Comprehensive Problem #1 - Chapters 1-3 Ims.mhed.. Saved Help Save & Exit 1 After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions reflecting its transactions for October and November of 2019) follows. Check my Credit 75 onts 101 106 126 128 131 163 164 167 168 201 210 236 307 Debit $ 38,564 12.918 2,545 2,160 3,100 8,200 eBook 20,400 Account Title 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 Dividends Computer services revenue Depreciation expense-office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies Spense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Totals 72,000 5,700 403 612 613 27,339 2,525 @ 637 640 652 655 676 677 584 1,658 634 150 785 5 99,339 599,339 Business Solutions had the following transactions and events in December 2019. Dec. 75 points eBook 2 Paid $965 cash to Hillside Hall for Business Solutions share of wall advertising costs. 3 Paid 5450 cash for minor repairs to the company's computer 4 Received $4,350 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 $7,400 on a proposed project has been accepted. Alex's paid a $2,000 cash advance to Business Solutions 15 Purchased $1,500 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 project for Liu Corporation and received $6,025 cash 22- took the week off for the holidays 28 Received $3,400 cash from Gomez Co. on its receivable 29 Reimbursed S. Rey for business automobile il 400 miles at $0.26 per lle). 31 The company paid $1,200 cash in dividends Print References 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 $630 still available b. Three months have expired since the 12-month insurance premium was paid in advance. As of December 31, Lyn Addie has not been paid our days of ork 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 1. Three of the four months prepaid rent have expired. MC wa 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. 75 points eBook Print References 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 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, 2019 4. Prepare an income statement for the three months ended December 31, 2019 5. Prepare a statement of retained earnings for the three months ended December 31, 2019 6. Prepare a balance sheet as of December 31, 2019. 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, 2019 Complete this question by entering your answers in the tabs below. Comprehensive Problem #1 - Chapters 1-3 Ims.mhed.. Saved Help Save & Exit 1 After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions reflecting its transactions for October and November of 2019) follows. Check my Credit 75 onts 101 106 126 128 131 163 164 167 168 201 210 236 307 Debit $ 38,564 12.918 2,545 2,160 3,100 8,200 eBook 20,400 Account Title 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 Dividends Computer services revenue Depreciation expense-office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies Spense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Totals 72,000 5,700 403 612 613 27,339 2,525 @ 637 640 652 655 676 677 584 1,658 634 150 785 5 99,339 599,339 Business Solutions had the following transactions and events in December 2019. Dec. 75 points eBook 2 Paid $965 cash to Hillside Hall for Business Solutions share of wall advertising costs. 3 Paid 5450 cash for minor repairs to the company's computer 4 Received $4,350 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 $7,400 on a proposed project has been accepted. Alex's paid a $2,000 cash advance to Business Solutions 15 Purchased $1,500 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 project for Liu Corporation and received $6,025 cash 22- took the week off for the holidays 28 Received $3,400 cash from Gomez Co. on its receivable 29 Reimbursed S. Rey for business automobile il 400 miles at $0.26 per lle). 31 The company paid $1,200 cash in dividends Print References 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 $630 still available b. Three months have expired since the 12-month insurance premium was paid in advance. As of December 31, Lyn Addie has not been paid our days of ork 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 1. Three of the four months prepaid rent have expired. MC wa 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. 75 points eBook Print References 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 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, 2019 4. Prepare an income statement for the three months ended December 31, 2019 5. Prepare a statement of retained earnings for the three months ended December 31, 2019 6. Prepare a balance sheet as of December 31, 2019. 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, 2019 Complete this question by entering your answers in the tabs below