Step 1: Step 2: Step 3: Step 4: Step 5: Step 6: 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 Land Accumulated Depreciation Accounts Payable Prepaid Insurance Deferred Revenue Equipment Salaries Payable 1-Dec Issue common stock in exchange for cash of $8,000. 1-Dec 1-Dec Paid the premium in 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. Notes Payable Common Stock Retained Earnings Dividends Service Revenue 15-Dec 16-Dec Provided services to customers for $6,200 cash. Provided services to customer ABC Inc. on account, $3,700. 17-Dec 22-Dec Received $1,200 cash in advance from a customer for services to be provided in January. Paid $230 to XYZ company for the Dec 5 purchase on account. 23-Dec 25-Dec 28-Dec 29-Dec Received $1,900 cash from customer, ABC Inc., on account. Paid the rent for the current month, $700. Paid salaries to employees for work performed from December 1 through December 28, $4,200. Declared and paid dividends to stockholders $400. 30-Dec Purchased land by signing 3 year note payable for $9,000. 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. 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. Provide the total of the credit column from the Unadjusted Trial Balance Record the December adjusting entries on the "General Journal" tab. 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. 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. Step 7: 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.) 2 Cash 3 Accounts Receivable 4 Supplies 5 Prepaid Insurance 6 Equipment 7 Land 8 Accumulated Depreciation 9 Accounts Payable 10 Deferred Revenue 11 Salaries Payable 12 Notes Payable 13 Common Stock 14 Retained Earnings 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 16 Depreciation Expense 17 Salaries Expense 18 Supplies Expense 19 Rent Expense 20 Insurance Expense 21 Net Income 22 Provide the following account balances from the Balance Sheet: (Be sure to enter all numbers as positive and no answer should be left blank.) Current Assets 23 Long-Term Assets 24 Current Liabilities 25 Long-Term Liabilites 26 Total Liabilities 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.) 28 Dividends Step 9: Step 10: Step 11: 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. 29 Provide the total of the debit column from the Post Closing Trial Balance 30 Provide the balance of the Retained Earnings T-account after closing entries have been posted. Check Point 2: Total Assets $ 22,510