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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. Credit Debit $38.264 12.618 2.545 2,220 3.300 8.000 166 20.000 168 Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment Accumulated depreciation office equipment 167 Computer equipment Accumulated depreciation Computer equipment 201 Accounts payable 210 Wagos payable 236 Unearned computer services revenue 5. Rey, Capital S. Rey. Withdrawals Computer services revenue 612 Depreciation expense office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 684 Repair expense-Computer Totals 301 73.000 302 25,659 $98.659 Business Solutions had the following transactions and events in December 2019, Dec. 2 Paid $1,025 cash to Hillside Hall for Business Solutions share of all advertising costs. 3 Paid $500 cash for B or repairs to the company's computer 4 Received $3.950 Castro Alex Engineering Co. for the receivable froNovember 10 Paid cash to Lyn Addle for six days of work at the rate of $125 per day. 14 Notified by Alex Engineering Co that Business Solutions bid of $7.000 on proposed project has been accepted. Alex's paid a $1.500 cash advance to Business Solutions 15 Purchased $1,100 of computer supplies on credit fron Barris Office Products 16 Sent a reminder to come co to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,625 cash. 22-26 Took the week off for the holidays. 14 Notified by Alex's Engineering Co. that Business Solutions bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. 16 Sent a reminder to Gomes Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,625 cash. 22-26 Took the weak off for the holidays. 28 Received $3,000 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile). 31 S. Ray withdrew $1,500 cash from the company for personal use. 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 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 2-a. Prepare adjusting entries to reflect a through 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 owner's equity for the three months ended December 31, 2019, 6. Prepare a balance sheet as of December 31, 2019 Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 28 Reg 3 Reg 4 Reg 5 Req6
