Question

In: Accounting

#1. Prepare journal entries to record the December transactions in the General Journal Tab in the...

#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 $10500 in a bank account in the name of the company in exchange for 1050 shares of $10 per share common stock. 1-Dec Paid the rent for the current month, $1450 . 1-Dec Paid the premium on a one-year insurance policy, $1320 . 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 $9200 cash. 16-Dec Provided service to customers ABC Inc. on account, $8200 . 21-Dec Received $3400 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, $5040 . 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 $110. 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 $540. #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 $ 20,950.00

Solutions

Expert Solution


Related Solutions

#1. Prepare journal entries to record the December transactions in the General Journal Tab in the...
#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 $6500 in a bank account in the name of the company in exchange for 650...
. Prepare journal entries to record the December transactions in the General Journal Tab in the...
. 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 $9500 in a bank account in the name of the company in exchange for 950...
Step 1:      Prepare journal entries to record the December transactions in the General Journal Tab...
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:                       1-Dec   Issue common stock in exchange for cash of $6,500.                         1-Dec   Paid the premium in advance on a one-year insurance policy, $600.                         1-Dec   Purchased Equipment for $4,200 cash.  ...
Required: #1. Prepare journal entries to record the December transactions in the General Journal Tab in...
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 $8500 in a bank account in the name of the company in exchange for...
Prepare journal entries to record the December transactions in the General Journal Tab in the excel...
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 $6500 in a bank account in the name of the company in exchange for 650 shares...
General Journal tab:  Transactions 1-11: Prepare journal entries to record transactions for the first month in business....
General Journal tab:  Transactions 1-11: Prepare journal entries to record transactions for the first month in business. Transactions 12-15: Prepare the required adjusting entries (use information from the unadjusted trial balance to calculate the required adjustments). Transactions 16-19: Prepare the necessary closing entries. On December 1, Altoona Campus Photography issued 10,000 shares of common stock to Anita Silver in exchange for $41,000 cash. 2On December 1, Altoona Campus Photography purchased photography equipment for $9,360 cash. 3On December 1, Altoona Campus Photography...
QUESTION 1 Required: #1. Prepare journal entries to record the December transactions in the General Journal...
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 $8500 in a bank account in the name of the company in...
Prepare the general journal entries to record the above transactions.
Read each of the following transactions  A). The cash sales per a register tape were $593 The cash count is $559  B). The cash sales per a register tape were $9,400 The cash count is $8,910.  Prepare the general journal entries to record the above transactions.
Prepare journal entries to record the merchandising transactions ("transactions tab") of Hetfield, Inc., which uses the...
Prepare journal entries to record the merchandising transactions ("transactions tab") of Hetfield, Inc., which uses the perpetual inventory system and gross method. Use the "JE tab" to journalize your transactions. Hint: It will be helpful to identify each receivable and payable; for example, record the purchase on May 2 in Accounts Payable - Bon Jovi. April 2- Purchased merchandise from Bon Jovi for 15,000 under credit terms of 2/15, n/30, FOB shipping point, invoice dated April 2. April 4- Sold...
Prepare journal entries in general journal format to record the following transactions for the City of...
Prepare journal entries in general journal format to record the following transactions for the City of Dallas General Fund (subsidiary detail may be omitted) 1. The budget prepared for the fiscal year included total estimated revenues of $4,693,000, appropriations of $4,686,000 and estimated other financing uses of $225,000. 2. Purchase orders in the amount of $451,000 were mailed to vendors. 3. The current year’s tax levy of $4,005,000 was recorded; uncollectible taxes were estimated to be 2% of the tax...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT