e Step 1: Prepare journal entries to record the December transactions in the General JoumalTab in the excelente fle According Cycle Excel Templatexx Use the following accounts as appropriate Cash Accounts Receivable Supplies Prepaid Insurance Equipment Land Accumulated Depreciation Accounts Payable Deferred Revenue Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Depreciation Expense Sales Expense Supples Expense Rent Expense Insurance Expense 1-Dec 1-Dec Issue common stock in exchange for cash of $7,000 Paid the premium in advance on a one-year insurance policy. 5960 1-Dec Purchased Equipment for $3,600 cash 5-Dec Purchased office supplies from XYZ Company on account, $400 15-Dec Provided services to customers for $7,800 cash 16 De Provided services to customer ABC Inc on account. $6.100. 17-Dec Received $2,000 cash in advance from a customer for services to be provided in January 22-Dec Paid S220 to XYZ company for the Dec 5 purchase an account 23-Dec Received $2,700 cash from customer, ABC Inc., on account 25 Dec Paid the rent for the current month $1.100 28-Dec Paid salaries to employees for work performed from December 1 through December 28, S4,200 29 Dec Declared and paid dividends to stockholders $250 30 Dec Purchased and by signing 3 year note payable for $8.000 hin the celle 30-Dec Purchased land by signing 3 year note payable for $8,000 Step 2 Post all of the December transactions from the General Journal" tab to the Taccounts under the "T-Accounts" tab in the excel template file "Accounting Cyde Excel Template.xlsx" Assume there are no beginning balances in any of the accounts. Step 3: Step 4: Compute the balance for each T-account after all of the entries have been posted. Prepare the unadjusted trial batance on the "Unadjusted Trial Balance" tab. Provide the total of the credit column from the Unadjusted Trial Balance 1 31080 Stop Step 5: Record the December adjusting entries on the "General Soumal tab. 31-Dec 31-Dec One month's insurance has expired $80. The remaining inventory of unused office supplies is $90. The estimated depreciation on equipment is $60. Salaries incurred from December 29 to December 31 but not yet paid or recorded total $450. 31-Dec 31-Dec Step 6: Post all of the adjusting entries to the T-accounts on the T-Accounts" tab. Compute the balance for each T-account after all of the adjusting entries have been posted. Step 7 Prepare the adjusted trial balance on the "Adjusted Trial Balance" tab. $ 31,590 Check point 1 Adjusted trial balance total debit/credit inted Trial Balance: (Be sure to enter all numbers as positive and no answer should be 14 Step 8 15 16 Retained Earnings Prepare the Income Statement, Statement of Stockholder's Equity and Classified Balance Sheet on the Financial Statements" tab for the month ended December 31, 20XX. Provide the following amount from the Income Statement: (Be sure to enter all numbers as positive and no answer should be left blank.) Service Revenue Depreciation Expense Salaries Expense Supplies Expense Rent Expense Insurance Expense Net Income Provide the following account balances from the Balance Sheet: (Be sure to enter all numbers as positive and no answer should be left blank.) 17 18 19 20 21 22 Current Assets 23 Long-Term Assets 24 Current Liabilities 25 Long-Term Liabilites Total Liabilities 26 27 Total Stockholder's Equity Provide the following account balance from the Statement of stockholders' Equity: (Be sure to enter all numbers as positive and no answer should be left blank.) Provide the following account balance from the Statement of stockholders' Equity: (Be sure to enter all numbers as positive and no answer should be left blank.) 28 Step 9 Step 10 Dividends Record the closing entries on the General Joumal tab. Post all of the closing entries to the T-accounts on the "T. Accounts tab. Compute the balance for each T-account ater all of the closing entries have been posted Prepare the post closing trial balance for the month ended December 31, 20XX on the Post-Closing Trial Balance tab. Provide the total of the debit column from the Post Closing Trial Balance Provide the balance of the Retained Earrings Taccount afer closing entrins have been posted Step 11 29 30 Check Point 2: Total Assets $ 25,080 5 points QUESTION 2 31 Does the ending balance of the Retained Earnings t-account agree with the balance of Retained Earnings on the Balance Sheet