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 Decenber. 2 Paid 5965 cash to Hillside Mall for Dusiness Solutions"s share of mall advertising costh. December 3 Paid 1480 cash for minor repairs to the coepany's coopoter. Decenber 4 Peceived 54,650 cash from Alex's Engineering Coepany tor the recelyable tron Novenber. Decenber 10 Paid cash to Lyo Addte for six days of work at the rate of $120 per day. becenber i4 Notilied by Alex's Engineering Coopany that business Solutions's bid of $7,604 on a proposed project has bees accepted. Alex's paid a \$1,940 cash advance to fusiness 5otutions. Deceeber 25 Purchased $1,2a0 of coeputer supplies on credit fron Harris office Products. Decenber 16 Sent a reninder to Gosez Conpany to pay the fee for services recorded on Novenber 8. becenter 20 Completed a project for Liu Corporation and received $6,475 cash. becenber-22-26 Took the week off for the holidays. Decenber 28 fecelved $3,500 cash fros cotez Cospany on its receivable. Deceober 29 Reinbursed S. Rey for business autenobile aileage (60e niles at 50.23 per mile). Decesber 31 Paid $1,204 cash for dividends. The following additional facts are collected for use in making adjusting entries peior to preparing financlal statements for the compomy's first three months. a. The Docember 31 inventory count of computer supplies shows $660 stil avaliable. b. Three months have expled since the 12 -month insurance premium was paid in advance. 6. As of December 31, Lyn Addie has not been paid for four days of work at $120 per doy. d. The computer system, acquired on October t, is expected to have a four-year life with no salvage value. e. The offce equigenent, acquired on October t, is expected to have a five-year ife wath no sakage value f. Three of the four months' prepoid rent have expired. Required: 1. Prepare joumal entries to record each of the December transacions. Post thase enties to the accounts in the ledger. 2-a. Prepare adjusting entries to reflect a through f 2.b. Post the joumal entiles to rocord each of the December transactions, adjusting entries to the accounts in the ledger 3. Prepare an adjusted tral balance os of December 31, 2021. 4. Prepore an income ststement for the theee months ended 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. Prepere an income statement for the three months ended December 31, 2021. Prepare an income statement for the three months ended December 31,2021