Issue common stock in exchange for cash of $9,000.

Paid the premium in advance on a one-year insurance policy, $960.

Purchased Equipment for $4,200 cash.

Purchased office supplies from XYZ Company on account, $400.

Provided services to customers for $8,600 cash.

Provided services to customer ABC Inc. on account, $7,300.

Received $2,400 cash in advance from a customer for services to be provided in January.

Paid $230 to XYZ company for the Dec 5 purchase on account.

Received $3,100 cash from customer, ABC Inc., on account.

Paid the rent for the current month, $1,300.

Paid salaries to employees for work performed from December 1 through December 28, $4,200.

Declared and paid dividends to stockholders $550.

Purchased land by signing 3 year note payable for $12,000

One months insurance has expired $80.

31-Dec

The remaining inventory of unused office supplies is $90.

31-Dec

The estimated depreciation on equipment is $70.

31-Dec

Salaries incurred from December 29 to December 31 but not yet paid or recorded total $450.

Adjusted trial balance total debit/credit =

$ 39,990

2	Cash
	3	Accounts Receivable
	4	Supplies
	5	Prepaid Insurance
	6	Equipment
	7	Land
	8	Accumulated Depreciation
	9	Accounts Payable
	10	Deferred Revenue
	11	Salaries Payable
	12	Notes Payable
	13	Common Stock
	14	Retained Earnings
Step 8:		Prepare the Income Statement, Statement of Stockholders 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.)
	15	Service Revenue
	16	Depreciation Expense
	17	Salaries Expense
	18	Supplies Expense
	19	Rent Expense
	20	Insurance Expense
	21	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.)
	22	Current Assets
	23	Long-Term Assets
	24	Current Liabilities
	25	Long-Term Liabilites
	26	Total Liabilities
	27	Total Stockholders 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.)
	28	Dividends
Step 9:		Record the closing entries on the General Journal tab.
Step 10:		Post all of the closing entries to the T-accounts on the T-Accounts tab. Compute the balance for each T-account after all of the closing entries have been posted.
Step 11:		Prepare the post closing trial balance for the month ended December 31, 20XX on the Post-Closing Trial Balance tab.
	29	Provide the total of the debit column from the Post Closing Trial Balance
	30	Provide the balance of the Retained Earnings T-account after closing entries have been posted.
		Check Point 2: Total Assets			$ 32,960