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In: AccountingI don't know how to complete an accounting cycle for thesetransactionsDecember 1st 20XX Trial...I don't know how to complete an accounting cycle for thesetransactionsDecember 1st 20XX Trial Balance Debit CreditCash 2,500AccountsReceivable 3,000 NotesReceivable 1,000Supplies 800Land 22,600Machinery 22,000AccumulatedDepreciation-Machine 2,400AccountsPayable 5,000Unearned ServiceRevenue 1,200CommonStock 20,000RetainedEarnings 23,300 51,900 51,9001. The following transactions occurredduring December 20XXDecember 5. Paid creditors $1,000December 9. Billed customer for professional services completed,$1,000December 17. Received collections from customers, $2,000December 18. Ordered supplies on credit, $250December 19. Professional fees earned received in cash,$7,000December 29. Paid salaries to employees, $1,500December 30. Paid rent expense, $2,000a. Prepare appropriate Decemberentriesb. Fill in the balances as of December1, 20XX, in the ledger accounts (“T” Account form) and postDecember entries from the journal to the ledger.2. Based upon the ledger accountbalances, prepare a trial balance for December 30, 20XX1. Based upon the trial balance forLarkin Corporation for December 30, 20XX. Complete the adjustingentries below:a. Supplies used, $300a. Depreciation on Machinery, $500b. Of the unearned Revenue, $400 hasbeen earned during the periodc. Interest earned on a customer’snote receivable, $802. Create an adjusting trial balance1. Based on the adjusted trial balancefor December 30, 20XX, create Larkin’s Income Statement, RetainedEarnings and Balance Sheet.1. Prepare Closing Entries for LarkinCorporation at December 20XXa. Step 1: Close revenues to RetainedEarningsb. Step 2: Close expenses to RetainedEarningsc. Close Dividends to RetainedEarnings