Assignment DetailsFinal Project OverviewThroughout this course, you have learned various components of accounting. These components work hand-in-hand to create the accounting cycle - the process of recording, summarizing and reporting transactions. The final project will provide you the opportunity to apply the skills covered in this course through the completion of the accounting cycle. In addition, you will be able to demonstrate your understanding through analysis of the completed information. This project will be completed in two parts in Units 3 and 5.Final Project DataOn December 1, 2015 John Trap created a new travel agency, Trap Adventures, Inc. providing exclusive adventure trips. The following transactions occurred during December 2015.(NOTE: There are no beginning balances - this is a new company.)

Adjustment Data:

• One month's insurance coverage has expired.
• The company occupied the office space for the month of December.
• At the end of the month, $600 of office supplies are still available.
• This month's depreciation on the computer equipment is $325.
• Employees earned $525 of unpaid and unrecorded salaries as of month-end.

Final Project RequirementsUsing the spreadsheet foundhereand information above, complete the following:

1. Journal entries to record the transactions that occurred during the month of December.
2. Prepare an unadjusted trial balance.

Assignment Details

Using the same data in the Unit 3Submission and incorporating the feedback you received from your instructor on Submission 3, perform the steps below to complete the final project.Adjustment Data:

• One month's insurance coverage has expired.
• The company occupied the office space for the month of December.
• At the end of the month, $600 of office supplies are still available.

1. Create journal entries to record the transactions that occurred during the month of December. (Completed in Unit 3)
2. Prepare an unadjusted trial balance (Completed in Unit 3)
3. Create adjusting journal entries at the end of the year, December 31 based on the adjustment data.
4. Prepare an adjusted trial balance.
5. Prepare an income statement, statement of stockholders' equity, and classified balance sheet.
6. Create closing journal entries to close all temporary accounts.
7. Prepare post-closing trial balance.
8. In addition, answer TWO of the questions below in 1-2 fully developed paragraphs. A fully developed paragraph should have a major point with 3 to 5 support sentences. One or two sentences is not acceptable or does not discuss the question. Be sure to show what you know!!!