Reference no: EM13546450
After the success of the company's first two months, Santana Rey continues to operate Business Solutions.
The following 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.
f. Three of the four months' prepaid rent has expired.
Required
1. Prepare journal entries to record each of the December transactions and events for Business Solutions. Post those entries to the accounts in the ledger.
2. Prepare adjusting entries to reflect a through f. Post those entries to the accounts in the ledger.
3. Prepare an adjusted trial balance as of December 31, 2011.
4. Prepare an income statement for the three months ended December 31, 2011.
5. Prepare a statement of retained earnings for the three months ended December 31, 2011.
6. Prepare a balance sheet as of December 31, 2011.
7. Record and post the necessary closing entries for Business Solutions.
8. Prepare a post-closing trial balance as of December 31, 2011.
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