1-Dec

Began business by depositing $8500 in a bank account in the name of the company in exchange for

850 shares of $10 per share common stock.

1-Dec

Paid the rent for the current month, $750 .

1-Dec

Paid the premium on a one-year insurance policy, $1080 .

1-Dec

Purchased Equipment for $4800 cash.

5-Dec

Purchased office supplies from XYZ Company on account, $300 .

15-Dec

Provided services to customers for $6400 cash.

16-Dec

Provided service to customers ABC Inc. on account, $4000 .

21-Dec

Received $2000 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 .

#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.

#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.

Provide the ending balance of Cash at December 31 from the T-account

Provide the balance of the Retained Earnings T-account after closing entries have been posted.

Does the ending balance of the Retained Earnings T-account agree with the balance of Retained Earnings on the Balance Sheet?