i meed answer please

1 000 6 000 1 300 2000 Exercise IV (REQUIRED ANYWAY) The Accounting Cycle - Problem Set ABC Company Ltd. Balance Sheet on Nov. 30, 2014 Assets Equities Land Paid in Capital Machinery equipment 2 500 Retained Earnings 2 500 Office Store equipment 3000 Tax payable Raw materials inventory 1 000 Loan Payable 3000 Office Supplies Inventory 2 500 Salary payables 1 100 Accounts Receivable 5 000 Accounts payable 3 500 Cash, Bank 3800 unearned rent revenue Prepaid expenses 2 000 Allowance for uncollectible 1 200 Total assets 21 600 Total equities 21 600 Summary of transactions during December: 1. Paid outstanding salary payables. 2. Paid outstanding tax payables. 3. Paid outstanding trade creditors in the amount of C 1 500. 4. Salaries to employees of C 1 600 were calculated for December and will paid in January 5. Purchase of C 2500 of Office Supplies Inventory with 6% cash discount for cash transaction. 6. Purchase of raw materials Inventory of C 1920 was done with three month trade credit. 7. Due to the low quality of the purchased office supplies inventory the company returned back C 500 of inventory that diminished the accounts payable by that amount. 8. The freight in for both supplies and raw material inventory was paid in the amount of 600 9. Performed services for Customer XYZ, for which we will receive C 1440 on 2 month credit 10. At the end of month the Customer XYZ made a claim on the services and we agreed to 11. Performed consulting services, in the amount of C 1920 with 6% for cash discount on sales (cash immediately received). 12. In November 2014 we performed additional consulting work, C 3 000 on credit (6/30, n 60) and in December 2014 the customer used the discount for prompt payment. 13. The cost of raw materials inventory used during December is C1 200. 14. In the beginning of October 2014 a subscription rights for local newspaper magazine of C4 000 was paid for four month term in advance; 15. In the beginning of September 2014 company receives rent for 6 months in advance, 6,000 16. At the end of the month Company repaid to the Bank credit tranche C1 000 and paid interest charges (interest rate as of 6% p.a.) 17. Depreciation of machinery equipment for December amounts to C 500. Required: a) Prepare the opening journal entry on Dec. 1, 2014. b) Prepare the journal entries for the transactions (1-20) for the month of December and post them to the T-accounts, opening additional T-accounts for accounts as needed. c) Prepare the closing entries for the temporary accounts and the Income Statement d) Prepare the closing entries for the permanent accounts and the Balance Sheet as of Dec. 31, 2014