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No. 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. Account Title Debit Credit 101 Cash $ 38,864 106 Accounts receivable 13,218 126 Computer supplies 2,645 128 Prepaid insurance 1,860 131 Prepaid rent 3,180 163 office equipment 8,200 164 Accumulated depreciation office equipment $ 0 167 Computer equipment 22,800 168 Accumulated depreciation Computer equipment 0 201 Accounts payable 0 210 Wages payable 0 236 Unearned computer services revenue 0 307 Common stock 66,000 318 Retained earnings 0 319 Dividends 5,800 403 Computer services revenue 36,014 612 Depreciation expense-office equipment 0 613 Depreciation expense-Computer equipment 0 623 Wages expense 2,200 637 Insurance expense 640 Rent expense 652 Computer supplies expense 0 655 Advertising expense 1,678 676 Mileage expense 684 677 Miscellaneous expenses 150 684 Repairs expense-Computer 735 Totals $102,014 $102,014 0 Prey 1 of 1 Next Business Solutions had the following transactions and events in December 2018, Dec. 2 Paid $950 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $440 cash for minor repairs to the company's computer. 4 Received $4,150 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 $115 per day. 14 Notified by Alex's Engineering Co. that Business Solutions bid of $7,100 on a proposed project has been accepted. Alex's paid a $1,600 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 $5,625 cash. 22- Took the week off for the holidays. 26 28 Received $3,800 cash from Gomes Co. on its receivable. 29 Reimbursed s. Rey for business automobile mileage (500 miles at $0.23 per miles I 31 The company paid $1,300 cash in dividende 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 $630 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 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. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for company's first three months: a. The December 31 inventory count of computer supplies shows $630 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 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 4 Reg 7 Reg 8 Reg 1 Req 2A Reg 28 Reg 3 Req5 Reg 6 Prepare a statement of retained earnings for the three months ended December 31, 2018. BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2018 Retained earings, October 1, 2018 0 Retained earnings, December 31, 2018 0 Balance Sheet December 31, 2018 Assets 0 0 0 Total Assets Liabilities Total Liabilities Equity 0 Total Liabilities and Equity $ 0 8. Prepare a post-closing trial balance as of December 31, 2018 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Reg 3 Reg 4 Reg 5 Reg 6 Reg 7 Req 8 Record and post the necessary closing entries as of December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Date General Journal Debit Credit Prepare a post-closing trial balance as of December 31, 2018. BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2018 Debit Credit Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation-Office equipment Computer equipment Accumulated depreciationComputer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Totals $ 0 $ 0
