Sub parts to be solved: 2A, 3, 4, 5, 6, 7, 8 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 $125 per day.d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.f. Three of the four months' prepaid rent have expired.Required:1. Prepare journal entries to record each of the December transactions and events for Business Solutions.2-a. Prepare adjusting entries to reflect a through f.2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement2A. After completing Requirement 7, post the closing entries to the general ledger accounts.3. Prepare an adjusted trial balance as of December 31, 2019.4. Prepare an income statement for the three months ended December 31, 2019.5. Prepare a statement of retained earnings for the three months ended December 31, 2019.6. Prepare a balance sheet as of December 31, 2019.7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger inRequirement 2B.8. Prepare a post-closing trial balance as of December 31, 2019. After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019,unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2019) follows.No.Account TitleDebitCredit$ 38,264CashAccounts receivable10112,6182,5452,2203,3008,000$420,000106Computer suppliesPrepaid insurancePrepaid rentOffice equipmentAccumulated depreciation-Office equipmentComputer equipmentAccumulated depreciation-Computer equipmentAccounts payableWages payableUnearned computer services revenueCommon stock12612813116316416716820121023630773,000318Retained earnings319Dividends5,600Computer services revenueDepreciation expense-Office equipmentDepreciation expense-Computer equipmentWages expenseInsurance expenseRent expenseComputer supplies expenseAdvertising expenseMileage expenseMiscellaneous expenses40325,6596126136232,6256376406526551,728676704677250684Repairs expense-Computer805Totals$ 98,659$98,659Business Solutions had the following transactions and events in December 2019.Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions' share of mall advertising costs.3 Paid $500 cash for minor repairs to the company's computer.4 Received $3,950 cash from Alex's Engineering Co. for the receivable from November.10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day.14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,000 on a proposed project has been accepted. Alex'spaid a $1,500 cash advance to Business Solutions.15 Purchased $1,100 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 $5,625 cash.22-26 Took the week off for the holidays.28 Received $3,000 cash from Gomez Co. on its receivable.29 Reimbursed S. Rey for business automobile mileage (600 miles at $o.32 per mile).31 The company paid $1,500 cash in dividends.

Journal entries are prepared to record the financial and non financial transactions of the business…

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. No. Account Title Debit Credit 101 Cash $ 38,264 12,618 2,545 2,220 3,300 8,000 106 Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment 126 128 131 163 Accumulated depreciation-Office equipment 164 Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock 167 20,000 168 201 210 236 307 73,000 318 Retained earnings 319 Dividends 5,600 403 Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses 25,659 612 613 623 2,625 637 640 652 655 1,728 676 704 677 250 684 Repairs expense-Computer 805 Totals $ 98,659 $98,659 Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions' share of mal1 advertising costs. 3 Paid $500 cash for minor repairs to the company's computer. 4 Received $3,950 cash from Alex's Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 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 $5,625 cash. 22-26 Took the week off for the holidays. 28 Received $3,000 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (600 miles at $o.32 per mile). 31 The company paid $1,500 cash in dividends.