SP 3 Serial Problem Business Solutions (Algo) 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, 2021, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2021) follows. Number 101 Account Title 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 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 307 Common stock 318 Retained earnings 319 Dividends 403 Computer services revenue 612 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 Incone sunnary Totals Debit. $ 39,164 Credit 13,618 2,545 1,980 2,940 8,600 22,800 73,000 5,700 29,989 2,375 0 1,648 704 170 745 $ 102,989 $ 102,989 Business Solutions had the following transactions and events in December 2021. December 2 Paid $1,000 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $470 cash for minor repairs to the company's computer. December 4 Received $4,850 cash from Alex's Engineering Company for the receivable from November. December 10 Paid cash to Lyn Addie for six days of work at the rate of $120 per day. December 14 Notified by Alex's Engineering Company that Business Solutions's bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,700 cash advance to Business Solutions. December 15 Purchased $2,000 of computer supplies on credit from Harris Office Products. December 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8. December 20 Completed a project for Liu Corporation and received $6,275 cash. December 22-26 Took the week off for the holidays. December 28 Received $3,600 cash from Gomez Company on its receivable. December 29 Reimbursed S. Rey for business automobile mileage (400 miles at $0.22 per mile). December 31 Paid $1,200 cash for 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 $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 $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. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Record the necessary closing entries as of December 31, 2021. View transaction list Journal entry worksheet < 1 2 3 4 Record the entry to close the revenue account(s). Note: Enter debits before credits Date December 31 General Journal - Debit Credit Clear entry Record entry View general journal Required 6 Required > Journal entry worksheet 1 2 3 4 Record the entry to close the expense account(s). Note: Enter debits before credits. Date December 31 General Journal Debit Credit View general journal Clear entry Record entry View transaction list Journal entry worksheet < 1 2 3 4 Record the entry to close the Income summary account. Note: Enter debits before credits Date December 31 General Journal Debit Credit Record entry Clear entry > View general journal Journal entry worksheet < 1 2 3 4 Record the entry to close the dividends account. Note: Enter debits before credits. Date December 31 General Journal Debit Credit View general journal Record entry Clear entry Required 1 Required 2A Required 28 Required 3 Required 4 Required 5 Prepare a post-closing trial balance as of December 31, 2021. BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2021 Debit Credit Totals $ 0 $ 0