Serial Problem Business Solutions LO P1, P2, P3, P4, PS, P6 301 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 to Account the Debit Credit 102 Cash 538,664 106 Accounts receivable 12,918 326 Computer supplies 2,665 128 Prepaid insurance 2,220 131 Prepaid rent 3.100 163 Officequipment 3.100 160 decumulated depreciation office equipment $ 162 Computer equipment 23,200 Accumulated depreciation Computer equipment Accounts payable 210 was payable 2:36 Unearned computer services revenue 102 Connon stock 38 69,000 Tetained earnings o Dividende 6,200 403 Computer services revenue 12 Depreciation expense-office equipment Depreciation expense Computer equipent 0 623 Waces expehise 012 Insurance expense Rent expose 0 Computer supplies expense Advertint expense 1,68 676 Milway expense 094 Miscellaneous expenses 230 Flopaits expense-Computer 305 Totais $102,914 $102,914 0 Business Solutions had the following transactions and events in December 2019, Business Solutions had the following transactions and events in December 2019, Dec 2 Paid $960 cash to Hillside Hall for Business Solutions share of all advertising costs 3 Paid $480 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 $100 per day 14 Notified by Alex's Engineering Co that Business Solutions bid of $7,400 on proposed project has been accepted. Alex's paid a $1.800 cash advance to Business Solutions 15 Purchased $1,400 of computer supplies on credit from Harris Office Products 16 Sent a reninder to Gone Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,675 cash 22- Took the week off for the holidays Received $3,100 cash tron Gomez Co. on its receivablu. 29 Reimbursed S Rey for business automobile mileage (100 miles at 59,28 per mile) 31 The conpany paid $1,000 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 $100 per day d. The computer system, acqulied on October 1. is expected to have a four year life with no salvage value e. The office equipment acquired on October 1, we 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-o. 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 21. 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. Beg 2 Reg 20 Rg Reg 4 Res Red Reo Req Prepare an adjusted trial balance as of December 31, 2019 BUSINESS SOLUTIONS Adjustad Talalance December 31, 2019 Account Title Credit Debit 50.43 $ Aretha