How do I record the current transaction? 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 first account field.)View transaction list2Journal entry worksheet1 AmThree months have expired since the 12-month insurance premium was paidin advance.Note: Enter debits before credits.Transactionb.F214/Record entry#380F33U4SA45General JournalClear entryF4D6< Required 1%5LO오F5< Prev***********H< CDebit6View general journalCreditRequired 2B >1 of 1MacBook AirF67&7event, select "NoF7JNext >=DII8F8

Name: How do I record the current transaction? cesN:6:Business Solutions had
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Description: How do I record the current transaction? 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 c

A basic journal entry in accounting merely debits and credits one account. Simple diary entries are…

Business

Accounting

View transaction list Journal entry worksheet 1 3 Note: Enter debits before credits. Transaction b. Record entry 4 Three months have expired since the 12-month insurance premium was paid in advance. 5 General Journal 6 Clear entry Debit Credit View general journal