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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. Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $945 cash to Millside Ma11 for Business Solutions' share of mall aovertising costs. 3 Paid $5ee cash for minor repairs to the coopany" = conputer. 10 Paid cash to Lyn Addie for six days of work at the rate of 5110 per day. 14 Notified by Alex"s Engineering Co. that business solutions" bid of 57, 100 on a proposed project has been accepted. Alex's paid a 52 , 300 cash advance to Business Solutions. 15 Purchased \$1,16e of coeputer supplies on credit fron tharris office Prosucts. 16 Sent a reninder to Gosez co, to pay the fee for services recorded on Noventer 3 . 20 conpletes a project for tiu corporation and recelved 55,675 cash. 22- Took the week off far the holidays. 26 28 Heceived 53, 6ee cash from contz co, on its receivable. 29 Reinbursed 5. Rey fon business autonsbile nileage (4ee niles at sa.29 per nile). 31 The company paid $1,260 cash in divisends. 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 $620 still available b. Three months have expired since the 12 -month insurance premium was pald 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, acquited 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 fiveyear lfe 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 and events for Business Solutions. 2-a. Prepare adjusting entries to reflect a through f. 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 2B. 8. Prepare a post-closing trial balance as of December 31,2019 . Complete this question by entering your answers in the tabs below. Record the necessary closing entries as of December 31,2019 and then post the closing entries to the general ledger in Requirement 28. Journal entry worksheet 3. 4 Close the revenue account(s). Note: Fiter debits before caedits
