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0 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. No. Account Title Debit Credit 101 Cash $ 38,364 106 Accounts receivable 13,518 126 Computer supplies 2,645 128 Prepaid insurance 2,100 131 Prepaid rent 3,140 163 office equipment 9,000 164 Accumulated depreciation office equipment $ 162 Computer equipment 22,800 168 Accumulated depreciation-Computer equipment 0 201 Accounts payable 0 210 Wages payable 0 236 Unearned computer services revenue 0 301 S. Rey, Capital 66,000 302 S. Rey, Withdrawals 6,000 403 Computer services revenue 37,519 612 Depreciation expense-office equipment 0 613 Depreciation expense-computer equipment D 623 Wages expense 2.625 637 Insurance expense 0 640 Rent expense 0 652 Computer supplies expense 0 655 Advertising expense 1,720 676 Mileage expense 634 672 Miscellaneous expenses 200 684 Repairs expense-Computer 765 Totals $103,519 $103,519 Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $980 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $490 cash for minor repairs to the company's computer. 4 Received $4,850 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 $125 per day. 14 Notified by Alex's Engineering co. that Business Solutions' bid of $7,100 on a proposed project has been accepted. Alex's paid a $2,200 cash advance to Business Solutions. 15 Purchased $1,900 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 $5,975 cash. 22- Took the week off for the holidays. 26 28 Received $3,700 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (500 miles at $0.23 per mile). 31 S. Rey withdrew $1,400 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 $640 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 onded 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, Reg 1 Req 2A Req 2B Req 3 Reg 4 Reg 5 Req6 Prepare a balance sheet as of December 31, 2019. BUSINESS SOLUTIONS Balance Sheet December 31, 2019 Assets Total assets Liabilities Total liabilities Equity Total liabilities and equity 0 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. No. Account Title Debit Credit 101 Cash $ 38,364 106 Accounts receivable 13,518 126 Computer supplies 2,645 128 Prepaid insurance 2,100 131 Prepaid rent 3,140 163 office equipment 9,000 164 Accumulated depreciation office equipment $ 162 Computer equipment 22,800 168 Accumulated depreciation-Computer equipment 0 201 Accounts payable 0 210 Wages payable 0 236 Unearned computer services revenue 0 301 S. Rey, Capital 66,000 302 S. Rey, Withdrawals 6,000 403 Computer services revenue 37,519 612 Depreciation expense-office equipment 0 613 Depreciation expense-computer equipment D 623 Wages expense 2.625 637 Insurance expense 0 640 Rent expense 0 652 Computer supplies expense 0 655 Advertising expense 1,720 676 Mileage expense 634 672 Miscellaneous expenses 200 684 Repairs expense-Computer 765 Totals $103,519 $103,519 Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $980 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $490 cash for minor repairs to the company's computer. 4 Received $4,850 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 $125 per day. 14 Notified by Alex's Engineering co. that Business Solutions' bid of $7,100 on a proposed project has been accepted. Alex's paid a $2,200 cash advance to Business Solutions. 15 Purchased $1,900 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 $5,975 cash. 22- Took the week off for the holidays. 26 28 Received $3,700 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (500 miles at $0.23 per mile). 31 S. Rey withdrew $1,400 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 $640 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 onded 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, Reg 1 Req 2A Req 2B Req 3 Reg 4 Reg 5 Req6 Prepare a balance sheet as of December 31, 2019. BUSINESS SOLUTIONS Balance Sheet December 31, 2019 Assets Total assets Liabilities Total liabilities Equity Total liabilities and equity