In: Accounting
Please Answer Required # 1,2 and 3 as Soon as Possible. Thank you
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 $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. |