QUESTION 1 Required: #1. Prepare journal entries to record theDecember transactions in the General Journal Tab in the exceltemplate file "Accounting Cycle Excel Template.xlsx". Use thefollowing 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 Beganbusiness by depositing $8500 in a bank account in the name of thecompany in exchange for 850 shares of $10 per share common stock.1-Dec Paid the rent for the current month, $1250 . 1-Dec Paid thepremium on a one-year insurance policy, $1320 . 1-Dec PurchasedEquipment for $3600 cash. 5-Dec Purchased office supplies from XYZCompany on account, $300 . 15-Dec Provided services to customersfor $8400 cash. 16-Dec Provided service to customers ABC Inc. onaccount, $7000 . 21-Dec Received $3000 cash from ABC Inc., customeron account. 23-Dec Paid $170 to XYZ company for supplies purchasedon account on December 5 . 28-Dec Paid wages for the periodDecember 1 through December 28, $5040 . 30-Dec Declared and paiddividend to stockholders $200 . #2. Post all of the Decembertransactions from the “General Journal” tab to the T-accounts underthe “T-Accounts” tab in the excel template file "Accounting CycleExcel Template.xlsx". Assume there are no beginning balances in anyof the accounts. #3. Compute the balance for eachT-account after all of the entries have been posted. These are theunadjusted balance as of December 31. #4. Prepare the unadjustedtrial balance under the “Unadjusted Trial Balance” tab in the exceltemplate file "Accounting Cycle Excel Template.xlsx" . Provide thetotal of the credit column from the Unadjusted Trial Balance #5.Record the following four transactions as adjusting entries underthe “General Journal” tab. 31-Dec One month’s insurance has beenused by the company $110. 31-Dec The remaining inventory of unusedoffice supplies is $90. 31-Dec The estimated depreciation onequipment is $60. 31-Dec Wages incurred from December 29 toDecember 31 but not yet paid or recorded total $540. #6. Post allof the adjusting entries to the T-accounts under the “T-Accounts”tab. Compute the balance for each T-account after all of theadjusting entries have been posted. These are the adjusted balanceas of December 31. #7. Prepare the adjusted trial balance under the“Adjusted Trial Balance” tab as of December 31 in the exceltemplate file "Accounting Cycle Excel Template.xlsx" . Provide thefollowing accounts balances from the Adjusted Trial Balance: Cash Accounts Receivable Supplies PrepaidInsurance Equipment Accumulated Depreciation Accounts Payable WagesPayable Common Stock Retained Earnings #8. Prepare Income Statement, Statement of Stockholder’s Equity,and Classified Balance Sheet under the “Financial Statements” tabfor the month ended December 31, 20XX in the excel template file"Accounting Cycle Excel Template.xlsx". Provide the followingamount from the Income Statement: Service Revenue DepreciationExpense Wages Expense Supplies ExpenseRent Expense Insurance Expense Net Income Provide the followingaccount balance from the Statement of Stockholders' Equity:Dividends Provide the following account balances from the BalanceSheet: CurrentAssets Long-TermAssets TotalLiabilities Total Stockholder’sEquity 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 theT-account Provide the balance of the Retained Earnings T-account afterclosing entries have been posted. Does the endingbalance of the Retained Earnings T-account agree with the balanceof Retained Earnings on the Balance Sheet? Check Point: TotalAssets $ 17,160.00 just need 8,9,10.
