In the beginning of September $2023$ the company received $3000$ for $6$ months of rent in

advance.

At the end of the month the Company repaid to the Bank credit tranche $1500$ and paid

interest charges $($interest rate as of $4\%$ p$.$a$.).$

Depreciation of machinery equipment for December amounts to $400.$

Due to increased credit sales in $2023,$ at the end of December the company raised its

allowance for bad debts to $2500.$

In the beginning of December $2023$ the company prepaid $600$ cash for insurance for $12$

months.

Required:

a$)$ Prepare and enter the opening balance journal on Dec. $1,2023$ to T$-$accounts.

b$)$ Prepare the journal entries for the transactions $(1-18)$ for the month of December and post

them to the $T-$accounts, opening additional $T-$accounts as needed.

c$)$ Prepare the closing entries for the temporary accounts and the Income Statement.

d$)$ Prepare the Balance Sheet as at Dec. $31,2023.$ Closing entries are not required for

permanent accounts.

The Accounting Cycle $-$ Problem Set ABC Company Ltd$.$

Summary of transactions during December:

Paid outstanding salary payables

Paid outstanding trade creditors in the amount of $400.$

Paid outstanding tax payables.

In November $2023$ we performed consulting work for $3500$ on credit and in December

$2023$ that work has been fully paid by the customer.

Purchase of $160$ of office supplies was done on credit.

We performed consulting work for $1500,$ for which $400$ was immediately paid in cash,

with the remaining amount to be paid in $60$ days.

Performed advertisement services for Customer XYZ$,$ for which we will receive $4800$ on

$3-$month credit sale.

At the end of month the Customer XYZ made a claim on the advertisement services and we

agreed to a sales allowance $($a reduction of the original selling price$)$ in the amount of $15\%.$

We performed consulting services for the amount of $160$ with cash payment, immediately

received.

Salaries to employees of $2000$ were calculated for December to be paid in January.

The cost of office supplies used during December is $1800.$

The cost of raw materials inventory used during December is $1500$

In the beginning of August $2023$ subscription rights for local newspaper magazine of $5000$

were paid for $5$ months in advance.

Also i have to learn T accounts names for this work, can you show me how to do T accounts titles properly