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 No. Account Title Debit Credit lei Cash $ 38,564 106 Accounts receivable 12,818 126 Computer supplies 2,545 128 Prepaid insurance 2,220 131 Prepaid rent 3,220 163 office equipment 8,800 164 Accumulated depreciation-office equipment $ 167 computer equipment 20,800 168 Accumulated depreciation-Computer equipment e 201 Accounts payable e 210 Wages payable 236 Unearned computer services revenue 307 Common stock 67,00 318 Retained earnings 319 Dividends 5,700 403 Computer services revenue 33,454 612 Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment e 623 Wages expense 2, See 637 Insurance expense 8 648 Rent expense 652 Computer supplies expense 655 Advertising expense 1,668 676 Mileage expense 624 677 Miscellaneous expenses 199 684 Repairs expense-Computer 785 Totals $100,454 $180, 454 Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $965 cash to Hillside Mall for Business Solutions' share of nall advertising costs. 3 Paid 5480 cash for minor repairs to the company's computer. 4 Received $4,350 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 $120 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 $2,100 cash advance to business Solutions. 15 Purchased $1,100 of computer supplies on credit from Harris Office Products, 16 Sent a reninder to Gomez co, to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received 56,025 cash. 22- Took the week off for the holidays. 26 23 Received $2,100 cash from Gonez co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (500 miles at $0.20 per mile). 31 The company paid $1,400 cash in dividends. ook int References The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months. 8. The December 31 inventory count of computer supplies shows 5610 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 $120 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 1. Three of the four months prepaid rent have expired. 00 Doints Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions 2.a. Prepare adjusting entries to reflect through 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 28 8. Prepare a post-closing trial balance as of December 31, 2019, View transaction list View journal entry worksheet Transaction Debit Credit a General Journal Computer supplies expense Computer supplies 3,035 3,035 2 b Insurance expense Prepaid insurance 555 555 Wages expense Wages payable 480 480 4 d. Depreciation expense Computer equipment Accumulated depreciation-Computer equipment 5 Depreciation expense-Office equipment Accumulated depreciation Office equipment 440 440 Rent expense Prepaid rent Complete this question by entering your answers in the tabs below. Reg 2A Req 1 Reg 28 Reg 3 Reg 4 Regs Reg 6 Req 7 Reg 8 Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2. Af Requirement 7. post the closing entries to the general ledger accounts. 101: Cash 106: Accounts Receivable Debit Credit Debit Credit Date Balance 12.818 990 500 Dec 01 Dec 04 Dec. 28 4060 Date Dec 01 Dec 02 Dec. 03 Dec 04 Dec. 10 Dec. 14 Dec. 20 Dec 28 Dec 29 Dec 31 750 Balance 38.564 37,574 37,074 41,134 40,384 42,384 48,059 51,159 51.035 49,735 2,000 5,675 3,100 124 1.300 126: Computer Supplies Debit Credit Date Dec 01 128: Prepaid insurance Debit Credit Balance 2,545 Date Dec 01 Balance 2,220 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Dat Dec 01 Balance 3220 Date Dec 01 Balance 8.800 114: Accumulated the preciation Office Equipment Dale Debit Credit Balance Doc 01 167: Computer Equipment Debit Credit Date Dec 01 Balance 20,300 0 168: Accumulated Depreciation-Computer Equipment Date Debit Credit Balance Dec 01 201: Accounts Payable Debit Credit Balance Date Dec 01 0 210: Wages Payable Debit Credit Balance Date Dec 01 236: Unearned Computer Services Revenue Date Debit Credit Balance Dec 01 0 307: Common Stock Debit Credit 318: Retained Earnings Debit Credit Date Balance Date Dec 01 Balance 67,000 Dec 01 319: Dividends Debit Credit 403: Computer Services Revenue Debit Credit Date Balance 5,700 Date Dec 01 Balance 33.454 Dec 01 612: Depreciation Expense-Office Equipment Date Debit Credit Balance Dec 01 613: Depreciation Expense-Computer Equipment Date Debit Credit Balance Dec. 01 0 623: Wages Expense Debit Credit 637: Insurance Expense Debit Credit Date Dec 01 Date Balance Balance 2.500 Dec 01 640: Rent Expense Debit Credit 652: Computer Supplies Expense Debit Credit Date Balance Balance Date Dec 01 Dec. 01 0 655: Advertising Expense Debit Credit 676: Mileage Expense Debit Credit Date Balance 1.688 Date Dec, 01 Balance 624 Dec 01 677: Miscellaneous Expense Debit Credit 684: Repairs Expense Computer Debit Credit Date Balance 190 Date Dec 01 Balance 785 Dec, 01 901: Income Summary Debit Credit Date Balance 640: Rent Expense Debit Credit 652: Computer Supplies Expense Debit Credit Date Balance Balance Date Dec 01 Dec. 01 0 655: Advertising Expense Debit Credit 676: Mileage Expense Debit Credit Date Balance 1.688 Date Dec, 01 Balance 624 Dec 01 677: Miscellaneous Expense Debit Credit 684: Repairs Expense Computer Debit Credit Date Balance 190 Date Dec 01 Balance 785 Dec, 01 901: Income Summary Debit Credit Date Balance Complete this question by entering your answers in the tabs below. Reg 1 Req ZA Reg 28 Reg 3 Reg 4 Reqs Reg 6 Reg 7 Reg Prepare an adjusted trial balance as of December 31, 2019. BUSINESS SOLUTIONS Adjusted Trial Balance December 31, 2019 Account Title Debit Credit int Cash Accounts receivable ences Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Uneamed 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 c pense Mileage expense Miscellaneous expenses Repairs expense-Computer Totals 5 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 2B Reg 3 Reg 4 Reg 5 Reg 6 Req 7 Book Prepare an income statement for the three months ended December 31, 2019. Print BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2019 Herences Revenue Expenses Total expenses Prepare a statement of retained earnings for the three months ended December 31, BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2019 Retained earnings, October 1, 2019 0 Retained earnings, December 31, 2019 0 Reg 1 Reg 2A Reg 28 Reg 3 Reg 4 Req 5 Reg 6 Req 7 ok Prepare a balance sheet as of December 31, 2019. Tint BUSINESS SOLUTIONS Balance Sheet December 31, 2019 0 erences Assets 0 Total Assets Liabilities 0 Total Liabilities Equity Total equity Total Liabilities and Equity 0 S S Req 1 Req 2A Reg 28 Reg 3 Reg 4 Req 5 Reg 6 Reg 7 Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the View transaction list Journal entry worksheet Close the revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31 Record entry Clear entry View general journal Reg 1 Reg 2A Reg 2B Reg 3 Reg 4 Reg 5 Reg 6 Reg. 7 Reg 8 eBook Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general lec 28. Print View transaction list References Journal entry worksheet 1 2 3 > Close the expense accounts. Note: Enter debits before credita, General Journal Debit Date Dec 31 Credit Recorded Clearly View general journal Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general le View transaction list Journal entry worksheet 1 2 3 4 Close the Income summary account. Notes Enter debits before credits Date General Journal Debit Credit Dec. 31 Record entry Clear entry View general journal View transaction list Journal entry worksheet th Close the Dividends account. Note: Enter debits before credits Date General Journal Debit Credit Dec. 31 Record entry Clear entry View general journal Prepare a post-closing trial balance as of December 31, 2019. BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2019 Debit Credit 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 Totals 0 $