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1-Dec Began business by depositing $7500 in a bank account in the name of the company in exchange for 750 shares of $10 per share
1-Dec | Began business by depositing $7500 in a bank account in the name of the company in exchange for | ||||||||||||
750 shares of $10 per share common stock. | |||||||||||||
1-Dec | Paid the rent for the current month, $1150 . | ||||||||||||
1-Dec | Paid the premium on a one-year insurance policy, $1080 . | ||||||||||||
1-Dec | Purchased Equipment for $4200 cash. | ||||||||||||
5-Dec | Purchased office supplies from XYZ Company on account, $300 . | ||||||||||||
15-Dec | Provided services to customers for $8000 cash. | ||||||||||||
16-Dec | Provided service to customers ABC Inc. on account, $6400 . | ||||||||||||
21-Dec | Received $2800 cash from ABC Inc., customer on account. | ||||||||||||
23-Dec | Paid $170 to XYZ company for supplies purchased on account on December 5 . | ||||||||||||
28-Dec | Paid wages for the period December 1 through December 28, $4480 . | ||||||||||||
30-Dec | Declared and paid dividend to stockholders $200 . |
31-Dec | One months insurance has been used by the company $90. | ||||||||||||
31-Dec | The remaining inventory of unused office supplies is $90. | ||||||||||||
31-Dec | The estimated depreciation on equipment is $70. | ||||||||||||
31-Dec | Wages incurred from December 29 to December 31 but not yet paid or recorded total $480. |
Prepare the adjusted trial balance under the Adjusted Trial Balance tab as of December 31 | |||||||||||||
Provide the following accounts balances from the Adjusted Trial Balance: | |||||||||||||
Cash | |||||||||||||
Accounts Receivable | |||||||||||||
Supplies | |||||||||||||
Prepaid Insurance | |||||||||||||
Equipment | |||||||||||||
Accumulated Depreciation | |||||||||||||
Accounts Payable | |||||||||||||
Wages Payable | |||||||||||||
Common Stock | |||||||||||||
Retained Earnings | |||||||||||||
#8. | Prepare Income Statement, Statement of Stockholders Equity, and Classified Balance Sheet under the Financial Statements tab for the month ended December 31, 20XX in the excel template file "Accounting Cycle Excel Template.xlsx". | ||||||||||||
Provide the following amount from the Income Statement: | |||||||||||||
Service Revenue | |||||||||||||
Depreciation Expense | |||||||||||||
Wages Expense | |||||||||||||
Supplies Expense | |||||||||||||
Rent Expense | |||||||||||||
Insurance Expense | |||||||||||||
Net Income | |||||||||||||
Provide the following account balance from the Statement of Stockholders' Equity: | |||||||||||||
Dividends | |||||||||||||
Provide the following account balances from the Balance Sheet: | |||||||||||||
Current Assets | |||||||||||||
Long-Term Assets | |||||||||||||
Total Liabilities | |||||||||||||
Total Stockholders Equity | |||||||||||||
Cash | |||||||||||||
#9. | Record the closing entries under the General Journal tab. | ||||||||||||
#10. | Post all of the closing entries to the T-accounts under the T-Accounts tab. Compute the balance for each T-account after all of the closing entries have been posted. |
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