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 1-Dec 1-Dec Land Accumulated Depreciation Accounts Payable Deferred Revenue Salaries Payable Issue common stock in exchange for cash of $10.000. Paid the premium in advance on a one-year insurance policy, $480. Purchased Equipment for $4,800 cash. 1-Dec 5-Dec Purchased office supplies from XYZ Company on account, $400. 15-Dec Provided services to customers for $7.000 cash. 16-Dec Provided services to customer ABC Inc, on account, $4,900. Notes Payable Common Stock Retained Earnings Dividends Service Revenue 17-Dec Received $1,600 cash in advance from a customer for services to be provided in January. 22-Dec Paid $240 to XYZ company for the Dec 5 purchase on account. 23-Dec Received $2,300 cash from customer, ABC Inc., on account. 25-Dec Paid the rent for the current month, $900. 28-Dec Paid salaries to employees for work performed from December 1 through December 28, $4,200. Declared and paid dividends to stockholders $600. 29-Dec 30-Dec Purchased land by signing 3 year note payable for $13,000. Depreciation Expense Salaries Expense Supplies Expense Rent Expense Insurance Expense AS B 16 Step 2: Step 3: Step 4: Step 5: Step 6: Step 7: 30-Dec Purchased land by signing 3 year note payable for $13,000. 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. Compute the balance for each T-account after all of the entries have been posted. Prepare the unadjusted trial balance on the "Unadjusted Trial Balance" tab. Provide the total of the credit column from the Unadjusted Trial Balance Record the December adjusting entries on the "General Journal" tab. 31-Dec One month's insurance has expired $40. 31-Dec The remaining inventory of unused office supplies is $90. 31-Dec The estimated depreciation on equipment in $80. 31-Dec Salaries incurred from December 29 to December 31 but not yet paid or recorded total $450. 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. Prepare the adjusted trial balance on the "Adjusted Trial Balance" tab. $ 37,190 Check point 1: Adjusted trial balance total debit/credit Provide the following amounts from the Adjusted Trial Balance: (Be sure to enter all numbers as positive and no answer should be left blank.) Step 6: Step 7: Step 8: 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. Prepare the adjusted trial balance on the "Adjusted Trial Balance" tab 10 11 12 13 14 2 3 Accounts Receivable 4 Supplies S Prepaid Insurance. 6 Equipment 7 Land 8 Accumulated Depreciation 9 Accounts Payable Deferred Revenue Check point 1: Adjusted trial balance total debit/credit Provide the following amounts from the Adjusted Trial Balance: (Be sure to enter all numbers as positive and no answer should be left blank) Cash $ 37,190 Salaries Payable Notes Payable Common Stock Retained Earnings 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.) X Question Completion Status Step 8: Step 9 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.) Service Revenue Depreciation Expense 15 16 17 Salaries Expense 18 Supples Expense 19 Rent Expense 20 Insurance Expense 21 Net Income 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 23 Long-Term Assets 24 Current Liabilities Long-Term Liabilites 25 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 Record the closing entries on the "General Joumal" tab. X Step 9 Step 10 Step 11: 26 Total Liabilities 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 29 Tebal Stockholder's Equity 30 Record the closing entries on the "General Joumal tab 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 Earrings T-account after closing entries have bean posted Check Point 2 Total Assets 12. Total Ass $ 30,530