Question

Please Answer Required# 4,5 and 6. If possible 7 too. Thank you. Please answer as soon as possible.

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.

#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

Answer 1

4.

Accounts	Debit	Credit
Cash	$      6,970
Common Stock		$         9,000
Rent	$          800
Prepaid Insurance	$      1,200
Equipment	$      3,600
Office Supplies	$          300
Accounts Payable		$            130
Revenue		$      10,900
Accounts Receivable	$      2,200
Dividends	$          200
Wages	$      4,760
	$    20,030	$      20,030

5.

Accounts	Debit	Credit
Insurance Expense	$       100
Prepaid Insurance		$       100
Supplies Expense	$       210
Office Supplies		$       210
Depreciation Expense	$         60
Accumulated Depreciation		$         60
Wages Expense	$       510
Wages Payable		$       510

7.

Accounts	Debit	Credit
Cash	$   6,970
Common Stock		$   9,000
Rent	$      800
Prepaid Insurance	$   1,100
Equipment	$   3,600
Office Supplies	$        90
Accounts Payable		$      130
Revenue		$ 10,900
Accounts Receivable	$   2,200
Dividends	$      200
Wages	$   5,270
Wages Payable		$      510
Depreciation Expense	$        60
Accumulated Depreciation		$        60
Insurance Expense	$      100
Supplies Expense	$      210
	$ 20,600	$ 20,600

6.

(These are the accounts that have some sort of adjustment)

Insurance Expense					Supplies Expense					Depreciation					Wages Expense
Prepaid Insurance	$       100	Cl Bal	$       100		Office Supplies	$    210	Cl Bal	$    210		Accumulated Depreciation	$      60	Cl Bal	$      60		Cash	$ 4,760	Cl Bal	$ 5,270
															Wages Payable	$    510
	$       100		$       100			$    210		$    210			$      60		$      60			$ 5,270		$ 5,270
Prepaid Insurance					Office Supplies					Accumulated Depreciation					Wages Payable
Cash	$    1,200	Insurance Expense	$       100		Cash	$    300	Supplies expense	$    210		Cl Bal	$      60	Depreciation	$      60		Cl Bal	$    510	Wages payable	$    510
		Cl Bal	$    1,100				Cl Bal	$      90			`
	$    1,200		$    1,200			$    300		$    300			$      60		$      60			$    510		$    510