Please help. It's incomplete, I've spent a long while trying to locate what I'm missing and need new eyes to check - attached.

After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. The November 30, 2021, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2021) follows.

Number Account Title Debit Credit
101 Cash $ 38,264
106 Accounts receivable 12,618
126 Computer supplies 2,545
128 Prepaid insurance 2,220
131 Prepaid rent 3,300
163 Office equipment 8,000
164 Accumulated depreciation—Office equipment $ 0
167 Computer equipment 20,000
168 Accumulated depreciation—Computer equipment 0
201 Accounts payable 0
210 Wages payable 0
236 Unearned computer services revenue 0
307 Common stock 73,000
318 Retained earnings 0
319 Dividends 5,600
403 Computer services revenue 25,659
612 Depreciation expense—Office equipment 0
613 Depreciation expense—Computer equipment 0
623 Wages expense 2,625
637 Insurance expense 0
640 Rent expense 0
652 Computer supplies expense 0
655 Advertising expense 1,728
676 Mileage expense 704
677 Miscellaneous expenses 250
684 Repairs expense—Computer 805
901 Income summary 0
Totals $ 98,659 $ 98,659
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 has been 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 automobile 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 the company’s first three months.

The December 31 inventory count of computer supplies shows $580 still available.
Three months have expired since the 12-month insurance premium was paid in advance.
As of December 31, Lyn Addie has not been paid for four days of work at $125 per day.
The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.
The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.
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.

chatGPT

1. Journal entries to record each of the December transactions:

a. December 2:

Advertising Expense 1,025

Cash 1,025

b. December 3:

Repairs Expense—Computer 500

Cash 500

c. December 4:

Cash 3,950

Accounts Receivable 3,950

d. December 10:

Wages Expense 750

Wages Payable 750

e. December 14:

Cash 1,500

Unearned Computer Services Revenue 1,500

f. December 15:

Computer Supplies 1,100

Accounts Payable 1,100

g. December 16:

Accounts Receivable 1,728

Advertising Expense 1,728

h. December 20:

Cash 5,625

Computer Services Revenue 5,625

i. December 28:

Cash 3,000

Accounts Receivable 3,000

j. December 29:

Mileage Expense 192

Cash 192

k. December 31:

Dividends 1,500

Cash 1,500

2-a. Adjusting entries to reflect a through f:

a. December 31:

Computer Supplies Expense 520

Computer Supplies 520

b. December 31:

Insurance Expense 185

Prepaid Insurance 185

c. December 31:

Wages Expense 500

Wages Payable 500

d. December 31:

Depreciation Expense—Computer 1,000

Accumulated Depreciation—Computer 1,000

e. December 31:

Depreciation Expense—Office 320

Accumulated Depreciation—Office 320

f. December 31:

Rent Expense 550

Prepaid Rent 550

2-b. Post the journal entries and adjusting entries to the accounts in the ledger:

General Ledger:

101 Cash

Date | Description | Debit | Credit | Balance

-------------------------------------------------------------------------------

Nov 30, 2021 | Opening Balance | | 38,264 | 38,264

Dec 2, 2021 | Advertising Expense | 1,025 | | 37,239

... | ... | ... | ... | ...

Dec 31, 2021 | Dividends | 1,500 | | 28,029

106 Accounts Receivable

Date | Description | Debit | Credit | Balance

-------------------------------------------------------------------------------

Nov 30, 2021 | Opening Balance | | 12,618 | 12,618

Dec 4, 2021 | Cash | 3,950 | | 16,568

... | ... | ... | ... | ...

Dec 31, 2021 | Advertising Expense | 1,728 | | 14,840

126 Computer Supplies

Date | Description | Debit | Credit | Balance

-------------------------------------------------------------------------------

Nov 30, 2021 | Opening Balance | | 2,545 | 2,545

Dec 15, 2021 | Accounts Payable | | 1,100 | 3,645

Dec 31, 2021 | Computer Supplies Expense | 520 | | 3

bardAI

Sure, I can help you with that. Here are the journal entries to record each of the December transactions:

**December 2**

```

Debit Credit

Advertising expense $1,025

Cash $1,025

```

**December 3**

```

Debit Credit

Repairs expense—Computer $500

Cash $500

```

**December 4**

```

Debit Credit

Cash $3,950

Accounts receivable $3,950

```

**December 10**

```

Debit Credit

Wages expense $750

Cash $750

```

**December 14**

```

Debit Credit

Unearned computer services revenue $1,500

Cash $1,500

Computer services revenue $7,000

Unearned computer services revenue $7,000

```

**December 15**

```

Debit Credit

Computer supplies $1,100

Accounts payable $1,100

```

**December 16**

```

Debit Credit

Accounts receivable $1,200

A/R—Gomez Company $1,200

```

**December 20**

```

Debit Credit

Cash $5,625

Computer services revenue $5,625

```

**December 28**

```

Debit Credit

Cash $3,000

Accounts receivable $3,000

```

**December 29**

```

Debit Credit

Mileage expense $192

Cash $192

```

**December 31**

```

Debit Credit

Dividends $1,500

Cash $1,500

```

**Adjusting Entries**

```

a. Depreciation expense—Computer equipment

$2,500

Accumulated depreciation—Computer equipment

$2,500

(To record depreciation on computer equipment for three months)

b. Depreciation expense—Office equipment

$1,600

Accumulated depreciation—Office equipment

$1,600

(To record depreciation on office equipment for three months)

c. Inventory of computer supplies

$1,965

Cost of goods sold

$580

(To record inventory of computer supplies on hand at December 31)

d. Insurance expense

$880

Prepaid insurance

$880

(To record expired insurance)

e. Wages expense

$500

Wages payable

$500

(To record accrued wages)

f. Rent expense

$900

Prepaid rent

$900

(To record expired rent)

```

**Posting to the Ledger**

The following are the ledger accounts after posting the journal entries and adjusting entries:

```

Account Name Debit Credit

Cash $52,889 $52,889

Accounts receivable $17,818 $19,018

Computer supplies $2,545 $1,965

Prepaid insurance $1,340 $880

Prepaid rent $2,400 $1,500

Office equipment $8,000 $10,400

Accumulated depreciation—Office equipment $1,600 $1,600

Computer equipment $20,000 $22,500

Accumulated depreciation—Computer equipment $2,500 $2,500

Accounts payable $0 $1,100

Wages payable $0 $500

Unearned computer services revenue $0 $0

Common stock $73,000 $73,000

Retained earnings $0 $1,225

Dividends $1,500 $1,500

Computer services revenue $38,285 $45,825

Wages expense $4,125 $4,625

Depreciation expense—Office equipment $1,600 $1,600

Depreciation expense—Computer equipment $2,500 $2,500

Insurance expense $880 $880

Mileage expense $192 $192

Miscellaneous expenses $250 $250

Repairs expense—Computer $500

Preparing the journal entries involves applying the principle of double-entry bookkeeping to each transaction and determining its impact on the accounting equation. Adjustments are made to reflect changes in accounts over the accounting period, and the resultant financial statements represent the company's financial standing. It requires a good understanding of the financial accounting principles.

This question concerns the process of recording and adjusting journal entries, preparing financial statements (including an income statement, a statement of retained earnings, and a classified balance sheet), and finally, creating a post-closing trial balance. These activities are part of financial accounting - a significant aspect of business administration. To solve this, you would have to systematically work through the provided transactions and apply the principles of double-entry bookkeeping, account for adjustments, and categorize accounts into balance sheet or income statement accounts.

Since you're dealing with Journal entries and Financial Statements, your task is to determine how each transaction affects the accounting equation (Assets = Liabilities + Equity). Whenever a transaction occurs, it impacts at least two accounts. For example, when Business Solutions received cash from one of its clients, it would increase (debit) the Cash account and decrease (credit) the Accounts Receivable account.

For the adjusting entries like inventory count, insurance premium, unpaid workdays, etc., the accounts affected need adjustments to represent the accurate value at the end of the accounting period. For example, the insurance needs adjusting with the expiration of three months since the 12-month premium payment.

The result of these steps will create a more accurate financial picture of the company as of December 31, 2021. Please note that a thorough understanding of financial accounting principles and complete access to the company's financial data is required to do this task.

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