SP 3 Serial Problem Business Solutions (Algo) LO P1, P2, P3, P4, P5 After the success of the company's first two months. Santana Rey continues to operate Business Solutions. The November 30 , 2021, unodjusted trial bolance of Business Solutions (reflecting its transactions for October and November of 2021) follows. Business Solutions hod the followig transactions ond everts in Deceinber 2021 December 3 paid saeg cosh for miner rephirs to the ccapony's cceputer. Decerper 10 pald cash to Lyn Addie for +1x doys of work at the rate of 5115 per day. accepted. Alex's poid e 52,290 cash advance to fusiness Solutions. Purchased $1,509 of cceputer gupplies on credit freb Herris Dffice Products. completed a project for Llu corper otion and recelvedist 6 , e7s cash. Tobe the week off for the holidays. Tre following addilotaf facts ate colected for use un moking adjusting entries priet to preparing financial statements for the company's fitt theee montas. The following additional facts are collected for use in making adjusting entries prior to prepacing financial statements for the companys first three moriths. a. The December 31 inventory count of computer supplies shows $610 sti ava able. b. Three months have explred since the 12 -month insurance premlum was paid in advorice c. At of December 31. tym Addie hos not been paid for four days of wonk ot $115 per day d. The computer aystem, acquired on October 1 is expected to have four year life with no salvage value: e. The office equloment, acguired on October 1 is expected to have a five year life with no salvage value. f. Three of the four months' prepoid 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. P. Prepore adjusting entries to reflect a through f. 2.b. Post the oumal entries to record each of the December transoctions, adjusting ontries to the accounts in the lodger: 3. Prepare an adjusted trial balance os of December 31, 2021 . 4. Prepare an income statement for the three months ended December 31, 2021 5. Prepare a statement of retoined eamings for the three months ended Decomber 31:202.1 6. Prepare a classified balance sheet os of December 31, 2021 . 7. Record the necessary closing entries as of December 31, 2021. 8. Prepare a post ciosing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Prepare adjusting entries to reflect a through f. Prepare adjusting entries to reflect a through f. Note: If no entry is required for a transaction or event, salect "No journal entry required" in the first account field. Journal entry worksheet The December 31 inventory count of computer supplies shows $610 still available. SP 3 Serial Problem Business Solutions (Algo) LO P1, P2, P3, P4, P5 After the success of the company's first two months. Santana Rey continues to operate Business Solutions. The November 30 , 2021, unodjusted trial bolance of Business Solutions (reflecting its transactions for October and November of 2021) follows. Business Solutions hod the followig transactions ond everts in Deceinber 2021 December 3 paid saeg cosh for miner rephirs to the ccapony's cceputer. Decerper 10 pald cash to Lyn Addie for +1x doys of work at the rate of 5115 per day. accepted. Alex's poid e 52,290 cash advance to fusiness Solutions. Purchased $1,509 of cceputer gupplies on credit freb Herris Dffice Products. completed a project for Llu corper otion and recelvedist 6 , e7s cash. Tobe the week off for the holidays. Tre following addilotaf facts ate colected for use un moking adjusting entries priet to preparing financial statements for the company's fitt theee montas. The following additional facts are collected for use in making adjusting entries prior to prepacing financial statements for the companys first three moriths. a. The December 31 inventory count of computer supplies shows $610 sti ava able. b. Three months have explred since the 12 -month insurance premlum was paid in advorice c. At of December 31. tym Addie hos not been paid for four days of wonk ot $115 per day d. The computer aystem, acquired on October 1 is expected to have four year life with no salvage value: e. The office equloment, acguired on October 1 is expected to have a five year life with no salvage value. f. Three of the four months' prepoid 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. P. Prepore adjusting entries to reflect a through f. 2.b. Post the oumal entries to record each of the December transoctions, adjusting ontries to the accounts in the lodger: 3. Prepare an adjusted trial balance os of December 31, 2021 . 4. Prepare an income statement for the three months ended December 31, 2021 5. Prepare a statement of retoined eamings for the three months ended Decomber 31:202.1 6. Prepare a classified balance sheet os of December 31, 2021 . 7. Record the necessary closing entries as of December 31, 2021. 8. Prepare a post ciosing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Prepare adjusting entries to reflect a through f. Prepare adjusting entries to reflect a through f. Note: If no entry is required for a transaction or event, salect "No journal entry required" in the first account field. Journal entry worksheet The December 31 inventory count of computer supplies shows $610 still available
