i really need help with these. i understand 1-2b but not the rest. Please help and thank you:)
Business Solutions had the following transactions and events in December 2021. December 2 Paid $935 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $430 cash for minor repairs to the company's computer. December 4 Received $4,350 cash from Alex's Engineering Company for the receivable from November. December 10 Paid cash to Lyn Addie for six days of work at the rate of $100 per day. December 14 Notified by Alex's Engineering Company that Business Solutions bid of $7,500 on a proposed project has been accepted. Alex' paid a $1,700 cash advance to Business Solutions. December 15 Purchased $1,300 of computer supplies on credit from Harris office Products. December 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8. December 20 Completed a project for Liu Corporation and received $5,975 cash. December 22-26 Took the week off for the holidays. December 28 Received $3,700 cash from Gomex Company on its receivable. December 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.30 per mile). December 31 Paid $1,400 cash for dividendo. 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 $610 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 $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. 1. Three of the four months prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. 2-a. Prepare adjusting entries to reflect a through f. 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, 2021. Required: 1. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. 2-a. Prepare adjusting entries to reflect a through f. 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, 2021. 4. Prepare an income statement for the three months ended December 31, 2021. 5. Prepare a statement of retained earnings for the three months ended December 31, 2021. 6. Prepare a classified balance sheet as of December 31, 2021. 7. Record the necessary closing entries as of December 31, 2021. 8. Prepare a post-closing trial balance as of December 31, 2021. Paid $935 cash to Hillside Mall for Business Solutions's share of mall advertising costs. Paid $430 cash for minor repairs to the company's computer. 3 Received $4,350 cash from Alex's Engineering Company for the receivable from November. 4 Paid cash to Lyn Addie for six days of work at the rate of $100 per day. Notified by Alex's Engineering Company that Business Solutions's bid of $7,500 on a proposed project has been accepted. Alex's paid a $1,700 cash advance to Business Solutions. Note : = journal entry has been entered 6 Purchased $1,300 of computer supplies on credit from Harris Office Products. 7 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8. 8 Completed a project for Liu Corporation and received $5,975 cash. 9 Received $3,700 cash from Gomez Company on its receivable. 10 Reimbursed S. Rey for business automobile mileage (600 miles at $0.30 per mile). 10 Reimbursed S. Rey for business automobile mileage (600 miles at $0.30 per mile). 11 Paid $1,400 cash for dividends. my Business Solutions had the following transactions and events in December 2021. December 2 Paid $935 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $430 cash for minor repairs to the company's computer. December 4 Received $4,350 cash from Alex's Engineering Company for the receivable from November. December 10 Paid cash to Lyn Addie for six days of work at the rate of $100 per day. December 14 Notified by Alex's Engineering Company that Business Solutions bid of $7,500 on a proposed project has been accepted. Alex' paid a $1,700 cash advance to Business Solutions. December 15 Purchased $1,300 of computer supplies on credit from Harris office Products. December 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8. December 20 Completed a project for Liu Corporation and received $5,975 cash. December 22-26 Took the week off for the holidays. December 28 Received $3,700 cash from Gomex Company on its receivable. December 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.30 per mile). December 31 Paid $1,400 cash for dividendo. 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 $610 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 $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. 1. Three of the four months prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. 2-a. Prepare adjusting entries to reflect a through f. 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, 2021. Required: 1. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. 2-a. Prepare adjusting entries to reflect a through f. 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, 2021. 4. Prepare an income statement for the three months ended December 31, 2021. 5. Prepare a statement of retained earnings for the three months ended December 31, 2021. 6. Prepare a classified balance sheet as of December 31, 2021. 7. Record the necessary closing entries as of December 31, 2021. 8. Prepare a post-closing trial balance as of December 31, 2021. Paid $935 cash to Hillside Mall for Business Solutions's share of mall advertising costs. Paid $430 cash for minor repairs to the company's computer. 3 Received $4,350 cash from Alex's Engineering Company for the receivable from November. 4 Paid cash to Lyn Addie for six days of work at the rate of $100 per day. Notified by Alex's Engineering Company that Business Solutions's bid of $7,500 on a proposed project has been accepted. Alex's paid a $1,700 cash advance to Business Solutions. Note : = journal entry has been entered 6 Purchased $1,300 of computer supplies on credit from Harris Office Products. 7 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8. 8 Completed a project for Liu Corporation and received $5,975 cash. 9 Received $3,700 cash from Gomez Company on its receivable. 10 Reimbursed S. Rey for business automobile mileage (600 miles at $0.30 per mile). 10 Reimbursed S. Rey for business automobile mileage (600 miles at $0.30 per mile). 11 Paid $1,400 cash for dividends. my
