SP 3 Serial Problem Business Solutions (Algo) 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, 2021, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2021) follows. Business Solutions had the following transoctions and events in December 2021. Docember 2 paid $925 cash to Hillside Mall for Dusiness Solutions'a nhare of mal1 advertising costo. December 3 Paid $490 cash for minor repalrs to the company's computer. December 4 Received $4,950 cash from Alex's Engineering Company for the receivable from November. December 10 Paid cash to tyn Addie for six days of work at the rate of'\$115 per day. December 14 Notified by Alox'n Engineering Company that Business solutions's bid of $7,300 on a proposed project. has been accepted. Alex's paid a $1,600 eash advance to Business solutions. Decomber 15 Purchased $1,600 of computer supplies on credit fron llarris office Prodacta. December 16 Sent a reminder to Gomez Company to pay the fee for services recorded on Novenber 8. December 20 Completed a project for. Iid Corporation and received $6,375 oash. December 2226 Took the veek of f for the holidays. December 29 Received $3,700 cash from Gorez Company on its rocelvable. December 31 Raidbursed 8 . Rey for business automobile mileage (500 nifen at $0.26 per mile). 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 Addle has not been paid for four days of work at $115 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 month' prepaid rent have expired. Required: 1. Prepare journal entries to recrd each of the December transactions. Post those entries to the accounts in the ledger. 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 batance as of December 31,2021. 4. Prepare on income statement for the three months ended December 31,2021. 5. Prepare o statement of retained earnings for the three months ended December 31, 2021. 6. Prepare a classified balance sheet as of December 31,2021. 7. Record the necessary closing entries as of December 31,2021. 8. Prepare a post-closing trial balance as of December 31,2021. Complete this question by entering your answers in the tabs below. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Paid $925 cash to Hillside Mall for Business Solutions's share of mall advertising costs. Note: Enter debits before credits. Prepare adjusting entries to reflect a through f. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) Journal entry worksheet 2 (4.) (5) 6 > The December 31 inventory count of computer supplies shows $590 still available. Note: Enter debits before credits. Post the joumal entries to record each of the December transactions, adjusting entries to the accounts in the ledger. Prepare an adjusted trial balance as of December 31,2021. Prepare an income statement for the three months ended December 31.2021 . Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the three months ended December 31,2021. Prepare a classified balance sheet as of December 31,2021. Record the necessary closing entries as of December 31,2021. Journal entry worksheet Record the entry to close the revenue account(s). Note: Enter debits before credits, Prepare a post-closing trial balance as of December 31, 2021