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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

Accounts Receivable

Supplies

Prepaid Insurance

Equipment

Land

Accumulated Depreciation

Accounts Payable

Deferred Revenue

Salaries Payable

Notes Payable

Common Stock

Retained Earnings

Dividends

Service Revenue

Depreciation Expense

Salaries Expense

Supplies Expense

Rent Expense

Insurance Expense

Dec $1$: Issued common stock for $$7,000$ cash.

Dec $1$: Paid $$720$ in advance for a one$-$year insurance policy.

Dec $1$: Purchased equipment for $$4,800$ cash.

Dec $5$: Purchased supplies for $$500$ on account from XYZ Company.

Dec $15$: Provided services to customers for $$5,800$ cash.

Dec $16$: Provided services to customer ABC Inc. on account for $$3,100.$

Dec $17$: Received cash of $$1,000$ in advance from customers for services to be

provided in January.

Dec $22$: Paid $$240$ to $xYZ$ company for the Dec $5$ purchase on account.

Dec $23$: Received $$1,700$ cash from customer ABC Inc., on account related to

the Dec $16$ transaction.

Dec $25$: Paid $$600$ rent for the current month.

Dec $28$: Paid salaries to employees $$4,760$ for work performed from Dec $1$ to

Dec $28.$

Dec $29$: Declared and paid cash dividends of $$300$ to stockholders.

Dec $30$: Purchased land by signing a long$-$term note for $$6,000.$

Post all of the transactions from the "General Journal" tab to the T$-$accounts under $"$T$-$

Step $2$: Accounts$/$General Ledger" tab in the excel template file "Accounting Cycle Excel Template.xlsx$".$

Assume there are no beginning balances in any of the accounts.

Step $3$: Compute the unadjusted balance for each T$-$account after all of the December entries have been post,

Step $4$: Prepare the unadjusted trial balance on the "Unadjusted Trial Balance" tab.

$1-$ Provide the total of the credit column from the Unadjusted Trial Balance

Record the December adjusting entries on the "General Journal" tab.

Dec $31$: One month insurance has been used.

Dec $31$: Supplies remaining at the end of the month total $$90.$

Dec $31$: The estimated depreciation on equipment is $$80.$

Dec $31$: Salaries incurred from December $29$ to December $31$ but not yet paid or recorded total $$510.$

Post all of the adjusting entries to the T$-$accounts under the $"$T$-$Accounts$/$General Ledger" tab. Compute the as

balance for each T$-$account after all of the adjusting entries have been posted.

Prepare the adjusted trial balance under the "Adjusted Trial Balance" tab as of December $31$ in the excel temp

"Accounting Cycle Excel Template.xIsx".

int $1$: Adjusted trial balance total debit$/$credit $=$$$23,750$

Provide the following amounts from the Adjusted Trial Balance: $($Be sure to enter all numbers as positive

blank.$)$

$2-$ Cash

A

$3-$ Accounts Receivable

A

$4-$ Supplies

$5-$ Prepaid Insurance

A$)$

$6-$ Equipment

A

$/$

$7-$ Land

A

$8-$ Accumulated Depreciation

A

$9-$ Accounts Payable

A

$10-$ Deferred Revenue

A$)$

$11-$ Salaries Payable

$12-$ Notes Payable

$13-$ Common Stock

$14-$ Retained Earnings

A$)$

Step $8$: Prepare Income Statement, Statement of Stockholder's Equity, and Classified Balance Sheet unde

Statements" tab for the month ended December $31,20$XX in the excel template file "Accounting

Check Point $2$: Total Assets $$16,950$

Provide the following amount from the Income Statement:

$15-$ Service Revenue

A

$16-$ Depreciation Expense

A

$17-$ Salaries Expense

A$)$

$18-$ Supplies Expense

A$)$

$18-$ Supplies Expense

$19-$ Rent Expense

$A$

A

$20-$ Insurance Expense

A

$21-$ Net Income

A

Provide the following account balances from the Classified Balance Sheet:

$22-$ Total Current Assets

A

$23-$ Long$-$Term Assets

A

$24-$ Total Current Liabilities

A

$25-$ Total Long$-$Term Liabilities

A

$26-$ Total Liabilities

A

$27-$ Total Stockholder's Equity

Provide the following account balance from the Statement of Stockholders' Equity:

$28-$ Dividends

A

Step $9$: Record the closing entries under the "General Journal" tab.

Step $10$: Post all of the closing entries to the T$-$accounts under the $"$T$-$Accounts$/$General Ledger" tab. Cor

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 $31,20$XX on the Post$-$Clo

$29-$ Provide the total of the debit column from the Post Closing Trial Balance.

A

$30-$ Provide the balance of the Retained Earnings T$-$account after closing entries have been posted.

A

Income Statement

For the month ended Dece

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