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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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please do nmot provide solutioin in image format thyank you!

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 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
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?
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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