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SP 3 Serial Problem Business Solutions (Algo) LO P1, P2, P3, P4, P5 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. Business Solutions had the following transactions and events in December 2021. Deceaber 2 Daid 51,000 cash to Hillnide Mall tor gusinean Solutions'n mare ot aal1 advertiaing costa. Deceaber 3 padd 5470 eash for ninor repaira to the coepany'g conpater. Decenber 4 Meceived $4,750 eash fron Alex'a tngineering coepany for the receivable fren fovenber. Decenber 10 paid cash to iyn hddie for six days of work at the rate of $120 per day. Decenber 14 sotified by Alex's Engineering Company that Business golutions' bid of $7,300 on a proposed project han been accepted. Alex'a paid a $2,500 cash advance to Buaines solutiona. Decenber 15 Purchased $1,200 of conputer nappilen on credit fron Harris oftice Produet.n. December 16 Sest a reninder to Comez Company to pay the tee for liervices recorded an favember B. Deceber 20 completed a project for tiu corporation and received $6,175 eash. Decenber 2226 Took the veek off for the bolidavs. Decenber 22-26 zook the week oft for the holidays. December 2$ keceived $3,900 cash fron Gonez Conpsay on iti receivable. December 29 Reimbursed s. Rey for business automobile nileage (500 miles at $0.25 per nile). December 31s. Rey withdres $1,100 cash from the company for perbonal use. 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 $120 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, adjusting entries to the accounts in the ledger. 3. Prepare an adjusted trial balance as of December 31,2021 . Complete this question by entering your answers in the tabs below. Prepare journal entries to record each of the Decernber transactions and events for Business Solutions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field
