Requirements: 1. Journalize the December transactions for Business Solutions. You may omit explanations for the journal entries. Skip a line between each journal entry - see the journal entries in textbook chapter 2 as a formatting example (complete on page 4). 2. Continue with the ending November balances that are already in the ledger. Post the December transactions to the appropriate accounts in the modified ledger and update balances (complete on pages 68 ). 3. Prepare a trial balance to prove the equality of debits and credits prior to continuing with this project. Omit any accounts that have a zero balance (complete on page 9). Check figure: $106,884. Consult your instructor if your trial balance does not balance before proceeding with the project. 4. Journalize the adjusting entries to reflect items a through f above (complete on page 5). 5. Post the adjusting entries to the appropriate accounts in the ledger (complete on pages 68 ). 6. Prepare an adjusted trial balance as of December 31,202X (complete on page10). Check figure: $109,034. Consult your instructor if your adjusted trial balance does not balance before proceeding with the project. 7. Prepare the three basic financial statements in good form. See page 141 of your accounting text for a good example of financial statement formatting. a. Prepare an income statement for the three months ended December 31, 202X (complete on page 11). b. Prepare a statement of owner's equity for the three months ended December 31,202X (complete on page 11). c. Prepare a balance sheet as of December 31, 202X (complete on page 12 ). 8. Journalize and post the necessary closing entries for Parker Consulting (complete on page 58 ). 9. Prepare a post-closing trial balance as of December 31, 202X (complete on page 13 ). Project Data: Sam Parker owns and operates a consulting firm called Business Solutions. The business began operating in October 202X. Transactions for October and November 202X have been recorded and posted. Business Solutions had the following transactions in December 202X. Dec 2 Paid $1,025 cash to Hillside Mall for Business Solutions's share of mall advertising costs. 3 Paid $500 cash for minor repairs to the company's computer. 4 Received \$3,950 cash from Alex's Engineering Company 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 Company that Business Solutions's bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. 20 Completed a project for Liu Corporation and received $5,625 cash. 28 Received $3,000 cash from Gomez Company on its receivable. 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile). 31 S. Rey withdrew $1,500 cash from the company for personal 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 of operations: a. The December 31 inventory count of computer supplies shows $580 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. Homework Project 1 Working Papers General Journal for Requirements 1, 4 \& 8 GFNERAI InIIRNAI GENERAL JOURNAL Ledger for Requirements 2, 5, \& 10 Note: Ledger includes the balance of each account as of November 30 for Business Solutions. Continue bv postina all the December transactions. Ledger (Continued) Ledger (Continued) Working Paper for Requirement 3 Working Paper for Requirement 6 Working Papers for Requirements 7, 8 \& 9 Working Papers for Requirements 6, 7 \& 8 (continued) Working Papers for Requirement 10 Requirements: 1. Journalize the December transactions for Business Solutions. You may omit explanations for the journal entries. Skip a line between each journal entry - see the journal entries in textbook chapter 2 as a formatting example (complete on page 4). 2. Continue with the ending November balances that are already in the ledger. Post the December transactions to the appropriate accounts in the modified ledger and update balances (complete on pages 68 ). 3. Prepare a trial balance to prove the equality of debits and credits prior to continuing with this project. Omit any accounts that have a zero balance (complete on page 9). Check figure: $106,884. Consult your instructor if your trial balance does not balance before proceeding with the project. 4. Journalize the adjusting entries to reflect items a through f above (complete on page 5). 5. Post the adjusting entries to the appropriate accounts in the ledger (complete on pages 68 ). 6. Prepare an adjusted trial balance as of December 31,202X (complete on page10). Check figure: $109,034. Consult your instructor if your adjusted trial balance does not balance before proceeding with the project. 7. Prepare the three basic financial statements in good form. See page 141 of your accounting text for a good example of financial statement formatting. a. Prepare an income statement for the three months ended December 31, 202X (complete on page 11). b. Prepare a statement of owner's equity for the three months ended December 31,202X (complete on page 11). c. Prepare a balance sheet as of December 31, 202X (complete on page 12 ). 8. Journalize and post the necessary closing entries for Parker Consulting (complete on page 58 ). 9. Prepare a post-closing trial balance as of December 31, 202X (complete on page 13 ). Project Data: Sam Parker owns and operates a consulting firm called Business Solutions. The business began operating in October 202X. Transactions for October and November 202X have been recorded and posted. Business Solutions had the following transactions in December 202X. Dec 2 Paid $1,025 cash to Hillside Mall for Business Solutions's share of mall advertising costs. 3 Paid $500 cash for minor repairs to the company's computer. 4 Received \$3,950 cash from Alex's Engineering Company 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 Company that Business Solutions's bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. 20 Completed a project for Liu Corporation and received $5,625 cash. 28 Received $3,000 cash from Gomez Company on its receivable. 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile). 31 S. Rey withdrew $1,500 cash from the company for personal 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 of operations: a. The December 31 inventory count of computer supplies shows $580 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. Homework Project 1 Working Papers General Journal for Requirements 1, 4 \& 8 GFNERAI InIIRNAI GENERAL JOURNAL Ledger for Requirements 2, 5, \& 10 Note: Ledger includes the balance of each account as of November 30 for Business Solutions. Continue bv postina all the December transactions. Ledger (Continued) Ledger (Continued) Working Paper for Requirement 3 Working Paper for Requirement 6 Working Papers for Requirements 7, 8 \& 9 Working Papers for Requirements 6, 7 \& 8 (continued) Working Papers for Requirement 10