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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. December 2 Paid $1,025 cash to Hillside Mall for Business Solutions's share of mall advertising costs. December 3 Paid $450 cash for minor repairs to the conpany's computer. December 4 Received $4,550 cash from Alex's Engineering Company for the receivable from Noveaber. December 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. December 14 Notified by Alex's Engineering Company that Busines5 Solutions's bid of $7,800 on a proposed project has been accepted. Atex's paid a $2,300 cash advance to Business Solutions. December 15 Purchased $1,100 of computer supplies on credit from Harris office Products. December 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8 . December 20 Completed a project for Liu Corporation and received $6,125 cash. December 22-26 Took the week off for the holidays. December 28 Received $3,100 cash from Gomez Company on its receivable. December 29 Reimbursed S. Rey for business automobile mileage (600 miles at 50.26 per mile). December 31 Paid $1,100 cash 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 $640 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 $125 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. 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 balance as of December 31, 2021. 4. Prepare an income statement for the three months 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 journal entries to record each of the December transactions. Post those entries to the accounts in the ledger. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. Journal entry worksheet Paid $1,025 cash to Hillside Mall for Business Solutions's share of mall advertising costs. Note: Enter debits before credits. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account Journal entry worksheet 567811> Paid $450 cash for minor repairs to the company's computer. Note: Enter debits before credits. Prepare journal entries to record each of the December transactions. Post those entries to the accounts Note: If no entry is required for a transaction or event, select "No journal entry required" in the first acco Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record each of the December transactions. Post those entries to the ac Note: If no entry is required for a transaction or event, select "No journal entry required" in the Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record each of the December transactions. Post those entries to the acc Note: If no entry is required for a transaction or event, select "No journal entry required" in the f Journal entry worksheet 67 11 Notified by Alex's Engineering Company that Business Solutions's bid of $7,800 on a proposed project has been accepted. Alex's paid a $2,300 cash advance to Business Solutions. Note: Enter debits before credits. Prepare journal entries to record each of the December transactions. Post those entries to the acc Note: If no entry is required for a transaction or event, select "No journal entry required" in the Journal entry worksheet Purchased $1,100 of computer supplies on credit from Harris Office Products. Note: Enter debits before credits. Prepare journal entries to record each of the December transactions. Post those entries to the ac Note: If no entry is required for a transaction or event, select "No journal entry required" in the Journal entry worksheet 1 11 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8 . Note: Enter debits before credits. Prepare journal entries to record each of the December transactions. Post those entries to the Note: If no entry is required for a transaction or event, select "No journal entry required" in the Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record each of the December transactions. Post those entries to the account Note: If no entry is required for a transaction or event, select "No journal entry required" in the first a Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record each of the December transactions. Post those entries to the Note: If no entry is required for a transaction or event, select "No journal entry required" in the Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record each of the December transactions. Post those entries to the accou Note: If no entry is required for a transaction or event, select "No journal entry required" in the first Journal entry worksheet Note: Enter debits before credits. Prepare adjusting entries to reflect a through f. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account fi Journal entry worksheet 6 The December 31 inventory count of computer supplies shows $640 still available. Note: Enter debits before credits. Prepare adjusting entries to reflect a through f. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first accou Journal entry worksheet Three months have expired since the 12 -month insurance premium was paid in advance. Note: Enter debits before credits. Prepare adjusting entries to reflect a through f. Note: If no entry is required for a transaction or event, select "No journal entry required" in the Journal entry worksheet 4 As of December 31, Lyn Addie has not been paid for four days of work at $125 per day. Note: Enter debits before credits. Prepare adjusting entries to reflect a through f. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first accour Journal entry worksheet Note: Enter debits before credits. repare adjusting entries to reflect a through f. Note: If no entry is required for a transaction or event, select "No journal entry required" in the Journal entry worksheet The office equipment, acquired on October 1 , is expected to have a five-year life with no salvage value. Note: Enter debits before credits. Prepare adjusting entries to reflect a through f. Note: If no entry is required for a transaction or event, select "No journal entry required" in the firs Journal entry worksheet 4 Three of the four months' prepaid rent have expired. Note: Enter debits before credits. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger \begin{tabular}{|c|c|c|r|} \hline \multicolumn{3}{|c|}{ 677: Miscellaneous Expense } \\ \hline Date & Debit & Credit & \multicolumn{1}{|c|}{ Balance } \\ \hline December 01 & & & \\ \hline & & & \\ \hline & & & \\ \hline & & \\ \hline \end{tabular} 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. Record the necessary closing entries as of December 31, 2021. Journal entry worksheet Record the entry to close the expense account(s). Note: Enter debits before credits. Record the necessary closing entries as of December 31,2021 . Journal entry worksheet Record the entry to close the Income summary account. Note: Enter debits before credits. Record the necessary closing entries as of December 31,2021 . Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Prepare a post-closing trial balance as of December 31,2021

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