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, Accumulated Depreciation, Accounts Payable,
Wages Payable, Common Stock, Retained Earnings, Dividends, Service
Revenue, Depreciation Expense, Wages Expense, Supplies Expense,
Rent Expense, and Insurance Expense. 1-Dec Began business by
depositing $7000 in a bank account in the name of the company in
exchange for 700 shares of $10 per share common stock. 1-Dec Paid
the rent for the current month, $600 . 1-Dec Paid the premium on a
one-year insurance policy, $720 . 1-Dec Purchased Equipment for
$4800 cash. 5-Dec Purchased office supplies from XYZ Company on
account, $300 . 15-Dec Provided services to customers for $5800
cash. 16-Dec Provided service to customers ABC Inc. on account,
$3100 . 21-Dec Received $1700 cash from ABC Inc., customer on
account. 23-Dec Paid $170 to XYZ company for supplies purchased on
account on December 5 . 28-Dec Paid wages for the period December 1
through December 28, $4760 . 30-Dec Declared and paid dividend to
stockholders $200 . #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. #3. Compute the balance for each T-account after all
of the entries have been posted. These are the unadjusted balance
as of December 31. #4. Prepare the unadjusted trial balance under
the “Unadjusted Trial Balance” tab in the excel template file
"Accounting Cycle Excel Template.xlsx" . Provide the total of the
credit column from the Unadjusted Trial Balance #5. Record the
following four transactions as adjusting entries under the “General
Journal” tab. 31-Dec One month’s insurance has been used by the
company $60. 31-Dec The remaining inventory of unused office
supplies is $90. 31-Dec The estimated depreciation on equipment is
$80. 31-Dec Wages incurred from December 29 to December 31 but not
yet paid or recorded total $510. #6. Post all of the adjusting
entries to the T-accounts under the “T-Accounts” tab. Compute the
balance for each T-account after all of the adjusting entries have
been posted. These are the adjusted balance as of December 31. #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" . Provide the following
accounts balances from the Adjusted Trial Balance: Cash Accounts
Receivable Supplies Prepaid Insurance Equipment Accumulated
Depreciation Accounts Payable Wages Payable Common Stock Retained
Earnings #8. Prepare Income Statement, Statement of Stockholder’s
Equity, and Classified Balance Sheet under the “Financial
Statements” tab for the month ended December 31, 20XX in the excel
template file "Accounting Cycle Excel Template.xlsx". Provide the
following amount from the Income Statement: Service Revenue
Depreciation Expense Wages Expense Supplies Expense Rent Expense
Insurance Expense Net Income Provide the following account balance
from the Statement of Stockholders' Equity: Dividends Provide the
following account balances from the Balance Sheet: Current Assets
Long-Term Assets Total Liabilities Total Stockholder’s Equity Cash
#9. Record the closing entries under the “General Journal” tab.
#10. Post all of the closing entries to the T-accounts under the
“T-Accounts” tab. Compute the balance for each T-account after all
of the closing entries have been posted. Provide the ending balance
of Cash at December 31 from the T-account Provide the balance of
the Retained Earnings T-account after closing entries have been
posted. Does the ending balance of the Retained Earnings T-account
agree with the balance of Retained Earnings on the Balance Sheet?
Check Point: Total Assets $ 10,120.00
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