November 30, 2011, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2011) follows. No.Account Title Debit Credit101 Cash$ 38,664 106 Accounts receivable 13,418 126 Computer supplies 2,645 128 Prepaid insurance 2,100 131 Prepaid rent 3,240 163 Office equipment 8,800 164 Accumulated depreciation?Office equipment $0 167 Computer equipment 21,200 168 Accumulated depreciation?Computer equipment 0 201 Accounts payable 0 210 Wages payable 0 236 Unearned computer services revenue 0 301 Common stock 63,000 Retained earnings 0 302 Dividends 5,700 403 Computer services revenue 38,524 612 Depreciation expense?Office equipment 0 613 Depreciation expense?Computer equipment 0 623 Wages expense 2,550 637 Insurance expense 0 640 Rent expense 0 652 Computer supplies expense 0 655 Advertising expense 1,638 676 Mileage expense 624 677 Miscellaneous expenses 180 684 Repairs expense?Computer 765 Totals$ 101,524 $ 101,524 Business Solutions had the following transactions and events in December 2011.Dec.2 Paid $1,025 cash to Hillside Mall for Business Solutions? 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 November. 10 Paid cash to Lyn Addie for six days of work at the rate of $110 per day. 14 Notified by Alex's Engineering Co. that Business Solutions? bid of $7,300 on a proposed project has been accepted. Alex?s paid a $2,500 cash advance to Business Solutions. 15 Purchased $1,900 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 $6,075 cash. 22?26 Took the week off for the holidays. 28 Received $3,500 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (400 miles at $0.23 per mile). 31 The business 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 $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 $110 per day.d.The company's computer is expected to have a four-year life with no salvage value.e.The office equipment is expected to have a five-year life with no salvage value.f.Three of the four months' prepaid rent has expired. 3.Prepare an adjusted trial balance as of December 31, 2011. (The items in the Trial Balance should be grouped as follows: Assets and Liabilities (in order of their liquidity) then Equity, Revenues, and Expenses. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) BUSINESS SOLUTIONSAdjusted Trial BalanceDecember 31, 2011 Debit Credit $ $ Totals$ $ 4.Prepare an income statement for the three months ended December 31, 2011. (Input all amounts as positive values. Omit the "$" sign in your response.) BUSINESS SOLUTIONSIncome StatementFor Three Months Ended December 31, 2011 Debit Credit Revenue $ Expenses $ Total expenses $ 5.Prepare a statement of owner?s equity for the three months ended December 31, 2011. (Input all amounts as positive values. Omit the "$" sign in your response.) BUSINESS SOLUTIONSStatement of Owner's EquityFor Three Months Ended December 31, 2011 $ $ 6.Prepare a balance sheet as of December 31, 2011. (Be sure to list the assets and liabilities in order of their liquidity. Amounts to be deducted should be indicated with minus sign. Omit the "$" sign in your response.) BUSINESS SOLUTIONSBalance SheetDecember 31, 2011 Assets $ $ Total Assets $ Liabilities $ Total Liabilities Equity Total equity Total Liabilities and Equity $ 7.Record and post the necessary closing entries for Business Solutions. (Omit the "$" sign in your response.) DateGeneral JournalDebitCredit Dec. 31, 2011 Dec. 31, 2011 Dec. 31, 2011 Dec. 31, 2011 8.Prepare a post-closing trial balance as of December 31, 2011. (The items in the Trial Balance should be grouped as follows: Assets and Liabilities (in order of their liquidity) then Equity, Revenues, and Expenses. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) BUSINESS SOLUTIONSPost-Closing Trial BalanceDecember 31, 2011 Debit Credit $ $ Totals$ $
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