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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. Credit Debit $ 38,264 12,618 2,545 2,220 3,300 8,000 SO Number 101 106 126 128 131 163 164 167 168 201 210 236 302 318 319 403 612 20,000 0 0 0 73,000 Account Title Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent office equipment Accumulated depreciation office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payablo Unearned computer services revenue Common stock Retained earnings Dividendo 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 Income umary Totala 5,600 25,659 613 623 637 640 652 655 676 672 684 901 g 0 2,625 0 0 0 1.720 704 250 805 0 $ 98,659 $ 98,659 Business Solutions had the following transactions and events in December 2021 December 2 Paid $1,025 cash to Killside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $500 cash for minor repairs to the company's computer. December Received $3,950 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 $125 per day. December 14 Notified by Alex's Engineering Company that business solutions'e bid of $7.000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. December 15 Purchased $1,100 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 9. December 20 Completed a project for Liu Corporation and received $5,625 cash. December 22-26 Took the week off for the holidays. December 28 Received $3,000 cash from Gomez company on its receivable. December 29 Reimbursed 8. Rey for business automobile mileage (600 milen at $0.32 per mile). December 31 Paid $1,500 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 $125 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. Post those entries to the accounts in the ledger, 2-0. Prepare adjusting entries to reflect a through 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. No Date General Journal Debit Credit 1 December 02 Advertising expense Cash N December 03 Repairs expense--Computer Cash 3 December 04 Cash Accounts receivable 4 December 10 Wages expense Cash 5 December 14 Cash Unearned computer services revenue 6 December 15 Computer supplies Accounts payable 7 December 16 No journal entry required 8 December 20 Cash Computer services revenue 9 December 28 Cash 5 December 14 Cash Unearned computer Services revenue 6 December 15 Computer supplies Accounts payable 7 December 16 No journal entry required 8 December 20 Cash Computer services revenue 2 9 December 28 Cash Accounts receivable 10 December 29 Mileage expense Cash 11 December 31 Dividends Cash Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare adjusting entries to reflect a throughf. (If no entry is required for a transaction/event, select "No journal entry required" first account field.) View transaction list View journal entry worksheet No Transaction Dobit Credit IN 1 a. Goneral Journal Computer supplies expense Computer supplies 2 b. Insurance expense Prepaid insurance 3 C. Wages expense Wages payable 4 d. Depreciation expense - Computer equipment Accumulated depreciation - Computer equipment 5 e. Depreciation expense-Office equipment Accumulated depreciation - Office equipment 6 Rent expense Prepaid rent Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger 101: Cash 106: Accounts Receivable Credit Debit Credit Debit Balance Balance 38.264 12.618 Date December 01 December 04 December 28 Date December 01 December 02 December 03 December 04 December 10 December 14 Docomber 20 Docomber 28 December 29 December 31 126 Computer Supplies Debit Credit 128: Prepaid Insurance Debit Credit Balance Date December 01 2,545 Date December 01 December 15 December 31 Balance 2.220 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date December 01 December 31 Balance 3,300 Date December 01 Balance 8,000 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date December 01 December 31 Balance 3,300 Date December 01 Balance 8.000 164: Accumulated Depreciation Office Equipment Dato Debit Credit Balance December 01 December 31 167: Computer Equipment Debit Credit Date December 01 0 Balance 20,000 168: Accumulated Depreciation Computer Equipment Date Debit Credit Balance December 01 December 31 201: Accounts Payable Debit Credit Date December 01 Balance 0 0 210: Wages Payable Debit Credit Date Balance 236: Unearned Computer Services Revenue Date Debit Credit Balance December 01 December 01 December 31 0 307: Common Stock Dobit Credit 318: Retained Earnings Debit Credit Dato Balance Dato December 01 Balance 73,000 December 01 0 319: Dividends Debit Credit Date December 01 403: Computer Services Revenue Debit Credit Balance 5,600 Date December 01 Balance 25,659 612: Depreciation Expense-Office Equipment Date Debit Credit Balance December 01 613: Depreciation Expense--Computer Equipment Dato Debit Credit Balance December 01 0 0 623: Wages Expense Debit Credit Date 637 Insurance Expense Debit Credit Balance 2.625 December 01 Date December 01 Balance 0 640: Rent Expense Debit Credit 652: Computer Supplies Expense Debit Credit Date Balance Balance Date December 01 December 01 0 0 655: Advertising Expense Debit Credit Date December 01 676: Mileage Expense Debit Credit Balance 1,728 Date December 01 Balance 704 677: Miscellaneous Expense Debit Credit Date December 01 684: Repairs Expense-Computer Debit Credit Balance 250 Date December 01 Balance 805 Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare an adjusted trial balance as of December 31, 2021. BUSINESS SOLUTIONS Adjusted Trial Balance December 31, 2021 Account Title Debit Credit 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 Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense 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 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 Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 JULGUEIRO Required 6 Required 7 Requir Prepare an income statement for the three months ended December 31, 2021. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2021 Revenue Expenses Total expenses 0 0 Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Required 6 Required 7 Requi 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 0 Retained earnings, December 31, 2021 $ $ 0 vecumver si, ZUZT Assets Current assets 0 Plant assets 0 0 0 $ 0 Liabilities Equity Total equity Total liabilities and equity 0 $ 0 Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Required 6 Required 7 Required & Record the necessary closing entries as of December 31, 2021. View transaction list Journal entry worksheet
