SP 3 Serial Problem Business Solutions (Algo) LO P1, P2, P3, P4, P5 After the success of the company's first two months. Sentana 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 Decertber 2021 December 2 Paid 5965 cash to Hillside Mall for Business-5olutions's share of mall advertising costs. Decenber 3 Paid 5480 cash for ainor repairs to the company's cooputer. Decenber 4. Received 54, 05d cash from Atex's Engineering Conpany for the recelvable froe Noveeber. Deceeber. 10. Paid cash to Lyn Addie for s5x days of work at the rate of $120 per day. Decenber 14. Notifled by Alex's Engioeering Conpany that Business Solutions's bid of 57,6e0 on a proposed project has been accepted. Alex's patd a $1,900 cash advance to Business Solutions. Decenber 15 Purchased 11,200 of coeputer supplies on credit from Harris office Products. Deceaber 16 Sent a reeinder to comez Coepany to pay the fee for services recerded on Novenber B. Decenber 2e Coopleted a project for L lu Corporation and received $6,475 cash. Decender 2226 Took the week off for the holidays. Decenber 28 Heceived $3,600 cash fros Gonet Conpany on its receivable. December 29 Reimbursed-5. Rey for business autonobile mileage (6a niles at $0.23 peri mite). December 31 Paid 51,200 cash for dividends. The following additional facts are collected for use in making adjusting entrios prior to preparing financial statements for the compary's first three months. a. The December 31 imventory count of computer supplies shows $660 sthil avallable. b. Three months have explred since the 12 -month insurance premium was paid in advance. c. As of December 31, Lyn Addie has not been paid for four doys of work at $120 per day. d. The computer system, acquired on Dctober 1 , is expocted to have a fout 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 volue. 4. Three of the four months' prepaid rent hove expired Required: 1. Prepare joumal entries to record each of the December transactions. Post those entries to the accounts in the ledger. 2-a. Prepare adjusting entries to refiect a through f 2-b. Post the journal entries to record each of the December transactions, acdinting entries to the accounts in the ledper. 3. Prepore an adjusted trial balance as of December 31, 202t. 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 Decemter 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 . Complete this question by entering your answers in the tabs below. Compreberisive Problem Part 2