week off for the holidays. 28 Received $3,000 cash from Gomez Co. on its receivable. 29 Reimbursed s. Rey for business automobile mileage (600 miles at $0.32 per mile). 31 The company paid $1,500 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 $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 $125 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. 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, 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 24 Req 2B Req3 "Req4 "Req's Reqo "Req "Reg 8 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. 101: Cash 106: Accounts Receivable Date Debit Credit Balance Date Debit Credit Balance Dec. 01 38,264 Dec. 01 12,618 8,668 Dec. 02 1,025 37,239 Dec. 04 3,950 Dec. 03 500 Dec. 28 3,000 5.668 Dec. 04 3,950 Dec. 10 750 Dec. 28 Dec. 14 Dec. 20 Dec. 28 1,500 5,625 3,000 36,739 40,689 39,939 41,439 47,064 50,064 49,872 48,372 Dec. 29 Dec. 31 Dec. 29 192 Dec 31 Adj. Dec. 31 1,500 Dec. 31 Close 126: Computer Supplies Debit Credit 128: Prepaid Insurance Debit Credit Date Balance Date Balance Dec. 01 2,545 Dec. 01 2,220 1,665 Dec. 15 1,100 3,645 Dec 31 Adj. 555 Dec. 31 3,065 580 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date Balance Balance 3,300 825 Date Dec. 01 Dec. 01 8,000 Dec. 31 2,475 164: Accumulated Depreciation Office Equipment Date Debit Credit Balance 167: Computer Equipment Debit Credit Date Balance Dec. 01 0 Dec. 01 20,000 Dec. 31 400 400 168: Accumulated DepreciationComputer Equipment Date Debit Credit Balance 201: Accounts Payable Debit Credit Date Balance Dec. 01 0 Dec. 01 0 Dec. 31 1,250 1,250 Dec. 15 1,100 1,100 210: Wages Payable Debit Credit Date Balance 236: Unearned Computer Services Revenue Date Debit Credit Balance Dec. 01 0 Dec. 14 1,500 1,500 0 Dec. 01 Dec. 31 500 500 307: Common Stock 318: Retained Earnings Debit Credit Date Debit Credit Date Balance Balance 73,000 Dec. 01 Dec. 01 0 Dec. 31 Close 14,460 14,460 319: Dividends 403: Computer Services Revenue Debit Credit Date Debit Credit Date Dec. 01 Balance 5,600 7,100 Dec. 01 Balance 25,659 31,284 31,284 Dec 31 Adj. 1,500 Dec. 20 5,625 612: Depreciation Expense-Office Equipment Date Debit Credit Balance 613: Depreciation Expense-Computer Equipment Date Debit Credit Balance Dec. 01 0 Dec. 01 Dec. 31 400 400 Dec. 31 1,250 1,250 623: Wages Expense Debit Credit 637: Insurance Expense Debit Credit Date Balance Date Balance Dec. 01 Dec. 01 0 2,625 3,375 Dec. 10 750 Dec 31 Adj. 555 555 640: Rent Expense Debit Credit 652: Computer Supplies Expense Debit Credit Date Balance Date Balance Dec. 01 0 Dec. 01 0 Dec 31 Adj. 2,475 2,475 Dec 31 Adj. 3,065 3,065 655: Advertising Expense Debit Credit 676: Mileage Expense Debit Credit Date Date Balance Dec. 01 Balance 1,728 2,753 Dec. 01 704 Dec. 02 1,025 Dec. 29 192 896 677: Miscellaneous Expense Debit Credit 684: Repairs Expense-Computer Debit Credit Date Balance Date Balance Dec. 01 250 Dec. 01 805 Mec 03 500 1 305 DEU. U 17720 Ueu. UT Dec. 02 1,025 2,753 Dec. 29 192 896 677: Miscellaneous Expense Debit Credit 684: Repairs Expense-Computer Debit Credit Date Balance Date Balance Dec. 01 250 Dec. 01 805 Dec. 03 500 1,305 901: Income Summary Debit Credit Date Balance Rea 2 Rea 3