Help with Financial Accounting - General Journal/General Ledger.

Please, help me put with filling this practice assignment. I need to fill entries to general journal, unadjusted trial balance, adjusted balance, financial statements, and putting all together in general ledger. I know it sounds like a lot, but it is very straightforward and not much information. I am having issues with understanding it, one full practice solution could help me out greatly. Many thanks in advance.

Problem Information

The Allbeers Inc. started its business on December 1, 2020 , and it was formed by two people, Mrs. Guiness and Mr. Pale. The Allbeers is designed to provide counseling services to those who need a drink. You are asked to go through the entire accounting cycle and prepare the Centers books for the month of December.

Please, complete the followings, in the order:

1. General Journal (include ALL journal entries)

2. Unadjusted Trial Balance

3. Adjusted Trial Balance

4. Financial Statements

5. General Ledger (contains ALL of your T accounts)

The following transactions occurred in December of 2020:

December 1 - Stockholders invested $100,000 cash in exchange for Capital Stock.

December 2 - Cash of $60,000 was received from clients in advance. One-half of this amount relates to services that will provided and completed (earned) by the end of December and the other one-half relates to services to be performed in January of the next year. Record ONLY the transaction journal entry on 12-1. None of the $60,000 was earned on December 2.

December 2 - Five months of liability insurance of $50,000 was paid in advance.

December 2 - Bought new Machinery for $100,000 and signed a two-year note payable. The Machinery was in use for one full month. No payment is due on the note until January and no interest will start to accrue until January 2021.

December 7 - Billed clients $35,000 for services that were performed and the obligation was completed (earned) in December. The company has not yet received any cash payments.

December 15 - Collected $15,000 from the clients billed on December 7.

December 17 - Miscellaneous expenses for the month were $8,000, paid in cash.

December 20 - Bought supplies on credit for $5,000. These supplies have not yet been used yet.

December 27 - The Company declared a $2,000 cash dividend on this date. It will not be paid until January.

December 30 - Paid salaries of $11,000 to employees for the month of December.

Additional Information: (Use this information to prepare the FIVE adjusting entries.)

• The Machinery is expected to last for ten years, with a $16,000 salvage value at the end of the period.

• $3,000 of the total supplies are still on hand at months end.

• The company owes its employees $6,000 for salaries they earned during the last week of December. These salaries will be paid in January.

• Two more adjusting entries are also needed based on the transactions that took place on December 2. Below is the sample General journal and empty general ledger.

• Sample General Journal

• THE ALLBEERS INCORPORATED

• DATE ACCOUNT TITLES DEBIT CREDIT

• 12-17 DR:MISCELLANEOUS EXPENSE $8,000

• CR: CASH $8,000

Empty General Ledger

Cash Accounts Receivable 8,000 (12-17) Machinery Unearned Revenue Payable Accumulated Dep-Machinery Notes Payable Supplies on Hand Prepaid Insurance Accounts Payable Dividends Dividends Payable Capital Stock Salaraies Payable Salaries Expense Depreciation Expense-Machinery Service Revenue Miscellaneous Expense 8,000 (12-17) Insurance Expense Supplies Expense Retained Earnings $0 (12-1)