1. Prepare journal entries to record the December transactions in the General Jo
ID: 2422789 • Letter: 1
Question
1. Prepare journal entries to record the December transactions in the General Journal Tab .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. 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. 1-Dec Paid the rent for the current month, $1400 . 1-Dec Paid the premium on a one-year insurance policy, $1200 . 1-Dec Purchased Equipment for $3600 cash. 5-Dec Purchased office supplies from XYZ Company on account, $300 . 15-Dec Provided services to customers for $9000 cash. 16-Dec Provided service to customers ABC Inc. on account, $7900 . 21-Dec Received $3300 cash from ABC Inc., customer on account. 23-Dec Paid $170 to XYZ company for supplies purchased on account on December 5 . 28-Dec Paid wages for the period December 1 through December 28, $4760 . 30-Dec Declared and paid dividend to stockholders $200 . #2. Post all of the December transactions from the “General Journal” tab to the T-accounts under the “T-Accounts” tab iAssume there are no beginning balances in any of the accounts. #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 e
Explanation / Answer
Date Description Debit Credit Dec 1 Cash 10,000 Common Stock 10,000 Dec 1 Rent Expenses 1400 Cash 1400 Dec1 Insurance Expenses 1200 Cash 1200 Dec 1 Equipment 3600 Cash 3600 Dec 5 Supplies 300 Accounts Payable 300 Dec 15 Cash 9,000 Service Revenue 9,000 Dec 16 Accounts Recivables 7,900 Service Revenue 7,900 Dec 21 Cash 3300 Accounts Recivables 3300 Dec 23 Accounts Payables 170 Cash 170 Dec 28 Wages Expenses 4760 cash 4760 Dec 30 Dividend 200 Cash 200
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