Number Account Title Debit Credit 101 $ 38,264 Cash. 106 Accounts receivable. 13,318 126 Computer supplies 2,545 128 Prepaid insurance 2,160 131 Prepaid rent 3,000 163 Office equipment 8,700 164 167 Computer equipment 168 Accumulated depreciation-office equipment Accumulated depreciation-Computer equipment $ 0 22,000 0 0 201 Accounts payable 210 Wages payable 0 236 Unearned computer services revenue. 0 307 Common stock 70,000 318 Retained earnings 0 319 Dividends 6,500 403 Computer services revenue 32,129 612 613 Depreciation expense-Office equipment Depreciation expense-Computer equipment 0 0 623 Wages expense 2,325 637 Insurance expense 640 Rent expense 0 652 655 Advertising expense 676 677 684 901 Computer supplies expense) Mileage expense Miscellaneous expenses Repairs expense-Computer Income summary Totals 0 1,638 664 220 795 0 $ 102,129 $ 102,129 nt ences Business Solutions had the following transactions and events in December 2021. December 2 Paid $945 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $460 cash for minor repairs to the company's computer. December 4 Received $4,050 cash from Alex's Engineering Company for the receivable from November. December 10 Paid cash to Lyn Addie for six days of work at the rate of $105 per day. December 14 Notified by Alex's Engineering Company that Business Solutions's bid of $7,300 on a proposed project has been accepted. Alex's paid a $1,900 cash advance to Business Solutions. December 15 Purchased $2,000 of computer supplies on credit from Harris Office Products. December 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8. December 20 Completed a project for Liu Corporation and received $6,125 cash. December 22-26 Took the week off for the holidays. December 28 Received $3,700 cash from Gomez Company on its receivable. December 29 Reimbursed 5. Rey for business automobile mileage (500 miles at $0.22 per mile). December 31 Paid $1,100 cash 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 $580 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 $105 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 balance as of December 31, 2021. ok nt ences Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare adjusting entries to reflect a through f. (If no entry is required for a transaction/event, select "No journa first account field.) View transaction list Journal entry worksheet < 5 6 The December 31 inventory count of computer supplies shows $580 still available. Note: Enter debits before credits. Transaction General Journal Debit Credit Computer supplies expense 580 Computer supplies 580 Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 5 6 Three months have expired since the 12-month insurance premium was paid in advance. Note: Enter debits before credits. Transaction General Journal Debit Credit b. No journal entry required Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 5 6 As of December 31, Lyn Addie has not been paid for four days of work at $105 per day. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Wages expense 105 Wages payable 105 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 5 6 The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. Note: Enter debits before credits. Transaction General Journal Debit Credit d. No journal entry required Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. Note: Enter debits before credits. Transaction General Journal Debit Credit e. No journal entry required Record entry Clear entry View general journal View transaction list Journal entry worksheet 101: Cash 106: Accounts Receivable Date Debit Credit Balance Date Debit Credit Balance December 011 38,264 December 01 13,318 December 02 1,025 37,239 December 04 December 03 500 36,739 December 28 December 04 3,950 40,689 December 10 750 39,939 December 141 1,500 41,439 December 20 5,625 47,064 December 28 3,000 50,064 December 29 192 49,872 December 31 1,500 48,372 Date December 01 December 15 December 31 126: Computer Supplies 128: Prepaid Insurance Debit Credit Balance: 2,545 1,100 3,645 Date December 01 December 31 Debit Credit Balance 2,160 3,065 580 131: Prepaid Rent Date Debit December 01 Credit Balance Date 3,000 December 01 163: Office Equipment Debit Credit Balance 8,700 164: Accumulated Depreciation-Office Equipment Date December 01 Debit Credit Balance Date 0 December 01 168: Accumulated Depreciation-Computer Equipment Date December 011 Debit Credit Date December 01 Date December 01 210: Wages Payable Debit Balance 0 Date December 01 Credit Balance 0 Date December 01 307: Common Stock Debit 167: Computer Equipment Debit Credit Balance 22,000 201: Accounts Payable Debit Credit Balance 236: Unearned Computer Services Revenue Debit Credit Balance 318: Retained Earnings Credit Balance 70,000 Date December 01 Debit Credit Balance 0 Date December 01 319: Dividends Debit 403: Computer Services Revenue Credit Balance 6,500 Date December 01 Debit Credit Balance 32,129 612: Depreciation Expense-Office Equipment Date December 011 Datel December 01 Date December 01 Debit Credit 623: Wages Expense Debit 613: Depreciation Expense-Computer Equipment Balance 0 Datel December 01 Debit Credit Balance 0 637: Insurance Expense Credit Balance Date Debit Credit Balance 2,325 December 01 0 640: Rent Expense Debit Credit Balance 0 Date: December 011 652: Computer Supplies Expense Debit Credit Balance -Part Ill Date December 01 Date December 01 Date December 011 640: Rent Expense Debit Saved Credit Balance 0 Date December 01 655: Advertising Expense Debit Credit Balance Datel 1,638 December 01 677: Miscellaneous Expense. Debit Credit Balance Date 220 December 01 652: Computer Supplies Expense Debit Credit 676: Mileage Expense Debit Balance 0 Credit Balance 664 664: Repairs Expense-Computer Debit Credit Balance 795 e Set - Part III Cash Accounts receivable Account Title Debit Credit bok int D rences Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Totals $ 0 $ 0 es Prepare an income statement for the three months ended December 31, 2021. Revenue BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2021 Expenses Total expenses 0 $ 0 Required 3 Required 5 > 8. Prepare a post-closing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare a statement of retained earnings for the three months ended December 31, 2021. BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2021 Retained earnings, October 1, 2021 Retained earnings, December 31, 2021 0 $ 0 < Required 4 Required 6 > Current assets Plant assets Total equity Total Liabilities and Equity Balance Sheet December 31, 2021 Assets 0 0 0 0 0 Liabilities Equity 0 $ 0 $ 0 Journal entry worksheet < 1 2 3 4 Record the entry to close the revenue account(s). Note: Enter debits before credits. Date December 31 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 Record the entry to close the expense account(s). Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 Record the entry to close the Income summary account. Note: Enter debits before credits. Date December 31 General Journal Debit Credit > View general journal Record entry Clear entry Journal entry worksheet 1 2 3 Record the entry to close the dividends account. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Prepare a post-closing trial balance as of December 31, 2021. BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2021 Totals Debit Credit $ 0 $ 0 < Required 7 Required 8