Saved Chapter 3 Homework 5 a. The December 31 inventory count of computer supplies shows $580 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. 50 points 02. 4750 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 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, 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 Print References Complete this question by entering your answers in the tabs below. Reg 28 Req 4 Regs Reg 6 Red 7 Req Reg 1 Reg 2 Req3 Prepare adjusting entries to reflect a through f. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit

5 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 Credit 50 pones No. 101 105 126 128 131 17,615 3,545 3,20 3,00 8.000 out 20,000 164 167 10 201 210 307 ebook Account Title Cash Accounts receivable Computer supplies Prepaid Insurance Prepaid rent Office equipment Accumulated depreciation office equipment Computer Accumulated depreciation Computer equipment Accounts payable wage payable Unearned computer services revenue common stock Retained earnings Dividends Computer Services revenue Depreciation expense-office equipment Depreciation expense-Computer equipment wages expense Insurance expense Rent expense Computer wlies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-computer Totals Print 5,600 25,659 13 640 655 679 1,728 Business Solutions had the following transactions and events in December 2019 Dec. ? Pald 51,02cash to ideal for Business Solutions’ share of wil vertising costs. 4 Received 53,950 Cash from Alex’s Engineering Co. for the receivable from November 10 Paid cash to Lyn Addle for six days of work at the rate of $125 per day. 14 Notified by Alex’s Engineering Co that business Solutions bid of $2,600 on proposed project has been accepted. Alex’s as paid $1.so.cash voce to Business Solutions, Purchased $1,100 of computer supplies on credit from Harris Office Products. 16 Sent reminder to Gomez co to pay the fee for services recorded on November 8. 20 Completed project for Liu Corporation and received $5,625 cash. 22-26 Took the week off for the holidays. 28 Received $3,000 cash from Gomez Co. on its receivable. Reimbursed S. Rey for business automobile mileage (600 miles et 50.32 per elle). 31 $. 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 $580 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 1. 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. Prepare adjusting entries to reflect a thought 2.b. Post the journal entries to record each of the December transactions from Requirement and adjusting entries from Requirement ZA 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.