16: FOR HAR Total equi received C 2,0 ents, C1 000, January credit ceived C1,0 Cheet month account of the Exercise II Accounting Cycle The Accounting Cycle - Problem Set ABC Company Ltd. Balance Sheet on Nov. 30, 2014 Equities Assets Equipment Office Supplies Inventory Accounts Receivable Cash, Bank Total assets 6 000 1 000 1 000 8 600 16 600 Paid-in Capital Retained Earnings Tax payable Accounts payable Total equities 5 000 6. Paid salaries to employees of 2,000 for December. 7. Paid outstanding tax 1 000 8. Paid creditors 2,800. 9. The cost of office supplies used during December is 450. 10. Depreciation of equipment for December amounts to 150. 3 600 1 000 - 7 000 Summary of transactions during December: 1. Performed consulting services, for which we received 2,000 cash immediately. 2. Received an invoice for a series of advertisements, 600, that appeared in the local news during December and will be paid in January. 16 600 3. Performed additional consulting work, 2 500 on credit. 4. Issued a check for 800 for rent of shop space for December. 5. Performed advertisement services, for which we received 1,000 cash immediately. Required: a) Prepare the opening journal entry on Dec. 1, 2014. 10.) for the month of b) Prepare the journal entries for the transactions (1. December and post them to the T-accounts, opening additional T-accounts for accounts as needed. Cross-reference the entries using the numbers of the transactions above. c) Prepare a trial balance. d) Prepare the adjusting journal entries and record them at the end of December in the T-accounts as well as in the trial balance. e) Prepare the closing entries for the temporary accounts and the Income Statement. f) Prepare the closing entries for the permanent accounts and the Balance Sheet as of Dec. 31, 2014. S 160 200 immediat ppeared je will re provided nvoice v mber to for th 00. s for Avan nt fo Cre OF

The Accountina Cvele - Problam Ent and Summaty af transactuons during Docembert 1. Perforimed considung services, for which we received 2,000 cash imimedrately 1. Perforithed consia yng stivices, for what ne received 2,000 cast iminediately local news durng pecember and wet be Desd an Jarmary, 3. Ferfenmed add tienal eoneulting wark, c.200 co eredit. 5. Berfonmed ackertisentent services, for which we received C.1,000cash imimectiatelyi 6. Pad salaries to employees of c 2,000 for December. 7. Paid outstanding tax C d cot 8. Paid cresitori 2,600 8. Faid cretitori 62,600 The cost of office supplies used during Decesinber is E450, 10. Depredation of equipment for Decermber amounts to 6.150 Fequired: a) Prepare the opeaing jourat entry on Dec. 1,2014 . b). Frepare the joumal entries for the transactions (1, - 10.) for the month of December and post them to the T-accounts, opening additional T-acoounts for tronsactions above. c) Pregare a trioltratence. d) Prepare the adjisting jourfial cntries and record them ot the end of Decernber in the T-accounts as well as in thet trial balance. e) Prepere the clgsing entres for the temporary accaunts and the Income Statement. i) Prefare the cosing entries for the permand actounts and the dasance Sheet as of Doc, 31, 2014