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Question $1(200$ points$)$

Step $1$: 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:

$\backslash$table$[[$Cash$,$Land,Notes Payable,Depreciation Expense$],[$Accounts Receivable,Accumulated Depreciation,Common Stock,Salaries Expense$],[$Supplies$,$Accounts Payable,Retained Earnings,Supplies Expense$],[$Prepaid Insurance,Deferred Revenue,Dividends,Rent Expense$],[$Equipment$,$Salaries Payable,Service Revenue,Insurance Expense$]]$

Dec $1$: $,$ Issued common stock for $$8,000$ cash.

Dec $1$: $,$ Paid $$1,200$ in advance for a one$-$year insurance policy.

Dec $1$: $,$ Purchased equipment for $$4,800$ cash.

Dec $5$: $,$ Purchased supplies for $$500$ on account from XYZ Company.

Dec $15$: $,$ Provided services to customers for $$8,200$ cash.

Dec $16$: $,$ Provided services to customer ABC Inc. on account for $$6,700.$

Dec $17$: Received cash of $$2,200$ in advance from customers for services to be provided in January.

Dec $22$: Paid $$240$ to $xYZ$ company for the Dec $5$ purchase on account.

Dec $23$: Received $$2,900$ cash from customer ABC Inc., on account related to the Dec $16$ transaction.

Dec $25$: Paid $$1,200$ rent for the current month.

Dec $28$: $,$ Paid salaries to employees $$4,760$ for work performed from Dec $1$ to Dec $28.$

Dec $23$: $,$ Received $$2,900$ cash from customer ABC Inc., on account related to the Dec $16$ transaction.

Dec $25$: $,$ Paid $$1,200$ rent for the current month.

Dec $28$: $,$ Paid salaries to employees $$4,760$ for work performed from Dec $1$ to Dec $28.$

Dec $29$: Declared and paid cash dividends of $$350$ to stockholders.

Dec $30$: $,$ Purchased land by signing a long$-$term note for $$10,000.$

Post all of the transactions from the "General Journal" tab to the T$-$accounts under the $"$T$-$

Step $2$: Accounts$/$General Ledger" tab in the excel template file "Accounting Cycle Excel Template.xlsx$".$

Assume there are no beginning balances in any of the accounts.

Step $3$: Compute the unadjusted balance for each T$-$account after all of the December entries have been poste

Step $4$: Prepare the unadjusted trial balance on the "Unadjusted Trial Balance" tab.

$1-$ Provide the total of the credit column from the Unadjusted Trial Balance

A

Step $5$: $,$ Record the December adjusting entries on the "General Journal" tab.

Dec $31$: One month insurance has been used.

Dec $31$: Supplies remaining at the end of the month total $$90.$

Dec $31$: The estimated depreciation on equipment is $$80.$

Dec $31$: Salaries incurred from December $29$ to December $31$ but not yet paid or recorded total $

Question $1(200$ points$)$

Step $1$: 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:

$\backslash$table$[[$Cash$,$Land,Notes Payable,Depreciation Expense$],[$Accounts Receivable,Accumulated Depreciation,Common Stock,Salaries Expense$],[$Supplies$,$Accounts Payable,Retained Earnings,Supplies Expense$],[$Prepaid Insurance,Deferred Revenue,Dividends,Rent Expense$],[$Equipment$,$Salaries Payable,Service Revenue,Insurance Expense$]]$

Dec $1$: $,$ Issued common stock for $$8,000$ cash.

Dec $1$: $,$ Paid $$1,200$ in advance for a one$-$year insurance policy.

Dec $1$: $,$ Purchased equipment for $$4,800$ cash.

Dec $5$: Purchased supplies for $$500$ on account from XYZ Comijany.

Dec $15$: Provided services to customers for $$8,200$ cash.

Dec $16$: Provided services to customer ABC Inc. on account for $$6,700.$

Dec $17$: Received cash of $$2,200$ in advance from customers for services to be provided in January.

Dec $22$: Paid $$240$ to $xYZ$ company for the Dec $5$ purchase on account.

Dec $23$: Rec

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