QUESTION 1 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 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

1-Dec Issue common stock in exchange for cash of $6,000.

1-Dec Paid the premium in advance on a one-year insurance policy, $480

1-Dec Purchased Equipment for $3,600 cash.

5-Dec Purchased office supplies from XYZ Company on account, $400.

15-Dec Provided services to customers for $5,400 cash.

16-Dec Provided services to customer ABC Inc. on account, $2,500.

17-Dec Received $800 cash in advance from a customer for services to be provided in January.

22-Dec Paid $220 to XYZ company for the Dec 5 purchase on account.

23-Dec Received $1,500 cash from customer, ABC Inc., on account.

25-Dec Paid the rent for the current month, $500.

28-Dec Paid salaries to employees for work performed from December 1 through December 28, $4,200.

29-Dec Declared and paid dividends to stockholders $200.

30-Dec Purchased land by signing 3 year note payable for $5,000.

Step 2: Post all of the December transactions from the General Journal tab to the T-accounts under the T-Accounts tab in the 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. 1 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 months insurance has expired $40.

31-Dec The remaining inventory of unused office supplies is $90.

31-Dec The estimated depreciation on equipment is $60.

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

Step 6: Post all of the adjusting entries 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.

Step 7: Prepare the adjusted trial balance on the Adjusted Trial Balance tab.

Checkpoint 1: Adjusted trial balance total debit/credit = $ 20,390

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:

6 Equipment:

7 Land:

8 Accumulated Depreciation:

9 Accounts Payable:

10 Deferred Revenue:

11 Salaries Payable:

12 Notes Payable:

13 Common Stock:

14 Retained Earnings:

Step 8: Prepare the Income Statement, Statement of Stockholders 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 all numbers as positive and no answer should be left blank.)

22 Current Assets:

23 Long-Term Assets:

24 Current Liabilities:

25 Long-Term Liabilities:

26 Total Liabilities:

27 Total Stockholders 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: 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.

Step 11: 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 debit column from the Post Closing Trial Balance ? :

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

Check Point 2: Total Assets $ 14,570

QUESTION 2 31 Does the ending balance of the Retained Earnings t-account agree with the balance of Retained Earnings on the Balance Sheet? :