QUESTION 1 200 points Save Answer Prepare journal entries to record the December

Question

QUESTION 1 200 points Save Answer 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. Required: 1-Dec Began business by depositing $10000 in a bank account in the name of the company in exchange for 1000 shares of $10 per share common stock. Paid the rent for the current month, $900 Paid the premium on a one-year insurance policy, $480 Purchased Equipment for $4800 cash. Purchased office supplies from XYZ Company on account, $300 1-Dec 1-Dec 1-Dec 5-Dec 15-Dec 16-Dec 21-Dec 23-Dec 28-Dec 30-Dec Provided services to customers for $7000 cash. Provided service to customers ABC Inc. on account, $4900 Received $2300 cash from ABC Inc., customer on account. Paid $170 to XYZ company for supplies purchased on account on December Paid wages for the period December 1 through December 28, $4200 Declared and paid dividend to stockholders $200 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. #2 #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.xls Provide the total of the credit column from the Unadjusted Trial Balance

Explanation / Answer

Journal

To Bank

(Being dividend declared and paid)

T-Accounts

Dr. Bank A/c. Cr

200

Balance of Bank A/c $ 4220 Dr.

Dr. Cash A/c. Cr.

Balance of Cash A/c $ 4330 Dr.

Dr. common stock. Cr.

Balance in stock A/c $10000Cr.

Dr. Purchase A/c. Cr.

Balance in Purchase a/c 300 Dr.

Dr. Sales A/c. Cr.

Balance in Sales A/c 11900 Cr

Dr. ABC a/c. Cr.

Balance in ABC $ 2600 Dr.

Dr. XYZ a/c. Cr.

Balance in XYZ a/c $ 130 Cr.

UNADJUSTED TRIAL BALANCE

Total of Credit Balances in Unadjusted Trial Balance is $22030

Note: We as chegg experts are not allowed to upload excel template. Hence solution for your answer have been given in this format.

Please give your feedback.Happy Learning :)

Date Particulars No. Dr.($) Cr.($) 1/12 Bank A/c Dr. 10000 To Common StockA/c 10000 (Being common stock issued) 1/12 Rent A/c Dr. 900 TO Bank 900 (Being Rent paid) 1/12 Insurance Premium A/c Dr. 480 To Bank 480 (Being Premium paid) 1/12 Equipment a/c Dr. 4800 To Cash 4800 ( Being equipment purchased) 5/12 Purchase of Office Supplies a/c Dr. 300 To XYZ Co. 300 (Being Supplies purchased) 15/12 Cash A/c Dr. 7000 To Sales A/c 7000 ( Being sales made for cash) 16/12 ABC A/c Dr 4900 To Sales A/c 4900 ( Being sales made on account) 21/12 Cash A/c Dr. 2300 To ABC 2300 (Being Cash Received) 23/12 XYZ A/c Dr. 170 To Cash 170 (Being Cash paid) 28/12 Wages A/c Dr 4200 To Bank 4200 ( Being wages paid) 30/12 Dividend A/c Dr. 200

To Bank

(Being dividend declared and paid)

200

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.