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. Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $950 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $490 cash for minor repairs to the company's cosputer. 4 Received $4,050 cash from Alex's Engineering Co. for the receivable fron November. 10 Paid cash to Lyn Addie for six days of work at the rate of $115 per day. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $8,600 on a proposed project has been accepted. Alex's paid a $2,200 cash advance to Business Solutions. 15 Purchased $1,600 of conputer 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 $6,075 cash. 22 - Took the week off for the holidays. 28 Received $4,080 cash fron Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage ( 500 miles at 50.26 per nile). 31 The company paid $1,200 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 $680 still available. b. Three months have expired since the 12 -month insurance premlum was paid in advance. c. As of December 31, Lyn Addie has not been paid for four days of work at $115 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 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. Prenare a halance shoet as of Deremher 31 2019 5. 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. 3. Prepare a post-closing trial balance as of December 31, 2019. Complete this question by entering your answers in the tabs below. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. Requirement 7 , post the dosing entries to the general ledger accounts
