Step 1: Step 2: Step 3: Step 4: 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: Cash Accounts Receivable Supplies Prepaid Insurance Equipment Land Accumulated Depreciation Accounts Payable Deferred Revenue Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue 1-Dec Issue common stock in exchange for cash of $8,000. 1-Dec Paid the premium in advance on a one-year insurance policy, $960. 1-Dec Purchased Equipment for $4,200 cash. 5-Dec Purchased office supplies from XYZ Company on account, $400. 15-Dec Provided services to customers for $6,200 cash. 16-Dec Provided services to customer ABC Inc. on account, $3,700. 17-Dec Received $1,200 cash in advance from a customer for services to be provided in January. 22-Dec Paid $230 to XYZ company for the Dec 5 purchase on account. 23-Dec Received $1,900 cash from customer, ABC Inc., on account. 25-Dec Paid the rent for the current month, $700. 28-Dec 29-Dec 30-Dec Paid salaries to employees for work performed from December 1 through December 28, $4,200. Declared and paid dividends to stockholders $400. Purchased land by signing 3 year note payable for $9,000. Compute the balance for each T-account after all of the entries have been posted. Prepare the unadjusted trial balance on the "Unadjusted Trial Balance" tab. Depreciation Expense Salaries Expense Supplies Expense Rent Expense Insurance Expense 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 1: Step 2: Step 3: Step 4: 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: Cash Accounts Receivable Supplies Prepaid Insurance Equipment Land Accumulated Depreciation Accounts Payable Deferred Revenue Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue 1-Dec Issue common stock in exchange for cash of $8,000. 1-Dec Paid the premium in advance on a one-year insurance policy, $960. 1-Dec Purchased Equipment for $4,200 cash. 5-Dec Purchased office supplies from XYZ Company on account, $400. 15-Dec Provided services to customers for $6,200 cash. 16-Dec Provided services to customer ABC Inc. on account, $3,700. 17-Dec Received $1,200 cash in advance from a customer for services to be provided in January. 22-Dec Paid $230 to XYZ company for the Dec 5 purchase on account. 23-Dec Received $1,900 cash from customer, ABC Inc., on account. 25-Dec Paid the rent for the current month, $700. 28-Dec 29-Dec 30-Dec Paid salaries to employees for work performed from December 1 through December 28, $4,200. Declared and paid dividends to stockholders $400. Purchased land by signing 3 year note payable for $9,000. Compute the balance for each T-account after all of the entries have been posted. Prepare the unadjusted trial balance on the "Unadjusted Trial Balance" tab. Depreciation Expense Salaries Expense Supplies Expense Rent Expense Insurance Expense 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
please do nmot provide solutioin in image format thyank you!
Transcribed Image Text:Step 1:
Step 2:
Step 3:
Step 4:
Step 5:
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:
1-Dec
1-Dec
1-Dec
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
29-Dec
30-Dec
Land
Accumulated Depreciation
Accounts Payable
Deferred Revenue
Salaries Payable
Issue common stock in exchange for cash of $8,000.
Paid the premium advance on a one-year insurance policy, $960.
Purchased Equipment for $4,200 cash.
5-Dec Purchased office supplies from XYZ Company on account, $400.
Provided services to customers for $6,200 cash.
15-Dec
16-Dec
Provided services to customer ABC Inc. on account, $3,700.
17-Dec Received $1,200 cash in advance from a customer for services to be provided in January.
22-Dec
Paid $230 to XYZ company for the Dec 5 purchase on account.
23-Dec
Received $1,900 cash from customer, ABC Inc., on account.
25-Dec
Paid the rent for the current month, $700.
28-Dec Paid salaries to employees for work performed from December 1 through December 28, $4,200.
Declared and paid dividends to stockholders $400.
Purchased land by signing 3 year note payable for $9,000
Compute the balance for each T-account after all of the entries have been posted.
Prepare the unadjusted trial balance on the "Unadjusted Trial BalanceⓇ tab.
Notes Payable
Common Stock
Retained Earnings
Dividends
Service Revenue
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.
Provide the total of the credit column from the Unadjusted Trial Balance
Record the December adjusting entries on the "General Journal" tab.
Depreciation Expense
Salaries Expense
Supplies Expense
Rent Expense
Insurance Expense
Transcribed Image Text:Step 6:
Step 7:
Step 8:
Step 9:
Step 10:
Step 11:
12
13
14
2
3 Accounts Receivable
4
Supplies
5
Prepaid Insurance
6
Equipment
7 Land
8 Accumulated Depreciation
9
Accounts Payable
10
Deferred Revenue
11
Salaries Payable
Notes Payable
Common Stock
Retained Earnings
28
31-Dec One month's insurance has expired $80.
31-Dec The remaining inventory of unused office supplies is $90.
31-Dec The estimated depreciation on equipment is $70.
31-Dec Salaries incurred from December 29 to December 31 but not yet paid or recorded total $450.
29
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.
Prepare the adjusted trial balance on the "Adjusted Trial Balance" tab.
30
Check point 1:
Adjusted trial balance total debit/credit =
$ 28,790
Provide the following amounts from the Adjusted Trial Balance: (Be sure to enter all numbers as positive and no answer should be
left blank.)
Cash
15
16
17 Salaries Expense
18
Supplies Expense
19
Rent Expense
20 Insurance Expense
21
Net Income
QUESTION 2
Prepare the Income Statement, Statement of Stockholder's Equity and Classified Balance Sheet on the "Financial Statements" tab for the
month ended December 31, 20XX.
22
Current Assets
23
Long-Term Assets
24
Current Liabilities
25 Long-Term Liabilites
26
27
Provide the following amount from the Income Statement: (Be sure to enter all numbers as positive and no answer should be left
blank.)
Service Revenue
Depreciation Expense
Provide the following account balances from the Balance Sheet: (Be sure to enter all numbers as positive and no answer should be
left blank.)
Total Liabilities
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.)
Dividends
Record the closing entries on the "General Journal" tab.
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.
Prepare the post closing trial balance for the month ended December 31, 20XX on the Post-Closing Trial Balance tab.
Provide the total of the debit column from the Post Closing Trial Balance
Provide the balance of the Retained Earnings T-account after closing entries have
been posted.
Check Point 2: Total Assets
$ 22,510
31 Does the ending balance of the Retained Earnings t-account agree with the balance
of Retained Earnings on the Balance Sheet?
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