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Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file Accounting Cycle Excel Template.xlsx . Use
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 Land Notes Payable Depreciation Expense
Accounts Receivable Accumulated Depreciation Common Stock Salaries Expense
Supplies Accounts Payable Retained Earnings Supplies Expense
Prepaid Insurance Deferred Revenue Dividends Rent Expense
Equipment Salaries Payable Service Revenue Insurance Expense
Dec : Issued common stock for $ cash.
Dec : Paid $ in advance for a oneyear insurance policy.
Dec : Purchased equipment for $ cash.
Dec : Purchased supplies for $ on account from XYZ Company.
Dec : Provided services to customers for $ cash.
Dec : Provided services to customer ABC Inc. on account for $
Dec :
Received cash of $ in advance from customers for services to be provided in January.
Dec : Paid $ to XYZ company for the Dec purchase on account.
Dec : Received $ cash from customer ABC Inc., on account related to the Dec transaction.
Dec : Paid $ rent for the current month.
Dec : Paid salaries to employees $ for work performed from Dec to Dec
Dec : Declared and paid cash dividends of $ to stockholders.
Dec : Purchased land by signing a longterm note for $
Step : Post all of the transactions from the "General Journal" tab to the Taccounts under the TAccountsGeneral Ledger" tab in the excel template file "Accounting Cycle Excel Template.xlsx Assume there are no beginning balances in any of the accounts.
Step : Compute the unadjusted balance for each Taccount after all of the December entries have been posted.
Step : Prepare the unadjusted trial balance on the "Unadjusted Trial Balance" tab.
Provide the total of the credit column from the Unadjusted Trial Balance
Step : Record the December adjusting entries on the "General Journal" tab.
Dec : One month insurance has been used.
Dec : Supplies remaining at the end of the month total $
Dec : The estimated depreciation on equipment is $
Dec : Salaries incurred from December to December but not yet paid or recorded total $
Step : Post all of the adjusting entries to the Taccounts under the TAccountsGeneral Ledger" tab. Compute the adjusted balance for each Taccount after all of the adjusting entries have been posted.
Step : Prepare the adjusted trial balance under the "Adjusted Trial Balance" tab as of December in the excel template file "Accounting Cycle Excel Template.xlsx
Check point : Adjusted trial balance total debitcredit $
Provide the following amounts from the Adjusted Trial Balance: Be sure to enter all numbers as positive and no answers should be left blank.
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Land
Accumulated Depreciation
Accounts Payable
Deferred Revenue
Salaries Payable
Notes Payable
Common Stock
Retained Earnings
Step : Prepare Income Statement, Statement of Stockholder's Equity, and Classified Balance Sheet under the "Financial Statements" tab for the month ended December XX in the excel template file "Accounting Cycle Excel Template.xlsx
Check Point : Total Assets $
Provide the following amount from the Income Statement:
Service Revenue
Depreciation Expense
Salaries Expense
Supplies Expense
Rent Expense
Insurance Expense
Net Income
Provide the following account balances from the Classified Balance Sheet:
Total Current Assets
Total LongTerm Assets
Total Current Liabilities
Total LongTerm Liabilities
Total Liabilities
Total Stockholder's Equity
Provide the following account balance from the Statement of Stockholders' Equity:
Dividends
Step : Record the closing entries under the "General Journal" tab.
Step : Post all of the closing entries to the Taccounts under the TAccountsGeneral Ledger" tab. Compute the post closing balance for each Taccount after all of the closing entries have been posted.
Step : Prepare the postclosing trial balance for the month ended December XX on the PostClosing Trial Balance tab.
Provide the total of the debit column from the Post Closing Trial Balance.
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