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I need help please. It's due tomorrow at 11:59pm pst After the success of the company's first two months, Santana Rey continues to operate Business
I need help please. It's due tomorrow at 11:59pm pst
After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30,2020 , unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2020) follows. Business Solutions had the following transactions and events in December 2020. December 2 Paid $960 cash to Hillside Mal1 for Business Solutions's shate of mall advertiging costs. Decenber 3 Paid $440 cash for minor repaira to the company' a computer. December 4 Recolved $4,750cash fron Alex's Engineering Co. for the roceivable froun Novenber. Decenber 10 paid cash to Lyn Addie for six days of work at the rate of $100 per day. Decomber 14 Notified by Alex' a Engineering Coopany that Business solutlons' bid of \$7, $00 on a proposed project. has been accepted. Alex'a paid a $2,100 cash advance to Buginens solutiong, Decenber 15 Purchaned $1,900 of conputer bupplies on eredit fron Harris office Products. December 16 sent a reminder to Gonez Company to pay the fee for eervicos recorded on November 8. Decenber 20 conpleted a project for tiu Corporation and recoived $5, 375 cash. Deceaber 2226 Took the weok off for the holidayn. Decenber 28 Recelved $3,200 eash trom fonez Conpany on lti receivable. becenber 29 Reimburned S. Rey for bunines automobile inileage (600 milea at $0.30 per pile ). The following additional facts are collected for use in making odjusting 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 avallable. b. Three months have expled 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 $100 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 fout 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 f. 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 bolance as of December 31,2020 . 4. Prepare an income statement for the three months ended December 31,2020. 5. Prepare a statement of retained earnings for the three months ended December 31, 2020 6. Prepare a balance sheet as of December 31,2020. 7. Record the necessary closing entries as of December 31,2019 and then post the closing entries to the general ledger in Requirement 2B. 8. Prepare a post-closing trial balance as of December 31,2020 Step by Step Solution
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