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. Business Solutions had the following transactions and events in December 2021. December 2 Paid $1,010 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $460 cash for minor repairs to the company's computer. December 4 Received $4,750 cash from Alex's Engineering Company for the receivabte from November. December 10 Paid cash to Lyn Addie for six days of work at the rate of $100 per day. December 14 Notified by Alex's Engineering Company that Business Solutions's bid of $7,900 on a proposed project has been accepted. Alex's paid a $2,500 cash advance to Business Solutions. December 15 Purchased $1,600 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 Novenber 8. December 20 Completed a project for Liu Corporation and received $6,175 cash. Decenber 22-26 Took the week off for the holidays. December 28 Received $3,400 cash from Gomez Company on its receivable. December 29 Reimbursed 5 . Rey for business automobile mileage (400 miles at $0.28 per mile). December 31 \$. Rey withdrew $1,000 cash from the company for personat 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 $600 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 $100 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 month' prepaid rent have expired. 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 $600 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 $100 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 month' 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, 2021. Complete this question by entering your answers in the tabs below. Prepare journal entries to record each of the December transactions and events for Business Solutions. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Journal entry worksheet Prepare journal entries to record each of the December transactions and events for Business Solutions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 24567811 Paid $1,010 cash to Hillside Mall for Business Solutions's share of mall advertising costs. Note: Enter debits before credits. Prepare adjusting entries to reflect a through f. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 23456 The December 31 inventory count of computer supplies shows $600 still available. Note: Enter debits before credits. Prepare an adjusted trial balance as of December 31, 2021. Check my work 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. Business Solutions had the following transactions and events in December 2021. December 2 Paid $1,010 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $460 cash for minor repairs to the company's computer. December 4 Received $4,750 cash from Alex's Engineering Company for the receivabte from November. December 10 Paid cash to Lyn Addie for six days of work at the rate of $100 per day. December 14 Notified by Alex's Engineering Company that Business Solutions's bid of $7,900 on a proposed project has been accepted. Alex's paid a $2,500 cash advance to Business Solutions. December 15 Purchased $1,600 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 Novenber 8. December 20 Completed a project for Liu Corporation and received $6,175 cash. Decenber 22-26 Took the week off for the holidays. December 28 Received $3,400 cash from Gomez Company on its receivable. December 29 Reimbursed 5 . Rey for business automobile mileage (400 miles at $0.28 per mile). December 31 \$. Rey withdrew $1,000 cash from the company for personat 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 $600 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 $100 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 month' prepaid rent have expired. 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 $600 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 $100 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 month' 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, 2021. Complete this question by entering your answers in the tabs below. Prepare journal entries to record each of the December transactions and events for Business Solutions. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Journal entry worksheet Prepare journal entries to record each of the December transactions and events for Business Solutions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 24567811 Paid $1,010 cash to Hillside Mall for Business Solutions's share of mall advertising costs. Note: Enter debits before credits. Prepare adjusting entries to reflect a through f. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 23456 The December 31 inventory count of computer supplies shows $600 still available. Note: Enter debits before credits. Prepare an adjusted trial balance as of December 31, 2021. 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