Take Test: Step II - Instructions and Transactions Page * Test Information Description Click on the subject line "Step II - Instructions and Transactions Page" above. Instructions The project includes 11 required items. Complete required items 1 - 11 by entering the appropriate accounting information in your template. Please use your name as the name of the company for the purpose of completing titles in your excel documents Make sure to use the two checkpoints provided under Step 7 and Step 11 and make the necessary corrections, if any. Record your answers to fill in the blank questions 1 to 31 under items 4, 7, 8, 10 and 11 using the information from your excel template. Submit the completed excel file as an attachment in the link under Step III. Click Continue/Begin to start. Multiple Attempts Not allowed. This test can only be taken once. Force Completion This test can be saved and resumed later. Your answers are saved automatically. Question Completion Status: QUESTION 1 195 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 Land Notes Payable Depreciation Expense Accounts Receivable Accumulated Depreciation Common Stock Salaries Expense Supplies Accounts Payable Retained Earnings Supplies Expense Prepaid Insurance Deferred Revenue Dividend Rent Expense Equipment Salaries Payable Service Revenue Insurance Expense 1-Dec Issue common stock in exchange for cash of $6,500. 1-Dec Paid the premium in advance on a one-year insurance policy, $600 1-Dec Purchased Equipment for $4,200 cash. 5-Dec Purchased office supplies from XYZ Company on account, $450. 15-Dec Provided services to customers for $5,600 cash. 16-Dec Provided services to customer ABC Inc. on account, $2,800. 17-Dec Received $900 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 $1,600 cash from customer, ABC Inc., on account. 25-Dec Paid the rent for the current month, $550. 28-Dec Paid salaries to employees for work performed from December 1 through December 28, $4,480. 29-Dec Declared and paid dividends to stockholders $250. 30-Dec Purchased land by signing 3 year note payable for $6,000.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 Land Notes Payable Depreciation Expense Accounts Receivable Accumulated Depreciation Common Stock Salaries Expense Supplies Accounts Payable Retained Earnings Supplies Expense Prepaid Insurance Deferred Revenue Dividends Rent Expense Equipment Salaries Payable Service Revenue Insurance Expense 1-Dec Issue common stock in exchange for cash of $6,500. 1-Dec Paid the premium in advance on a one-year insurance policy, $600. 1-Dec Purchased Equipment for $4,200 cash. -Dec Purchased office supplies from XYZ Company on account, $450. 15-Dec Provided services to customers for $5,600 cash. 6-Dec Provided services to customer ABC Inc. on account, $2,800. 17-Dec Received $900 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 $1,600 cash from customer, ABC Inc., on account. 25-Dec Paid the rent for the current month, $550 28-Dec Paid salaries to employees for work performed from December 1 through December 28, $4,480. 29-Dec Declared and paid dividends to stockholders $250. 30-Dec Purchased land by signing 3 year note payable for $6,000. 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.xIsx" . 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. Provide the total of the credit column from the Unadjusted Trial Balance Step 5: Record the December adjusting entries on the "General Journal" tab. 31-Dec One month's insurance has expired $50. 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 $480. 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 = $ 22,570 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 eivableStep 7 Prepare the adjusted trial balance on the "Adjusted Trial Balance" tab. Check point 1: Adjusted trial balance total debit/credit = $ 22,570 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 w Accounts Receivable Supplies 5 Prepaid Insurance Equipment Land 8 Accumulated Depreciation 9 Accounts Payable 10 Deferred Revenue 11 Salaries Payable 12 Notes Payable 13 Common Stock 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 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 Long-Term Assets 24 Current Liabilities 25 Long-Term Liabilitys 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: Record the closing entries on the "General Journal" tab Step 10: 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.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.) Service Revenue 16 Depreciation Expense 17 Salaries Expense 18 Supplies Expense Rent Expense 20 Insurance Expense 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 Liabilitys 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: Record the closing entries on the "General Journal" tab. Step 10: 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. Step 11 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 $ 16,260 QUESTION 2 31 Does the ending balance of the Retained Earnings t-account agree with the balance of Retained Earnings on the Balance Sheet