How do I record the current entry? Prepare adjusting entries to reflect a through 7.first account field.)2View transaction listJournal entry worksheet<1Transaction- d.F22Note: Enter debits before credits.Record entry#3380F3SA4The computer system, acquired on October 1, is expected to have a four-yearlife with no salvage value.$4身5General JournalClear entryF46o ent< Required 1%5LOis reqF5< Prev***********< CDebit6d lianIsaction/event, selectView general journal1 of 1CreditRequired 2B >MacBook AirF6&7NextA>F7▷8 cesN:6: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 $500 cash for minor repairs to the company's computer.December 4 Received $3,950 cash from Alex's Engineering Company for the receivable from November.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 Business Solutions's bid of $7,000 on a proposed project hasbeen accepted. Alex's paid a $1,500 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 $5,625 cash.December 22-26 Took the week off for the holidays.December 28 Received $3,000 cash from Gomez Company on its receivable.December 29 Reimbursed S. Rey for business automabile mileage (600 miles at $0.32 per mile).December 31 Paid $1,500 cash for dividends.The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for thecompany'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 $125 per day.d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.f. Three of the four months' prepaid rent have expired.Required:1. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger.2-a. Prepare adjusting entries to reflect a through f.2-b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger.3. Prepare an adjusted trial balance as of December 31, 2021.4. Prepare an income statement for the three months ended December 31, 2021.5. Prepare a statement of retained earnings for the three months ended December 31, 2021.6. Prepare a classified balance sheet as of December 31, 2021.7. Record the necessary closing entries as of December 31, 2021.8. Prepare a post-closing trial balance as of December 31, 2021.F2WS2396480F3XEDCF4$RF%5>OF5TK < PrevG61 of 1BMacBook AirY&7☐☐☐HF7NextUN* 00(9C8DIIF8JMKF9O0LF10LP

A correct journal entry is required for every transaction be it a normal entry or an adjusting…

Answered: How do I record the current entry?

How do I record the current entry?

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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