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After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2011, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2011) follows. No. 101 106 126 128 131 163 164 167 168 201 210 236 307 318 319 403 612 613 623 Account Title Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulat ed depreciatio nOffice equipment Computer equipment Accumulat ed depreciatio n Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Depreciati on expense Office equipment Depreciati on expense Computer equipment Wages Debit Credit $ 38,264 12,618 2,545 2,220 3,300 8,000 $ 0 20,000 0 0 0 0 73,000 0 5,600 25,659 0 0 2,625 637 640 652 655 676 677 684 expense Insurance expense Rent expense Computer supplies expense Advertisin g expense Mileage expense Miscellane ous expenses Repairs expense Computer Totals 0 0 0 1,728 704 250 805 $ 98,659 $ 98,659 Business Solutions had the following transactions and events in December 2011. Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $500 cash for minor repairs to the company's computer. 4 Received $3,950 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 $7,000 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 Gomez Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,625 cash. 22- Took the week off for the holidays. 26 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 The business paid $1,500 cash for 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. b. c. d. e. f. The December 31 inventory count of computer supplies shows $580 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 $125 per day. The company's computer is expected to have a four-year life with no salvage value. The office equipment 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. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) 2. Prepare adjusting entries to reflect a through f. 1 2. Post the journal entries to record each of the December transactions, adjusting entries, and closing 2 entries to the accounts in the ledger. 3 4 Prepare an adjusted trial balance as of December 31, 2011. (The items in the Trial Balance should be grouped as follows: Assets, Liabilities, Equity, Revenues, and Expenses.) Prepare an income statement for the three months ended December 31, 2011 5 Prepare a statement of retained earnings for the three months ended . 6. Prepare a balance sheet as of December 31, 2011 7. Record and post the necessary closing entries for Business Solutions