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 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 1-Dec Issue common stock in exchange for cash of $9,500. Paid the premium in advance on a one-year insurance policy. $1,320. Purchased Equipment for $4,200 cash. Purchased office supplies from XYZ Company on account, $600. Provided services to customers for $6,800 cash. 5-Dec 15-Dec 16-Dec Provided services to customer ABC Inc. on account, $4,600. 17-Dec Received $1,500 cash in advance from a customer for services to be provided in January. Paid $230 to XYZ company for the Dec 5 purchase on account. 22-Dec 23-Dec Received $2,200 cash from customer, ABC Inc., on account. 25-Dec Paid the rent for the current month, $850 28-Dec 29-Dec Paid salaries to employees for work performed from December 1 through December 28, $5,040. Declared and paid dividends to stockholders $550. Purchased land by signing 3 year note payable for $12,000. 30-Dec Step 5: Record the December adjusting entries on the "General Journal tab. 31-Dec One month's insurance has expired $110. 31-Dec The remaining inventory of unused office supplies is $90. 31-Dec The estimated depreciation on equipment is $70. 31-Dec Salaries incurred from December 29 to December 31 but not yet paid or recorded total $540. Step 8: Prepare the Income Statement, Statement of Stockholder's 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 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 Liabilites 26 Total Liabilities 27 Total Stockholder'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 27 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. Provide the total of the debit column from the Post Closing Trial Balance 29 30 Provide the balance of the Retained Earnings T-account after closing entries have been posted
