Question
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
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, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Rent Expense, and Insurance Expense.
Began business by depositing$8500in a bank account in the name of the company in exchange for
Dec 1
850 shares of$10per share common stock.
1-Dec
Paid the rent for the current month, $1250 .
1-Dec
Paid the premium on a one-year insurance policy,$1320 .
1-Dec
Purchased Equipment for $3600 cash.
5-Dec
Purchased office supplies from XYZ Company on account, $300 .
15-Dec
Provided services to customers for $8400cash.
16-Dec
Provided service to customers ABC Inc. on account, $7000 .
21-Dec
Received$3000 cash from ABC Inc., customer on account.
23-Dec
Paid$170 to XYZ company for supplies purchased on account on December 5 .
28-Dec
Paid wages for the period December 1 through December 28,$5040 .
30-Dec
Declared and paid dividend to stockholders $200 .
Post all of the December transactions from the ?General Journal? tab to the T-accounts under the ?T-Accounts? tab in the excel template file "Accounting Cycle Excel Template.xlsx". Assume there are no beginning balances in any of the accounts.
#3.
Compute the balance for each T-account after all of the entries have been posted. These are the unadjusted balance as of December 31.
#4.
Prepare the unadjusted trial balance under the ?Unadjusted Trial Balance? tabin the excel template file "Accounting Cycle Excel Template.xlsx" .
Provide the total of the credit column from the Unadjusted Trial Balance
#5.
Record the following four transactions as adjusting entries under the ?General Journal? tab.
31-Dec
One month?s insurance has been used by the company $110.
31-Dec
The remaining inventory of unused office supplies is $90.
31-Dec
The estimated depreciation on equipment is$60.
31-Dec
Wages incurred from December 29 to December 31 but not yet paid or recorded total $540.
#6.
Post all of the adjusting entries to the T-accounts under the ?T-Accounts? tab.Compute the balance for each T-account after all of the adjusting entries have been posted. These are the adjusted balance as of December 31.
#7.
Prepare the adjusted trial balance under the ?Adjusted Trial Balance? tab as of December 31in the excel template file "Accounting Cycle Excel Template.xlsx" .
Provide the following accounts balances from the Adjusted Trial Balance:
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation
Accounts Payable
Wages Payable
Common Stock
Retained Earnings
#8.
Prepare Income Statement, Statement of Stockholder?s Equity, and Classified Balance Sheet under the ?Financial Statements? tab for the month ended December 31, 20XXin the excel template file "Accounting Cycle Excel Template.xlsx".
Date General Journal Description Debit Credit Cash Accounts Payable Account Receivables Wages Payable Supplies Prepaid Insurance Equipment Accumulated Depreciation Common Stock Insurance Expense Retained Earnings Supplies Expense Service Revenue Depreciation Expense Rent Expense Dividends Wages Expense e Expense Expense on Expense dends Unadjusted Trial Balance Accounts Debit Cash Accounts Receivables Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Service Revenue Rent Expense Wages Expense Insurance Expense Supplies Expense Depreciation Expense Totals Credit Adjusted Trial Balance Debit Cash Accounts Receivables Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Service Revenue Rent Expense Wages Expense Insurance Expense Supplies Expense Depreciation Expense Totals Credit Income Statement Statement of Stockholders' Equity For the month Ended December 31, 20XX For the month Ended December 31, 20XX t of Stockholders' Equity h Ended December 31, 20XX Classified Balance Sheet At December 31, 20XX
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