SP 3 Serial Problem Business Solutions (Static) 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) foliows. Business Solutions had the following transactions and events in December 2021. Decenber 2 Paid \$1,025 cash to Milside Mall for Business Solutions's share of Balt advertising costs. December 3 Paid $5 ale cash for ninor repairs to the company's conputer. Decenter 4 Received $3,950 cash from Alex's Engineering Conpany for the receivable fros Novenber. Decenber 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. Decesber 14 Notified by Alex's Engineering Company that Business. Solutions's bid of $7, eae on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business 50 lutions. Decenber 15 Purchased $1,200 of conputer supplies on credit fron Karris office Products. Decenber 16 Sent a reninder to Gomez Company to pay the fee for services recorded on Noveriber 8. Decenber 20 Completed a project for Liu Corporation and received $5,625 cash. Decenber 22-26 Took the veek off for the holldays. Decenter 28 Received $3,0ad eash fros Gosez Coempany on its receivable. Decenber 29 Reisbursed 5 . Rey for business automobile mileage (600 miles at $0.32 per mile). Decenber 31 S. Rey withdrek $1,5ea cash froa the conpany for personal use. Decenber 15 Purchased $1,100 of computer supplies on credit fron Harris office Products. Decenber 16 Sent a reminder to Gonez Company to pay the fee for services recorded on Novenber 8. Decenber 28 Conpleted a project for tiu Corporation and received $5,625 cash. Decenber 22-26 Took the week off for the holidays. Decenber 28 Received $3,000 cash fron Gonez Conpany on its receivable. Decenber 29 Reinbursed S. Rey for business autonobile mileage ( 600 miles at $0.32 per aile). December 31 S. Rey withdrew $1,500 cash from the conpany for personal use. 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 explred 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. 1. Three of the four months' prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions. 2-a. Prepare adjusting entries to reflect a through t. 2-b. Post the joutnol entries to record each of the December transactions, adjusting entries to the accounts in the ledger. 3. Prepare an adjusted trial balance os of December 31,2021