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 $38.254 12,618 2,545 2,220 3,300 8,000 20,000 Account Title 101 Cash 106 Accounts receivable 126 Computer supplies Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation office equipment 167 Computer equipment 168 Accumulated depreciation Computer equipment 201 Accounts payable Wages payable 236 Unearned computer services revenue Common stock 318 Retained earnings 319 Dividends Computer services revenue Depreciation expense-office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 676 Mileage expense Miscellaneous expenses 654 Repairs expense-Computer Totals 5,600 612 2.625 1.728 $ 98,659 $98,659 Business Solutions had the following transactions and events in December 2019 Dec. 2 Paid $1,025 cash to Hillside Hall for Business Solutions share of all advertising costs. 3 Pald 3500 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 Engineering Co. that Business Solutions bid of $7.000 a proposed project has been accepted Alex's polds .s0o cash advance to business solutions. 15 Purchased 51.100 of computer Supplies on credit freHarris Office Products 16 Sent reminder to Gomez co. to pay the fee for services recorded on November .. 20 Completed project for tu corporation and received 85,625 cash.. 22- 26 Took the week off for the holidays. 28 Received s3,000 cash from comez co. on its receivable.. 29 Reimbursed s. ney for business automobile alleage (600 alles at 80.32 per alle). 31 The company pold s1,500 cash in dividends.. The folloinn annanal forte are collantan forsirain matinn andliveting antriar in Proy 1 of 4 !!! Next > Itais 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 $see 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 Gomes Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,625 cash. 22-25 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 $9.32 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 .. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value 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 2-6. Prepare adjusting entries to reflect a through f. 2.b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger 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 and post the necessary closing entries as of December 31, 2019 8. Prepare a post-closing trial balance as of December 31, 2019 Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger. 101: Cash Debit 106: Accounts Receivable Debit Credit Credit Balance Balance Date Dec 01 12618 1025 500 3,950 Date Dec 01 Dec 02 Dec 03 "Dec 04 Dec. 10 Dec 14 Dec 20 Dec 28 Dec. 29 750 38,264 37.239 36,739 40.689 39.939 41,439 47.064 50,064 49.872 T 1,500 5,625 3,000 126: Computer Supplies Debit Credit 128: Prepaid Insurance Debit Credit Balance Date Date Dec 01 Balance Dec 0 1.100 131: Prepaid Rent Debit Crede Date 163: Office Equipment Debit Credit Date Balance Dec 09 164: Accumulated Depreciation Date Debit Dec 01 Office Equipment Credit Balance Date 167: Computer Equipment Debit Credit Balance 20.000 Prev 1 of 4 !!! Next > 168: Accumulated Depreciation - Computer Equipment Date Debit Credit Balance Dec. 01 201: Accounts Payable Debit Credit Balance Date Dec 01 210: Wages Payable Debit Credit Date Balance 236: Unearned Computer Services Revenue Date Debit Credit Balance Dec 01 Dec 01 307: Common Stock Debit Credit 318: Retained Earnings Debit Credit Date Balance Date Dec 01 Dec 01 73.000 319: Dividends Debit Credit 403: Computer Services Revenue Debit Credit Balance Date Balance 612: Depreciation Expense-Office Equipment Date Debit Credit Balance + Dec 01 613: Depreciation Expense Computer Equipment Date Debit Credit Balance Dec 01 623: Wages Expens Debit Credit 637: Insurance Expense Debit Credit Date Balance Balance 2,625 Date Dec. 01 640: Rent Expense Debit Credit 652: Computer Supplies Expense Debit Credit Date Balance Balance Date Dec 01 655: Advertising Expense Debit Credit Date 676: Mileage Expense Debit Credit Balance Date Balance C01 1.728 677: Miscellaneous Expense Debit Credit 684: Repairs Expense-Computer Debit Credit Balance Date Dec 01 Date Dec 01 Balance 901: Income Summary Debit Credit Balance Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Reg 2B Req3 Reg 4 Reg 5 Req 6 Req 7 Req 8 Prepare adjusting entries to reflect a through f. No Transaction General Journal Credit Debit 3,065 Computer supplies expense Computer supplies 3,065 555 Insurance expense Prepaid insurance 555 500 Wages expense Wages payable 500 _ _ 5.000 x Depreciation expense-Office equipment Accumulated depreciation Office equipment 5,000 1,500 Depreciation expense-Computer equipment Accumulated depreciation Computer equipment 1600 Rent expense Prepaid rent 2.475 2.475 ( Req1 Reg 28 > Account Title Credit Cash Debit 48,372 5,668 580 1,665 825 8,000 5,000 20,000 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 1,600 1,100 500 1,500 73,000 0 7.100 31.284 1,600 5,000 3,875 555 2,475 3.065 2,753 896 250 1,305 113.984 $ $ 113,984 Prepare an income statement for the three months ended December 31, 2019. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2019 Revenue Computer services revenue 31,284 Expenses 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 $ 5,000 1,600 3,875 555 2,475 23.065 2.753 896 250 1.305 2 expenses 1 Total expenses Net income 21.774 9,510 $ & Answer is not complete. Complete this question by entering your answers in the tabs below. Req1 Req 2A Req 2B Reg 3 Req 4 Reg 5 Reg 6 Req 7 Reg & Prepare a statement of retained earnings for the three months ended December 31, 2019. BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2019 Retained earnings, October 1, 2019 Add: Net income - 0 9,510 9.510 7.100 2.410 Less: Dividends Retained earnings December 31, 2019 S Prepare a balance sheet as of December 31, 2019. BUSINESS SOLUTIONS Balance Sheet December 31, 2019 Assets Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent 48,372 5,668 580 1,665 825 ololololo 57,110 Total Assets Liabilities Accounts payable Wages payable Unearned computer services revenue 1,100 500 Saints 3 .100 Total Liabilities Equity Common stock Retained earnings 73,000 2,410 Total equity Total Liabilities and Equity 75.410 78,510 $ Req 5 Req 7 > Proy Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 2B Reg 3 Reg 4 Reg 5 Reg 6 Rea 6 Reg 7 Reg? Req8 Reas Record and post the necessary closing entries as of December 31, 2019. No Date Dec. 31 General Journal Credit Income summary Debit 21.774 ( Req6 Req8 > Req 1 Req 2A Req 28 Req3 Req 4 Req5 Req 6 Req7 Reg 8 Prepare a post-closing trial balance as of December 31, 2019. Credit 48,372 BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2019 Debit Cash Accounts receivable 5,668 Computer supplies 580 Prepaid insurance 1,665 Prepaid rent 825 Office equipment 8,000 Accumulated depreciation - Office equipment Computer equipment 20,000 Accumulated depreciation-Computer equipment Accounts payable Wages payable Uneamed computer services revenue Common stock Retained earnings Totals $ 85.110 5.000 1,600 1,100 500 1,500 73.000 2.410 85.110 $ Itais 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 $see 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 Gomes Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,625 cash. 22-25 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 $9.32 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 .. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value 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 2-6. Prepare adjusting entries to reflect a through f. 2.b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger 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 and post the necessary closing entries as of December 31, 2019 8. Prepare a post-closing trial balance as of December 31, 2019 Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger. 101: Cash Debit 106: Accounts Receivable Debit Credit Credit Balance Balance Date Dec 01 12618 1025 500 3,950 Date Dec 01 Dec 02 Dec 03 "Dec 04 Dec. 10 Dec 14 Dec 20 Dec 28 Dec. 29 750 38,264 37.239 36,739 40.689 39.939 41,439 47.064 50,064 49.872 T 1,500 5,625 3,000 126: Computer Supplies Debit Credit 128: Prepaid Insurance Debit Credit Balance Date Date Dec 01 Balance Dec 0 1.100 131: Prepaid Rent Debit Crede Date 163: Office Equipment Debit Credit Date Balance Dec 09 164: Accumulated Depreciation Date Debit Dec 01 Office Equipment Credit Balance Date 167: Computer Equipment Debit Credit Balance 20.000 Prev 1 of 4 !!! Next > 168: Accumulated Depreciation - Computer Equipment Date Debit Credit Balance Dec. 01 201: Accounts Payable Debit Credit Balance Date Dec 01 210: Wages Payable Debit Credit Date Balance 236: Unearned Computer Services Revenue Date Debit Credit Balance Dec 01 Dec 01 307: Common Stock Debit Credit 318: Retained Earnings Debit Credit Date Balance Date Dec 01 Dec 01 73.000 319: Dividends Debit Credit 403: Computer Services Revenue Debit Credit Balance Date Balance 612: Depreciation Expense-Office Equipment Date Debit Credit Balance + Dec 01 613: Depreciation Expense Computer Equipment Date Debit Credit Balance Dec 01 623: Wages Expens Debit Credit 637: Insurance Expense Debit Credit Date Balance Balance 2,625 Date Dec. 01 640: Rent Expense Debit Credit 652: Computer Supplies Expense Debit Credit Date Balance Balance Date Dec 01 655: Advertising Expense Debit Credit Date 676: Mileage Expense Debit Credit Balance Date Balance C01 1.728 677: Miscellaneous Expense Debit Credit 684: Repairs Expense-Computer Debit Credit Balance Date Dec 01 Date Dec 01 Balance 901: Income Summary Debit Credit Balance Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Reg 2B Req3 Reg 4 Reg 5 Req 6 Req 7 Req 8 Prepare adjusting entries to reflect a through f. No Transaction General Journal Credit Debit 3,065 Computer supplies expense Computer supplies 3,065 555 Insurance expense Prepaid insurance 555 500 Wages expense Wages payable 500 _ _ 5.000 x Depreciation expense-Office equipment Accumulated depreciation Office equipment 5,000 1,500 Depreciation expense-Computer equipment Accumulated depreciation Computer equipment 1600 Rent expense Prepaid rent 2.475 2.475 ( Req1 Reg 28 > Account Title Credit Cash Debit 48,372 5,668 580 1,665 825 8,000 5,000 20,000 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 1,600 1,100 500 1,500 73,000 0 7.100 31.284 1,600 5,000 3,875 555 2,475 3.065 2,753 896 250 1,305 113.984 $ $ 113,984 Prepare an income statement for the three months ended December 31, 2019. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2019 Revenue Computer services revenue 31,284 Expenses 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 $ 5,000 1,600 3,875 555 2,475 23.065 2.753 896 250 1.305 2 expenses 1 Total expenses Net income 21.774 9,510 $ & Answer is not complete. Complete this question by entering your answers in the tabs below. Req1 Req 2A Req 2B Reg 3 Req 4 Reg 5 Reg 6 Req 7 Reg & Prepare a statement of retained earnings for the three months ended December 31, 2019. BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2019 Retained earnings, October 1, 2019 Add: Net income - 0 9,510 9.510 7.100 2.410 Less: Dividends Retained earnings December 31, 2019 S Prepare a balance sheet as of December 31, 2019. BUSINESS SOLUTIONS Balance Sheet December 31, 2019 Assets Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent 48,372 5,668 580 1,665 825 ololololo 57,110 Total Assets Liabilities Accounts payable Wages payable Unearned computer services revenue 1,100 500 Saints 3 .100 Total Liabilities Equity Common stock Retained earnings 73,000 2,410 Total equity Total Liabilities and Equity 75.410 78,510 $ Req 5 Req 7 > Proy Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 2B Reg 3 Reg 4 Reg 5 Reg 6 Rea 6 Reg 7 Reg? Req8 Reas Record and post the necessary closing entries as of December 31, 2019. No Date Dec. 31 General Journal Credit Income summary Debit 21.774 ( Req6 Req8 > Req 1 Req 2A Req 28 Req3 Req 4 Req5 Req 6 Req7 Reg 8 Prepare a post-closing trial balance as of December 31, 2019. Credit 48,372 BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2019 Debit Cash Accounts receivable 5,668 Computer supplies 580 Prepaid insurance 1,665 Prepaid rent 825 Office equipment 8,000 Accumulated depreciation - Office equipment Computer equipment 20,000 Accumulated depreciation-Computer equipment Accounts payable Wages payable Uneamed computer services revenue Common stock Retained earnings Totals $ 85.110 5.000 1,600 1,100 500 1,500 73.000 2.410 85.110 $