Question

You have been hired as an accountant for MatTor Consulting Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on January 1, 2019. The company will have a fiscal year end of December 31. The initial formation transactions and early purchases for Matco Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab)

During January, the first month of operations, the following transactions occurred:

Date Event Amount Amount

2-Jan Paid for 12 months rent on office space 11,040

5-Jan Purchased office furniture. 9,580

5-Jan

Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be paid back in 5 years

30,000 loan amt 0.01 interest rate

11-Jan Performed services for various customers for cash and on account. 10,650 cash 17860 on account

19-Jan Paid salaries to employees for 1 week. 5,865

20-Jan Received cash in advance from Stanley Inc. for work to be performed over the next 12 months. 7,800

22-Jan Purchased additional office supplies on account. 3,790

28-Jan Collected payments for amounts previously billed. 13,500

29-Jan Paid for utilities. 1,986

29-Jan Paid the bill for supplies purchased previously. 4,650

31-Jan Dividends were declared and paid. 1500

need.

Add the January journal entry information to the Worksheet in the January columns. You can do this in one of 2 ways - (1) Post the journal entries to ledger accounts using T-accounts to represent ledger accounts and then use those totals to post to the worksheet or (2) use excel to add all entries for a particular account into the correct column in the worksheet (ie., add all cash debits from the journal entries into the cash debit column for January entries). There is a tab to use for T Accounts if you want but the T Accounts are NOT required

Prepare an unadjusted trial balance as of January 31, 2019. This will be part of the Worksheet you prepare. There is a tab in this file that you will use for this. Excel formulas must be used throughout the project to obtain full credit.

Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab.. Highlight the entire worksheet area and press the "ctrl" key and the "~" key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed.

Answer 1