1 2 Download and open the excel spreadsheet, Miller-Nobles_7e-13e-Using_Excel_ChF7- ChF8 Start.xlsx. This spreadsheet includes 3 tabs; you will enter all answers on the second and the third tabs, ENTERANSWERS1 and ENTERANSWERS2. (All answers should be entered in the blue highlighted cells.) Lori Anders of Wilderness Associates is getting ready to prepare the October bank reconciliation. The cash balance on the books of Wilderness Associates on October 31 is $3,546. Lori reviews the bank statement, and notes the cash balance at October 31 of $2,445. The bank statement also reveals that the bank collected a note receivable on behalf of Wilderness Associates - the principal was $1,500 and the interest was $15. One customer's check for $29 was returned by the bank for insufficient funds. Two additional items on the bank statement were the monthly EFT for the utilities, $250, and the bank service fee of $12. Lori notes that the cash deposit made on October 31 of $3,300 does not appear on the statement, and that three checks totaling $975 had not cleared the bank account when the bank statement was prepared. Prepare the bank reconciliation for Wilderness Associates at October 31, 2018. (28 pts) a. Format appropriate cells with dollar signs, underlines, and double underlines. Use Excel formulas to calculate subtotals and totals. b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. (Always use cell references and formulas where appropriate to receive full credit.) 3 4 Journalize the entries based on the bank reconciliation. (25 pts) a. For dollar amounts, use cell references on bank reconciliation. b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. c. Enter debits first, then credits. (Always use cell references and formulas where appropriate to receive full credit.) Once completed, save the project to the desktop. File name can be anything, but DO NOT include spaces. Return to auto-graded excel activity window, and progress to Step 3. Follow on screen instructions. (To review score, navigate to Results in the MyLab and click on Review link.) Hint 25 0 Total Points 53 0 28 A B C D E F G H K L M N 0 P S U W 1 Internal Control and Cash 2 Using Excel for a Bank Reconciliation 3 4 Lori Anders of Wilderness Associates is getting ready to prepare the October bank reconciliation. 5 The cash balance on the books of Wilderness Associates on October 31 is $3,546. Lori reviews the bank statement, and notes the cash balance at October 31 of $2,445. The bank statement also reveals that the bank collected a note receivable on behalf of Wilderness Associates -- the principal was $1,500 and the interest was $15. One customer's check for $29 was returned by the bank for insufficient funds. Two additional items on the bank statement were the monthly EFT for the utilities, $250, and the bank service fee of $12. Lori notes that the cash deposit made on October 31 of $3,300 does not appear on the 6 statement, and that three checks totaling $975 had not cleared the bank account when the bank statement was prepared. 7 Use the blue shaded areas on the ENTER-ANSWERS tab for inputs. 8 Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong. 9 10 11 Requirements Possible Points 1 Prepare the bank reconciliation for Wilderness Associates at October 31, 2018. a. Format appropriate cells with dollar signs, underlines, and double underlines. Use Excel formulas to calculate subtotals and totals. 28 12 b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. 2 Journalize the entries based on the bank reconciliation. a. For dollar amounts, use cell references on bank reconciliation. 13 14 15 b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. c. Enter debits first, then credits. 16 Excel Skills 1 Use Excel's data validation to enter descriptions into the bank reconciliation, and accounts into the journal entries. 17 18 2 Format cells using borders and number formatting. 19 3 Use formulas to calculate subtotals and totals. 20 21 22 Saving & Submitting Solution 23 1 Save file to desktop. 24 25 a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS 2 Upload and submit your file to be graded. 26 27 28 c. Click Upload button under step 3 b. Click Choose button under step 3; locate the file you just saved and click Open a. Navigate back to the activity window-screen where you downloaded the initial spreadsheet 29 d. Click Submit button under step 4 30 25 3 4 5 678 Prepare the bank reconciliation for Wilderness Associates at October 31, 2018. 1Format appropriate cells with dollar signs, underlines, and double underlines. Use Excel formulas to calculate subtotals and totals. 2 (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong.) 8 Bank: 9 10 11 12 13 14 15 16 17 18 Books: 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 + N Q R S T A B C D E G H K M Journalize the entries based on the bank reconciliation. For dollar amounts, use cell references on bank reconciliation. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. Enter debits first, then credits. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong.) Date Account/Explanation 5 6 7 8 To record note receivable collected by the bank. 9 10 11 12 To record interest earned on the note receivable. 13 14 15 16 To record bank service fee. 17 18 19 + 20 To record NSF check returned by bank. 21 22 23 24 To record payment of utilities by EFT. 25 26 27 Debit Credit