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-Dec

Began business by depositing $10000 in a bank account in the name of the company in exchange for

1000 shares of $10 per share common stock.

1-Dec

Paid the rent for the current month, $900 .

1-Dec

Paid the premium on a one-year insurance policy, $480 .

1-Dec

Purchased Equipment for $4800 cash.

5-Dec

Purchased office supplies from XYZ Company on account, $300 .

15-Dec

Provided services to customers for $7000 cash.

16-Dec

Provided service to customers ABC Inc. on account, $4900 .

21-Dec

Received $2300 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, $4200 .

30-Dec

Declared 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 tab in the excel template file "Accounting Cycle Excel Template.xlsx" .

Provide the total of the credit column from the Unadjusted Trial Balance

Blank 1

#5.

Record the following four transactions as adjusting entries under the General Journal tab.

31-Dec

One months insurance has been used by the company $40.

31-Dec

The remaining inventory of unused office supplies is $90.

31-Dec

The estimated depreciation on equipment is $80.

31-Dec

Wages incurred from December 29 to December 31 but not yet paid or recorded total $450.

#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 31 in the excel template file "Accounting Cycle Excel Template.xlsx" .

Provide the following accounts balances from the Adjusted Trial Balance:

Cash

Blank 2

Accounts Receivable

Blank 3

Supplies

Blank 4

Prepaid Insurance

Blank 5

Equipment

Blank 6

Accumulated Depreciation

Blank 7

Accounts Payable

Blank 8

Wages Payable

Blank 9

Common Stock

Blank 10

Retained Earnings

Blank 11

#8.

Prepare Income Statement, Statement of Stockholders Equity, and Classified Balance Sheet under the Financial Statements tab for the month ended December 31, 20XX in the excel template file "Accounting Cycle Excel Template.xlsx".

Provide the following amount from the Income Statement:

Service Revenue

Blank 12

Depreciation Expense

Blank 13

Wages Expense

Blank 14

Supplies Expense

Blank 15

Rent Expense

Blank 16

Insurance Expense

Blank 17

Net Income

Blank 18

Provide the following account balance from the Statement of Stockholders' Equity:

Dividends

Blank 19

Provide the following account balances from the Balance Sheet:

Current Assets

Blank 20

Long-Term Assets

Blank 21

Total Liabilities

Blank 22

Total Stockholders Equity

Blank 23

Cash

Blank 24

#9.

Record the closing entries under the General Journal tab.

#10.

Post all of the closing entries to the T-accounts under the T-Accounts tab. Compute the balance for each T-account after all of the closing entries have been posted.

Provide the ending balance of Cash at December 31 from the T-account

Blank 25

Provide the balance of the Retained Earnings T-account after closing entries have been posted.

Blank 26

Does the ending balance of the Retained Earnings T-account agree with the balance of Retained Earnings on the Balance Sheet?

Blank 27

Check Point: Total Assets

$ 16,400.00