Accounting Cycle project

QUESTION 1 195 points 195 points Save Answer 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: 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 Depreciation Expense Salaries Expense Supplies Expense Rent Expense Insurance Expense 1-Dec 1-Dec 1-Dec 5-Dec 15-Dec Issue common stock in exchange for cash of $7,500. Paid the premium in advance on a one-year insurance policy, $840. Purchased Equipment for $3,600 cash. Purchased office supplies from XYZ Company on account, $600. Provided services to customers for $6,000 cash. Provided services to customer ABC Inc, on account, $3,400. . Received $1,100 cash in advance from a customer for services to be provided in January Paid $220 to XYZ company for the Dec 5 purchase on account. Received $1,800 cash from customer ABC Inc., on account. Paid the rent for the current month $650 16-Dec 17-Dec 22-Dec 23-Dec 25-Dec 28-Dec 29-Dec Paid salaries to employees for work performed from December 1 through December 28, $5,040. Declared and paid dividends to stockholders $350. Purchased land by signing 3 year note payable for $8,000. 30-Dec 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 trial balance on the Unadjusted Trial Balance" tab. 1 Provide the total of the credit column from the Unadjusted Trial Balance 26380 Step 5: Record the December adjusting entries on the "General Journal tab. 31-Dec One month's insurance has expired $70. 31-Dec 31-Dec The remaining inventory of unused office supplies $90. The estimated depreciation on equipment is $60. Salaries incurred from December 29 to December 31 but not yet paid or recorded total $540. 31-Dec 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 = S 26,980 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 5700 3 Accounts Receivable 380 4 Supplies 510 5 Prepaid Insurance 770 6 Equipment 3600 7 Land 8000 8 Accumulated Depreciation 60 9 Accounts Payable 380 10 Deferred Revenue 1100 11 Salaries Payable 540 12 Notes Payable 8000 13 Common Stock 7500 14 Retained Eamings Prepare the Income Statement. Statement of Stockholder's Equity and Classified Balance Sheet on the "Financial Statements" tab for the month Step 8: 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. 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 9400 16 Depreciation Expense 60 17 Salaries Expense 5580 18 Supplies Expense 90 19 Rent Expense 650 20 Insurance Expense 70 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 Liabilites 26 Total Liabilities 27 Total Stockholder's Equity 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.) For Blank 30 Dividends Step 9 Record the closing entries on the "General Journal" tab. Step 10: Step 11: 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 Eamings T-account after closing entries have been posted. 29 30 Check Point 2: Total Assets $ 19,700 QUESTION 2 5 points 31 Does the ending balance of the Retained Earnings t-account agree with the balance of Retained Earnings on the Balance Sheet? A B D F G Student Name and Section [Please enter your full name and section number General Journal Description Date Debit Credit General Journal General ledger T accounts Inadisted Trial Balance Adiu