No. 131 After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2019) follows. Account Title Debit Credit 101 Cash $ 39,064 106 Accounts receivable 12,718 126 Computer supplies 2,645 128 Prepaid insurance 1,920 Prepaid rent 3,080 163 Office equipment 8,800 164 Accumulated depreciation-office equipment 167 Computer equipment 20,800 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue Common stock 65,000 Retained earnings Dividends 5,800 403 Computer services revenue 35, 484 612 Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 2,450 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 1,638 676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense-Computer 795 Totals $100,484 $100,484 307 318 319 @ 8 604 170 Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $1,020 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $470 cash for minor repairs to the company's computer. 4 Received $4,350 cash from Alex's Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $110 per day. 14 Notified by Alex's Engineering Co. that Business Solutions bid of $7,100 on a proposed project has been accepted. Alex's paid a $2,000 cash advance to Business Solutions. Prev 1 of 1 Next Dec. 2 Paid $1,820 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $470 cash for minor repairs to the company's computer. 4 Received $4,350 cash from Alex's Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $110 per day. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,100 on a proposed project has been accepted. Alex's paid a $2,000 cash advance to Business Solutions. 15 Purchased $1,800 of computer supplies on credit from Harris Office Products. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,775 cash. 22- Took the week off for the holidays. 26 28 Received $3,400 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (500 miles at $0.27 per mile). 31 The company paid $1,300 cash in 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 $600 still available. b. Three months have explired 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 $110 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 and events for Business Solutions 2-a. Prepare adjusting entries to reflect a through / 2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7 post the closing entries to the general ledger accounts, 3. Prepare an adjusted trial balance as of December 31, 2019. 4. Prepare an income statement for the three months ended December 31, 2019, 5. Prepare a statement of retained earnings for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019. 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28. 8. Prepare a post-closing trial balance as of December 31, 2019. Prev 1 of 1 Next Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 Reg 8 Prepare journal entries to record each of the December transactions and events for Business Solutions. (If no entry is requi for a transaction/event, select "No Journal Entry Required in the first account field.) General Journal Credit No 1 Date Dec 02 Debit 1,020 Advertising expense Cash 1.020 2 2. Dec 03 470 . Repairs expense-Computer Cash OO 470 Dec 04 Cash 4,350 30 Accounts receivable 4,350 4 Dec 10 660 Wages expense Cash 660 5 Dec 14 2.000 Cash Unearned computer services revenue 2.000 6 6 Dec 15 1,800 Computer supplies Accounts payable ol 1,800 7 Dec 16 No journal entry required 8 Dec 20 5.775 . Cash Computer services revenue 5.775 9 Dec 28 3.400 Cash Accounts receivable O 3,400 10 Dec 29 135 Mileage expense Cash 135 11 Dec 31 1.300 Dividends Cash 1.300 Reg 2A > Prev 1 of 1 HIE Next Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 Reg 8 Prepare adjusting entries to reflect a through f. No Transaction General Journal Credit Debit 3,845 1 a Computer supplies expense Computer supplies 3,845 2 b. 480 Insurance expense Prepaid insurance 480 3 C 440 Wages expense Wages payable OS 440 4 d. 1.300 Depreciation expense-Computer equipment Accumulated depreciation-Computer equipment 1,300 5 e. 440 Depreciation expense-Office equipment Accumulated depreciation - Office equipment 440 6 1. 2,310 Rent expense Prepaid rent >> 2,310 Prev 1 of 1 Next Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 2B Req3 Reg 4 Reqs Req6 Req7 Reg 8 Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7, post the closing entries to the general ledger accounts. 101: Cash Debit 106: Accounts Receivable Debit Credit Credit Date Dec 01 Balance 39,064 Date Dec 01 Balance 12.718 126: Computer Supplies Debit Credit 128: Prepaid Insurance Debit Credit Date Dec, 01 Balance 2,645 Date Dec 01 Balance 1.920 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date Dec 01 Balance 3.080 Date Dec 01 Balance 8,800 Prev 1 of 1 Next 2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7 post the closing entries to the general ledger accounts 3. Prepare an adjusted trial balance as of December 31, 2019. 4. Prepare an income statement for the three months ended December 31, 2019. 5. Prepare a statement of retained earnings for the three months ended December 31, 2019, 6. Prepare a balance sheet as of December 31, 2019. 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28 8. Prepare a post-closing trial balance as of December 31, 2019 Complete this question by entering your answers in the tabs below. Req? Regs Reg 1 Reg 2A Reg 28 Reg 3 Reg 4 Reqs Reg 6 Prepare an income statement for the three months ended December 31, 2019. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2019 Revenue Expenses Total expenses Prev 1 of 1 !!! Next Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions 2-a. Prepare adjusting entries to reflect a through 2-b. Post the journal entries to record each of the December transactions from Requirement and adjusting entries from Requirement 2A. After completing Requirement 7 post the closing entries to the general ledger accounts. 3. Prepare an adjusted trial balance as of December 31, 2019 4. Prepare an income statement for the three months ended December 31, 2019 5. Prepare a statement of retained earnings for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019. 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28 8. Prepare a post-closing trial balance as of December 31, 2019 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Req3 Req Reqs Reg 6 Req? Reg 8 Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in R View transaction list 1 Close the revenue account(s). 2 Close the expense accounts. 3. Close the income summary account. Close the Dividends account Credit Note - Journal entry has been entered Ancord entry Clear entry View gennal journal Roqt > Prev 1 of 1 Next Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions 2-a. Prepare adjusting entries to reflect a through 2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7. post the closing entries to the general ledger accounts. 3. Prepare an adjusted trial balance as of December 31, 2019. 4. Prepare an income statement for the three months ended December 31, 2019 5. Prepare a statement of retained earnings for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28 8. Prepare a post-closing trial balance as of December 31, 2019. Complete this question by entering your answers in the tabs below. Req1 Req2A Reg 25 Req3 Reg 4 Reg 5 Regs Reg 7 Reg 8 Credit Prepare a post-closing trial balance as of December 31, 2019. BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2019 Debit Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation Computer equipment Accounts payable Wages payable Uneared computer services revenue Common stock Retained earings Totals $ 0 $