After the success of the company's first two months, Santana Rey continues to operate busntess. unadjusted trial balance of Business Solutions $($reflecting its transactions for October and Novembe

Business Solutions had the following transactions and events in December $2021.$

December $2$ paid $$1,02$ cash to Hiliside Mall for Business Solutions is share of mall advertising costs. December $3$ paid $$59$ cash for minor repairs to the company's computer.

Oecember $4$ Received $$3,950$ cash from Alex's Engineering Company for the receivable from November.

December $10$ Paid cash to Lyn Addie for six days of work at the rate of $$125$ per day.

Decenber is purchased. Alex's paid a $$1,560$ cash advance to Business Solutions bid of $$7,$ e$90$ on a proposed project has been Decenber $16$ Sent

Decenber $16$ Sent a reminder to Gomez Company to pay the fee'foriservices recorded on November $8.$

Decembar $20$ Completed a project for Liu Corporation and received $$5,625$ cash.

Decomber $28$ Received $$3,06$a cash from Gomez colidays.

December $29$ Reimbursed $$.$ Key for bustness autompany on its recelvable

December $31$ paid $$1,590$ cash for dividends utombite mileage $(600$miles at $$0\mathrm{.}32$ 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 $$580$ still avallable

b$.$ Three months have expired since the $12-$month insurance premium was paid in advance.

c$.$ As of December $31.$ Lyn Addle has not been patd 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. $?.$ Three of the four month' prepaid rent have expired.

Record the necessary closing entries as of December $31,2021.$

Journal entry worksheet

$1$

$2$

$3$

Record the entry to close the Income summary account.

Note: Enter cebits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[\backslash$table$[[$December$],[31]],,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

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