u Serial Problem Business Solutions 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, 2017, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2017) follows. Debit Credit 106 AC $ 38,864 12,918 2,545 1.920 2,920 8,700 128 20,400 eferences 6,000 Account Title 101 Cash Accounts receivable 126 Computer supplies Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation Office equipment 167 Computer equipment Accumulated depreciation Computer equipment 201 Accounts payable Hages payable 236 Unearned computer services revenue 307 common stock Retained earnings 319 Dividends Computer services revenue 612 Depreciation expense-office equipment 613 Depreciation expense-Computer equipsent 623 Wages expense 637 Insurance expense 640 Rent expense Computer Supplies expense Advertising expense 676 Mileage expense 677 Miscellaneous expenses Repairs expense-Computer Totals 22.014 652 $100.14 $100,014 Business Solutions had the following transactions and events in December 2017 2 Paid $960 Cash to Hillside Hall for Business Solutions share of all advertising costs. e e paid $470 cash for minor repairs to the company's computer 4 Received $4,950 cash from Alex's Engineering Co. for the receivable fr proposed project 10 Paid cash to Lyn Addie for six days of work at the rate of 5120 per day 14 Notified by Alex's Engineering coi that business Solutions bid of $7,100 paid $2,300 cash advance to Business Solutions credit from Harris Office Products 15 Purchased $1,100 of computer supplies Uue Sulu ons nad the following transactions and events in December 2017 Dec. 2 Paid $960 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $470 cash for minor repairs to the company's computer. 4 Received $4,950 cash from Alex's Engineering Co. for the receivable from November 10 Paid cash to Lyn Addie for six days of work at the rate of $120 per day. 14 Notified by Alex's Engineering Co. that Business Solutions bid of $7.100 on a proposed project has been accepted. Alex's paid a $2,300 cash advance to Business Solutions. 15 Purchased $1,300 of computer supplies on credit from Harris Office Products. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received 55,925 cash. 22-Took the week off for the holidays. 26 28 Received $3,300 Cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (500 miles at $0.27 per mile) 31 The company paid $1,300 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 $590 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 $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 has 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 2.b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger 3. Prepare an adjusted trial balance as of December 31, 2017 4. Prepare an income statement for the three months ended December 31, 2017 5. Prepare a statement of retained earnings for the three months ended December 31, 2017 6. Prepare a balance sheet as of December 31, 2017 7. Record and post the necessary closing entries as of December 31, 2017 8. Prepare a post-closing trial balance as of December 31, 2017 Complete this question by entering your answers in the tabs below. View transaction list View journal entry worksheet General Journal Credit Date Dec 02 Debit 960 Advertising expense Cash 960 Dec 03 Repairs expense Computer Cash 470 Dec 04 4.950 Cash Accounts receivable 4950 Dec 10 Wagos expense Cash 2 100 Dec 14 Cash Unearned computer Services Dec 15 Computer supplies Accounts payable Dec 16 No journal entry required Dec 20 Cash Computer Services revenue Dec 28 Cash Accounts receivable 10 Dec 29 Mileage expense Dec 31 Dividends 2-a. Prepare adjusting entries to reflect a through f. 2-b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger 3. Prepare an adjusted trial balance as of December 31, 2017 4. Prepare an income statement for the three months ended December 31, 2017 5. Prepare a statement of retained earnings for the three months ended December 31, 2017 6. Prepare a balance sheet as of December 31, 2017 7. Record and post the necessary closing entries as of December 31, 2017 8. Prepare a post-closing trial balance as of December 31, 2017 Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Req 2B Reg 3 Reg 4 Reg 5 Reg 6 Req 7 Reg 8 Prepare adjusting entries to reflect a through f. View transaction list View journal entry worksheet No Transaction Credit General Journal Computer supplies expense Computer supplies Debit 3,065 3.065 Insurance expense Prepaid insurance Wages expense Wages payable Depreciation expense-Computer equipment Accumulated depreciation--Computer equipment Depreciation expense-Orice equipment Accumulated depreciation-Omice equipment OC Complete this question by entering your answers in the tabs below.. Regi Reg 2A Reg 28 Reg 3 Reg 4 Req5 Req6 Req? Req Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger Cash Date Debit Credit Balance Date Accounts Receivable Debit Credit Balance . 38 8041 Dec 01 Jo Computer Supplies Debit Credit Balance Prepaid Rent Debit Credit Dato Orice Equipment Debir Crede Balance 2.020 Date Dec 01 Accumulated Depreciation Office Equipment | Dato Debit Credo Balance Dec 01 Computer Equipment Deba Credit Date 0 Accumulated Depreciation Computer Equipment Date Debit Credit Balance M P Accounts Payable Dabin Credit Balance Dec 01 o Dec 01 Date Dec 01 Wages Payable Debit Credit Balance Date Dec 01 Unearned Computer Services Revue Debit Credit Balance . Date Common Stock Debit Credit Balance Retained Earnings Debit Credit 88.cool Rolane Dec Date Dividends Debit Credit Balance Date Computer Services Revenue Debit Credin Depreciation Expense Office Equipment Debit Credin Balance 1 Date Depreciation Expense Computer Equipent Date Debia Croce Balance Dec 01 1 Date Wages Expense Debia Credin Debit Credit Rent Expense Dobil Credin Balance Computer Supplies Expense Dobin Cronin. Date Advertising Expense Debit Credit Balance Mileage Expense Debit Credit Dec 01 1 Insurance Expense Wages Expense Debit Credit Date Dec 01 Balance 2.350 Dec 01 Rent Expense Debit Credit Computer Supplies Expense Debit Credit Date Batan Date Balance Dec. 0 Advertising Expense Bebi C redin Mileage Expense Debit Credit Date Date Balance Repairs Expense Computer Debit Credo Balance Miscellaneous Expense Debit Credit Bata Date Credit 8. Prepare a post-closing trial balance as of December 31, 2017 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 2B Reg 3 Reg 4 Req 5 Reg 6 Reg 7 Req 8 Prepare an income statement for the three months ended December 31, 2017. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2017 Revenue Expenses Total expenses 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 f. 2-b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in 3. Prepare an adjusted trial balance as of December 31, 2017 4. Prepare an income statement for the three months ended December 31, 2017 5. Prepare a statement of retained earnings for the three months ended December 31, 2017 6. Prepare a balance sheet as of December 31, 2017 7. Record and post the necessary closing entries as of December 31, 2017 8. Prepare a post-closing trial balance as of December 31, 2017 Complete this question by entering your answers in the tabs below. Req 2A Reg 2B Reg 5 Reg 6 Req8 Req 1 Reg 3 Reg 4 Req 7 Prepare a statement of retained earnings for the three months ended December 31, 2017 BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2017 Retained earnings. October 1, 2017 Retained earnings. December 31, 2017 Req 1 Req 2A Req 2B Req3 Req 4 Req 5 Req 6 Req 7 Req 8 Prepare a balance sheet as of December 31, 2017. BUSINESS SOLUTIONS Balance Sheet December 31, 2017 Assets Total Assets Total Liabilities Equity Total Liabilities and Equity Req 1 Req 2A Req 2B Req3 Req 4 Reg 5 Reg 6 Reg 7 Req8 Record and post the necessary closing entries as of December 31, 2017. (If no entry is required for a transaction/eve Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 Record the revenue account. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Reg 6 Reg 8 > Check Reg 1 Req 2A Req 2B Reg 3 Req 4 Req5 Reg 6 Reg 7 Reqs Record and post the necessary closing entries as of December 31, 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the Income Summary account. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 1 Record entry Clear entry View general journal ( Reg 6 Reqs > Req 1 Req 2A Req 2B Req3 Reg 4 Req 4 Reg 5 Req6 Req 7 Req7 Req8 Req8 Record and post the necessary closing entries as of December 31, 2017. (If no entry is required for a transaction/event, select Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 7. Record and post the necessary closing entries as of December 31, 2017 8. Prepare a post-closing trial balance as of December 31, 2017 Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Req3 Req 4 Req 5 Reg 6 Req 7 Reg 8 Prepare a post-closing trial balance as of December 31, 2017. BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2017 Debit Credit Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Totals