Serial Problem Business Solutions LO P1, P2, P3, P4, P5 After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2017, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2017) 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 167 Computer equipment 20,000 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue Common stock 73,000 318 Retained earnings 319 Dividends 5,600 403 Computer services revenue 25,659 Depreciation expense-Office equipment Depreciation expense-Computer equipment 623 Wages expense 2,625 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 1,728 676 Mileage expense 784 677 Miscellaneous expenses 250 634 Repairs expense-Computer Totals $ 98,659 598,659 307 e sos Business Solutions had the following transactions and events in December 2017 Dec. 2 paid $1,625 cash to Hillside Mall for Business Solutions' share of all advertising costs. 3 Paid $seo 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 24 Notified by Alex's Engineering Co. that Business Solutions bid of 57,000 on proposed project has been accepted. Alex's 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 $7,00e 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. 2e 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 (Gee 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 has expired 7. Record and post the necessary closing entries as of December 31, 2017 8. Prepare a post-closing trial balance as of December 31, 2017 Complete this question by entering your answers in the tabs below
