Step 5: Record the December adjusting entries on the “General Journal” tab. 31-Dec One month’s insurance has expired $90. 31-Dec The remaining inventory of unused office supplies is $90. 31-Dec The estimated depreciation on equipment is $70. 31-Dec Salaries incurred from December 29 to December 31 but not yet paid or recorded total $480. Step 6: Post all of the adjusting entries to the T-accounts on the “T-Accounts” tab. Compute the balance for each T-account after all of the adjusting entries have been posted. Step 7: Prepare the adjusted trial balance on the “Adjusted Trial Balance” tab. Check point 1: Adjusted trial balance total debit/credit = $ 33,770 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 5: Record the December adjusting entries on the “General Journal” tab. 31-Dec One month’s insurance has expired $90. 31-Dec The remaining inventory of unused office supplies is $90. 31-Dec The...

Step 5:

Record the December adjusting entries on the “General Journal” tab.

31-Dec

One month’s insurance has expired $90.

31-Dec

The remaining inventory of unused office supplies is $90.

31-Dec

The estimated depreciation on equipment is $70.

31-Dec

Salaries incurred from December 29 to December 31 but not yet paid or recorded total $480.

Step 6:

Post all of the adjusting entries to the T-accounts on the “T-Accounts” tab. Compute the balance for each T-account after all of the adjusting entries have been posted.

Step 7:

Prepare the adjusted trial balance on the “Adjusted Trial Balance” tab.

Check point 1:

Adjusted trial balance total debit/credit =

$ 33,770

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.

Jun 10, 2022

SOLUTION.PDF

Step 5: Record the December adjusting entries on the “General Journal” tab. 31-Dec One month’s insurance has expired $90. 31-Dec The remaining inventory of unused office supplies is $90. 31-Dec The...

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