Question

Accounting Project (Excel)

Students are required to prepare Excel Spreadsheets with tabs for Journal Entries, T Accounts, Trial Balances, and Financial Statements.

Record all transactions and prepare financial statements within the Excel Spreadsheet

Requirements:

1) Using the Balance Sheet information, enter the beginning balances in the T-Accounts.

2) On the following sheet, use the Transaction Information to journalize entries, 1 – 10.

3) Post each entry into the T-Accounts. When finished journalizing, calculate the account balance for each T-Account.

4) Create an Unadjusted Trial Balance.

5) Journalize adjusting journal entries 1 – 4

6) Post Adjusting Journal entries to T-accounts

7) Prepare Adjusted Trial Balance

8) Prepare:

a. Income Statement

b. Statement of Owner’s Equity

c. Balance Sheet

9) Write the four closing entries, post them to the T-Accounts and determine the ending balance for each account.

10) Create the Post Closing Trial Balance from the T-accounts.

Transaction Information

Entry #

1. Supplies are purchased on account for $1,000.

2. One year of insurance is purchased for cash, costing $3,600.

3. Paid rent expense of $2,000 for current month.

4. The receivables from the prior month are collected.

5. The account payables from the prior month are paid.

6. Paid $750 of wage expenses to employees, of which $50 is accrued from the prior month.

7. Received $1,500 from a customer in advance of providing the services.

8. A $450 utility bill for the current month is received. Payment is due next month on the 15th.

9. Services are performed for customers on account. Invoices totaling $5,600 are mailed to the customers.

10. The owner withdrew $750 for personal use.

Additional information for adjusting entries (to be used after unadjusted trial balance is prepared):

1. Supplies on hand at the end of the month are $400.

2. Record one month of insurance expense.

3. Accrue $100 wages

4. The December 31 balance in Unearned Revenue is $1,000

Speedy Delivery Company  

Balance Sheet

November 30, 2017

Assets Liabilities

Cash 7,000 Accounts Payable 290

Accounts Rec 3,000 Wages Payable 50

Supplies 100 Owner’s Equity

Speedy, Capital 9,760

Total Assets 10,100 Total Liab. & O.E. 10,100

Answer 1