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Step 1: Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template.xlsx". Use the following accounts as appropriate: Cash Accounts Receivable Supplies Prepaid Insurance Equipment Land Accumulated Depreciation Accounts Payable Deferred Revenue Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Depreciation Expense Salaries Expense Supplies Expense Rent Expense Insurance Expense 1-Dec 1-Dec 1-Dec Issue common stock in exchange for cash of $7.000. Paid the premium in advance on a one-year insurance policy, $960. Purchased Equipment for $3,600 cash. 5-Dec Purchased office supplies from XYZ Company on account, $400. 15-Dec Provided services to customers for $7,800 cash. 16-Dec Provided services to customer ABC Inc, on account, $6,100, Received $2,000 cash in advance from a customer for services to be provided in January 22-Dec Paid $220 to XYZ company for the Dec 5 purchase on account. 23-Dec Received $2,700 cash from customer, ABC Inc, on account. 25-Dec Paid the rent for the current month, $1,100. 28-Dec Paid salaries to employees for work performed from December 1 through December 28, 54,200. 29-Dec Declared and paid dividends to stockholders $250 30-Dec Purchased land by signing 3 year note payable for 58,000 17-Dec Step 2 Post all of the December transactions from the "General Journal" tab to the T-accounts under the "General Ledger/T-Accounts" tab in the excel template file "Accounting Cycle Excel Template.xlsx". Assume there are no beginning balances in any of the accounts. Step 3: Compute the balance for each T-account after all of the entries have been posted. Prepare the unadjusted trial balance on the "Unadjusted Trial Balance" tab. Step 4: 1 Provide the total of the credit column from the Unadjusted Trial Balance Step 5: Record the December adjusting entries on the "General Journal" tab. 31-Dec One month's insurance has expired $80 31-Dec The remaining inventory of unused office supplies is $90. The estimated depreciation on equipment is $60. 31-Dec salaries incurred from December 29 to December 31 but not yet paid or recorded total $450, 31-Dec Step 6: Post all of the adjusting entries to the T-accounts on the T-Accounts" tab. Compute the balance for each T-account after all of the adjusting entries have been posted Step 7 2 3 4 5 Prepare the adjusted trial balance on the "Adjusted Trial Balance" tab. Check point 1: $31.590 Adjusted trial balance total debit/credit Provide the following amounts from the Adjusted Trial Balance (Be sure to enter all numbers as positive and no answer should be left blank.) Cash Accounts Receivable Supplies Prepaid Insurance Equipment Land Accumulated Depreciation Accounts Payable Deferred Revenue Salaries Payable Notes Payable 6 7 8 9 10 11 12 13 Common Stock 14 Retained Earnings Step 8 Prepare the income Statement, Staterment of Stockholders Equity and classified Balance Sheet on the Financial Statements" tab for the month ended December 31, 2010 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 22 Current Assets Long-Term Assets 23 24 Current Liabetes 25 Long Term Liabilites 26 Total Liabilities 27 Total Stockholder's 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.) 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: Step 10 Step 11 Record the closing entries on the "General Journal" tab. 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 Prepare the post closing trial balance for the month ended December 31, 20XX on the Post-Closing Trial Balance tab. Provide the total of the debit column from the Post Closing Trial Balance Provide the balance of the Retained Earnings T-account after closing entries have been posted 29 30 Check Point 2. Total Assets $ 25,080 QUESTION 2 5 pc 31 Does the ending balance of the Retained Earnings t-account agree with the balance of Retained Earnings on the Balance Shee Yes No