uber 101 Account Title Cash 106 Accounts receivable Debit $39,164 12,918 Credit 126 Computer supplies 2.645 Prepaid insurance 1,900 Prepaid rent 3,200 10 office equipment 8,800 164 Accumulated depreciation-office equipment 167 Computer equipest 23.200 168 Accumulated depreciation-Computer 201 Accounts payable 210 Wages payable 236 307 Common stock 318 Betained earnings 319 403 612 633 623 637 Unearned computer services revenue Computer services revenue Depreciation expense-office equipment Depreciation expense-Computer equipment vage expense Insurance expense 67,000 4,100 640 652 computer supplies expe 655 Advertising expense 676 Mileage expense 677 Repairs expense-Computer . 444 230 735 $103,704 Business Solutions had the following transactions and events in December 2020. December 2 Paid $1,000 cash to Hillside Hall for business Solutions's share of all advertising costs. December 3 Paid $470 cash for minor repairs to the company's computer. December 4 Received $4,850 cash from Alex's Engineering C Co. for the receivable from November. December 10 Paid cash to Lyn addie for six days of work at the rate of $125 per day. December 14 Notified by Ales's Engineering Company that Business Solutions bid of $7,600 on a proposed project has been accepted. Alex's paid $2,400 cash advance to Business Solutions. December 16 Sent a reminder to Gomes Company to pay the fee for services recorded on November Pecember 20 Completed a project for Liu Corporation and received $5,875 cash. Decber 22-26 Took the week off for the holidays. December 28 Beceived $3,700 cash fron Cones Company on its receivable. December 29 Reimbursed S. Bey for business automobile nilesse (400 miles at 30.22 per mile). December 31 The company paid $1,200 cash is dividende. 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 $600 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 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 2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7, post the closing entries to the general ledger accounts 3. Prepare an adjusted trial balance as of December 31, 2020 4. Prepare an income statement for the three months ended December 31, 2020 5. Prepare a statement of retained earnings for the three months ended December 31, 2020 6. Prepare a balance sheet as of December 31, 2020 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28. 8. Prepare a post-closing trial balance as of December 31, 2020