Part I REQUIREMENTS: a. write name at the top of each page. b. Start on the first page with the tab name "General Journal" prepare the Journal Entries for the December transactions below (PAGE B). Use the account names that are on the General Ledger accounts (General Ledger provided in Excel file). c. Post all transactions from the General Journal to the General Ledger accounts. Required: when you have posted one line of a transaction, write the Account Number in the REF column of the GJ, and write the GJ-page in the REF column of the GL. Each time you post one line, repeat this process, it will help you keep track of what has been posted, and later if you need to check your work you will know where the number in the GL originated. d. make an Unadjusted Trial Balance. Include only accounts that have non-zero balances. The accounts should appear in the same order as in the GL. e. Make sure that all pages have appropriate headings (look at the examples in the textbook - Chapter 2). They will not be an exact match. f. DO NOT make any adjustments at this point!!! You will lose points on the Unadjusted TB if you include anything other than the transactions below in your Unadjusted Trial Balance!!! DECEMBER transactions start on the next page of this document (Page B) Page B AC 300 - 01 OL Summer 2020 On December 1, 2019, Sharon Cox launched her own accounting firm, Sharon Cox, LLC, that is organized as a limited liability corporation and provides accounting and tax services. Sharon Cox, LLC uses the accrual basis of accounting and has a calendar year end; however, will prepare financial statements and close its accounts at the end of each month. During its first month, the LLC entered into the following transactions: Dec 1 Issued a total of 1,000 shares of capital stock to Sharon in exchange for $200,000, cash; $10,000 of computer equipment; and $5,000 of office equipment. Dec 2 Paid $4,800 for three months' rent, starting December 1, 2019. Dec 3 Paid $2,400 for a two-year property and liability insurance policy. The policy coverage is in effect as of December 1, 2019. Dec 5 Hired Mary Rourke as a part-time bookkeeper for $280 per day, as needed. Dec 6 Purchased $800 of computer supplies on account from Staples. Dec 8 Billed CCC, Inc., a customer, $15,000 for accounting and tax planning services. Dec 10 Paid $850 for an advertisement in the local newspaper that will appear on December 15, 2019. Dec 12 Paid $840 for Mary Rourke's wages for three days' work. Dec 16 Paid $350 to repair computer equipment that was damaged during the move to the new office location. Dec 17 Received $7,000 from CCC, Inc. for partial payment of its December10th invoice. Dec 20 Billed HHH, Inc. $3,750 for services performed. Dec 22 Received $3,200 from CCC, Inc. for payment of its December 10th invoice. Dec 23 Billed XYZ, Inc., $10,620 for services performed. Dec 28 Paid $1,000 dividend to Sharon. Dec 31 Paid $800 for the computer supplies purchased from Staples on December 6. Page C AC 300 - 01 OL Summer 2020 ACCOUNTING CYCLE PROJECT Part II PART II. REQUIREMENTS: a. Start on the first blank General Journal tab and prepare the Adjusting Entries for the month of December based on the information below labeled i. - vi. Use the account names that are on the General Ledger accounts. These adjustments can all be dated December 31. The entity uses straight-line depreciation. b. Post all adjustments from the General Journal to the General Ledger accounts. So, at this point the adjustments will be posted on the same Ledger pages that you posted the transactions to, just as if it were a real set of books and records. Required: when you have posted one line of a transaction, write the Account Number in the REF column of the GJ, and write the GJ-page in the REF column of the GL. Each time you post one line, repeat this process, it will help you keep track of what has been posted, and later if you need to check your work you will know where the number in the GL originated. c. make an Adjusted Trial Balance. Include only accounts that have non-zero balances. The accounts should appear in the same order as in the GL. d. Make sure that all pages have appropriate headings. They will not be an exact match. e. DO NOT make any closing entries!!! You will lose points on your Adjusted TB if you include closing entries at this point. Page D AC 300 - 01 OL Summer 2020 The following information is available related to adjusting entries prior to preparing financial statements for the LLC's first month: i. The December 31 count of computer supplies still on hand and available for future use shows $575 still available. ii. One month of the 24-month insurance policy has expired. iii. As of December 31, Mary Rourke has not been paid for six days of work at $280 per day. iv. The company's computer equipment is expected to have a five-year life. v. The company's office equipment is expected to have a four-year life. vi. One month of the prepaid rent has expired.

explain the above

Journal Entries:

Dec 1

Dr. Cash $200,000

Dr. Computer Equipment $10,000

Dr. Office Equipment $5,000

Cr. Common Stock $215,000 (calculated as: 200,000+10,000+5,000 = 215,000

Dec 2

Dr. Prepaid Rent $4,800

Cr. Cash $4,800

Dec 3

Dr. Prepaid Insurance $2,400

Cr. Cash $2,400

Dec 6

Dr. Supplies Expense $800

Cr. Accounts Payable - Staples $800

Dec 8

Dr. Accounts Receivable - CCC - $15,000

Cr. Service Revenue $15,000

Dec 10

Dr. Advertising Expense $850

Cr. Cash $850

Dec 12

Dr. Salary Expense $840

Cr. Cash $840

Dec 16

Dr. Repairs $350

Cr. Cash $350

Dec 17

Dr. Cash $7,000

Cr. Accounts Receivable - CCC - $7,000

Dec 20

Dr. Accounts Receivable - HHH - $3,750

Cr. Service Revenue $3,750

Dec 22

Dr. Cash $3,200

Cr. Accounts Receivable - CCC - $3,200

Dec 23

Dr. Accounts Receivable - XYZ - $10,620

Cr. Service Revenue - $10,620

Dec 28

Dr. Dividends $1,000

Cr. Cash $1,000

Dec 31

Dr. Accounts payable - Staples - $800

Cr. Cash $800

The general ledger accounts will have the following balances:

Cash: 200,000-4,800-2,400-850-840-350+7,000+3,200-1,000-800=199,160

Computer Equipment: 10,000

Office Equipment: 5,000

Common Stock: 215,000

Prepaid Rent: 4,800

Prepaid Insurance: 2,400

Supplies Expense: 800

Accounts Payable: 800 - 800 = 0

Accounts Receivable: 15,000-7,000+3,750-3,200+10,620 = 19,170

Service Revenue: 15,000+3,750+10,620 = 29,370

Advertising Expense: 850

Salary Expense: 840

Repairs: 350

Dividends: 1,000