QUESTION 1 199 Step 1 Prepere 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 5-Dec Issue common stock in exchange for cash of $6,500 1-Dec Paid the premium in advance on a one-year insurance policy, 5600 1-Dec Purchased Equipment for $4,200 cash Purchased office supplies from XYZ Company on account, $450 15-Dec Provided services to customers for $5,600 cash 16-Dec Provided services to customer ABC Inc. on account, $2,800 17-Dec Received $900 cash in advance from a customer for services to be provided in January Paid $230 to XYZ company for the Dec 5 purchase on account 23-Dec Received $1,600 cash from customer, ABC Inc., on account 25-Dec Paid the rent for the current month $550 28-Dec Paid salanes to employees for work performed from December 1 through December 28, 54 480 29-Dec Declared and paid dividends to stockholders $250 30-Dec Purchased land by signing 3 year note payable for $6,000. 22 Dec 23-Dec Received $1,600 cash from customer, ABC Inc, on account 25-Dec Paid the rent for the current month $550 28-Dec Paid salaries to employees for work performed from December through December 28, 54.480 29-Dec Declared and pakt dividends to stockholders $250 30-Dec purchased tand by signing 3 year note payable for $6,000 Step 2 Post all of the December transactions from the "General Journal tab to the T-accounts under the "T. Accounts" tab, in the excet tomplete the "Accounting Cycle Excel Template.xlsx Assume there are no beginning balances in any of the accounts Step 3 Step 4 Compute the balance for each T-account after all of the entries have been posted. Prepare the unadjusted trial balance on the "Unadjusted Trial Balance" tab), Provide the total of the credit column from the Uradjusted Trial Balance Record the December adjusting entries on the General Journal" tab Step 5 31-Dec one month's Insurance has expired $50 31 Dec The remaining inventory of unused ofhoo supplies is $90 31.Be The estimated depreciation on equipment is $70 31-Dec Salaries incurred from December 20 to December 31 but not yet paid or recorded total $480 Step 6 Post all of the actjusting entries to the accounts on the "Accounts tob Compute the balance for each account after all of the acusting Ontries have been posted Step 8 Step 7 Post all of the adjusting entnes 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 Tral Balance" tab Check point 1 Adjusted trial balance total debit credit $ 22.570 Provide the following amounts from the Adjusted Trial Balance (Be sure to enter all numbers as positive and no answer should be left blank.) 2 Cash 3 Accounts Receivable 4 Supplies 5 Prepaid Insurance Equipment 7 Land a Accumulated Depreciation . Accounts Payable 10 Deferred Revenue 11 Salones Payable 12 Notes Payable 13 Common Stock 14 Retained Earnings 6 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 16 Depreciation Expense 17 Salaries Expense 18 Supplies Expense 19 Rent Expense 20 Insurance Expense 21 Net Income Provide the following account balances from the Balance Sheet (Be sure to enter al numbers es positive and no answer should be left blank) 22 Current Assets 23 Long Term Assets 24 Current Liabilities 25 Long Term Liabetes 26 Total Liabilities 27 Total Stockholder's Equity Provide the following account balance from the Statement of stockholders Equity to sure to enter all numbers as positive and no answer should be left blank) Step 9 27 Total Stockholder's Equy Provide the following account balance from the Statement of stockholders' Equity (Be sure to enter a numbers as positive and no answer should be left blank) 28 Dividends Record the closing entries on the General Journal" tab Post all of the closing entries to the accounts on the Accounts tab Compute the balance for each T-account after alt 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 29 Provide the total of the debt column from the Post Closing That Balance 30 Pronde the balance of the Retained Earnings T-account after closing entries have been posted Stop 10 Step 11 Check Point 2: Tol Assets $16.260 QUESTION 2 31 Does the ending balance of the Retained Earnings t-account agree with the balance of Retained Earnings on the Balance Sheet