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: 1-Dec Issue common stock in exchange for cash of $6,500. 1-Dec Paid the premium in advance on a one-year insurance policy, $600. 1-Dec Purchased Equipment for $4,200 cash. 5-Dec Purchased office supplies from XYZ Company on account, $450. 15-Dec Provided services to customers for $5,600 cash. 16-Dec Provided services to customer ABC Inc. on account, $2,800. 17-Dec Received $900 cash in advance from a customer for services to be provided in January. 22-Dec Paid $230 to XYZ company for the Dec 5 purchase on account. 23-Dec Received $1,600 cash from customer, ABC Inc., on account. 25-Dec Paid the rent for the current month, $550. 28-Dec Paid salaries to employees for work performed from December 1 through December 28, $4,480. 29-Dec Declared and paid dividends to stockholders $250. 30-Dec Purchased land by signing 3 year note payable for $6,000. 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. Step 3: Compute the balance for each T-account after all of the 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 Step 5: Record the December adjusting entries on the General Journal tab. 31-Dec One months insurance has expired $50. 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 $480. 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. Step 7: Prepare the adjusted trial balance on the Adjusted Trial Balance tab. Check point 1: Adjusted trial balance total debit/credit = $ 22,570