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.1-DecBegan business by depositing$8000in a bank account in the name of the company in exchange for800 shares of$10per share common stock.1-DecPaid the rent for the current month, $1200 .1-DecPaid the premium on a one-year insurance policy,$1200 .1-DecPurchased Equipment for $4800 cash.5-DecPurchased office supplies from XYZ Company on account, $300 .15-DecProvided services to customers for $8200cash.16-DecProvided service to customers ABC Inc. on account, $6700 .21-DecReceived$2900 cash from ABC Inc., customer on account.23-DecPaid$170 to XYZ company for supplies purchased on account on December 5 .28-DecPaid wages for the period December 1 through December 28,$4760 .30-DecDeclared and paid dividend to stockholders $200 .#2.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-DecOne month's insurance has been used by the company $100.31-DecThe remaining inventory of unused office supplies is $90.31-DecThe estimated depreciation on equipment is$80.31-DecWages incurred from December 29 to December 31 but not yet paid or recorded total $510.#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: