SP $3$ Serial Problem Business Solutions $($Static$)$ LO P$1,$ P$2,$ P$3,$ P$4,$ P$5$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.NumberAccount TitleDebitiCredit$101$Cash$ $38,264106$Accounts receivable$12,618126$Computer supplies$2,545128$Prepaid insurance$2,220131$Prepaid rent$300163$Office equipment$8,000164$Accumulated depreciation Office equipment$ $0167$Computer equipment$20,000168$Accumulated depreciation$-$Computerequipment$201$Accounts payable$210$Wages payable$236$Unearned computerservices revenue$307$Common stock$73,000318$Retained earnings$319$Dividends$5,600403$Computer services revenue$25,659612$Depreciation expense$-$Office equipment$613$Depreciation expense$-$Computer equipment$2,625623$Wages expense$637$Insurance expense$640$Rent expense$652$Computer supplies expense$6551,728$Advertising expense$676704$Mileage expense$250677$Miscellaneous expenses$805684$Repairs expense$-$Computer$901$Income summary$98,659$Totals$ $98,659$Business Solutions had the following transactions and events in December $2021.$December $2$ Paid $$1,025$ cash to Hillside Mall for BusinessSolutions' share of mall advertising costs.December $3$ Paid $$500$ cash for minor repairs to the company's computer.December $4$Received $$3,950$ cash from Alex's Engineering Company for the receivable from November.December$10$Paid cash to Lyn Addie forsix days of work at the rate of $$125$ per day.December $14$Notified by Alex's Engineering Company that Business Solutions's bid of $$7,000$ on a proposed project has been accepted. Alex's paid a $$1,500$ cash advance to Business Solutions.Purchased $$1,100$ of computer supplies on credit from Harris Office Products.December$15$December$16$December$20$Sent a reminder to Gomez Company to pay the fee for services recorded on November $8.$Completed a project for Liu Corporation and received $$5\mathrm{.}625$ cash.December $22-26$ Took the week off for the holidays.December $28$ Received $$3,000$ cash fromGomez Company on its receivable.December $29$ Reimbursed S$.$ Rey for businessautomobile mileage $(600$ miles at $$0\mathrm{.}32$ per mile$).$December $31$ Paid $$1,500$ cash for dividends.The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months.a$.$ The December $31$ inventory count of computer supplies shows $$580$ 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 $$125$ per day.d$.$ The computer system, acquired on October $1,$ is expected to have a four$-$year life with no salvage value.e$.$ The office equipment, acquired on October $1,$ is expected to have a five$-$year life with no salvage value.f$.$ Three of the four months' prepaid rent have expired.Required:$1.$ Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger$\mathrm{.}2-$a$.$ Prepare adjusting entries to reflect a through f$\mathrm{.}2-$b$.$ Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger$\mathrm{.}3.$ Prepare an adjusted trial balance as of December $31,2021\mathrm{.}4.$ Prepare an income statement for the three months ended December $31,2021\mathrm{.}5.$ Prepare a statement of retained earnings for the three months ended December $31,2021\mathrm{.}6.$ Prepare a classified balance sheet as of December $31,2021\mathrm{.}7-$a$.$ Record the necessary closing entries as of December $31,2021\mathrm{.}7-$b$.$ Each closing entry is posted automatically to the general ledger $($This is for reference only. No student work is required.$)8.$ Prepare a post$-$closing trial balance as of December $31,2021.$ONLY REQUIRED $2$B$$