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30 After the success of the company's rst two months, Santana Rey continues to operate Business Solutions. The November 30, 2017, points unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2017) follows. No. Account Title Debit Credit eBook 101 Cash 5 38,964 106 Accounts receivable 13,018 an 126 Computer supplies 2,545 128 Prepaid insurance 2,040 Rermmes 131 Prepaid rent 3,160 163 Office equipment 3,200 164 Accumulated depreciationOffice equipment $ 0 167 Computer equipment 22,000 168 Accumulated depreciationComputer equipment 0 201 Accounts payable 0 210 Wages payable 0 236 Unearned computer services revenue 0 307 Common stock 66,000 313 Retained earnings 0 319 Dividends 5,900 403 Computer services revenue 35,304 612 Depreciation expenseOffice equipment 0 613 Depreciation expenseComputer equipment 0 623 Wages expense 2,300 637 Insurance expense 0 640 Rent expense 0 652 Computer supplies expense 0 655 Advertising expense 1,668 676 Mileage expense 604 677 Miscellaneous expenses 150 684 Repairs expenseComputer 755 Totals $101,304 $101,304 Business Solutions had the following transactions and events in December 2017. Dec. Paid $990 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 2 3 Paid $500 cash for minor repairs to the company's computer. 4 Received $4,450 cash from Alex's Engineering Co. for the receivable from November. 0 Paid cash to Lyn Addie for six days of work at the rate of $115 per day. 4 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,500 on a proposed project has been accepted. Alex's paid a $1,900 cash advance to Business Solutions. 15 Purchased $1,400 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 $6,475 cash. 22 Took the week off for the holidays. 28 Received $3,100 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (400 miles at $0.32 per mile). 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 $620 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 $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 ofce equipment, acquired on October 1, is expected to have a fiveyear life with no salvage value. f. Three ofthe four months' prepaid rent has 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 thejournal 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, 2017. 4. Prepare an income statement for the three months ended December 31, 2017. 5. Prepare a statement of retained earnings for the three months ended December 31, 2017. 6. Prepare a balance sheet as of December 31, 2017. 7. Record and post the necessary closing entries as of December 31, 2017. 8. Prepare a post-closing trial balance as of December 31, 2017
