Question

1-Dec

Began business by depositing $9000 in a bank account in the name of the company in exchange for

900 shares of $10 per share common stock.

1-Dec

Paid the rent for the current month, $800 .

1-Dec

Paid the premium on a one-year insurance policy, $1200 .

1-Dec

Purchased Equipment for $3600 cash.

5-Dec

Purchased office supplies from XYZ Company on account, $300 .

15-Dec

Provided services to customers for $6600 cash.

16-Dec

Provided service to customers ABC Inc. on account, $4300 .

21-Dec

Received $2100 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" .

Provide the total of the credit column from the Unadjusted Trial Balance

#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 $100.

31-Dec

The remaining inventory of unused office supplies is $90.

31-Dec

The estimated depreciation on equipment is $60.

31-Dec

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

Answer 1

Journal Entries for December -

Following are the T-Accounts -

Following is the unadjusted trial balance for December -

Adjustment Entries for December -

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