Principals of Finance- ACCT Final Project

Did question 1 but got very lost! Please help!

Prepare an adjusted trial balance as of December 31, 2021. Prepare a post-closing trial balance as of December 31, 2021. 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 Prepare adjusting entries to reflect a through f. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account. field. Decenber 2 Paid $1,628 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 paid 5469 cash for minor repairs to the company's computer. Decenber 4 Received $4,550 cash from Alex's Engineering Company for the receivable from November. Decenber 10 Paid cash to Lyn Addie for six days of work at the rate of $105 per day. Decenber 14 Notified by Alex's Engineering Company that Business Solutions's bid of $7,769 on a proposed project has been accepted. Alex's paid a $2,280 cash advance to Business solutions. Deceaber 15 Purchased \$1,4ee of computer supplies on credit from Harris office products. December 16 Sent a reminder to Gonez Company to pay the fee for services recorded on November 8. December 28 Completed a project for Liu Corporation and received $6,475 cash. Decenber 2226 Took the week off for the holidays. Deceaber 28 Recelved $3,5e0 cash from Gomez Conpany on its receivable. Decenber 29 Meimbursed 5 . Rey for business autonobile mileage ( 590 milies at $9.31 per mile). Decenber 31 Paid $1,200 cash for 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. 0. The December 31 inventory count of computer supplies shows $660 still available. b. Three months have explred since the 12-month insurance premium was paid in advance. c. As of December 31, tyn Addie has not been pald for four days of work at \$105 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. 1. Three of the four months' prepaid rent have expired. Requlred: 1. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. 2-a. Prepare adjusting entries to refiect a through t. 2-b. Post the journal entries to fecord each of the December transactions; adjusting entries to the accounts in the lediger. 3. Prepare an adjusted trial balance as of December 31, 2021. 4. Prepare an income statement for the three months ended December 31.2021. 3. Prepare a statement of retained earnings for the three months ended December 31, 2021. 6. Prepare a classified balance sheet as of December 31. 2021 . 7. Record the necessary closing entries as of December 31,2021. 8. Prepare a post-closing trial baiance as of December 31, 2021 \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ 307: Conmon Stock } & \multicolumn{5}{|c|}{ 318: Retained Earnings } \\ \hline Date & Debit & Credit & Balance & Date & & Debit & Credit & Balance \\ \hline December 01 & & & 06,000 & December 01 & & & & 0 \\ \hline Deoember 018 & & & & Decernber 01 & & & & 2 \\ \hline Deoember 02 & & & & December 02 & & & & \\ \hline December 03 & & & & December 03 & x & & & \\ \hline \multicolumn{4}{|c|}{ 319: Dividends } & \multicolumn{5}{|c|}{ 403: Computer Services Revenue } \\ \hline Date & Debit & Credit & Balance & Date & & Debit & Credit & Balance \\ \hline December 01 & & & 6,500 & December 01 & & & & 35,604 \\ \hline December 01 & & & & December 01 & & & & \\ \hline December 02 & & & & December 02 & 8 & & & \\ \hline December 03 & & & & December 03 & & & & \\ \hline \multicolumn{4}{|c|}{ 612: Depreciation Expense-Office Equipment } & \multicolumn{5}{|c|}{ 613: Depreciation Expense - Computer Equipment } \\ \hline Date & Debit & Credit & Balance & Date & & Debit & Credit & Balance \\ \hline December 01. & & & 0 & December 01 & & & & 0 \\ \hline December 01 & & & & December 01 & 8 & & & \\ \hline December 02 & & & & December 02 & & & & \\ \hline December 03 & & & & December 03 & & & & \\ \hline \multicolumn{4}{|c|}{ 623: Wages Expense } & \multicolumn{5}{|c|}{ 637: Insurance Expense } \\ \hline Date & Debit & Credit & Balance & Date & & Debit & Credit & Batance \\ \hline December 01 & & & 2.450 & December o1 & & & & 0 \\ \hline December 01 & & & & Decembec o1 & & & & \\ \hline December.02 & & & & Decenter 02 & 8 & & & \\ \hline \end{tabular} Record the necessary closing entries as of December 31, 2021. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledge Prepare a statement of retained earnings for the three months ended December \begin{tabular}{l|l|l|l||l|l} Required 1 & Required 2A & Required 28 & Required 3 & Required 4 & Required 5 \\ Required 6 \end{tabular} Prepare a classified balance sheet as of December 31, 2021. Dranara an inmma ctatament for the three months ended December 31, 2021. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ 640: Rent Expense } \\ \hline Date & Debit & Credit & Balance \\ \hline December 01 & & & 0 \\ \hline December 01 & & & \\ \hline December 02 & & & \\ \hline December 03 & & & \\ \hline \end{tabular} \begin{tabular}{|cc|c|c|c|} \hline \multicolumn{5}{|c|}{ 652: Computer Supplies Expense } \\ \hline Date & & Debit & Credit & Balance \\ \hline December 01 & & & & 0 \\ \hline December 01 & 8 & & & \\ \hline December 02 & X & & & \\ \hline December 03 & X & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ 655: Advertising Expense } \\ \hline Date & & Debit & Credit & Balance \\ \hline December 01 & & & & 1,098 \\ \hline December 01 & & & & \\ \hline December 02 & 0 & & & \\ \hline December 03 & 8 & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ 676: Mileage Expense } \\ \hline Date & & Debit & Credit & Balance \\ \hline December 01 & & & 7 & 644 \\ \hline December 01 & 8 & & & \\ \hline December 02 & (x) & & & \\ \hline December 03 & x & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ 677: Miscellaneous Expense } \\ \hline Date & & Debit & Credit: & Balanoe \\ \hline December 01 & & & & 220 \\ \hline December 01 & 8 & & & \\ \hline December 02 & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline & 684: & pairs Ex & Compu & \\ \hline Date & & Debit & Credit & Balance \\ \hline December 01 & & & & 725 \\ \hline December 01 & x & & & \\ \hline December 02 & 8 & & & \\ \hline December 03 & 0 & & & \\ \hline \end{tabular}