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fter the success ofthe company's first two months, Santsns Rey continues to operste Buainess Solutons. The Navember 30, 2018, nedlusted triel bslance of BuainesSolutons (refilecting a transsct ons for October and Navember of 2018) follows. 126 Computor supplies 128 Propaid insurance 131 opald rant 163 OFELce qulpeont s 39, 264 13,518 2,645 1,928 ,868 B, 5ee 167 Computor quipment 2e1 Accounts payable 236 Unearnod computer services ve as Retained eamings 3 Co putor services rvenue 613 Depraciation expense-cComputer quipment 28,88 payable 69,888 Dividends 5,999 32,529 2,525 555 Advertising wxpese 676 Mileage exp 1,688 ue Solutiona had the folowing trensactions and events In December 2018. . 2 Paid $039 cash to hillside Mall for Business Solutions' shan) of tall advertising costs. 3 Paid $478 cash for or repairs t the conpany's computer. 4 Received $4,258 cash from Alex's EngLneering Co. for the celvable from a Paid cash to Lyn Addie for six days of work at the rate of $185 per day. 14 tified by Alex's Engineering Co. that Business Solutions' bid of $7,see on a proposed project has buen accepted. Alex's Nbr paid a $2,488 cash advance to Business solutions 15 Purchased $1,68 F computer supplies on crodit From Harris ofFice Products 6 Sent a nomindor to Gonez Co. to pay th Fou for serviois recorded on November 8. 28 Completed a projact for Lis Corporation and received $6, 825 cash 22- Took the wek off for the hol idays 28 Received $3,289 cash from Gomez Co. on its acelvable. 29 Reinbursed S. Rey for business automobile mileage (see iles at s8.26 per sile). 1 The company pald $1,288 cash in dividonds The follawing sdof ne coected for use In making sjugriesprir to prepring financiel tamnts for the ompanys firat three montha The December 31 nventory count of computer aupplies showa $640 stll svailable b. Three months have expired ance the 12-month naurance premium we: pald In advance. of December 31, Lyn Addle has not been pald for four days af wark at $105 per day to have a five-year life with no Three ofthe four monthal prepald rent have expires Requlred: . Prepare Jaumal entries to record esch ofthe December tranasctons and events for Bua ness Solutians 2-s. Prepare sdjuating entries to refilect athrough f 2-b. Poat the Jounsl entries to record esch of the Decembertransactiona, adluating entries to the accounts In the ledger . Prepare an ncome atstement forthe three month ended December 31 2019 5. Prepsre a statement of retsined earnings for the three months ended December 31, 2018. 5. Preosr .ence sheet of Decemcer 31, 2018. . Record and post the necesssry clasing entriesss of December 31 2018. B. Preosrepost-closing trial bsence ss of Decem er 3, 2018. Wagec Payable Date Date Date Date Date Date Date Date Date Date Prepare an income statement for the three months ended December 31, 2018 BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2018 Revenue Computer services revenue 38,534 Expenses 425 1,300 Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense- Computer 480 2,295 3,605 8,105 Total expenses et income Req 3 Req 5 > Prepre a statement of retained earnings for the three months ended Der 31, 2018 BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2018 Retained earnings, October 1, 2018 Add: Net income Less: Dividends Retained earnings, December 31, 2018 Req 4 Req 6 > Prepare a post-closing trial balance as of December 31, 2018 BUSINESS SOLUTIONS Post-Closing Trial Balance December 31,2018 Debit Credit Cash Acco 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 39,264 unts receivable 39,264S$ Req 7 Req 8 X