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, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Rent Expense, and Insurance Expense.
1-Dec Began business by depositing $10500 in a bank account in the name of the company in exchange for
1-Dec Paid the rent for the current month, $1000 .
1-Dec Paid the premium on a one-year insurance policy, $720 .
1-Dec Purchased Equipment for $4200 cash.
5-Dec Purchased office supplies from XYZ Company on account, $300 .
15-Dec Provided services to customers for $7400 cash.
16-Dec Provided service to customers ABC Inc. on account, $5500 .
21-Dec Received $2500 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, $4760
30-Dec Declared and paid dividend to stockholders $200 .
#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.
#3. Compute the balance for each T-account after all of the entries have been posted. These are the unadjusted balance as of December 31.
#4. Prepare the unadjusted trial balance under the “Unadjusted Trial Balance” tab in the excel template file “Accounting Cycle Excel Template.xlsx” .
#5. Record the following four transactions as adjusting entries under the “General Journal” tab.
31-Dec One month’s insurance has been used by the company $60.
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 $510.
#6. Post all of the adjusting entries to the T-accounts under the “T-Accounts” tab. Compute the balance for each T-account after all of the adjusting entries have been posted. These are the adjusted balance as of December 31.
#7. Prepare the adjusted trial balance under the “Adjusted Trial Balance” tab as of December 31 in the excel template file “Accounting Cycle Excel Template.xlsx” .