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 101 Cash $ 38,864 106 Accounts receivable 13,518 126 Computer supplies 2,645 128 Prepaid insurance 1,920 131 Prepaid rent 2,98 163 Office equipment 8,500 164 Accumulated depreciation-office equipment 167 Computer equipment 21,200 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable Unearned computer services revenue 307 Common stock 70,000 318 Retained earnings 319 Dividends 6,100 403 Computer services revenue 31,189 612 Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 2,175 637 Insurance expense Rent expense 652 Computer supplies expense 655 Advertising expense 1,688 676 Mileage expense 654 677 Miscellaneous expenses 180 684 Repairs expense-Computer 765 Totals $181, 189 $181, 189 236 640 8 Business Solutions had the following transactions and events in December 2019. Dec. 2 Poid $930 cash to Hillside Moll for Business Solutions share of mall advertising costs. 3 Paid $460 cash for minor repairs to the company's computer. 4 Received $4,250 cash from Alex's Eng Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $105 per day. 14 Notified by Alex's Engineering Co. that Business Solutions bid of $7,800 on a proposed project has been accepted. Alex's paid a $2,300 cash advance to Business Solutions. 15 Purchased $1,880 of computer supplies on credit from Harris Office Products. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $6,125 cash. 22- Took the week off for the holidays. 26 28 Received $3,800 cash from Gomez Co. on its receivable. 29 Reimbursed 5. Rey for business automobile mileage (600 miles at $0.26 per mile). 31 The company paid $1,400 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 $650 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 S105 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 2.a. Prepare adjusting entries to reflect a through 2-1. Post the journal entries to record each of the December transactions from Requirement 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