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:

QUESTION 1 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 $10,000, Paid the premium in advance on a one-year insurance policy. $1,200. Purchased Equipment for $3,600 cash. Purchased office supplies from XYZ Company on account, $500. Provided services to customers for $9,000 cash. 5-Dec 15-Dec 16-Dec Provided services to customer ABC Inc. on account, $7.900 17-Dec 22-Dec 23-Dec 25-Dec Received $2,600 cash in advance from a customer for services to be provided in January Paid $220 to XYZ company for the Dec 5 purchase on account Received $3,300 cash from customer, ABC Inc., on account. Paid the rent for the current month. $1,400 Paid salaries to employees for work performed from December 1 through December 28, $4,760. Declared and paid dividends to stockholders $550 Purchased land by signing 3 year note payable for $5,000 28-Dec 29-Dec 30-Dec Step 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 xdsx". 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. Step 4 Prepare the unadjusted trial balance on the "Unadjusted Trial Balance" tab. 1 Provide the total of the credit column from the Unadjusted Trial Balance 34780 Click Save and Submit to save and submit. Click Save All Answers to see all answers. Step 5 Record the December adjusting entries on the "General Journal" tab. 31-Dec 31-Dec One month's insurance has expired $100 The remaining inventory of unused office supplies is $90. The estimated depreciation on equipment is $60. 31-Dec 31-Dec Salaries incurred from December 29 to December 31 but not yet paid or recorded total $510 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 Prepare the adjusted trial balance on the "Adjusted Trial Balance" tab. Step 7 Check point 1 Adjusted trial balance total debit/credit = $ 35,350 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 13170 2 3 Accounts Receivable 4600 4 290 Supplies Prepaid Insurance 5 1100 6 3600 Equipment Land 7 5000 60 280 2600 8 Accumulated Depreciation 9 Accounts Payable 10 Deferred Revenue 11 Salaries Payable 12 Notes Payable 13 Common Stock 510 5000 10000 14 Retained Earnings 0 Step 8 Prepare the income Statement, Statement of Stockholder's 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.) Step 8 Prepare the income Statement, Statement of Stockholder's 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 16900 16 Depreciation Expense 60 17 Salaries Expense 5270 18 Supplies Expense 210 19 Rent Expense 1400 20 Insurance Expense 100 21 Net Income 9860 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 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.) 28 Dividends Step 9 Step 10 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 Earings account after closing entries have been posted Step 11 29 30 Chea Part2 Total Assets 5 27 500