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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 transactions and events in December 2021 . Decenber 2. Paid $1,000 cash to Hillside Mal1-for Buninesi Solutions"s uhare of mal1 advertising costs. December 3 Paid $470 cash for minor repairi to the conpany a compater. December 4 . Received 54,850 caah froa Nlex a Englneezing Conpany tof the roceivable fros Movenber. December 10 paid cash co byn hddie tor mix days of work at the rate of s120 per day. been accepted. Nlex' in paid a 51,700 eanh advance to Auanesa Solutiona. becerber 15 Purchased $2,000 of couputer supplies on credit froe Harris Otfied Products. becember 16 Sent a reininder to Comez Company to pay the tee for mervicea recorded on Novenber b. becember 20 Completed a project for Liu corporation and received 56,275 cash. December 2226. Took the week off for the holidaym . December 28 Received 53,600 cash from Comez Company on its zeceivable. December 29 . Reimburded 5. Rey for business automobile mileage (400 ati.n at 50,22. per aile). Docember 31 . Fald $1,200 canh for 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 $660 still avallable. 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 saivage 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 explred. Required: 1. Prepare journal entries to record 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 transoctions, adjusting entries to the accounts in the ledger. 3. Prepare an adjusted trial balance as of December 31, 2021. 4. Prepare an income statement for the three monthis ended December 31, 2021. 5. Prepare a 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 joumal entries to record each of the December transactions. Post those entries to the accounts in the ledger. (If no entry required for a transaction/event, select "No joumat entry required" in the first account field.) Required 2A? Record the necessary closing entries as of December 31, 2021. Prepare a post-closing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger. 623. Wages Expense E40: Rent Expense Date $$\text{Unknown environment 'tabular'}$$ $$\text{Unknown environment 'tabular'}$$ $$\text{Unknown environment 'tabular'}$$ $$\text{Unknown environment 'tabular'}$$

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