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 $1,000 cash to Hillside Mall for Buainesa solutions' share of nall advertining coats. December 3 Paid $470 cash for minor repaira to the coinpany's conputer. December 4 Heceived $4,850 cash from Alex's Engineering Company for the receivable from Novenber. December 10 paid cash to Lyn Addie for six daya 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 han been accepted. Alex' l poid a $1,700 cash advance to Busines Solutions. December 15 Purchased $2,000 of corputer supplies on credit fron farria ottice Products. December 16 Sent a reminder to Gomez Company to pay the fee tor Bervicea recorded on November 8. December 20 corpleted a project for Liu Corporation and received $6,275 cash. December 22-26 Took the week of f for the holidays. December 28 received $3,600 cash from Gonez Company on its receivable. December 29 Reimbursed 5 . Rey for business autonobile mileage (400 miles at $0,22 per mile). Decenber 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. 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. Post those entries to the accounts in the ledger. 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 . 4. Prepare an income statement for the three months ended December 31, 2021. 5. Prepare a statement of retained earnings for the three months ended December 31, 2021. 6. Prepare a classified balance sheet as of December 31,2021 . 7. Record the necessary closing entries as of December 31,2021. 8. Prepare a post-closing trial balance as of December 31,2021 . x) Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) ir. (If no 2-a. Prepare adjusting entries to reflect a through f 2-b. Post the joumal entries to record each of the December transactions, adjusting entries to the accounts in the 3. Prepare an adjusted trial balance as of December 31, 2021. 4. Prepare an income statement for the three months ended December 31, 2021. 5. Prepare a statement of retained carnings for the three months ended December 31, 2021. 6. Prepare a ciassified batance sheet as of December 31, 2021. 7. Record the necessary closing entries as of December 31, 2021 . 8. Prepare a post-closing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Prepare adjusting entries to refiect a through f. (If no entry is required for a transaction/event, select "No journal entr first account fleld.) Journal entry worksheet 56 The December 31 inventory count of computer supplies shows $660 still available. Note: Coter debits before credies 8. Prepare a post-closing trial balance as of December 31,2021. Complete this question by entering your answers in the tabs below. Prepare adjusting entries to reflect a through f. (If no entry is required for a transaction/event, select "No jo first account field.) Journal entry worksheet 6 Three months have expired since the 12-month insurance premium was paid in advance. Note: Enter debits before credits. Journal entry worksheet As of December 31 , Lyn Addie has not been paid for four days of work at $120 per day. Note: Enter debits before credits. Journal entry worksheet The computer system, acquired on October 1 , is expected to have a four-year life with no salvage value. Note: Enter debits before credits. Journal entry worksheet 3 The office equipment, acquired on October 1 , is expected to have a five-year life with no salvage value. Note: Enter debits before credits. Journal entry worksheet Three of the four months' prepaid rent have expired. Note: Enter debits before credits