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. Business Solutions had the following transactions and events in December 2020. Decenber 2 Paid $995 cash to Hillside Mall for Business solutions's share of mal1 advertising costs. December 3 Paid $460 cash for ninor repairs to the conpany's conputer. December 4 Received $4,250 cash fron Nlex's Engineering Co. for the receivable from November. December 10 Paid casb to tyn Addie for six days of work at the rate of 5110 per day. December 14 totified by Alex's Engineering Company that Buainess solutions's bid of $8,000 on a proposed project has been accepted. Alex's paid a $1,700 cash advance to Dusiness Solutions. Decenber 15 purchased $2,000 of conputer supplies on credit from Harria office Products. Decenber 16 Sent a reninder to Comez Conpany to pay the fee for services recorded on kovember 8 . Decenber 20 Completed a project for Liu Corporation and received $6,225 cash. Decenber 2226 Took the week off for the holidays. December 28 Received $3,100 cash f ren Gomez Company on 1 ts receivable. Decenber 29 Reimbursed 5 , Mey for business autemobile nileage (400 alles at $0,23 per mile). Decerber 31 the conpany paid $1,300 cash in dividends. The following additional focts 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 explred 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 $110 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 hove 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 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 31,2020 . 4. Prepire 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 os of December 31,2019 and then post the closing entries to the general lodger in Requirement 2B B. Prepare a post-closing trial balance as of December 31, 2020. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. Af the closing entries to the general ledger accounts. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{2}{|c|}{901 : Income Summary } \\ \hline Date & Debit & Credit & Balance \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular}