FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
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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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