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Step 1: Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template xisx". Use the following accounts as appropriate Cash Accounts Receivable Supplies Prepaid Insurance Equipment Land Accumulated Depreciation Accounts Payable Deferred Revenue Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue 1-Dec Issue common stock in exchange for cash of $8.500 1-Dec Paid the premium in advance on a one-year insurance policy, $1,080. 1-Dec Purchased Equipment for $4,800 cash. 5-Dec Purchased office supplies from XYZ Company on account, $500. 15-Dec Provided services to customers for $6,400 cash 16-Dec Provided services to customer ABC Inc on account, $4,000. 17-Dec Received $1,300 cash in advance from a customer for services to be provided in January Paid $240 to XYZ company for the Dec 5 purchase on account. 22-Dec 23-Dec Received $2,000 cash from customer, ABC Inc., on account 25-Dec Paid the rent for the current month, $750, 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 $450. 30-Dec Purchased land by signing 3 year note payable for $10,000 Depreciation Expense Salaries Expense Supplies Expense Rent Expense Insurance Expense

Step 1: Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template xisx". Use the following accounts as appropriate Cash Accounts Receivable Supplies Prepaid Insurance Equipment Land Accumulated Depreciation Accounts Payable Deferred Revenue Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue 1-Dec Issue common stock in exchange for cash of $8.500 1-Dec Paid the premium in advance on a one-year insurance policy, $1,080. 1-Dec Purchased Equipment for $4,800 cash. 5-Dec Purchased office supplies from XYZ Company on account, $500. 15-Dec Provided services to customers for $6,400 cash 16-Dec Provided services to customer ABC Inc on account, $4,000. 17-Dec Received $1,300 cash in advance from a customer for services to be provided in January Paid $240 to XYZ company for the Dec 5 purchase on account. 22-Dec 23-Dec Received $2,000 cash from customer, ABC Inc., on account 25-Dec Paid the rent for the current month, $750, 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 $450. 30-Dec Purchased land by signing 3 year note payable for $10,000 Depreciation Expense Salaries Expense Supplies Expense Rent Expense Insurance Expense

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 7SEB: JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a...
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Step 1: Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template xisx". Use the following accounts as appropriate: Cash Accounts Receivable Supplies Prepaid Insurance Equipment Land Accumulated Depreciation Accounts Payable Deferred Revenue Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue 1-Dec Issue common stock in exchange for cash of $8.500 1-Dec Paid the premium in advance on a one-year insurance policy, $1,080. 1-Dec Purchased Equipment for $4,800 cash. 5-Dec Purchased office supplies from XYZ Company on account, $500. 15-Dec Provided services to customers for $6,400 cash 16-Dec Provided services to customer ABC Inc on account, $4,000. 17-Dec Received $1,300 cash in advance from a customer for services to be provided in January 22-Dec Paid $240 to XYZ company for the Dec 5 purchase on account. 23-Dec Received $2,000 cash from customer, ABC Inc., on account 25-Dec Paid the rent for the current month, $750, 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 $450. 30-Dec Purchased land by signing 3 year note payable for $10,000 Depreciation Expense Salaries Expense Supplies Expense Rent Expense Insurance Expense
Transcribed Image Text:Step 1: Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template xisx". Use the following accounts as appropriate: Cash Accounts Receivable Supplies Prepaid Insurance Equipment Land Accumulated Depreciation Accounts Payable Deferred Revenue Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue 1-Dec Issue common stock in exchange for cash of $8.500 1-Dec Paid the premium in advance on a one-year insurance policy, $1,080. 1-Dec Purchased Equipment for $4,800 cash. 5-Dec Purchased office supplies from XYZ Company on account, $500. 15-Dec Provided services to customers for $6,400 cash 16-Dec Provided services to customer ABC Inc on account, $4,000. 17-Dec Received $1,300 cash in advance from a customer for services to be provided in January 22-Dec Paid $240 to XYZ company for the Dec 5 purchase on account. 23-Dec Received $2,000 cash from customer, ABC Inc., on account 25-Dec Paid the rent for the current month, $750, 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 $450. 30-Dec Purchased land by signing 3 year note payable for $10,000 Depreciation Expense Salaries Expense Supplies Expense Rent Expense Insurance Expense
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