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

Dec $1$: Issued common stock for $$6,500$ cash.

Dec $1$: Paid $$600$ in advance for a one$-$year insurance policy.

Dec $1$: Purchased equipment for $$4,200$ cash.

Dec $5$: Purchased supplies for $$450$ on account from XYZ Company.

Dec $15$: Provided services to customers for $$5,600$ cash.

Dec $16$: Provided services to customer ABC Inc. on account for $$2,800.$

Dec $17$:

Received cash of $$900$ in advance from customers for services to be provided in January.

Dec $22$: Paid $$230$ to XYZ company for the Dec $5$ purchase on account.

Dec $23$: Received $$1,600$ cash from customer ABC Inc., on account related to the Dec $16$ transaction.

Dec $25$: Paid $$550$ rent for the current month.

Dec $28$: Paid salaries to employees $$4,480$ for work performed from Dec $1$ to Dec $28.$

Dec $29$: Declared and paid cash dividends of $$250$ to stockholders.

Dec $30$: Purchased land by signing a long$-$term note for $$6,000.$

Step $2$: Post all of the transactions from the "General Journal" tab to the T$-$accounts under the $"$T$-$Accounts$/$General Ledger" 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 unadjusted balance for each T$-$account after all of the December 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

$$51,440$

Step $5$: Record the December adjusting entries on the "General Journal" tab.

Dec $31$: One month insurance has been used.

Dec $31$: Supplies remaining at the end of the month total $$90.$

Dec $31$: The estimated depreciation on equipment is $$70.$

Dec $31$: Salaries incurred from December $29$ to December $31$ but not yet paid or recorded total $$480.$

Step $6$: Post all of the adjusting entries to the T$-$accounts under the $"$T$-$Accounts$/$General Ledger" tab. Compute the adjusted balance for each T$-$account after all of the adjusting entries have been posted.

Step $7$: 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$".$

Check point $1$: Adjusted trial balance total debit$/$credit $=$ $$22,570$

Provide the following amounts from the Adjusted Trial Balance: $($Be sure to enter all numbers as positive and no answers 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 Income Statement, Statement of Stockholder's Equity, and Classified Balance Sheet under the "Financial Statements" tab for the month ended December $31,20$XX in the excel template file "Accounting Cycle Excel Template.xlsx$".$

Check Point $2$: Total Assets $$16,260$

Provide the following amount from the Income Statement:

$15-$ 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 Classified Balance Sheet:

$22-$ Total Current Assets

$23-$ Long$-$Term Assets

$24-$ Total Current Liabilities

$25-$ Total Long$-$Term Liabilities

$26-$ Total Liabilities

$27-$ Total Stockholder's Equity

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

$28-$ Dividends

Step $9$: Record the closing entries under the "General Journal" tab.

Step $10$: Post all of the closing entries to the T$-$accounts under the $"$T$-$Accounts$/$General Ledger" tab. Compute the post closing 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 $31,20$XX 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.