Item

2

10

points

eBook

References

Check my work

Check My Work button is now enabled

3

Item2

Item 2 10 points

Serial Problem Business Solutions LO P2, P3

The December 31, 2019, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2019) follows.

NoAccount TitleDebitCredit101Cash$48,372106Accounts receivable5,668126Computer supplies580128Prepaid insurance1,665131Prepaid rent825163Office equipment8,000164Accumulated depreciationOffice equipment$400167Computer equipment20,000168Accumulated depreciationComputer equipment1,250201Accounts payable1,100210Wages payable500236Unearned computer services revenue1,500301S. Rey, Capital73,000302S. Rey, Withdrawals7,100403Computer services revenue31,284612Depreciation expenseOffice equipment400613Depreciation expenseComputer equipment1,250623Wages expense3,875637Insurance expense555640Rent expense2,475652Computer supplies expense3,065655Advertising expense2,753676Mileage expense896677Miscellaneous expenses250684Repairs expenseComputer1,305901Income summary0Totals$109,034$109,034

Required:

1.Record the closing entries as of December 31, 2019.

2.Prepare a post-closing trial balance as of December 31, 2019.