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. Account Title Debit Credit No. 101 Cash 39,064 13,318 2,645 2,100 3,220 9,000 106 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 126 128 131 163 164 0 167 21,200 168 201 210 0 236 307 Common stock 67,000 Retained earnings 318 0 5,800 319 Dividends Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense 403 35,169 612 613 10 623 2,525 637 10 640 Rent expense 652 Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer 0 655 1,708 676 604 677 240 684 745 $102,169 $102,169 Totals oooo oc Business Solutions had the following transactions and events in December 2019. 2 Paid $1,010 cash to Hillside Mall for Business Solutions' share of mall advertising costs 3 Paid $430 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 $115 per day 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,500 on a proposed project has been accepted. Alex's paid a $2,100 cash advance to Business Solutions 15 Purchased $1,600 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 $5,925 cash 22 Took the week off for the holidays Dec 26 28 Received $3,700 cash from Gomez Co. on its receivable 29 Reimbursed S. Rey for business automobile mileage (400 miles at $0.22 per mile) 31 The company paid $1,000 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 $115 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 throughf. 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