Began business by depositing $7500 in a bank account in the name of the company in exchange for

750 shares of $10 per share common stock.

1-Dec

Paid the rent for the current month, $650 .

1-Dec

Paid the premium on a one-year insurance policy, $840 .

1-Dec

Purchased Equipment for $3600 cash.

5-Dec

Purchased office supplies from XYZ Company on account, $300 .

15-Dec

Provided services to customers for $8000 cash.

16-Dec

Provided service to customers ABC Inc. on account, $6400 .

21-Dec

Received $2800 cash from ABC Inc., customer on account.

23-Dec

Paid $170 to XYZ company for supplies purchased on account on December 5 .

28-Dec

Paid wages for the period December 1 through December 28, $4480 .

30-Dec

Declared and paid dividend to stockholders $200 .

31-Dec

One month’s insurance has been used by the company $90.

31-Dec

The remaining inventory of unused office supplies is $90.

31-Dec

The estimated depreciation on equipment is $70.

31-Dec

Wages incurred from December 29 to December 31 but not yet paid or recorded total $480.

Prepare the adjusted trial balance under the “Adjusted Trial Balance” tab as of December 31

Provide the following accounts balances from the Adjusted Trial Balance:

Cash

Accounts Receivable

Supplies

Prepaid Insurance

Equipment

Accumulated Depreciation

Accounts Payable

Wages Payable

Common Stock

Retained Earnings

#8.

Prepare Income Statement, Statement of Stockholder’s Equity, and Classified Balance Sheet under the “Financial Statements” tab for the month ended December 31, 20XX in the excel template file "Accounting Cycle Excel Template.xlsx".

Provide the following amount from the Income Statement:

Service Revenue

Depreciation Expense

Wages Expense

Supplies Expense

Rent Expense

Insurance Expense

Net Income

Provide the following account balance from the Statement of Stockholders' Equity:

Dividends

Provide the following account balances from the Balance Sheet:

Current Assets

Long-Term Assets

Total Liabilities

Total Stockholder’s Equity

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 all of the closing entries have been posted.

Answer rating: 100% (QA)

Answer DATE PARTICULARS Dr Amount Cr Amount 1Dec Bank account Dr To common stock ac 7500 7500 1Dec Rent ac Dr to Bank ac 650 650 1Dec Insurance Premium ac Dr To Bank ac 840 840 1Dec Equipment ac Dr To ... View the full answer