QUESTION 1 Cash Land Notes Payable Depreciation Expense Accounts Receivable Accumulated Depreciation Common Stock Salaries Expense Supplies Accounts Payable Retained Earnings Supplies Expense Prepaid Insurance Deferred Revenue Dividends Rent Expense Equipment Salaries Payable Service Revenue Insurance Expense 1-Dec Issue common stock in exchange for cash of $7,500. 1-Dec Paid the premium in advance on a one-year insurance policy, $1,080. 1-Dec Purchased Equipment for $4,200 cash. 5-Dec Purchased office supplies from XYZ Company on account, $450. 15-Dec Provided services to customers for $8,000 cash. 16-Dec Provided services to customer ABC Inc. on account, $6,400. 17-Dec Received $2,100 cash in advance from a customer for services to be provided in January. 22-Dec Paid $230 to XYZ company for the Dec 5 purchase on account. 23-Dec Received $2,800 cash from customer, ABC Inc., on account. 25-Dec Paid the rent for the current month, $1,150. 28-Dec Paid salaries to employees for work performed from December 1 through December 28, $4,480. 29-Dec Declared and paid dividends to stockholders $300. 30-Dec Purchased land by signing 3 year note payable for $9,000. Step 7: Prepare the adjusted trial balance on the “Adjusted Trial Balance” tab. Check point 1: Adjusted trial balance total debit/credit = $ 33,770 Provide the following amounts from the Adjusted Trial Balance: (Be sure to enter all numbers as positive and no answer should be left blank.) 2 Cash 3 Accounts Receivable 4 Supplies 5 Prepaid Insurance 6 Equipment 7 Land 8 Accumulated Depreciation 9 Accounts Payable 10 Deferred Revenue 11 Salaries Payable 12 Notes Payable 13 Common Stock 14 Retained Earnings Step 8: Prepare the Income Statement, Statement of Stockholder’s Equity and Classified Balance Sheet on the “Financial Statements” tab for the month ended December 31, 20XX. Provide the following amount from the Income Statement: (Be sure to enter all numbers as positive and no answer should be left blank.) 15 Service Revenue 16 Depreciation Expense 17 Salaries Expense 18 Supplies Expense 19 Rent Expense 20 Insurance Expense 21 Net Income Provide the following account balances from the Balance Sheet: (Be sure to enter all numbers as positive and no answer should be left blank.) 22 Current Assets 23 Long-Term Assets 24 Current Liabilities 25 Long-Term Liabilites 26 Total Liabilities 27 Total Stockholder’s Equity Provide the following account balance from the Statement of stockholders' Equity: (Be sure to enter all numbers as positive and no answer should be left blank.) 28 Dividends Step 9: Record the closing entries on the “General Journal” tab.
QUESTION 1
Cash Land Notes Payable
Supplies Accounts Payable
Prepaid Insurance Deferred Revenue Dividends Rent Expense
Equipment Salaries Payable Service Revenue Insurance Expense
1-Dec Issue common stock in exchange for cash of $7,500.
1-Dec Paid the premium in advance on a one-year insurance policy, $1,080.
1-Dec Purchased Equipment for $4,200 cash.
5-Dec Purchased office supplies from XYZ Company on account, $450.
15-Dec Provided services to customers for $8,000 cash.
16-Dec Provided services to customer ABC Inc. on account, $6,400.
17-Dec Received $2,100 cash in advance from a customer for services to be provided in January.
22-Dec Paid $230 to XYZ company for the Dec 5 purchase on account.
23-Dec Received $2,800 cash from customer, ABC Inc., on account.
25-Dec Paid the rent for the current month, $1,150.
28-Dec Paid salaries to employees for work performed from December 1 through December 28, $4,480.
29-Dec Declared and paid dividends to stockholders $300.
30-Dec Purchased land by signing 3 year note payable for $9,000.
Step 7: Prepare the adjusted
Check point 1: Adjusted trial balance total debit/credit =
$ 33,770
Provide the following amounts from the Adjusted Trial Balance: (Be sure to enter all numbers as positive and no answer should be left blank.)
2 Cash
3 Accounts Receivable
4 Supplies
5 Prepaid Insurance
6 Equipment
7 Land
8 Accumulated Depreciation
9 Accounts Payable
10 Deferred Revenue
11 Salaries Payable
12 Notes Payable
13 Common Stock
14 Retained Earnings
Step 8: Prepare the Income Statement, Statement of
Provide the following amount from the Income Statement: (Be sure to enter all numbers as positive and no answer should be left blank.)
15 Service Revenue
16 Depreciation Expense
17 Salaries Expense
18 Supplies Expense
19 Rent Expense
20 Insurance Expense
21 Net Income
Provide the following account balances from the Balance Sheet: (Be sure to enter all numbers as positive and no answer should be left blank.)
22 Current Assets
23 Long-Term Assets
24 Current Liabilities
25 Long-Term Liabilites
26 Total Liabilities
27 Total Stockholder’s Equity
Provide the following account balance from the Statement of stockholders' Equity: (Be sure to enter all numbers as positive and no answer should be left blank.)
28 Dividends
Step 9: Record the closing entries on the “General Journal” tab.
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