Step 1: Prepare joumal 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 1-Dec Issue common stock in exchange for cash of $7,000 Paid the premium in advance on a one-year insurance policy. $720. Purchased Equipment for $4,800 cash. 1-Dec 5-Dec Purchased office supplies from XYZ Company on account, $500. 15-Dec Provided services to customers for $5,800 cash. 16-Dec 17-Dec 22-Dec 23-Dec Provided services to customer ABC Inc. on account, $3,100. Received $1,000 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 $1,700 cash from customer, ABC Inc., on account 25-Dec Paid the rent for the current month, $600. 28-Dec 29-Dec Paid salaries to employees for work performed from December 1 through December 28, $4,760. Declared and paid dividends to stockholders $300. 30-Dec Purchased land by signing 3 year note payable for $6,000.