Serial Problem Business Solutions LO P2, P3 The December 31, 2019, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2019) follows. Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $980 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $480 cash for minor repairs to the company's computer. 4 Received $4,950 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 $115 per day. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,700 on a proposed project has been accepted. Alex's paid a $2,100 cash advance to Business Solutions. 15 Purchased $1,500 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 $5,675 cash. 22 Took the week off for the holidays. 26 28 Received $3,100 cash from Gomez Co. on its receivable. 29 Reimbursed s. Rey for business automobile mileage (500 miles at $0.29 per mile). 31 S. Rey withdrew $1,300 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 $660 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 $115 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. Serial Problem Business Solutions LO P2, P3 The December 31, 2019, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2019) follows. Credit $ Debit 51,360 5,168 670 1,620 810 8,700 $ 435 20,000 1,250 1,500 480 2,500 69,000 No Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation office equipment 167 Computer equipment 168 108 Accumulated depreciation-Computer equipment 201 201 Accounts payable 210 - Wages payable 236 Unearned computer services revenue 301 S. Rey, Capital 302 S. withdrawals 10 403 Computer services revenue 612 24 Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense-Computer 901 Income summary Totals Rey, 7,500 37, 129 435 1,250 3,650 540 2,430 3,375 2,663 728 220 1,175 $ 112,294 $ 112,294 Required: 1. Record the closing entries as of December 31, 2019. 2. Prepare a post-closing trial balance as of December 31, 2019. Journal entry worksheet Record the entry to close income summary. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet