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 Business Solutions' share of hal1 advertising costa. December 3 Paid s470 caih for minor repaira to the conpany'a conputer. December 4 Recoived $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 diotified by Alex' n Engineering Company that Buviness Solutions's bid of $7,000 on a proposed project has been accepted. Alex'in paid a $1,700 eash advance to Business solutions. December 15 Purchased $2,000 of conputer supplies on eredit fron Harrin office Producti. Decenber 16 sent a reainder to Gomez Conpany to pay the fee for mervices recorded on Noveaber 8. Decerber 20 Completed a project for Liu Corporation and received $6,275 cash. Deceaber 22-26 Took the week off for the holidays. Decenber 28 Received $3,600 cash fron Conez Conpany on itn receivablo. December 29 Reimburied S. Rey for bainesi automobile mileage (400 nilen at $0,22 per mile). December 11 Paid $1,200 canh 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 avaliable. b. Three months have expired since the 12 -month insurance premlum 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. 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 ledget: 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 ledgec. 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. 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.) Prepare an adjusted trial balance as of December 31,2021