Serial Problem Business Solutions 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, 2019, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2019) follows.

No.Account TitleDebitCredit

101Cash$38,464

106Accounts receivable 13,318

126Computer supplies 2,545

128Prepaid insurance 2,100

131Prepaid rent 3,240

163Office equipment 8,900

164Accumulated depreciationOffice equipment $0

167Computer equipment 20,800

168Accumulated depreciationComputer equipment 0

201Accounts payable 0

210Wages payable 0

236Unearned computer services revenue 0

307Common stock 70,000

318Retained earnings 0

319Dividends 6,300

403Computer services revenue 31,419

612Depreciation expenseOffice equipment 0

613Depreciation expenseComputer equipment 0

623Wages expense 2,475

637Insurance expense 0

640Rent expense 0

652Computer supplies expense 0

655Advertising expense 1,668

676Mileage expense 664

677Miscellaneous expenses 150

684Repairs expenseComputer 795

Totals$101,419 $101,419

Business Solutions had the following transactions and events in December 2019.

Dec.2 Paid $925 cash to Hillside Mall for Business Solutions share of mall advertising costs.

3 Paid $460 cash for minor repairs to the companys computer.

4 Received $4,850 cash from Alexs Engineering Co. for the receivable from November.

10 Paid cash to Lyn Addie for six days of work at the rate of $110 per day.

14 Notified by Alexs Engineering Co. that Business Solutions bid of $7,900 on a proposed project has been accepted. Alexs paid a $1,600 cash advance to Business Solutions.

15 Purchased $2,000 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 $6,225 cash.

2226 Took the week off for the holidays.

28 Received $3,800 cash from Gomez Co. on its receivable.

29 Reimbursed S. Rey for business automobile mileage (500 miles at $0.24 per mile).

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 $620 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 $110 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, adjusting entries to the accounts in the ledger. 3. Prepare an adjusted trial balance as of December 31, 2019. 4. Prepare an income statement for the three months ended December 31, 2019. 5. Prepare a statement of retained earnings for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019. 7. Record and post the necessary closing entries as of December 31, 2019. 8. Prepare a post-closing trial balance as of December 31, 2019.

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. Credit No. 101 106 126 Debit $ 38,464 13,318 2,545 2,100 3,240 8,900 128 20,800 70,000 131 163 164 167 168 201 210 236 307 318 319 483 612 613 623 637 640 652 655 676 677 684 Account Title Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Depre Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Totals 6,300 31, 419 2,475 1,668 664 150 795 $101,419 $101,419 Business Solutions had the following transactions and events in December 2019 Dec. 2 Paid $925 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $460 cash for minor repairs to the company's computer. 4 Received $4,85% cash from Alex's Engineering Co. for the receivable from November. Dec. 2 Paid $925 cash to H11151de Mar For Business Solutions Share of mal advertising costs. 3 Paid $460 cash for minor repairs to the company's computer. 4 Received $4,850 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 $110 per day. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,980 on a proposed project has been accepted. Alex's paid a $1,600 cash advance to Business Solutions. 15 Purchased $2,000 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 $6,225 cash. 22- Took the week off for the holidays. 26 28 Received $3,800 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (500 miles at $0.24 per mile). 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 company's first three months. a. The December 31 inventory count of computer supplies shows $620 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 $110 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, 2019. 4. Prepare an income statement for the three months ended December 31, 2019 5. Prepare a statement of retained earnings for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019 7. Record and post the necessary closing entries as of December 31, 2019 8. Prepare a post-closing trial balance as of December 31, 2019. Complete this question by entering your answers in the tabs below. 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. Credit No. 101 106 126 Debit $ 38,464 13,318 2,545 2,100 3,240 8,900 128 20,800 70,000 131 163 164 167 168 201 210 236 307 318 319 483 612 613 623 637 640 652 655 676 677 684 Account Title Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Depre Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Totals 6,300 31, 419 2,475 1,668 664 150 795 $101,419 $101,419 Business Solutions had the following transactions and events in December 2019 Dec. 2 Paid $925 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $460 cash for minor repairs to the company's computer. 4 Received $4,85% cash from Alex's Engineering Co. for the receivable from November. Dec. 2 Paid $925 cash to H11151de Mar For Business Solutions Share of mal advertising costs. 3 Paid $460 cash for minor repairs to the company's computer. 4 Received $4,850 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 $110 per day. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,980 on a proposed project has been accepted. Alex's paid a $1,600 cash advance to Business Solutions. 15 Purchased $2,000 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 $6,225 cash. 22- Took the week off for the holidays. 26 28 Received $3,800 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (500 miles at $0.24 per mile). 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 company's first three months. a. The December 31 inventory count of computer supplies shows $620 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 $110 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, 2019. 4. Prepare an income statement for the three months ended December 31, 2019 5. Prepare a statement of retained earnings for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019 7. Record and post the necessary closing entries as of December 31, 2019 8. Prepare a post-closing trial balance as of December 31, 2019. Complete this question by entering your answers in the tabs below