as it possitie The Accounting Cycle - Problem Set Aec Company Ltd. summary or transactons durang vecember! 1. Salaries to employees of C I 750 were calculated for Dectmiter and will poe it lathury: 2. Purchare of e 3 oso of Cmice Supplies lnventory with 1 th oanh dasount for camk transaction. 3. Prochate of raw materials imventory of C 3950 was done with three-monch trade cresic. 4. Dut to the low qualcy of the purchased raw material inventory the company ramurned baca C 500 of inventory that diminished the accounts payable by that amsunt. 5. Paid outstanding salary payables 6. Paid eutstanding tax parables 7. Paid oututanding trade credtors in the arnount of C2 oso. 8. The freight is for both supplies and raw material invertory mas paid in the anount of c700. 9. Performed consulting services for Customer XMZ, for which we wil receve C a d on 2month credir sivle. 10. At the end of month, the Customer XYZ made a cleim on the consulting servicms and ae agreod to sales allowance in the amourt of 10 h 11. Performed consulting servioes, in the amosnt of C3000 wich 5 wo for cach discout an saies (cash immediabely recelved). 12. Performed adpertisement services, in the amount of i 3 5Do (cash immediately nectivel). and in December 2014 the customer used the discount for promot poyment. 14. We sold ollice sugples invertory on the market for 7,000 through cedit cand trasuction (a straight 1\% of credi card services were taken). 15. The eost of raw meberiah inventory used during December in C1200. 16. In the beginsint of October 2014, a subscription rights far locir newboger magamite ar c.4 600 wat puid for four-month berm in advance. 17. In the beginwing of September 2614 comeaty receives ment for 6 menth in aduater, C. 6. boo. 18. A the end of the month Company repaid to the Bark crest vorche C1000 and paid interest chargen finterest rate as of 6 th p.2.). 19. Depreciation of machinery equipment for December amounts is C500. 20. ABC company acknoiledged the CI abs worth of bad debte in December 2bsa Required: a) Prepse the opering joumal entry on Dec. 1, 2014. b) Prepare the joumal entries for the transactions (120) for the month of December and post them to the T-accounts, opening addrional T-accounts for acoounts as needed. Orossreference the entries using the fumbers of the transactions abeve. c) Prepare the adjusting foumal entries and record them at the end of Desember it the Faccounts. d) Prepare the closing entries for the temporary accounts and the Income Statement. e) Prepare the closing ereries for the permanent aceounts and the Bulance 5heet as of Dec. 31,2014 as it possitie The Accounting Cycle - Problem Set Aec Company Ltd. summary or transactons durang vecember! 1. Salaries to employees of C I 750 were calculated for Dectmiter and will poe it lathury: 2. Purchare of e 3 oso of Cmice Supplies lnventory with 1 th oanh dasount for camk transaction. 3. Prochate of raw materials imventory of C 3950 was done with three-monch trade cresic. 4. Dut to the low qualcy of the purchased raw material inventory the company ramurned baca C 500 of inventory that diminished the accounts payable by that amsunt. 5. Paid outstanding salary payables 6. Paid eutstanding tax parables 7. Paid oututanding trade credtors in the arnount of C2 oso. 8. The freight is for both supplies and raw material invertory mas paid in the anount of c700. 9. Performed consulting services for Customer XMZ, for which we wil receve C a d on 2month credir sivle. 10. At the end of month, the Customer XYZ made a cleim on the consulting servicms and ae agreod to sales allowance in the amourt of 10 h 11. Performed consulting servioes, in the amosnt of C3000 wich 5 wo for cach discout an saies (cash immediabely recelved). 12. Performed adpertisement services, in the amount of i 3 5Do (cash immediately nectivel). and in December 2014 the customer used the discount for promot poyment. 14. We sold ollice sugples invertory on the market for 7,000 through cedit cand trasuction (a straight 1\% of credi card services were taken). 15. The eost of raw meberiah inventory used during December in C1200. 16. In the beginsint of October 2014, a subscription rights far locir newboger magamite ar c.4 600 wat puid for four-month berm in advance. 17. In the beginwing of September 2614 comeaty receives ment for 6 menth in aduater, C. 6. boo. 18. A the end of the month Company repaid to the Bark crest vorche C1000 and paid interest chargen finterest rate as of 6 th p.2.). 19. Depreciation of machinery equipment for December amounts is C500. 20. ABC company acknoiledged the CI abs worth of bad debte in December 2bsa Required: a) Prepse the opering joumal entry on Dec. 1, 2014. b) Prepare the joumal entries for the transactions (120) for the month of December and post them to the T-accounts, opening addrional T-accounts for acoounts as needed. Orossreference the entries using the fumbers of the transactions abeve. c) Prepare the adjusting foumal entries and record them at the end of Desember it the Faccounts. d) Prepare the closing entries for the temporary accounts and the Income Statement. e) Prepare the closing ereries for the permanent aceounts and the Bulance 5heet as of Dec. 31,2014