Credit Debit $ 39,164 12,818 2,645 2,220 2,920 9,000 21,200 No. Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 office equipment 164 Accumulated depreciation-office equipment 167 Computer equipment 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 307 Common stock 318 Retained earnings 319 Dividends 403 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 Repairs expense-Computer Totals @ 0 0 64,000 0 6,600 38,449 s 0 2,575 1,668 654 230 755 $102,449 $102,449 3 Paid $430 cash for minor repairs to the company's computer. 4 Received $4,750 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 $105 per day. 14 Notified by Alex's Engineering Co. that Business Solutions bid of $7,200 on a proposed project has been accepted. Alex's paid a $1,600 cash advance to Business Solutions. 15 Purchased $2,100 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 $5,675 cash. 22- Took the week off for the holidays. 26 28 Received $3,200 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (400 miles at $8.32 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 $105 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 from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7 post the closing entries to the general ledger accounts. 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 the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28 8. Prepare a post-closing trial balance as of December 31, 2019. View transaction list . :X The December 31 inventory count of computer supplies shows $650 still available. 2 Three months have expired since the 12-month insurance premium was paid in advance. 3 As of December 31, Lyn Addie has not been paid for four days of work at $105 per day. 4 The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. 5 The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. 6 Three of the four months' prepaid rent have expired. 101: Cash 106: Accounts Receivable Date Debit Credit Balance Debit Credit Date Dec. 01 Balance 12,818 Dec 01 39.164 126: Computer Supplies Debit Credit 128: Prepaid Insurance Debit Credit Date Balance 2,645 Date Dec. 01 Balance 2.220 Dec. 01 131: Prepaid Rent Dobit Credit 163: Office Equipment Debit Credit Date Balanco Date Doc. 01 Balance 9,000 Dec 01 2,920 Vd her lifilmine Terracial High Enginnai 167-Commuter Fronment 168: Accumulated Depreciation Computer Equipment Data Debit Credit Balance Dec 01 201: Accounts Payable Debat Credit Date Balance 0 Dec 01 0 210: Wagos Payable Debit Credit Dato Dec 01 Balance 236: Uneamed Computer Services Revenue Date Debit Credit Balance Dec 01 0 0 307: Common Stock Debit Credit Date Dec 01 318: Retained Earnings Debit Credit Date Balance 64,000 Balance Dec, 01 0 319: Dividends Debit Credit Date 403: Computer Services Revenue Debit Credit Balance 6,600 Dato Dec. 01 Balance 38.449 Dec 01 612: Depreciation Expense-Office Equipment Data Dahit Credit Balance 613: Depreciation ExpenseComputer Equipment Date Dahit Credit Balance 612: Depreciation Expense-Office Equipment Date Debit Credit Balance Dec 01 613: Depreciation Expanse Computer Equipment Date Debit Credit Balance Dec 01 0 0 623: Wages Expense Debit Credit Date Dec 01 637: Insurance Expense Debit Credit Date Balance 2,575 Balance Dec 01 0 640: Rent Expense Debit Credit Date 652: Computer Supplies Expense Debit Credit Balance Balance Dec 01 Dato Dec 01 0 0 655: Advertising Expense Debit Credit 676: Mileage Expense Debit Credit Date Date Balance 1,668 Balance 654 Dec. 01 Dec, 01 mensive) Problem Saved H 655: Advertising Expense Debit Credit Date 676: Mileage Expense Debit Credit Balance 1,668 Dec 01 Date Dec. 01 Balance 654 677: Miscellaneous Expense Debit Credit Date Dec, 01 Balance 230 684: Repairs Expenso-Computer Dobit Credit Date Dec 01 Balance 755 901: Income Summary Debit Credit Date Balance Account Title Debit Credit Cash 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 Common stock Retained earnings Dividends Computer services revenue Depreciation expense-Office equipment Depreciation expense Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Donaire annee Commor Prepare an income statement for the three months ended December 31, 2019. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2019 Revenue Expenses Total expenses BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2019 Retained earnings, October 1, 2019 0 Retained earnings, December 31, 2019 $ 0 BUSINESS SOLUTIONS Balance Sheet December 31, 2019 Assets 0 Total Assets 0 Liabilities Total Liabilities 0 Equity 0 Total equity Total Liabilities and Equity $ $ View transactilt list X: . 1 Close the revenue account(s). 2 Close the expense accounts. 3 Close the Income summary account. 4 Close the Dividends account. Credit Note : journal entry has been entered Dabasdad clasa View.donaralla BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2019 Debit Credit Cash 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 Common stock Retained earnings Totals $ 0 $ 0