QUESTION 1

Required:

#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, 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 $6000 in a bank account in the name of the company in exchange for

600 shares of $10 per share common stock.

1-Dec

Paid the rent for the current month, $500 .

1-Dec

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

1-Dec

Purchased Equipment for $3600 cash.

5-Dec

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

15-Dec

Provided services to customers for $5400 cash.

16-Dec

Provided service to customers ABC Inc. on account, $2500 .

21-Dec

Received $1500 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

#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 $60.

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

Accounts Receivable

Supplies

Prepaid Insurance

Equipment

Accumulated Depreciation

Accounts Payable

Wages Payable

Common Stock

Retained Earnings

#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

Depreciation Expense

Wages Expense

Supplies Expense

Rent Expense

Insurance Expense

Net Income

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

Dividends

Provide the following account balances from the Balance Sheet:

Current Assets

Long-Term Assets

Total Liabilities

Total Stockholders Equity

Cash

#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

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

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

Check Point: Total Assets

$ 8,820.00