Chapter 3 Adjusting Accounts for Financial Statements and events in December 2019. Solutions's share of mall advertising costs, minor repairs to the company's computer. cash from Alex's Engineering Co. for the receivable from November for six days of work at the rate of $125 per day. computer supplies on credit from Harris Office Products Business Solutions had the following transactions and events in Dec, 2 Paid $1.025 cash to Hillside Mall Business Solution 3 Paid $500 cash fox minor repairs to the company's com Received $3,950 cash from Alex's Engineering Color 10 Paid cash to Lyn Adelie for six days of work at the rate of s bid of $7,000 on a proposed proj. Lark 14 Ge 19 Notified by Alex's Engineering Co that Business Solutions cash advance to Business Solutions. has been accepted. Alex's paida SIS 15 Purchased $1,100 of computer supplies on credit from Hart 16 Sent a reminder to Gomez Co to pay a reminder to Gomez Co to pay the fee for services recorded on November .. Completed a project for Liu Corporation and received $5.025 casi 22-26 Took the week off for the holidays. 28 Received $3.000 cash from Gomez Co, on its receivable. Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile). 31 S. Rey withdrew $1.500 cash from the company for personal use. The following additional facts are collected for use in makine adiusting 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 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 Post those entries to the accounts in the lodger. 2. Prepare adjusting entries to reflect a through f. Post those entries to the accounts in the ledger. sted trial 3. Prepare an adjusted trial balance as of December 31, 2019. $109.034 4. Prepare an income statement for the three months ended December 31, 2019. 5. Prepare a statement of owner's equity for the three months ended December 31, 2019. 581460 6. Prepare a balance sheet as of December 31, 2019. RAL ER BLEM The General Ledger tool in Connect allows students to immediately see the financial statements of a specific date. Each of the following questions begins with an unadjusted trial balance. Using transactions from the following assignment, prepare the necessary adjustments and determine the impact each adjust- ment has on net income. The financial statements are automatically populated. GL 3-1 Based on the FastForward illustration in this chapter hect Using transactions from the following assignments, prepare the necessary adjustments create the man cial statements, and determine the impact each adjustment has on net income. GL 3-2 Based on Problem 3-3A GL 3-4 Extension of Problem 2-2A GL 3-3 Extension of Problem 2-1A GL 3-5 Based on Serial Problem SP 3 unting