Question

The project includes 10 required items. Complete required items 1 - 10 by entering the appropriate accounting information in your template.Please use your name as the name of the company for the purpose of completing titles in your excel documents (Ex. John Smith, Inc.).After completing items 1 - 10 save your final template using the following name format: ACCT_Project_Yourfirstname_Yourlastname, Example: ACCT_Project_John_Smith.

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 $8000 in a bank account in the name of the company in exchange for

800 shares of $10 per share common stock.

1-Dec

Paid the rent for the current month, $700 .

1-Dec

Paid the premium on a one-year insurance policy, $960 .

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 $6200 cash.

16-Dec

Provided service to customers ABC Inc. on account, $3700 .

21-Dec

Received $1900 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 $80.

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 $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

$ 12,570.00

The Accounting cycle Excel Format that she wants us to submit is attached! Thank you very much. I wish I can pay individually if anyone answer this question, thru paypal or whatever. let me know.

Answer 1

1-Dec

Began business by depositing $8000 in a bank account in the name of the company in exchange for

800 shares of $10 per share common stock. Cash (Dr) $8000 Common Stock (Cr) $8000

1-Dec

Paid the rent for the current month, $700 . Rent expense (dr) $700 Cash (cr) $700

1-Dec

Paid the premium on a one-year insurance policy, $960 . Insurance expense (dr) $960 Cash (cr) $960

1-Dec

Purchased Equipment for $4200 cash. Equipment (dr) $4200 Cash (cr) $4200

5-Dec

Purchased office supplies from XYZ Company on account, $300 Supplies (dr) $300 XYZ company (cr) $300.

15-Dec

Provided services to customers for $6200 cash. Cash (dr) $6200 Service revenue (cr) $6200

16-Dec

Provided service to customers ABC Inc. on account, $3700 . ABC Inc (dr) $3700 Service revenue (cr) $3700

21-Dec

Received $1900 cash from ABC Inc., customer on account. Cash (dr) $1900 ABC Inc (cr) $1900

23-Dec

Paid $170 to XYZ company for supplies purchased on account on December 5 . XYZ company (dr) $170 Cash (cr) $170

28-Dec

Paid wages for the period December 1 through December 28, $4200 . Wages expense (dr) $4200 Cash (cr) $4200

30-Dec

Declared and paid dividend to stockholders $200 . When dividend is declared: Retained earnings (dr) $200 Dividends payable (cr) $200 When dividend is paid:

Dividend payable (dr) $200 Cash (cr) $200 T- Accounts: Dr Cash A/c Cr Date Description Amount Date Description Amount 01-12-2016 Common stock 8000 01-12-2016 Rent expense 700 15-12-2016 Service revenue 6200 01-12-2016 Insurance expense 960 21-12-2016 ABC Inc 1900 01-12-2016 Equipment 4200 23-12-2016 XYZ Co 170 28-12-2016 Wages expense 4200 30-12-2016 Dividend payable 200 31-12-2016 Closing Balance 5670 Dr Common Stock A/c Cr Date Description Amount Date Description Amount 01-12-2016 Cash 8000 31-12-2016 Closing Balance 8000 Dr Rent Expense A/c Cr Date Description Amount Date Description Amount 01-12-2016 Cash 700 31-12-2016 Closing Balance 700 Dr Insurance Expense A/c Cr Date Description Amount Date Description Amount 01-12-2016 Cash 960 31-12-2016 Closing Balance 960 Dr Supplies A/c Cr Date Description Amount Date Description Amount 05-12-2016 XYZ Co 300 31-12-2016 Closing Balance 300 Dr Equipment A/c Cr Date Description Amount Date Description Amount 01-12-2016 Cash 4200 31-12-2016 Closing Balance 4200 Dr Service Revenue A/c Cr Date Description Amount Date Description Amount 15-12-2016 Cash 6200 31-12-2016 Closing Balance 6200 Dr Wages Expense A/c Cr Date Description Amount Date Description Amount 28-12-2016 Cash 4200 31-12-2016 Closing Balance 4200 Dr ABC iNC A/c Cr Date Description Amount Date Description Amount 16-12-2016 Service Revenue 3700 21-12-2016 Cash 1900 31-12-2016 Closing Balance 1800 Dr XYZ Co A/c Cr Date Description Amount Date Description Amount 23-12-2016 Cash 170 05-12-2016 Supplies 300 31-12-2016 Closing Balance 130 Dr Dividends Payable A/c Cr Date Description Amount Date Description Amount 30-12-2016 Cash 200 30-12-2016 Retained earnings 200 31-12-2016 Closing Balance 0