Serial Problem Business Solutions LO P1, P2, P3, P4, P5, P6 $ @ @ 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. No. Account Title Debit Credit 101 Cash $ 39,164 106 Accounts receivable 12,618 126 Computer supplies 2,545 128 Prepaid insurance 2,1ee 131 Prepaid rent 3,300 163 Office equipment 8, eee Accumulated depreciation-office 164 equipment 167 Computer equipment 21,280 Accumulated depreciation-Computer 168 equipment 201 Accounts payable 21e Wages payable 236 Unearned computer services revenue 307 Common stock 70, eee 318 Retained earnings 319 Dividends 5,689 403 Computer services revenue 30, 234 612 Depreciation expense-Office equipment 613 Depreciation expense-Computer @ equipment 623 Wages expense 2,350 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 1,698 Mileage expense 694 677 Miscellaneous expenses 240 684 Repairs expense-Computer 725 Totals $180,234 $180,234 676 Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $1,e2e 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 $4,650 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 $11e per day. 14 Notified by Alex's Engineering Co. that Business Solutions bid of $7,708 on a proposed project has been accepted. Alex's paid a $1,800 cash advance to Business Solutions. 15 Purchased $1,680 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. 2e Completed a project for Liu Corporation and received $6,275 cash. 22- Took the week off for the holidays. 26 28 Received $3,700 cash from Gomez Co. on its receivable. 29 Reimbursed . Rey for business automobile mileage (580 miles at $0.23 per mile). 31 The company paid $1,eee cash in dividends. The following additional fects 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 $620 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 $110 per day. d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage volue. e. The office equipment, ecquired on October 1, is expected to have a five-year life with no salvege 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 through f 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 $620 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 $110 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 o through f. 2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 24. 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. Reg 1 Reg 2A Reg 2B Reg 3 Req4 Reg 5 Reg 6 Reg 7 Reqs Prepare adjusting entries to reflect a through f. View transaction list View journal entry worksheet No Transaction Debit Credit 1 a General Journal Computer supplies expense Computer supplies NO 2 b. Insurance expense Prepaid insurance 07 C. Wages expense Wages payable Depreciation expense-Computer equipment Accumulated depreciation Computer equipment 5 Depreciation expense-Office equipment Accumulated depreciation Office equipment B f. Rent expense Prepaid rent