Serial Problem Business Solutions (Algo) LO P1, P2, P3, P4, P5, P6 After the success of the companys 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. Number Account Title Debit Credit 101 Cash $ 39,164 106 Accounts receivable 12,918 126 Computer supplies 2,545 128 Prepaid insurance 2,040 131 Prepaid rent 3,160 163 Office equipment 8,200 164 Accumulated depreciationOffice equipment $ 0 167 Computer equipment 20,800 168 Accumulated depreciationComputer equipment 0 201 Accounts payable 0 210 Wages payable 0 236 Unearned computer services revenue 0 307 Common stock 65,000 318 Retained earnings 0 319 Dividends 6,200 403 Computer services revenue 35,904 612 Depreciation expenseOffice equipment 0 613 Depreciation expenseComputer equipment 0 623 Wages expense 2,550 637 Insurance expense 0 640 Rent expense 0 652 Computer supplies expense 0 655 Advertising expense 1,668 676 Mileage expense 674 677 Miscellaneous expenses 210 684 Repairs expenseComputer 775 Totals $ 100,904 $ 100,904 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 Paid $500 cash for minor repairs to the companys computer. December 4 Received $4,850 cash from Alexs Engineering Co. for the receivable from November. December 10 Paid cash to Lyn Addie for six days of work at the rate of $100 per day. December 14 Notified by Alexs Engineering Company that Business Solutions's bid of $7,700 on a proposed project has been accepted. Alexs paid a $2,300 cash advance to Business Solutions. December 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. December 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8. December 20 Completed a project for Liu Corporation and received $5,875 cash. December 22-26 Took the week off for the holidays. December 28 Received $3,600 cash from Gomez Company on its receivable. December 29 Reimbursed S. Rey for business automobile mileage (500 miles at $0.25 per mile). December 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 companys first three months. The December 31 inventory count of computer supplies shows $630 still available. Three months have expired since the 12-month insurance premium was paid in advance. As of December 31, Lyn Addie has not been paid for four days of work at $100 per day. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. 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 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