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 181 Cash $ 38,464 186 Accounts receivable 13,618 126 Computer supplies 2.545 128 Prepaid insurance 2,160 131 Prepaid rent 3,280 163 Office equipment 8,200 164 Accumulated depreciation Office equipment $ 167 Computer equipment 22,480 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 381 S. Rey, Capital 65.ee 302 S. Rey, Withdrawals 6.400 403 Computer services revenue 37,814 612 Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 2.45 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 1.698 676 Mileage expense 624 677 Miscellaneous expenses 250 684 Repairs expense-Computer 725 Totals $102,814 $102,814 3 Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $985 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $470 cash for minor repairs to the company's computer. 4 Received $4,058 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 $120 per day. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $8,6ee on a proposed project has been accepted. Alex's paid a $1,6ee cash advance to Business Solutions. 15 Purchased $1,300 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 $6,625 cash. 22- Took the week oft for the holidays. 26 28 Received $3,900 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (689 miles at $0.29 per mile). 31 S. Rey withdrew $1,100 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. a. The December 31 Inventory count of computer supplies shows $670 still available. b. Three months have expired since the 12-month Insurance premium was paid in advance. CAs of December 31. Lyn Addie has not been paid for four days of work at $120 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 owner's equity for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019. X Paid 5985 cash to Hillside Mall for Business Solutions' share of mall advertising costs. Paid 5470 cash for minor repairs to the company's computer Received $4,050 cash from Alex's Engineering Co. for the receivable from November Paid cash to Lyn Addie for six days of work at the rate of $120 per day. Notified by Alex's Engineering Co. that Business Solutions' bid of $8,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. Note: = journal entry has been entered X Notified by Alex's Engineering Co. that Business Solutions' bid of $8,000 on a proposed project has been accepted. Alex's paid a $1,600 cash advance to Business Solutions. Purchased $1,300 of computer supplies on credit from Harris Office Products Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. Completed a project for Liu Corporation and received 56,625 cash. Received $3,900 cash from Gomez Co. on its receivable. Note: journal entry has been entered x Harris Office Products Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. Completed a project for Liu Corporation and received 56,625 cash. Received $3,900 cash from Gomez Co. on its receivable. 10 Reimbursed S. Rey for business automobile mileage (600 miles at $0.29 per mile). S. Rey withdrew $1,100 cash from the company for personal use. Note: = journal entry has been entered Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Reg 28 Reg 3 Rey 4 Reg 5 Req 6 Prepare journal entries to record each of the December transactions and events for Business Solutions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction Mat View journal entry worksheet No Date General Journal Debit Credit 1 Dec 02 Advertising expense Cash 2 Dec 03 Repairs expense-Computer Cash Dec 04 Cash Accounts receivable 4 4 Dec 10 Wages expense Cash 5 5 Dec 14 Cash Unearned computer services revenue 6 Dec 15 Computer supplies Accounts payable 7 Dec 16 No journal entry required 8 Dec 20 Cash Accounts receivable 9 Dec 28 Cash Accounts receivable 10 Dec 29 Mileage expense Cash 11 Dec 31 S. Rey. Withdrawals Cash Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Req3 Reg 4 Reg 5 Reg 6 Prepare adjusting entries to reflect a through f. View transaction Mat View journal entry worksheet No Transaction Debit Credit 1 a. General Journal Computer supplies expense Computer supplies 2 b Insurance expense Prepaid insurance 3 c. Wages expense Wages payable 4 d. Depreciation expense-Computer equipment Accumulated depreciation-Computer equipment 1 5 e Depreciation expense-Office equipment Accumulated depreciation Office equipment 8 f. Rent expense Prepaid rent J. LIEPIC U SLULEILICI IL VI VIII - CYLILY IVI LILIHICE IRVILIIS EI USU WELCHIUSI VI. LUD. 6. Prepare a balance sheet as of December 31, 2019. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 28 Rey 3 Reg 4 Reg 5 Rey 6 Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger. Cash Accounts Receivable Debit Credit Debit Credit Date Dec 01 Balance 38,464 Date Dec 01 Balance 13,618 Computer Supplies Debit Credit Prepaid Insurance Debit Credit Date Date Balance 2.545 Balance 2.180 Dec 01 Dec. 01 Prepaid Rent Debit Credit Office Equipment Debit Credit Date Balance 3.280 Date Dec 01 Balance 8,200 Dec 01 Accumulated Depreciation-Office Equipment Date Debit Credit Balance Dec 01 Computer Equipment Debit Credit Date Dec. 01 Balance 22.400 0 Accumulated Depreciation-Computer Equipment Date Debit Credit Balance Dec. 01 Accounts Payable Debit Credit Date Balance 0 Dec 01 0 Wages Payable Debit Credit Unearned Computer Services Revenue Debit Credit Balance Balance Date Dec 01 Date Dec 01 0 0 S. Rey, Capital Debit Credit S. Rey, Withdrawals Debit Credit Date Balance Date Balance Dec 01 0 Dec. 01 S. Rey, Capital Debit Credit S. Rey, Withdrawals Debit Credit Date Date Dec. 01 Balance 85,000 Balance 8,400 Dec. 01 Computer Services Revenue Debit Credit Depreciation Expense-Office Equipment Debit Credit Balance Date Date Balance 37.814 Dec. 01 Dec. 01 Depreciation Expense-Computer Equipment Date Debit Credit Balance Dec 01 Wages Expense Debit Credit Date Dec 01 Balance 2.450 0 Insurance Expense Debit Credit Rent Expense Debit Credit Balance Balance Date Dec 01 Date Dec 01 0 Computer Supplies Expense Debit Credit Advertising Expense Debit Credit Balance Date Dec. 01 Date Dec. 01 Balance 1,898 0 Mileage Expense Debit Credit Miscellaneous Expenses Debit Credit Date Date Dec. 01 Balance 624 Balance 250 Dec. 01 Repairs Expense - Computer Debit Credit Date Dec 01 Balance 725 a. The December 31 Inventory count of computer supplies shows $670 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 $120 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. 2-6. 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 owner's equity for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 23 Reg 3 Reg 4 Req5 Reg 6 Prepare an adjusted trial balance as of December 31, 2019, BUSINESS SOLUTIONS Adjusted Trial Balance December 31, 2019 Account Title Debit Credit 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 S. Rey. Capital Rey, Withdrawals Computer services revenue 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 $ 01 S 0 31 S. Rey withdrew $1,1ee 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. a. The December 31 Inventory count of computer supplies shows $670 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 $120 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. 2b. 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 owner's equity for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 23 Reg 3 Reg 4 Req 5 Reg 6 Prepare an income statement for the three months ended December 31, 2019. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2019 Revenue Expenses Total expenses 0 DID 677 684 mileage experise Miscellaneous expenses Repairs expense-Computer Totals 024 250 725 $102,814 $102,814 Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $985 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $470 cash for minor repairs to the company's computer. 4 Received $4,058 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 $120 per day. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $8,eee on a proposed project has been accepted. Alex's paid a $1,6ee cash advance to Business Solutions. 15 Purchased $1,389 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 $6,625 cash. 22- Took the week off for the holidays. 26 28 Received $3,988 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (689 miles at $0.29 per mile). 31 S. Rey withdrew $1,100 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. a. The December 31 Inventory count of computer supplies shows $670 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 $120 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 explred. 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 owner's equity for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019. Complete this question by entering your answers in the tabs below. Reg 1 Red 2A Req 2B Req3 Reg 4 Reqs Reg 6 Prepare a statement of owner's equity for the three months ended December 31, 2019. BUSINESS SOLUTIONS Statement of Owner's Equity For Three Months Ended December 31, 2019 S. Rey, Capital, October 1, 2019 0 S. Rey, Capital, December 31, 2019 $ 0 51 . Key withdrew $1,100 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. a. The December 31 Inventory count of computer supplies shows $670 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 $120 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 owner's equity for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 28 Reg 3 Reg 4 Reg 5 Reg 6 Prepare a balance sheet as of December 31, 2019. BUSINESS SOLUTIONS Balance Sheet December 31, 2019 Assets 0 Total assets Liabilities Total liabilities Equity Total liabilities and equity