The November 30, 2018, unadjusted trial balance of Business Solutions is found in the Trial balance tab. Business Solutions had the following transactions and events in December 2018 Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions' share of mall advertising costs Dec.3 Paid $500 cash for minor repairs to the company's computer. Dec.4 Received $3,950 cash from Alex's Engineering Co. for the receivable from November Dec. 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. Dec. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. Dec. 15 Purchased $1,100 of computer supplies on credit from Harris office Products Dec. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8 Dec. 20 Completed a project for Liu Corporation and received $5,625 cash. Dec. 22- Took the week off for the holidays 26 Dec. 28 Received $3,000 cash from Gomez Co. on its receivable. Dec. 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile) Dec. 31 The company paid $1,500 cash in 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 has expired General Journal tab Prepare journal entries for each of the December transactions. Then, using the information given for adjustments, prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy General Ledger tab Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances Trial Balance tab You may view either the unadjusted or adjusted trial balance by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs Income Statement tab-Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection Statement of Retained Earnings tab The unadjusted or adjusted balances will appear for each account, based on your selection. Balance Sheet tab - Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjusted balances will appear for each account, based on your selection Impact on Income tab For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.) Prepare journal entries for each of the December transactions. If no journal entry is required, select "No journal entry required" in the first account field. Then, using the 3-step adjusting entry process, and the information given for adjustments, prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy Show lessA View transaction list Journal entry worksheet Paid $1,025 cash to Hillside Mall for Business Solutions' share of mall advertising costs. Note: Enter debits before credits. Date Account Title Debit Credit Dec 02 Record entry Clear entry View general journal Requirement General Ledger> General Ledger Account Cash Accounts receivable No. Debit Credit Balance No. Debit Credit Balance Nov 30 38,264 Nov 30 12,618 Computer supplies Prepaid insurance Debit Credit Balance No. Debit Credit Balance Nov 30 2,545 Nov 30 2,220 Prepaid rent Office equipment No. Debit Credit Balance No. Debit Credit Balance Nov 30 3,300 Nov 30 8,000 Computer equipment Common stock No. Debit Credit Balance No. Debit Credit Balance Nov 30 20,000 73,000 Computer services revenue Debit Credit Balance No. Debit Credit Balance 5,600 Nov 30 25,659 Wages expense Advertising expense Debit Credit Balance No. Debit Credit Balance Nov 30 2,625 Nov 30 1,72B Mileage expense Miscellanous expenses Debit Credit Balance No. Debit Credit Balance Nov 30 Nov 30 250 Repairs expense Computer Debit Credit Balance Nov 30 General Journal Trial Balance> You may view either the unadjusted or adjusted trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs Unadjusted BUSINESS SOLUTIONS Trial Balance December 31, 2018 Account Title Debit Credit Cash Computer supplies Prepaid insurance Prepaid rent Office equipment Computer equipment Common stock 38,264 12,618 2,545 2,220 3,300 8,000 20,000 73,000 5,600 Computer services revenue Wages expense Advertising expense Mileage expense Miscellanous expenses Repairs expense Computer 25,659 2,625 1,728 704 250 505 98,659 S Total 98,659 BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2018 Revenues: Expenses: Net income Trial Balance St Retained Earnings > BUSINESS SOLUTIONS Balance Sheet December 31, 2018 ASSETS Current assets: Plant assets: Total plant assets LIABILITIES AND EQUITY Liabilities: Equity