1. Opening balances. The opening balances for select accounts are provided in the appropriate ledger accounts. 2. Record the following transactions in the journal and post to the ledger: 12/02/xx-Purchased 10 Units of Software on Account for $1,300 12/02/xox- Paid employees Salaries owed 12/02/xx- Provided Accounting Service on Account, $3,200 12/05/xx- Purchased Computer Equipment on Account, $4,800 Note: The equipment has an estimated useful life of 4 years, residual value of $50 and uses the DDB method. salaries owed andal 12/08/>o- Purchased Supplies for $800 cash 12/10/xx-Received $3,000 payment on account 12/11/xx-Sold 15 units of Inventory on Account, $4,500 Note: This transaction requires two journal entries. The first entry should deal with the cal therandchant Health in 12/08/xx- Purchased Supplies for $800 cash 12/10/xx- Received $3,000 payment on account 12/11/xx-Sold 15 units of Inventory on Account, $4,500 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/11/xx- Made payment on Account, $1,000 12/12/xx- Purchased 20 units of Inventory on Account $2.400 12/14/xx- Received a bill for Advertising and paid it, $250 12/15/xx- Provided Accounting service for Cash, $8,000 12/16/xx- Paid employees salary for Dec. 1-15 12/17/xx- Provided Accounting Service on Account, $6,000 12/19/xx-Sold 10 units of Inventory on Account, $3,000 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/22/xx- Received $2,500 payment on Account 12/23/xx- Made payment on Account, $2,500 12/24/xx- Received and paid monthly Utility bills, $850 12/27/xx-Received $2,000 cash in advance for accounting services 12/29/xx- Provided Accounting Service for Cash, $5,000 12/30/xx- Issued 1,000 shares of Common Stock at $15 per share 12/31/xx-Declared dividends of $1.50 to outstanding shareholders as of 12/31/xx. Note: Be sure to debit retained earnings and credit dividends payable. 3. Prepare a trial balance to verify that total debits equal total credits. 4. Record the following adjustments in the journal and in the trial balance. DO NOT post the adjusting entries to the ledger. Instead, post them directly as adjustments to the trial balance. 1 1 1 / Cmninunor renfornar 1631 12/29/xx- Provided Accounting Service for Cash, $5,000 12/30/xx- Issued 1,000 shares of Common Stock at $15 per share 12/31/xx- Declared dividends of $1.50 to outstanding shareholders as of 12/31/xx. Note: Be sure to debit retained earnings and credit dividends payable. 3. Prepare a trial balance to verify that total debits equal total credits. 4. Record the following adjustments in the journal and in the trial balance, DO NOT post the adjusting entries to the ledger. Instead, post them directly as adjustments to the trial balance. 12/31/xx- Employees salary for Dec. 16-31 12/31/xx- Depreciation on Building, use SL method (calculate for entire year) 12/31/xx-Depreciation on Furnishings, use DDB method (calculate for entire year) 12/31/xx-Depreciation on Computer Equipment, use DDB method (calculate for one month) 12/31/xx- Supplies on hand equal $1,625 12/31/xx- Inventory count shows 33 units, some damaged units were disposed of during the month 12/31/xx- $500 of advance payment was earned in December 12/31/xoc- Uncollectible Account expense for December 5. Prepare an Adjusted trial balance to verify debits equal credits at the end of the month 6. Prepare the 3 main financial statements for the year ending December 31, 20xx. 1 HAMPTON ACCOUNTING SERVICE INC. 2 Income Statement 3 For the Year Ending December 31, 2020 5 Service Revenue 6 Sales Revenue 7 Net Revenue 8 Cost of Goods Sold 9 Gross Profit 10 Operating Expenses 11 Advertising Expense 12 Depreciation Expense 13 Repairs & Maintenance 14 Supplies Expense 15 Uncollectible Accts Expense 16 Utilities Expense 17 Salary Expense 18 Total Operating Expense 19 Net Income 20 Assets Current: Cash Accounts Receivable Less: Allowance for Unc. Accounts [enter here! [enter here] Total Current Assets 16 Long-Term: [enter here] lenter here) (enter here) [enter here) [enter here) Center here] Total long-term Assets 24 Total Assets 26 Liabilities 27 Current: Accounts Payable (enter here) Center here! Chart of Accounts Journal Ledger TrialBalance income Stmt Simt of RE Balance - X $ - . [enter here] [enter here] [enter here] [enter here] [enter here] [enter here] Total Long-term Assets Total Assets mo Liabilities Current: Accounts Payable [enter here] [enter here] lenter here) Total Current Liabilities 33 Stockholders Equity Center here) Additional Paid in Capital 36 Retained Earnings 37 Total Liabilities & Stockholders Equity YES, Total Assets = Total Liabilities + Stockholders Equity