70.2K

Verified Solution

Link Copied!

1-Dec	Began business by depositing $7500 in a bank account in the name of the company in exchange for
			750 shares of $10 per share common stock.
		1-Dec	Paid the rent for the current month, $1150 .
		1-Dec	Paid the premium on a one-year insurance policy, $1080 .
		1-Dec	Purchased Equipment for $4200 cash.
		5-Dec	Purchased office supplies from XYZ Company on account, $300 .
		15-Dec	Provided services to customers for $8000 cash.
		16-Dec	Provided service to customers ABC Inc. on account, $6400 .
		21-Dec	Received $2800 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, $4480 .
		30-Dec	Declared and paid dividend to stockholders $200 .

	31-Dec One months insurance has been used by the company $90. 31-Dec The remaining inventory of unused office supplies is $90. 31-Dec The estimated depreciation on equipment is $70. 31-Dec Wages incurred from December 29 to December 31 but not yet paid or recorded total $480 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 Stockholders 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 Stockholders 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 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 points: Total Assets $ 15,830.00

Answer & Explanation Solved by verified expert

See Answer