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 ylsx" Use the following accounts as appropriato Cash Accounts Receivable Supplies Prepaid Insurance Equipment Land Accumulated Depreciation Accounts Payable Deferred Revenue Salaries Payable Notes Payable Common Stock Retained Eamings Dividends Service Revenue Depreciation Expense Salanes Expense Supplies Expense Rent Expense Insurance Expense 1-Dec Issue common stock in exchange for cash of $8.500 1-Dec 1-Dec 5-Dec 15-Dec 16-Dec 17-Dec Paid the premium in advance on a one-year insurance policy, $1080 Purchased Equipment for S4 800 cash Purchased office supplies from XYZ Company on account, $500 Provided services to customers for $6,400 cash Provided services to customer ABC Inc on account, $4,000 Received $1,300 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 $2.000 cash from customer, ABC Inc, on account Paid the rent for the current month $750 Paid salanes to employees for work performed from December 1 through December 28, S4 480 Declared and paid dividends to stockholders $450 Purchased land by signing 3 year note payable for $10,000 22 Dec 23 Dec 25-Dec 28 Dec 29-Dec 30-Doc Step 2 Post all of the December transactions from the Generalloumal tab to the 1-accounts under the "T-Accounts tab in the excoltorplatenile "Accounting Cycle Excel Template xlsx Assume there are no beginning balances in any of the accounts Step 3 Stop 4 Compute the bilance for each T-account after all of the entries have been posted Prepare the unadjusted trial balance on the "Unadjusted Trial Balance to Provide the foot of the credit column from the Unadjusted Trial Blanco Record the December adjusting entnes on the General Journal" tab Step 5 31 Dec 31-Dec One months insurance has expired $90, The remaining inventory of unused office supplies is $90 The estimated depreciation on equipment is $80 31-Dec 31-Dec Salanes incurred from December 29 to December 31 but not yet paid or recorded total $480 Step 8 Post all of the adjusting entries to the accounts on the "T Accounts tab Compute the balance for each account atter all of the adjusting entries have been posted Step 7 Prepare the adjusted trial balance on the "Adjusted Thal Balance'tab Check pont 1: Adjusted tral balance total debit credit $ 31020 2 Provide the following amounts from the Adjusted Trial Balance (Be sure to enter all numbers as positive and no answer should be left blank.) Cash Accounts Receivable Supplies Prepaid Insurance Equipment Land 4 5 7 8 Accumulated Depreciation Accounts Payable 9 10 Deferred Revenge 11 12 Salaries Payable Notes Payable Common Stock 13 14 Retained Earnings Step B 15 Propwe the Income Statement Statement of Stockholder's Equity and Classified Bianco Shoot 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.) Service Revende Depreciation Expense Salanes Expense Supplies Expense Rent Expense Insurance Expense 16 17 10 19 20 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 Current Liabilities 24 25 Long Term Liabilites 26 Total Labs 27 Total Stockhoider'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 Stop Step 10 Step 11 Record the dosing entries on the General Journal tab Post all of the dosing entries to the T-accounts on the Accounts tab Compute the balance for each T-account after all of the dosing entries have been posted Prepare the post closing trial balance for the month ended December 31, 20XX on the Post-Closing Tnal Balance tab Provide the total of the debt column from the Post Closing Trial Balance Provide the balance of the Retained Earnings T-account after doing entries have beon posted 29 30 Check Point 2Total Assets $ 24200