Check my work Check My Work button is now enabled1Item 1 Item 1 55 points Serial Problem Business Solutions LO P1, P2, P3, P4, P5 After the success of the companys first two months, Santana Rey continues to operate Business Solutions. The November 30, 2017, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2017) follows. No. Account Title Debit Credit 101 Cash $ 38,264 106 Accounts receivable 13,618 126 Computer supplies 2,645 128 Prepaid insurance 2,160 131 Prepaid rent 3,120 163 Office equipment 8,500 164 Accumulated depreciationOffice equipment $ 0 167 Computer equipment 20,800 168 Accumulated depreciationComputer equipment 0 201 Accounts payable 0 210 Wages payable 0 236 Unearned computer services revenue 0 307 Common stock 65,000 318 Retained earnings 0 319 Dividends 6,600 403 Computer services revenue 36,469 612 Depreciation expenseOffice equipment 0 613 Depreciation expenseComputer equipment 0 623 Wages expense 2,425 637 Insurance expense 0 640 Rent expense 0 652 Computer supplies expense 0 655 Advertising expense 1,678 676 Mileage expense 644 677 Miscellaneous expenses 210 684 Repairs expenseComputer 805 Totals $ 101,469 $ 101,469 Business Solutions had the following transactions and events in December 2017. Dec. 2 Paid $1,005 cash to Hillside Mall for Business Solutions share of mall advertising costs. 3 Paid $430 cash for minor repairs to the companys computer. 4 Received $4,050 cash from Alexs 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 Alexs Engineering Co. that Business Solutions bid of $7,600 on a proposed project has been accepted. Alexs paid a $2,300 cash advance to Business Solutions. 15 Purchased $1,300 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 $5,725 cash. 2226 Took the week off for the holidays. 28 Received $3,200 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (400 miles at $0.29 per mile). 31 The company paid $1,300 cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the companys first three months: The December 31 inventory count of computer supplies shows $640 still available. Three months have expired since the 12-month insurance premium was paid in advance. As of December 31, Lyn Addie has not been paid for four days of work at $120 per day. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. Three of the four months' prepaid rent has 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 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, 2017. 4. Prepare an income statement for the three months ended December 31, 2017. 5. Prepare a statement of retained earnings for the three months ended December 31, 2017. 6. Prepare a balance sheet as of December 31, 2017. 7. Record and post the necessary closing entries as of December 31, 2017. 8. Prepare a post-closing trial balance as of December 31, 2017. Complete this question by entering your answers in the tabs below. Req 1Req 2AReq 2BReq 3Req 4Req 5Req 6Req 7Req 8 Record and post the necessary closing entries as of December 31, 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Date General Journal Debit Credit 1 Dec. 31 Computer services revenue Income summary 2 Dec. 31 Income summary Depreciation expenseOffice equipment Depreciation expenseComputer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expenseComputer 3 Dec. 31 Income summary Retained earnings 4 Dec. 31 Retained earnings Dividends Req 6