After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30 , 2021, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2021) follows. Business Solutions had the following transactions and events in December 2021. December 2 Paid \$1,025 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $500 cash for minor repoirs to the company's computer. Decenber 4 Received $3,956 cash from Alex's Engincering Company 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 Cospany that Business Solutions's bid of $7,006 on a proposed project has been acceoted. Alex's oaid a \$1.500 cash advance to Business solutions. Business Solutions had the following transactions and events in December 2021. December 2 Paid $1,025 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $500 cash for minor repairs to the company's computer. December 4 Received $3,950 cash fron Alex's Engineering Company for the receivable fron November. December 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. Decenber 14 Notified by Alex's Engineering Company that Business Solutions's bid of $7,000 on a proposed project has December 15 Purchasepted. Alex's paid a $1,500 cash advance to Business Solutions. December 16 Sentased $1,100 of computer supplies on credit from Harris office Products. Decenber 20 cont a reminder to Gomez Company to pay the fee for services recorded on November 8 . Decenber 22-26 Took thed a project for Liu Corporation and received $5,625cash. December 28 Reck the week off for the holidays. Decenber 29 Received $3,000 cash from Gomez Company on its receivable. Decenber 31 Paidbursed S. Rey for business autonobile mileage (600 miles at $0.32 per mile). 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 avallable. 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. 1. Three of the four months' prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. 2-a. 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 31,2021. 4. Prepare an income statement for the three months ended December 31, 2021. 5. Prepare a statement of retained earnings for the three months ended December 31,2021 6. Prepare a classified balance sheet as of December 31,2021 . 7. Record the necessary closing entries as of December 31, 2021 . 8. Prepare a post-closing trial balance as of December 31,2021 Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare adjusting entries to reflect a through f. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. Journal entry worksheet 6 The December 31 inventory count of computer supplies shows $580 still available. Note: Enter debits before credits. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger. Prepare an adjusted trial balance as of December 31,2021. Complete this question by entering your answers in the tabs below. Prepare an income statement for the three months ended December 31, 2021. Required: 1. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. 2-a. 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, 2021. 4. Prepare an income statement for the three months ended December 31, 2021. 5. Prepare a statement of retained earnings for the three months ended December 31, 2021. 6. Prepare a classified balance sheet as of December 31,2021 . 7. Record the necessary closing entries as of December 31, 2021. 8. Prepare a post-closing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the three months ended December 31,2021. rrepare a statement or retaneo earnungs tor une three montns enaea vecemoer si, U1. Prepare a classified balance sheet as of December 31, 2021. Record the necessary closing entries as of December 31,2021. Prepare a post-closing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Prepare a classified balance sheet as of December 31, 2021. December 31, 2021 Assets Current assets Plant assets 7. Record the necessary closing entries as of December 31, 2021. 8. Prepare a post-closing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Record the necessary closing entries as of December 31, 2021. Journal entry worksheet Record the entry to close the revenue account(s). Note: Enter debits before credits. 0. Fiepait a Liassilitu Udidile silet as Vi Vectilitel i,U1. 7. Record the necessary closing entries as of December 31, 2021. 8. Prepare a post-closing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Prepare a post-closing trial balance as of December 31,2021. After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30 , 2021, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2021) follows. Business Solutions had the following transactions and events in December 2021. December 2 Paid \$1,025 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $500 cash for minor repoirs to the company's computer. Decenber 4 Received $3,956 cash from Alex's Engincering Company 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 Cospany that Business Solutions's bid of $7,006 on a proposed project has been acceoted. Alex's oaid a \$1.500 cash advance to Business solutions. Business Solutions had the following transactions and events in December 2021. December 2 Paid $1,025 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $500 cash for minor repairs to the company's computer. December 4 Received $3,950 cash fron Alex's Engineering Company for the receivable fron November. December 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. Decenber 14 Notified by Alex's Engineering Company that Business Solutions's bid of $7,000 on a proposed project has December 15 Purchasepted. Alex's paid a $1,500 cash advance to Business Solutions. December 16 Sentased $1,100 of computer supplies on credit from Harris office Products. Decenber 20 cont a reminder to Gomez Company to pay the fee for services recorded on November 8 . Decenber 22-26 Took thed a project for Liu Corporation and received $5,625cash. December 28 Reck the week off for the holidays. Decenber 29 Received $3,000 cash from Gomez Company on its receivable. Decenber 31 Paidbursed S. Rey for business autonobile mileage (600 miles at $0.32 per mile). 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 avallable. 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. 1. Three of the four months' prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. 2-a. 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 31,2021. 4. Prepare an income statement for the three months ended December 31, 2021. 5. Prepare a statement of retained earnings for the three months ended December 31,2021 6. Prepare a classified balance sheet as of December 31,2021 . 7. Record the necessary closing entries as of December 31, 2021 . 8. Prepare a post-closing trial balance as of December 31,2021 Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare adjusting entries to reflect a through f. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. Journal entry worksheet 6 The December 31 inventory count of computer supplies shows $580 still available. Note: Enter debits before credits. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger. Prepare an adjusted trial balance as of December 31,2021. Complete this question by entering your answers in the tabs below. Prepare an income statement for the three months ended December 31, 2021. Required: 1. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. 2-a. 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, 2021. 4. Prepare an income statement for the three months ended December 31, 2021. 5. Prepare a statement of retained earnings for the three months ended December 31, 2021. 6. Prepare a classified balance sheet as of December 31,2021 . 7. Record the necessary closing entries as of December 31, 2021. 8. Prepare a post-closing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the three months ended December 31,2021. rrepare a statement or retaneo earnungs tor une three montns enaea vecemoer si, U1. Prepare a classified balance sheet as of December 31, 2021. Record the necessary closing entries as of December 31,2021. Prepare a post-closing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Prepare a classified balance sheet as of December 31, 2021. December 31, 2021 Assets Current assets Plant assets 7. Record the necessary closing entries as of December 31, 2021. 8. Prepare a post-closing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Record the necessary closing entries as of December 31, 2021. Journal entry worksheet Record the entry to close the revenue account(s). Note: Enter debits before credits. 0. Fiepait a Liassilitu Udidile silet as Vi Vectilitel i,U1. 7. Record the necessary closing entries as of December 31, 2021. 8. Prepare a post-closing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Prepare a post-closing trial balance as of December 31,2021
