Please help with the required questions! I am confused and struggling a lot, so I appreciate any help in advance! Thanks.
After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2018, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2018) follows. Debit 38,464 12,718 2,645 1,920 3,040 8,900 Account Title Credit No. 101 Cash 106 Accounts receivable 126 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 128 131 163 164 0 167 22,800 168 0 201 0 210 0 236 0 307 63,000 Retained earnings 318 0 319 Dividends 5,600 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 38,879 403 612 0 613 0 2,525 0 623 637 640 0 652 0 655 1,708 644 676 677 200 684 Repairs expense-Computer 715 $101,879 $101,879 Totals Business Solutions had the following transactions and events in December 2018. 2 Paid $970 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $420 cash for minor repairs to the company's computer 4 Received $4,250 cash from Alex's Engineering Co. for the receivable from November 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,600 on a proposed project has been accepted. Alex's paid a $1,700 cash advance to Business Solutions. Dec 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,600 on a proposed project has been accepted. Alex's paid a $1,700 cash advance to Business Solutions 15 Purchased $2,000 of computer supplies on credit from Harris Office Products. 16 Sent reminder to Gomez Co. pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,975 cash. 22- Took the week off for the holidays 26 28 Received $3,200 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (400 miles at $0.23 per mile). 31 The company paid $1,300 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 $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 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, 2018 4. Prepare an income statement for the three months ended December 31, 2018. 5. Prepare a statement of retained earnings for the three months ended December 31, 2018. 6. Prepare a balance sheet as of December 31, 2018 7. Record and post the necessary closing entries as of December 31, 2018. 8. Prepare a post-closing trial balance as of December 31, 2018. Complete this question by entering your answers in the tabs below
