Question
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
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?
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