Question

*********Please do not answer the question partially. I have already done step #1, now just needing to complete all of the other steps (2-10)  an explantion included would be nice as well, I would appriciate it! :) *If you can not help completely or entirely; to the furthest extent please do not leave an answer*******

Question 1       

Required: #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, 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 $6000 in a bank account in the name of the company in exchange for         

      600 shares of $10 per share common stock.              

    1-Dec Paid the rent for the current month, $500 .               

    1-Dec Paid the premium on a one-year insurance policy, $480 .              

    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 $5400 cash.              

    16-Dec Provided service to customers ABC Inc. on account, $2500 .              

    21-Dec Received $1500 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, $4200 .            

    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 $40.              

    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 $450.          

                           

#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" .  

    Provide the following accounts balances from the Adjusted Trial Balance:            

    Cash                                        ______

    Accounts Receivable                 ______

    Supplies                                    ______

    Prepaid Insurance                     ______

    Equipment                                 ______

    Accumulated Depreciation         ______

    Accounts Payable                     ______

    Wages Payable                        ______

    Common Stock                         ______

    Retained Earnings                    ______

#8. Prepare Income Statement, Statement of Stockholder’s Equity, and Classified Balance Sheet under the “Financial Statements” tab for the month ended December 31, 20XX in the excel template file "Accounting Cycle Excel Template.xlsx".  

    Provide the following amount from the Income Statement:              

    Service Revenue                       ______

    Depreciation Expense              ______

    Wages Expense                        ______

    Supplies Expense                     ______

    Rent Expense                           ______

    Insurance Expense                   ______

    Net Income                                   ______

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

    Dividends                                 ______

    Provide the following account balances from the Balance Sheet:              

    Current Assets                                             ______

    Long-Term Assets                             ______

    Total Liabilities                                   ______

    Total Stockholder’s Equity             ______

    Cash                                                          ______

#9. Record the closing entries under the “General Journal” tab.  

#10. Post all of the closing entries to the T-accounts under the “T-Accounts” tab. Compute the balance for each T-account after all of the closing entries have been posted.  

     

    Provide the ending balance of Cash at December 31 from the T-account      ______

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

    Does the ending balance of the Retained Earnings T-account agree with the balance of Retained Earnings on the Balance Sheet?    ­­­­­______

                           

Check Point: Total Assets $   8,820.00                    

Answer 1

answer to point 3. Unadjusted balances of all a/cs

rent a/c = $300 (debit)

insurance premium a/c = $480 (debit)

equipment a/c = $ 3600 (debit) (asset)

office supplies a/c = $ 300 (debit)

xyz a/c= $ 130 (credit)

Income from services = $7900 (credit)

ABC A/c = $1000 (debit)

wages a/c = $4200 (debit)

Dividend = $200

Cash a/c = $ 3750 (6000-500-480-3600+5400+1500-170-4200-200)

4. Answer to fourth part

Unadjusted Trial Balance

Particulars	Debit	Credit
Cash A/C	3750
Rent A/C	500
Insurance PremiumA/C	480
EquipmentA/C	3600
office suppliesA/C	300
XYZ A/C	130
income from services A/C	7900
ABC A/C	1000
Wages A/C	4200
Dividend Paid A/C	200
Cash A/c	3750
Shareholder's A/C		6000

5. Answer to 5th part

(a) Insurance A/C Dr. 40

To insurance premiuim a/c 40

(b) office supplies consumption a/c Dr. 90

To office supplies a/c 90

(c) Depreciation on equipment A/C Dr. 60

To Equipment A/c 60

(d) Wages A/c Dr. 450

To wages outstanding A/c 450