Question

Prepare journal entries to record the December transactions in the Ge

file "Accounting Cycle Excel Template.xlsx". Use the following account
Required
#1. Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Dep
: 
Payable, Common Stock, Retained Earnings, Dividends, Service Reven
Expense, Supplies Expense, Rent Expense, and Insurance Expense.

Began business by depositing  $9500  in a bank account in t

1-Dec
the company in exchange for 
950 shares of  $10  per share common
stock.
Paid the rent for the current month, $1350
1-Dec
.
Paid the premium on a one-year insurance
1-Dec
policy,  $1080 .
1-Dec Purchased Equipment for $4800 cash.
Purchased office supplies from XYZ
5-Dec
Company on account, $300 .
Provided services to customers for $8800 
15-Dec
cash.
Provided service to customers ABC Inc. on
16-Dec
account, $7600 .
Received  $3200 cash from ABC Inc.,
21-Dec
customer on account.
Paid  $170 to XYZ company for supplies purchased
23-Dec
on account on December 5 .
Paid wages for the period December 1 through
28-Dec
December 28,  $4480 .
Declared and paid dividend to
30-Dec
stockholders $200 .

Post all of the December transactions from the “General Journal” tab t
#2. tab in the excel template file "Accounting Cycle Excel Template.xlsx".
balances in any of the accounts.  
Compute the balance for each T-account after all of the entries have b
#3.
balance as of December 31.
Prepare the unadjusted trial balance under the “Unadjusted Trial Balan
#4.
"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 “

One month’s insurance has been used by

31-Dec
the company $90.
The remaining inventory of unused office
31-Dec
supplies is $90.
The estimated depreciation on equipment
31-Dec
is  $80.
Wages incurred from December 29 to December 31 but not
31-Dec
yet paid or recorded total $480.
 Post all of the adjusting entries to the T-accounts under the “T-Accoun
#6. T-account after all of the adjusting entries have been posted. These ar
31.
Prepare the adjusted trial balance under the “Adjusted Trial Balance” t
#7.
template file "Accounting Cycle Excel Template.xlsx" .
Prepare Income Statement, Statement of Stockholder’s Equity, and Cl
#8. “Financial Statements” tab for the month ended December 31, 20XX 
Cycle Excel Template.xlsx".
#9. Record the closing entries under the “General Journal” tab.
Post all of the closing entries to the T-accounts under the “T-Accounts”
#10.
after all of the closing entries have been posted.

Check Point: Total Assets  $ 19,620.00

mber transactions in the General Journal Tab in the excel template
". Use the following accounts as appropriate: Cash, Accounts
quipment, Accumulated Depreciation, Accounts Payable, Wages
s, Dividends, Service Revenue, Depreciation Expense, Wages
and Insurance Expense.

9500  in a bank account in the name of

upplies purchased

ber 1 through

the “General Journal” tab to the T-accounts under the “T-Accounts”

Cycle Excel Template.xlsx". Assume there are no beginning

fter all of the entries have been posted. These are the unadjusted

the “Unadjusted Trial Balance” tab  in the excel template file

djusting entries under the “General Journal” tab.

29 to December 31 but not

counts under the “T-Accounts” tab.  Compute the balance for each
have been posted. These are the adjusted balance as of December
he “Adjusted Trial Balance” tab as of December 31  in the excel
plate.xlsx" .
Stockholder’s Equity, and Classified Balance Sheet under the
ended December 31, 20XX  in the excel template file "Accounting

eral Journal” tab.

unts under the “T-Accounts” tab.  Compute the balance for each T-account
osted.
 General Journal
Date Description Debit Credit
Cash ###
1-Dec
Common Stock $ 9,500

Rent Expense 1,350

1-Dec
Cash 1,350

Prepaid Insurance 1,080

1-Dec
Cash 1,080

Equipment 4,800
1-Dec
Cash 4,800

Supplies 300
5-Dec
Account Payable 300

Cash 8,800
15-Dec
Service Revenue 8,800

Account Receivable 7,600

16-Dec
Service Revenue 7,600

Cash 3,200
21-Dec
Account Receivable 3,200

Account Payable 170

23-Dec
Cash 170

Wages Expense 4,480

28-Dec
Cash 4,480

Dividends 200
30-Dec
Cash 200

Adjusting Entries
Insurance Expense 90
31-Dec
Prepaid Insurance 90

Supplies Expense 210

31-Dec
Supplies 210

Depreciation Expense 80
31-Dec
31-Dec
Accumulated Depreciation 80

Wages Expenses 480

31-Dec
Wages Payable 480
 Cash Accounts Payable
1-Dec $ 9,500 $ 1,350 1-Dec 23-Dec $ 170 $ 300
15-Dec $ 8,800 $ 1,080 1-Dec
23-Dec $ 3,200 $ 4,800 1-Dec
$ 170 23-Dec
$ 4,480 28-Dec
$ 200 30-Dec

31-Dec $ 9,420 $ 130

Account Receivables Wages Payable

16-Dec $ 7,600 $ 3,200 21-Dec $ 480

31-Dec $ 4,400 $ 480

Supplies
5-Dec $ 300 $ 210 31-Dec

31-Dec $ 90

Prepaid Insurance
1-Dec $ 1,080 $ 90 31-Dec
31-Dec $ 990

Equipment
1-Dec $ 4,800

31-Dec $ 4,800

Accumulated Depreciation
$ 80 31-Dec

$ 80 31-Dec
Payable Common Stock Insurance Expense
5-Dec $ 9,500 1-Dec 31-Dec $ 90

31-Dec $ 9,500 31-Dec 31-Dec $ 90

ayable Retained Earnings Supplies Expense

31-Dec 31-Dec $ 210

31-Dec 31-Dec $ 210

Service Revenue Depreciation Expense

$ 8,800 15-Dec 31-Dec $ 80
$ 7,600 16-Dec

$ 16,400 31-Dec 31-Dec $ 80

Rent Expense Dividends

1-Dec $ 1,350 30-Dec $ 200
31-Dec $ 1,350 31-Dec $ 200

Wages Expense
28-Dec $ 4,480
31-Dec $ 480

31-Dec $ 4,960
Insurance Expense

Supplies Expense

epreciation Expense

Dividends
 STEELE INC.
Unadjusted Trial Balance
December 31, 2015
Accounts Debit Credit

Cash $ 9,420
Accounts Receivables $ 4,400
Supplies $ 300
Prepaid Insurance $ 1,080
Equipment $ 4,800
Accumulated Depreciation $ -
Accounts Payable $ 130
Wages Payable $ -
Common Stock $ 9,500
Retained Earnings $ -
Dividends $ 200
Service Revenue $ 16,400
Rent Expense $ 1,350
Wages Expense $ 4,480
Insurance Expense $ -
Supplies Expense $ -
Depreciation Expense $ -

  Totals $ 26,030 $ 26,030

Total of the Credit Column $ 26,030

Unadjusted Trial Balance =
 STEELE INC.
Adjusted Trial Balance
December 31, 2015
Account Debit Credit

Cash $ 9,420
Accounts Receivables $ 4,400
Supplies $ 90
Prepaid Insurance $ 990
Equipment $ 4,800
Accumulated Depreciation $ 80
Accounts Payable $ 130
Wages Payable $ 480
Common Stock $ 9,500
Retained Earnings $ -
Dividends $ 200
Service Revenue $ 16,400
Rent Expense $ 1,350
Wages Expense $ 4,960
Insurance Expense $ 90
Supplies Expense $ 210
Depreciation Expense $ 80

Totals $ 26,590 $ 26,590

 STEELE INC. STEELE INC.
Income Statement Statement of Stockholders' Equity
For the month Ended December 31, 2015 For the month Ended December 31, 20
Service Revenue 16,400 Common Stock
Expenses: Issuance of Stock 9,500
Rent Expense 1,350 Net Income
Wages Expense 4,960 Cash Dividend
Insurance Expense 90 Balance on 31 Dec. $ 9,500
Supplies Expense 210
Depreciation Expense 80
Total Expenses 6,690
Net Income $ 9,710
 STEELE INC. STEELE INC.
ent of Stockholders' Equity Classified Balance Sh
nth Ended December 31, 2015 For the month Ended Decembe
Retained Earnings Total Assets
9,500 Current Assets:
9,710 9,710 Cash 9,420
(200) (200) Accounts Receivables 4,400
$ 9,510 $ 19,010 Supplies 90
Prepaid Insurance 990
Total Current Assets 14,900
Equipment 4,800
Less: Accumulated Dep. (80)
Net Equipment 4,720
Total Assets $ 19,620
 STEELE INC.
Classified Balance Sheet
For the month Ended December 31, 2015
Liabilities and Stockholder's Equity
Current Liabilities:
Accounts Payable 130
Wages Payable 480
Total Current Liabilities 610
Long term Liabilities:
Total Long term Liabilities -
Total Liabilities 610
Stockholder's Equity 19,010
Total Liabilities & Stockholder's Equity $ 19,620