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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, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2021 ) follows. Busanes5 Solutbons had the following transactions and events in December 2021. Becenber 22=26 feas the veek eff. for the halidari. companys tirst thee moaths. Decerber 20 Reirbursed \$. Rey for busipess autonobile ntieage (4Ba pilos it ses 31 per dile). Decessen 32 paid $2,2e0 cash for dividends. The foliowing additional facts are collected for use in making adjusting entrles prior to preparing financial statements for the company's first three months. 0. The December 31 inventory count of computer supplies shows $580 still avallable. b. Three months have explred 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 $120 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 salvoge value. 1. Three of the four months' prepald rent have explied. Required: 1. Prepare journal entrles to record each of the December transactions. Post those entries to the accounts in the ledger: 2. - . Prepare adjusting entries to reflect a through f. 2.b. Post the joumal 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 . \begin{tabular}{|c|c|c|c|c|c|} \hline No & Date & General Journal & & Debit & Credit \\ \hline \multirow[t]{2}{*}{1} & December 02 & Advertsing expense & & & E \\ \hline & & Cash & & & 0850 \\ \hline+ & + & + & + & 3 & \\ \hline \multirow[t]{2}{*}{2} & December 03 & Repairs expense-Computer & & 4000 & \\ \hline & & Cash & & & 4600 \\ \hline \multirow[t]{2}{*}{3} & December 04 & Cash & 0 & 4,3600 & \\ \hline & & Accounts recelvable & & & 4,3500 \\ \hline & & & & & \\ \hline \multirow[t]{2}{*}{4} & December 10 & Wages expense & & 7200 & \\ \hline & & Cash & 0 & & 7200 \\ \hline \multirow[t]{2}{*}{5} & December 14 & Cash & 0 & 2,2000 & \\ \hline & & Urearned computer services revenue & 0 & & 2,2000 \\ \hline \multirow[t]{2}{*}{0} & December 15 & Computer supples & 0 & 2.0000 & Z1 \\ \hline & & Accounts parable & 0 & - & 2,0000 \\ \hline \multirow[t]{2}{*}{7} & December 10 & No journal entry required & 0 & & 8 \\ \hline & & =0 & & & \\ \hline \multirow[t]{2}{*}{8} & December 20 & Cash & 0 & 0,5750 & \\ \hline & & Computer semices revenue & & & 0,5750 \\ \hline \multirow[t]{3}{*}{0.} & Desember 28 & Cash & & 3,7000 & \\ \hline & & Acoecuts reoevable & 0 & - & 3.7000 \\ \hline & & & & & +2 \\ \hline \multirow[t]{3}{*}{10} & December 20 & Miesge expense & 0 & 1240 & \\ \hline & & Cash & & & 1240 \\ \hline & & & & & +3 \\ \hline \multirow[t]{2}{*}{11} & December 21 & Dividends & & 1.2000 & \\ \hline & & & 0 & & 12000 \\ \hline \end{tabular} Recuired 2A Required: 1. Prepare journal entries to record each of the December transactions. Post those entrles to the accounts in the ledger. 2-a. Prepare adjusting entries to rellect 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 tral balance as of December 31, 2021: Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare adjusting entries to reflect a through f. Noter if no entry is required for a transaction or event, select "No journal entry required" in the first account field. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger. BUSINESS SOLUTIONS Adjusted Trial Balance December 31, 2021 repare an income statement for the three months ended December 31,2021. Requlred: 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-ciosing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the three months ended December 31, 2021. BUSINESS SOLUTIONS Balance Sheet December 31,2021 Assets Current assets Complete this question by entering your answers in the tabs below. Record the necessary closing entries as of December 31, 2021. Journal entry worksheet 4 Record the entry to close the revenue account(s). Note: Enter debits before credits. Record the necessary closing entries as of December 31, 2021. Journal entry worksheet Record the entry to close the expense account(s). Note: Enter debits befort credits. Record the necessary closing entries as of December 31, 2021. Journal entry worksheet Record the entry to close the Income summary account. Note: Enter debins before credies. Record the necessary closing entries as of December 31, 2021. Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare a post-closing trial balance as of December 31,2021