QUESTION 1

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:
2. Cash LandNotes PayableDepreciation Expense Accounts ReceivableAccumulated DepreciationCommon StockSalaries Expense Supplies Accounts PayableRetained EarningsSupplies Expense Prepaid Insurance Deferred RevenueDividends Rent Expense Equipment Salaries PayableService RevenueInsurance Expense
3. 1-Dec Issue common stock in exchange for cash of $8,500.
4. 1-DecPaid the premium in advance on a one-year insurance policy, $1,320.
5. 1-DecPurchased Equipment for $3,600 cash.
6. 5-DecPurchased office supplies from XYZ Company on account, $600.
7. 15-DecProvided services to customers for $8,400 cash.
8. 16-DecProvided services to customer ABC Inc. on account, $7,000.
9. 17-DecReceived $2,300 cash in advance from a customer for services to be provided in January.
10. 22-DecPaid $220 to XYZ company for the Dec 5 purchase on account.
11. 23-DecReceived $3,000 cash from customer, ABC Inc., on account.
12. 25-DecPaid the rent for the current month, $1,250 .
13. 28-DecPaid salaries to employees for work performed from December 1 through December 28, $5,040.
14. 29-DecDeclared and paid dividends to stockholders $400.
15. 30-DecPurchased land by signing 3 year note payable for $11,000.
16. 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.
17. Step 3: Compute the balance for each T-account after all of the entries have been posted.
18. 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
19. Step 5: Record the December adjusting entries on the General Journal tab.
20. 31-DecOne months insurance has expired $110.
21. 31-DecThe remaining inventory of unused office supplies is $90.
22. 31-DecThe estimated depreciation on equipment is $60.
23. 31-DecSalaries incurred from December 29 to December 31 but not yet paid or recorded total $540.
24. 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.
25. Step 7: Prepare the adjusted trial balance on the Adjusted Trial Balance tab.
26. Check point 1: Adjusted trial balance total debit/credit = $ 38,180
28. Provide the following amounts from the Adjusted Trial Balance: (Be sure to enter all numbers as positive and no answer should be left blank.)
29. 2Cash
30. 3Accounts Receivable
31. 4Supplies
32. 5Prepaid Insurance
33. 6Equipment
34. 7Land
35. 8Accumulated Depreciation
36. 9Accounts Payable
37. 10Deferred Revenue
38. 11Salaries Payable
39. 12Notes Payable
40. 13Common Stock
41. 14Retained Earnings
42. 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.
43. Provide the following amount from the Income Statement: (Be sure to enter all numbers as positive and no answer should be left blank.)
44. 15Service Revenue
45. 16Depreciation Expense
46. 17Salaries Expense
47. 18Supplies Expense
48. 19Rent Expense
49. 20Insurance Expense
50. 21Net Income
51. Provide the following account balances from the Balance Sheet: (Be sure to enter all numbers as positive and no answer should be left blank.)
52. 22Current Assets
53. 23Long-Term Assets
54. 24Current Liabilities
55. 25Long-Term Liabilites
56. 26Total Liabilities
57. 27Total Stockholders Equity
58. 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.)
59. 28Dividends
60. Step 9: Record the closing entries on the General Journal tab.
61. 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.
62. Step 11: Prepare the post closing trial balance for the month ended December 31, 20XX on the Post-Closing Trial Balance tab.
63. 29Provide the total of the debit column from the Post Closing Trial Balance
64. 30Provide the balance of the Retained Earnings T-account after closing entries have been posted.
65. Check Point 2: Total Assets $ 30,210

195 points

QUESTION 2

1. 31 Does the ending balance of the Retained Earnings t-account agree with the balance
2. of Retained Earnings on the Balance Sheet?
3. Yes
4. No