#1. Prepare journal entries to record the December transactionsin the General Journal Tab in the excel template file "AccountingCycle Excel Template.xlsx". Use the following accounts asappropriate: Cash, Accounts Receivable, Supplies, PrepaidInsurance, Equipment, Accumulated Depreciation, Accounts Payable,Wages Payable, Common Stock, Retained Earnings, Dividends, ServiceRevenue, Depreciation Expense, Wages Expense, Supplies Expense,Rent Expense, and Insurance Expense. 1-Dec Began business bydepositing $6500 in a bank account in the name of the company inexchange for 650 shares of $10 per share common stock. 1-Dec Paidthe rent for the current month, $550 . 1-Dec Paid the premium on aone-year insurance policy, $600 . 1-Dec Purchased Equipment for$4200 cash. 5-Dec Purchased office supplies from XYZ Company onaccount, $300 . 15-Dec Provided services to customers for $5600cash. 16-Dec Provided service to customers ABC Inc. on account,$2800 . 21-Dec Received $1600 cash from ABC Inc., customer onaccount. 23-Dec Paid $170 to XYZ company for supplies purchased onaccount on December 5 . 28-Dec Paid wages for the period December 1through December 28, $4480 . 30-Dec Declared and paid dividend tostockholders $200 . #2. Post all of the December transactions fromthe “General Journal” tab to the T-accounts under the “T-Accounts”tab in the excel template file "Accounting Cycle ExcelTemplate.xlsx". Assume there are no beginning balances in any ofthe accounts. #3. Compute the balance for each T-account after allof the entries have been posted. These are the unadjusted balanceas of December 31. #4. Prepare the unadjusted trial balance underthe “Unadjusted Trial Balance” tab in the excel template file"Accounting Cycle Excel Template.xlsx" . Provide the total of thecredit column from the Unadjusted Trial Balance #5. Record thefollowing four transactions as adjusting entries under the “GeneralJournal” tab. 31-Dec One month’s insurance has been used by thecompany $50. 31-Dec The remaining inventory of unused officesupplies is $90. 31-Dec The estimated depreciation on equipment is$70. 31-Dec Wages incurred from December 29 to December 31 but notyet paid or recorded total $480. #6. Post all of the adjustingentries to the T-accounts under the “T-Accounts” tab. Compute thebalance for each T-account after all of the adjusting entries havebeen posted. These are the adjusted balance as of December 31. #7.Prepare the adjusted trial balance under the “Adjusted TrialBalance” tab as of December 31 in the excel template file"Accounting Cycle Excel Template.xlsx" . Provide the followingaccounts balances from the Adjusted Trial Balance: Cash AccountsReceivable Supplies Prepaid Insurance Equipment AccumulatedDepreciation Accounts Payable Wages Payable Common Stock RetainedEarnings #8. Prepare Income Statement, Statement of Stockholder’sEquity, and Classified Balance Sheet under the “FinancialStatements” tab for the month ended December 31, 20XX in the exceltemplate file "Accounting Cycle Excel Template.xlsx". Provide thefollowing amount from the Income Statement: Service RevenueDepreciation Expense Wages Expense Supplies Expense Rent ExpenseInsurance Expense Net Income Provide the following account balancefrom the Statement of Stockholders' Equity: Dividends Provide thefollowing account balances from the Balance Sheet: Current AssetsLong-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 allof the closing entries have been posted. Provide the ending balanceof Cash at December 31 from the T-account Provide the balance ofthe Retained Earnings T-account after closing entries have beenposted. Does the ending balance of the Retained Earnings T-accountagree with the balance of Retained Earnings on the Balance Sheet?Check Point: Total Assets $ 9,470.00.
