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Kindly provide all requirements. After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30 , 2021,
Kindly provide all requirements.
After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30 , 2021, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2021) follows. Business Solutions had the following transactions and events in December 2021. December 2 Paid $1,010 cash to Hillside Ma11 for Business Solutiona's ahare of mall advertising costs. December 3 Paid $470 cash for minor repaira 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 a1x dayn of work at the rate of $100 per day. December 14 Notified by Alex's Engineering Company that Buainess solutions's bid of \$7,200 on a proposed project has December 15 Purchased $1,600 of computer supplies on oredit from Harrin office products. December 16 Sent a reminder to Gomez Conpany to pay the fee for services recorded on Noverber 8 . Decenber 22-26 Took the wrek off for the helidays. December 28 peceived $3,300 cash from Coner Conpar December 28 Heceived $3,300 cash from Gonez Conpany on ita receivable. December 31 paid $1,000. Rey for business automobile mileage (400 miles at $0.22 per mile). December 31 paid $1,000 eash 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. The December 31 inventory count of computer supplies shows $640 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. f. 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 . 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 baiance as of December 31,2021Step by Step Solution
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