QUESTION 1 195 points Save Answer 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 Issue common stock in exchange for cash of $9,500. 1-Dec 1-Dec Paid the premium in advance on a one-year insurance policy, $1,080. Purchased Equipment for $4,800 cash. Purchased office supplies from XYZ Company on account, $450. Provided services to customers for $8,800 cash. 5-Dec 15-Dec 16-Dec Provided services to customer ABC Inc. on account, $7,600. 17-Dec 22-Dec 23-Dec 25-Dec Received $2,500 cash in advance from a customer for services to be provided in January. Paid $240 to XYZ company for the Dec 5 purchase on account. Received $3,200 cash from customer, ABC Inc., on account. Paid the rent for the current month, $1,350. Paid salaries to employees for work performed from December 1 through December 28, $4,480. Declared and paid dividends to stockholders $500. Purchased land by signing 3 year note payable for $13,000. 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 "General Ledger/T-Accounts" tab in the excel template file "Accounting Cycle Excel Template.xlsx". 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. Provide the total of the credit column from the Unadjusted Trial Balance Step 5: Record the December adjusting entries on the "General Journal" tab. 31-Dec One month's insurance has expired $90. 31 Dec One mandrs roure has red 91-0. The telles The word depreciation natin 53 Come D3 SERA Pesialul terre et loire... Wb. cap.de wirefur och lokale cu dhe Iepare the daccontare Charlin 1: : AHMAN - Provide the following mounts from the Adjusted Trial Balance: Genre to enter all numben a positive and newer mould be blank Cat 2 3 PUT square lan: E PEL DEL sun courbe 11 DAN Detable 12 Nels Pepelt. Setelache der Eun Closed De Standardleb terse mintha 35%. Provide the following ancort from the Income Statement de sure to enter all numbers as positive and no answer should be lidt blank.) 15 INI. 16 Darco Borec 10 Puu 19 Hanrec ? IRLANDA FRA 21. In 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: Record the closing entries on the "General Journal" tab. Step 10: Step 11: 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 Earnings T-account after closing entries have been posted. 29 30 Check Point 2: Total Assets $ 34,750 QUESTION 2 5 points Save Answer 31 Does the ending balance of the Retained Earnings t-account agree with the balance of Retained Earnings on the Balance Sheet? Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit QUESTION 1 195 points Save Answer 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 Issue common stock in exchange for cash of $9,500. 1-Dec 1-Dec Paid the premium in advance on a one-year insurance policy, $1,080. Purchased Equipment for $4,800 cash. Purchased office supplies from XYZ Company on account, $450. Provided services to customers for $8,800 cash. 5-Dec 15-Dec 16-Dec Provided services to customer ABC Inc. on account, $7,600. 17-Dec 22-Dec 23-Dec 25-Dec Received $2,500 cash in advance from a customer for services to be provided in January. Paid $240 to XYZ company for the Dec 5 purchase on account. Received $3,200 cash from customer, ABC Inc., on account. Paid the rent for the current month, $1,350. Paid salaries to employees for work performed from December 1 through December 28, $4,480. Declared and paid dividends to stockholders $500. Purchased land by signing 3 year note payable for $13,000. 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 "General Ledger/T-Accounts" tab in the excel template file "Accounting Cycle Excel Template.xlsx". 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. Provide the total of the credit column from the Unadjusted Trial Balance Step 5: Record the December adjusting entries on the "General Journal" tab. 31-Dec One month's insurance has expired $90. 31 Dec One mandrs roure has red 91-0. The telles The word depreciation natin 53 Come D3 SERA Pesialul terre et loire... Wb. cap.de wirefur och lokale cu dhe Iepare the daccontare Charlin 1: : AHMAN - Provide the following mounts from the Adjusted Trial Balance: Genre to enter all numben a positive and newer mould be blank Cat 2 3 PUT square lan: E PEL DEL sun courbe 11 DAN Detable 12 Nels Pepelt. Setelache der Eun Closed De Standardleb terse mintha 35%. Provide the following ancort from the Income Statement de sure to enter all numbers as positive and no answer should be lidt blank.) 15 INI. 16 Darco Borec 10 Puu 19 Hanrec ? IRLANDA FRA 21. In 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: Record the closing entries on the "General Journal" tab. Step 10: Step 11: 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 Earnings T-account after closing entries have been posted. 29 30 Check Point 2: Total Assets $ 34,750 QUESTION 2 5 points Save Answer 31 Does the ending balance of the Retained Earnings t-account agree with the balance of Retained Earnings on the Balance Sheet? Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit