I don't know how to complete an accounting cycle for thesetransactionsDecember 1st 20XX Trial...I...

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Accounting

I don't know how to complete an accounting cycle for thesetransactions
December 1^st 20XX Trial Balance

Debit             Credit
Cash                                                   2,500
AccountsReceivable                         3,000
NotesReceivable                              1,000
Supplies                                             800
Land                                                  22,600
Machinery                                         22,000
AccumulatedDepreciation-Machine                                   2,400
AccountsPayable                                                      5,000
Unearned ServiceRevenue                                      1,200
CommonStock                                                          20,000
RetainedEarnings                                                     23,300
                                                           51,900            51,900
1.     The following transactions occurredduring December 20XX
December 5. Paid creditors $1,000
December 9. Billed customer for professional services completed,$1,000
December 17. Received collections from customers, $2,000
December 18. Ordered supplies on credit, $250
December 19. Professional fees earned received in cash,$7,000
December 29. Paid salaries to employees, $1,500
December 30. Paid rent expense, $2,000
a.     Prepare appropriate Decemberentries
b.     Fill in the balances as of December1, 20XX, in the ledger accounts (“T” Account form) and postDecember entries from the journal to the ledger.
2.     Based upon the ledger accountbalances, prepare a trial balance for December 30, 20XX
1.     Based upon the trial balance forLarkin Corporation for December 30, 20XX. Complete the adjustingentries below:
a.     Supplies used, $300
a.     Depreciation on Machinery, $500
b.     Of the unearned Revenue, $400 hasbeen earned during the period
c.      Interest earned on a customer’snote receivable, $80
2.     Create an adjusting trial balance
1.     Based on the adjusted trial balancefor December 30, 20XX, create Larkin’s Income Statement, RetainedEarnings and Balance Sheet.
1.     Prepare Closing Entries for LarkinCorporation at December 20XX
a.     Step 1: Close revenues to RetainedEarnings
b.     Step 2: Close expenses to RetainedEarnings
c.     Close Dividends to RetainedEarnings

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JOURNAL ENTRY FOR DECEMBER 20XX Date Account Title Debit Credit December5 Accounts Payable 1000 Cash 1000 December9 Accounts Receivable 1000 Service Revenue 1000 December17 Cash 2000 Accounts Receivable 2000 December18 No accounting entry isrequired at the time of ordering Entry is required after receipt of goods and invoice December19 Cash 7000 Service Revenue 7000 December29 Salaries expense 1500 Cash 1500 December30 Rent expense 2000 Cash 2000 TAccounts Cash Date Description Debit Credit December01 Beginning Balance 2500 December5 Accounts Payable 1000 December17 Accounts Receivable 2000 December19 Service Revenue 7000 December29 Salaries expense 1500 December30 Rent expense 2000 Ending Blance 7000 Accounts See Answer

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In: AccountingI don't know how to complete an accounting cycle for thesetransactionsDecember 1st 20XX Trial...I don't know how to complete an accounting cycle for thesetransactionsDecember 1st 20XX Trial Balance Debit CreditCash 2,500AccountsReceivable 3,000 NotesReceivable 1,000Supplies 800Land 22,600Machinery 22,000AccumulatedDepreciation-Machine 2,400AccountsPayable 5,000Unearned ServiceRevenue 1,200CommonStock 20,000RetainedEarnings 23,300 51,900 51,9001. The following transactions occurredduring December 20XXDecember 5. Paid creditors $1,000December 9. Billed customer for professional services completed,$1,000December 17. Received collections from customers, $2,000December 18. Ordered supplies on credit, $250December 19. Professional fees earned received in cash,$7,000December 29. Paid salaries to employees, $1,500December 30. Paid rent expense, $2,000a. Prepare appropriate Decemberentriesb. Fill in the balances as of December1, 20XX, in the ledger accounts (“T” Account form) and postDecember entries from the journal to the ledger.2. Based upon the ledger accountbalances, prepare a trial balance for December 30, 20XX1. Based upon the trial balance forLarkin Corporation for December 30, 20XX. Complete the adjustingentries below:a. Supplies used, $300a. Depreciation on Machinery, $500b. Of the unearned Revenue, $400 hasbeen earned during the periodc. Interest earned on a customer’snote receivable, $802. Create an adjusting trial balance1. Based on the adjusted trial balancefor December 30, 20XX, create Larkin’s Income Statement, RetainedEarnings and Balance Sheet.1. Prepare Closing Entries for LarkinCorporation at December 20XXa. Step 1: Close revenues to RetainedEarningsb. Step 2: Close expenses to RetainedEarningsc. Close Dividends to RetainedEarnings