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.NumberAccount TitleDebitCredit$101$Cash$ $38,964106$Accounts receivable$13,218126$Computer supplies$2,545128$Prepaid insurance$2,040131$Prepaid rent$2,920163$Office equipment$8,300164$Accumulated depreciation Office equipment$ $0167$Computer equipment$21,200168$Accumulated depreciation Computer equipment$201$Accounts payable$210$Wages payable$236$Unearned computer services revenue$307$Common stock$68,000318$Retained earnings$319$Dividends$5,800403$Computer services revenue$32,424612$Depreciation expense Office equipment$613$Depreciation expense$-$Computer equipment$623$Wages expense$2,150637$Insurance expense$640$Rent expense$652$Computer supplies expense$655$Advertising expense$1,718676$Mileage expense$614677$Miscellaneous expenses$200684$Repairs expense$-$Computer$755$Totals$ $100,424$$ $100,424$Business Solutions had the following transactions and events in December $2020.$December $2$ Paid $$940$ cash to Hillside Mall for Business Solutions's share of mall advertising costs.December $3$ Paid $$460$ cash for minor repairs to the company's computer.December $4$ Received $$4,750$ cash from Alex's Engineering Co$.$for the receivable from November.December $10$ Paid cash to Lyn Addie for six days of work at the rate of $$125$ per day.December $14$ Notified by Alex's Engineering Company that Business Solutions's bid of $$7,700$ on a proposed project has beenaccepted. Alex's paid a $$1,700$ cash advance to Business Solutions.December $15$ Purchased $$1,500$ of computersupplies on credit from Harris Office Products.December $15$ Purchased $$1,500$ of computer supplies on credit from Harris Office Products.December $16$ Sent a reminder to Gomez Company to pay the fee for services recorded on November $8.$December $20$ Completed a project for Liu Corporation and received $$6,525$ cash.December $22-26$ Took the week off for the holidays.December $28$ Received $$3,200$ cash from Gomez Company on its receivable.December $29$ Reimbursed S$.$ Rey for business automobile mileage $(500$ miles at $$0\mathrm{.}27$ per mile$).$December $31$ The company paid $$1,300$ cash in dividends.The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months.a$.$ The December $31$ inventory count of computer supplies shows $$590$ 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$\mathrm{.}2-$a$.$ Prepare adjusting entries to reflect a through f$\mathrm{.}2-$b$.$ Post the journal entries to record each of the December transactions from Requirement $1$ and adjusting entries from Requirement$2$A$.$ After completing Requirement $7,$ post the closing entries to the general ledger accounts$\mathrm{.}3.$ Prepare an adjusted trial balance as of December $31,2020\mathrm{.}4.$ Prepare an income statement for the three months ended December $31,20205.$ Prepare a statement of retained earnings for the three months ended December $31,2020\mathrm{.}6.$ Prepare a balance sheet as of December $31,2020\mathrm{.}7.$ Record the necessary closing entries as of December $31,2019$ and then post the closing entries to the general ledger in Requirement $2$B$8.$ Prepare a post$-$closing trial balance as of December $31,2020.$Complete this question by entering your answers in the tabs below.Req $1$Req $2$AReq $2$BReq $3$Req $4$Req $5$Req $6$Req $7$Req $8$