Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file Use the following accounts as appropriate: 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 1-Dec: Issue common stock in exchange for cash of $6,000. 1-Dec: Paid the premium in advance on a one-year insurance policy, $480. 1-Dec: Purchased Equipment for $3,600 cash. 5-Dec: Purchased office supplies from XYZ Company on account, $400. 15-Dec: Provided services to customers for $5,400 cash. 16-Dec: Provided services to customer ABC Inc. on account, $2,500. 17-Dec: Received $800 cash in advance from a customer for services to be provided in January. 22-Dec: Paid $220 to XYZ company for the Dec 5 purchase on account. 23-Dec: Received $1,500 cash from customer, ABC Inc., on account. 25-Dec: Paid the rent for the current month, $500. 28-Dec: Paid salaries to employees for work performed from December 1 through December 28, $4,200. 29-Dec: Declared and paid dividends to stockholders $200. 30-Dec: Purchased land by signing 3 year note payable for $5,000. Step 2: Post all of the December transactions from the “General Journal” tab to the T-accounts under the “T-Accounts” 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 balance for each T-account after all of the entries have been posted.
Prepare
Cash. Land. Notes Payable. Depreciation Expense.
1-Dec: Issue common stock in exchange for cash of $6,000.
1-Dec: Paid the premium in advance on a one-year insurance policy, $480.
1-Dec: Purchased Equipment for $3,600 cash.
5-Dec: Purchased office supplies from XYZ Company on account, $400.
15-Dec: Provided services to customers for $5,400 cash.
16-Dec: Provided services to customer ABC Inc. on account, $2,500.
17-Dec: Received $800 cash in advance from a customer for services to be provided in January.
22-Dec: Paid $220 to XYZ company for the Dec 5 purchase on account.
23-Dec: Received $1,500 cash from customer, ABC Inc., on account.
25-Dec: Paid the rent for the current month, $500.
28-Dec: Paid salaries to employees for work performed from December 1 through December 28, $4,200.
29-Dec: Declared and paid dividends to stockholders $200.
30-Dec: Purchased land by signing 3 year note payable for $5,000.
Step 2: Post all of the December transactions from the “General Journal” tab to the T-accounts under the “T-Accounts” 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 balance for each T-account after all of the entries have been posted.
Step 4: Prepare the unadjusted
1 Provide the total of the credit column from the Unadjusted Trial Balance________
Step 5: Record the December
31-DecOne month’s insurance has expired $40.
31-DecThe remaining inventory of unused office supplies is $90.
31-DecThe estimated depreciation on equipment is $60.
31-DecSalaries incurred from December 29 to December 31 but not yet paid or recorded total $450.
Step 6: Post all of the adjusting entries to the T-accounts on the “T-Accounts” tab. Compute the balance for each T-account after all of the adjusting entries have been posted.
Step 7: Prepare the adjusted trial balance on the “Adjusted Trial Balance” tab.
Check point 1: Adjusted trial balance total debit/credit = $ 20,390
Provide the following amounts from the Adjusted Trial Balance: (Be sure to enter all numbers as positive and no answer should be left blank.)
2 Cash ________
3 Accounts Receivable ________
4 Supplies ________
5 Prepaid Insurance ________
6 Equipment ________
7 Land ________
8 Accumulated Depreciation________
9 Accounts Payable ________
10 Deferred Revenue ________
11Salaries Payable ________
12 Notes Payable ________
13 Common Stock ________
14 Retained Earnings ________
Step 8: Prepare the Income Statement, Statement of
Provide the following amount from the Income Statement: (Be sure to enter all numbers as positive and no answer should be left blank.)
15 Service Revenue ________
16 Depreciation Expense ________
17 Salaries Expense ________
18 Supplies Expense ________
19 Rent Expense ________
20 Insurance Expense ________
21 Net Income ________
Provide the following account balances from the Balance Sheet: (Be sure to enter all numbers as positive and no answer should be left blank.)
22 Current Assets _______
23 Long-Term Assets ________
24 Current Liabilities ________
25 Long-Term Liabilities ________
26 Total Liabilities ________
27 Total Stockholder’s Equity ________
Provide the following account balance from the Statement of stockholders' Equity: (Be sure to enter all numbers as positive and no answer should be left blank.)
28 Dividends ________
Step 9: Record the closing entries on the “General Journal” tab.
Step 10: Post all of the closing entries to the T-accounts on the “T-Accounts” tab. Compute the balance for each T-account after all of the closing entries have been posted.
Step 11: Prepare the post closing trial balance for the month ended December 31, 20XX on the Post-Closing Trial Balance tab.
29: Provide the total of the debit column from the Post Closing Trial Balance ___________
30: Provide the balance of the Retained Earnings T-account after closing entries have been posted. __________
Check Point 2: Total Assets $ 14,570
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