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NO 2,545 Aner the success of the company's first two months Santana Rey continues to operate Business Solutions. The November 30, 2020 nausted trial balance of Business Solutions reflecting its transactions for October and November of 2020 follows Account Title Debit Credit 101 Cash $ 38,364 106 Accounts receivable 12,718 126 Computer supplies 128 Prepaid insurance 2,160 131 Prepaid rent 3,000 163 office equipment 8,900 Accumulated depreciation 164 office equipment 167 Computer equipment 20,800 168 Accumulated depreciation Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services 0 revenue 307 Cosson stock 318 Retained earnings 0 319 Dividends 6,000 403 Computer services revenue 31,369 612 Depreciation expense-office equipment 613 Depreciation expense- Computer equipment 623 Wages expense 2.525 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 1,728 676 Mileage expense 644 677 Miscellaneous expenses 240 684 Repairs expense-Computer 745 Totals $100, 369 $100,369 69,000 Business Solutions had the following transactions and events in December 2020 Dec. 2 Paid $950 cash to Hillside Malt for Business Solutions's share of mall advertising costs. 3 Paid $450 cash for minor repairs to the company's computer. 4 Received $4,850 cash from Alex's Engineering Co. for the receivable from 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's bid of $7,300 on proposed project has been accepted. Alex's paid a $1,600 cash advance to Business Solutions. 15 Purchased $1,400 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 a project for Liu Corporation and received $6,475 cash. 22- Took the week off for the holidays. 26 28 Received $3,500 cash from Gonez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (500 miles at $0.22 per mile). 31 The company paid $1,400 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. The December 31 inventory count of computer supplies shows 5670 still available Three months have expired since the 12-month insurance premium was paid in advance. 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 is expected to have a four-year life with no salvage value The office equipment, acquired on October 1 is expected to have a five your life with no salvage value 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 Prev The following additional facts are coifected 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 $670 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 $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 t. 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. 2-6. Post the journal entries to record each of the December transactions from Requirement and adjusting entries from Requirement 2A. After completing Requirement 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 S. Prepare a statement of retained eamings for the three months ended 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, Complete this question by entering your answers in the tabs below. Reg 6 Req 7 Req8 Req 1 Req 2A Req 28 Reg 3 Req 4 Reg 5 Prepare a balance sheet as of December 31, 2020. BUSINESS SOLUTIONS Balance Sheet December 31, 2020 Assets Total Assets Liabilities Total Liabilities Equity Total equity Total Liabilities and Equity 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 f. 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. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Reg 3 Req 4 Reg 5 Reg 6 Req 7 Req8 Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 28. View transaction list Journal entry worksheet 1 2 3 4 > Record the closure of revenue account(s). Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit Record entry View general journal Clear entry a. The December 31 inventory count of computer supplies shows $670 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 ent 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 genera in Requirement 28. 8. Prepare a post-closing trial balance as of December 31, 2020. Complete this question by entering your answers in the tabs below. Req 1 Req ZA Reg 28 Req 3 Req 4 Req 5 Req 6 Reg7 Req 8 Prepare a post-closing trial balance as of December 31, 2020. BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2020 Debit Credit Cash 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 earings Totals

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