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Serial Problem Business Solutions LO P1, P2, P3, P4, P5, P6 $ After the success of the company's first two months, Santana Rey continues to

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Serial Problem Business Solutions LO P1, P2, P3, P4, P5, P6 $ After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2019) follows. No. Account Title Debit Credit 101 Cash $ 38,264 106 Accounts receivable 12,618 126 Computer supplies 2,545 128 Prepaid insurance 2,220 131 Prepaid rent 3,300 163 Office equipment 8,000 164 Accumulated depreciation office equipment 0 167 Computer equipment 20,000 168 Accumulated depreciation-Computer equipment 0 201 Accounts payable 0 210 Wages payable 0 236 Unearned computer services revenue 0 307 Common stock 73,000 318 Retained earnings 0 319 Dividends 5,600 403 Computer services revenue 25,659 612 Depreciation expense-Office equipment 0 613 Depreciation expense-Computer equipment 623 Wages expense 2,625 637 Insurance expense 640 Rent expense 652 Computer supplies expense 0 655 Advertising expense 1,728 676 Mileage expense 704 677 Miscellaneous expenses 250 684 Repairs expense-Computer BOS Totals $ 98,659 $98,659 0 0 0 Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions' 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 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 $7,000 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. 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. 22-26 Took the week off for the holidays. 28 Received $3,000 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile). 31 The company paid $1,500 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 $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. 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. 101: Cash 106: Accounts Recolvable Date Debit Credit Date Debit Credit Balance 38,264 Balance 12,618 Dec, 01 Dec. 01 126: Computer Supplies Debit Credit 128: Prepaid Insurance Dobit Credit Date Dec. 01 Balance 2,545 Date Dec 01 Balance 2,220 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Balance Date Dec 01 Balance 3,300 Date Dec. 01 8,000 164: Accumulated Depreciation Office Equipment Date Debit Credit Balance Dec. 01 167: Computer Equipment Debit Credit Date Balance 20,000 0 Dec 01 168: Accumulated Depreciation Computer Equipment Date Debit Credit Balance Dec. 01 201: Accounts Payable Debit Credit Balance Date Dec 01 0 0 210: Wages Payable Debit Credit Balance Date Dec. 01 236: Unearned Computer Services Revenue Date Debit Credit Balance Dec 01 0 0 307: Common Stock 318: Retained Earnings 14 319: Dividends Debit Credit 403: Computer Services Revenue Debit Credit Date Balance 5,600 Date Dec. 01 Balance 25,659 Dec. 01 612: Depreciation Expense Office Equipment Date Debit Credit Balance Dec. 01 613: Depreciation Expense-Computer Equipment Dato Debit Credit Balance 0 Dec. 01 0 623: Wages Expense Debit Credit 637: Insurance Expense Debit Credit Balance Date Dec. 01 Balance 2,625 Date Dec. 01 640: Rent Expense Debit Credit 652: Computer Supplies Expense Debit Credit Date Balance Balance Date Dec 01 Doc. 01 0 0 640: Rent Expense Debit Credit 652: Computer Supplies Expense Debit Credit Date Balance Date Balance Dec. 01 0 Dec. 01 0 655: Advertising Expense Debit Credit 676: Mileage Expense Debit Credit Date Dec. 01 Date Balance 1,728 Balance 704 Dec. 01 677: Miscellaneous Expense Debit Credit 684: Repairs Expense Computer Debit Credit Date Dec. 01 Balance Date Dec. 01 250 Balance 805 901: Income Summary Debit Credit Date Balance

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