Please help with question 3
After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30,2020 , unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2020) follows. equired: . 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 31,2020. 4. Prepare an income statement for the three months ended December 31, 2020 . 5. Prepare a statement of retained earnings for the three months ended December 31,2020. 6. Prepare a balance sheet as of December 31,2020. 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 31,2020. Business Solutions had the following transactions and events in December 2020. December 2 Paid $960 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Pald $440 cash for minor repairn to the conpany 1 . computer. December 4 Received $4,750 cash { from Alex's Engineering Co, for the receivable from Novenber. December 10 Paid casb to Lyn Addie for 3ix days of work at the rate of $100 per day. December 14 Notified by Alex's '. Tngineering Company thaty Busineas solutions' ' bid of $7,800 on a proposed project has been accepted. Alex's paid a \$2,100 caeh adtance to Buginese solutions. Decomber 15 Purchased $1,900 of computer nuppliea on eredit from harris office Producta. December 16 Sent a reminder to Conez Company to pay the fee for services recorded on November 8. December 20 completed a project for Liu corporation and received $5,875 cash. Decetber 2226 Took the veek off tor the holidayo. Decenber 28 Recelved $3,200 cash from Comez Conpany on its receivable. Decenber 29 Reimbursed S. Rey for business autemobile mileage (600 milea at 50,30 per ndie). Decenber 31 The company paid $1,400 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 $640 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 $100 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 explred: 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 31,2020 . 4. Prepare an income statement for the three months ended December 31, 2020. 5. Prepare a statement of retained earnings for the three months ended December 31, 2020. 6. Prepare a balance sheet as of December 31,2020 . 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28. 8. Prepare a post-closing trial baiance as of December 31,2020. After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30,2020 , unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2020) follows. equired: . 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 31,2020. 4. Prepare an income statement for the three months ended December 31, 2020 . 5. Prepare a statement of retained earnings for the three months ended December 31,2020. 6. Prepare a balance sheet as of December 31,2020. 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 31,2020. Business Solutions had the following transactions and events in December 2020. December 2 Paid $960 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Pald $440 cash for minor repairn to the conpany 1 . computer. December 4 Received $4,750 cash { from Alex's Engineering Co, for the receivable from Novenber. December 10 Paid casb to Lyn Addie for 3ix days of work at the rate of $100 per day. December 14 Notified by Alex's '. Tngineering Company thaty Busineas solutions' ' bid of $7,800 on a proposed project has been accepted. Alex's paid a \$2,100 caeh adtance to Buginese solutions. Decomber 15 Purchased $1,900 of computer nuppliea on eredit from harris office Producta. December 16 Sent a reminder to Conez Company to pay the fee for services recorded on November 8. December 20 completed a project for Liu corporation and received $5,875 cash. Decetber 2226 Took the veek off tor the holidayo. Decenber 28 Recelved $3,200 cash from Comez Conpany on its receivable. Decenber 29 Reimbursed S. Rey for business autemobile mileage (600 milea at 50,30 per ndie). Decenber 31 The company paid $1,400 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 $640 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 $100 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 explred: 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 31,2020 . 4. Prepare an income statement for the three months ended December 31, 2020. 5. Prepare a statement of retained earnings for the three months ended December 31, 2020. 6. Prepare a balance sheet as of December 31,2020 . 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28. 8. Prepare a post-closing trial baiance as of December 31,2020
