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 Issue common stock in exchange for cash of $10,500. Paid the premium in advance on a one-year insurance policy, $1,320. Purchased Equipment for $4,200 cash. 1-Dec 5-Dec Purchased office supplies from XYZ Company on account, $550. 15-Dec Provided services to customers for $9,200 cash. 16-Dec Provided services to customer ABC Inc. on account, $8,200. 17-Dec Received $2,700 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 $3,400 cash from customer, ABC Inc., on account. 25-Dec Paid the rent for the current month, $1,450. 28-Dec Paid salaries to employees for work performed from December 1 through December 28, $5,040. Declared and paid dividends to stockholders $600. 29-Dec 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. Provide the total of the credit column from the Unadjusted Trial Balance $36,920 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 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 = $ 37,530 Provide the following amounts from the Adjusted Trial Balance: (Be sure to enter all numbers as positive and no answer should be left blank.) 2 Cash $12960 3 Accounts Receivable $4800 Step 7: Prepare the adjusted trial balance on the "Adjusted Trial Balance" tab. Check point 1: Adjusted trial balance total debit/credit = $ 37,530 Provide the following amounts from the Adjusted Trial Balance: (Be sure to enter all numbers as positive and no answer should be left blank.) 2 Cash $12960 3 Accounts Receivable $4800 4 Supplies $460 5 Prepaid Insurance $1210 6 Equipment $4200 7 Land $6000 8 $70 Accumulated Depreciation Accounts Payable 9 $320 10 Deferred Revenue $2700 11 Salaries Payable $540 12 Notes Payable $6000 13 Common Stock $10500 14 Retained Earnings 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.) 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 $17400 16 Depreciation Expense $70 17 Salaries Expense $5580 18 Supplies Expense $90 19 Rent Expense $ 1450 20 Insurance Expense $110 21 Net Income $10100 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 $19430 23 Long-Term Assets $10130 24 Current Liabilities $3560 25 Long-Term Liabilites $6000 26 Total Liabilities $9560 27 Total Stockholder's Equity $20000 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.) 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 $600 Step 9: Record the closing entries on the "General Journal tab. Step 10: Step 11: 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. 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 Provide the balance of the Retained Earnings T-account after closing entries have been posted. 29 30 Check Point 2: Total Assets $ 29,190 QUESTION 2 5 points Save Answer 31 Does the ending balance of the Retained Earnings t-account agree with the balance of Retained Earnings on the Balance Sheet