1) Select the "Answer" tab and locate "Requirement 24. 2) Format the worksheet. Label cell H4 "Dates". You will put transaction dates (130) corresponding to the transactions in the cells in column H. Row 3 will contain the elements of the accounting equation. Enter "Assets" in cell K3. Enter ' = in cell N3 (note the "' " before the " = ". This tells Excel to consider the equal sign text). Resize column N in order to match the size of the = sign by dragging the right edge of the column to the left. Enter "Liabilities + Shareholders' equity" in cell P3. Enter "Type of SE Transaction" (abbreviation for shareholders' equity) in cell U3. Now you will have a spreadsheet organized around the elements of the accounting equation: "Assets = Liabilities + Shareholders' equity" and, for all transactions impacting shareholders' equity, you will be able to enter the type (common shares, revenue, expenses or dividends): This will be important for later when you construct the financial statements. 3) Continue formatting. In cells 14 through M4, enter the asset account titles that the transactions deal with. 14: Cash; J4: AR (an abbreviation for accounts receivable); K4: Computers \& AD (an abbreviation for accumulated depreciation); L4: Supplies; M4: Land. In cells O4 through T4, enter the liability and shareholders' equity account titles that the company's transactions deals with. O4: AP (an abbreviation for accounts payable); P4: NP (an abbreviation for note payable); Q4: SP (an abbreviation for salaries payable); R4: IP (an abbreviation for interest payable); S4: CShares (an abbreviation for common shares); and T4: RE (abbreviation for retained earnings; this is where all transactions impacting revenue, expenses, and dividends will go for now). 4) Before entering the transactions, sum each column from I through M and O through T in row 21. For example, the formula in cell 121 should be "=sum (15:120), in cell J21 the formula should be "=sum (J5: J20)", and so on for each of the columns: I, J, K, L, M, O, P, Q, R, S and T. In cell H21. enter "Bal". This will allow you to keep a running sum of the accounts as you enter each transaction. For now, it will be a "0," but this will change as you enter the transactions. Important: ensure these formulas are in the cells noted above 5) In cell H22, enter "Totals". In cell 122, enter "=sum(I21:M21)," In cell O22, enter "=sum(O21:T21)." Excel allows you to keep a running sum of the column totals on each side of the equation. You should find that the running sum of the column totals on the left-hand side of the equation always equals the running sum of the column totals on the right-hand side so the accounting equation is always in balance. 6) Highlight cells 15 through T22. On a PC, right click on your selection and select "Format Cells". On a Mac, select "Format" then click "cells". Under the "number" tab, change the number format from "General" to "Accounting". In the same dialogue box, select the symbol dropdown menu and change "\$" to "none" and reduce the number of decimal places to 0 . Select "OK" to close the dialogue box and save your settings. 7) As a final formatting step, highlight cells 14 to T4 and select "bottom border" icon in the toolbar at the top of the spreadsheet (note that you might have to select this option using the small arrow beside the icon). Highlight Cells 121 to T21 and select "top border" icon from the same menu. 8) Enter the opening balances given in the problem in row 5. 9) Beginning in row 6 , enter the transactions given in the problem. Use multiple rows as necessary. 10) Using Exhibit 2-2 in the textbook as a guide, construct the financial statements for Requirements 3,4 and 5. Place each requirement in under its corresponding section under the "Answer" tab. The following amounts summarize the financial position of Little Red Dog Inc. on May. 31, 202X During June 202X, the business completed these transactions: June 1. Began the business with an invesiment of $9000 cash in exchange for common shares June.1: Purchased a computer for a total of $6000 by signing a note payable. Interest of 5% to be paid with the note payable on June 1 next yeat. The computer is expected to last 5 years. June 5. Purchased office supplies on account for $5000. June 9 invoiced a client for services performed, $1000. June 13: Received $500 cash from a customer to clear the balance owing on their account. June 20 Received a $1100 bul for advertising for a campaign that had been run dorng the month Jurve 23. Paid $1000 of a bil received earler in the month. June 25. Performed semices foc elents and received $9000 in cash June 30. Declared and paid a eash divitend of 3600 June 30: A physical count revealed that $1600 worth of supphies are stil on hand June 25: Performed services for cients and received $9000 in cash. June 30: Declared and paid a cash dividend of $600. June 30: A physical count revealed that $1600 worth of supplies are still on hand June 30. Paid $800 for the month's office rent. Employee salaries were also accrued. Employees work 5 days each week and are paid 53500 every Friday. The month ended on a Wednesday. Other lnformation: 1) In the past, Little Red Dog Inc. has used the following accounts on their income statement: Revenue, Depreciation Expense. Interest Expense. Rent Expense, Salaries Expense, Advertising Expense, and Supplies Expense. They use the Dwidends account fo record dividends. Not all accounts have been used each period. Required: 1) Create all necessary journal entries for the month of June 202X. Place your answer under "Requirement 1"in the "Answer" tab. Note that the dates have been pre-populated. Ensure your journal entries match the appropriate date. Explanations are not fequired 2) Analyze the effects of the above transactions on the accounting equation. Place your answer under "Requrement 2" in the "Answer" tab, 3) Prepare the Income statement for the month ended June 30, 202X. List expenses in decreasing order by amount. Place your answer under "Requirement 3 ' in the "Answer' tab. 4) Prepare the Statement of Retaned Earrings for the month ended June 30, 202 Place your answer under 'Requirement 4' in the "Answer' tab = 5) Prepare the Balance Street at June 30, 202X. Place your answer under "Requirement 5" in the "Answer" tab 4) Frepare the Statement of Reetained Earnings for the month ended June 30,202X. Place your answer under "Requirement 4 " in the "Answer" tab 5) Prepare the Balance Sheet at June 30, 202X. Place your answer under "Requirement 5 " in the "Answer" tab. 6) Using the method outined in the textbook, journalze the necessary closing entries for the month ended June 30,202X. Place your answer under "Requirement 6 " in the "Answer" tab. Dates Cash AR Assets Computers AD S Juti-01 Jun-01 Jun-05 Jun-09 Jun-13 Jun-20 Jun-23 Jun-25 Jun-30 Jun-30 Jun-30 Bal Totas 1) Select the "Answer" tab and locate "Requirement 24. 2) Format the worksheet. Label cell H4 "Dates". You will put transaction dates (130) corresponding to the transactions in the cells in column H. Row 3 will contain the elements of the accounting equation. Enter "Assets" in cell K3. Enter ' = in cell N3 (note the "' " before the " = ". This tells Excel to consider the equal sign text). Resize column N in order to match the size of the = sign by dragging the right edge of the column to the left. Enter "Liabilities + Shareholders' equity" in cell P3. Enter "Type of SE Transaction" (abbreviation for shareholders' equity) in cell U3. Now you will have a spreadsheet organized around the elements of the accounting equation: "Assets = Liabilities + Shareholders' equity" and, for all transactions impacting shareholders' equity, you will be able to enter the type (common shares, revenue, expenses or dividends): This will be important for later when you construct the financial statements. 3) Continue formatting. In cells 14 through M4, enter the asset account titles that the transactions deal with. 14: Cash; J4: AR (an abbreviation for accounts receivable); K4: Computers \& AD (an abbreviation for accumulated depreciation); L4: Supplies; M4: Land. In cells O4 through T4, enter the liability and shareholders' equity account titles that the company's transactions deals with. O4: AP (an abbreviation for accounts payable); P4: NP (an abbreviation for note payable); Q4: SP (an abbreviation for salaries payable); R4: IP (an abbreviation for interest payable); S4: CShares (an abbreviation for common shares); and T4: RE (abbreviation for retained earnings; this is where all transactions impacting revenue, expenses, and dividends will go for now). 4) Before entering the transactions, sum each column from I through M and O through T in row 21. For example, the formula in cell 121 should be "=sum (15:120), in cell J21 the formula should be "=sum (J5: J20)", and so on for each of the columns: I, J, K, L, M, O, P, Q, R, S and T. In cell H21. enter "Bal". This will allow you to keep a running sum of the accounts as you enter each transaction. For now, it will be a "0," but this will change as you enter the transactions. Important: ensure these formulas are in the cells noted above 5) In cell H22, enter "Totals". In cell 122, enter "=sum(I21:M21)," In cell O22, enter "=sum(O21:T21)." Excel allows you to keep a running sum of the column totals on each side of the equation. You should find that the running sum of the column totals on the left-hand side of the equation always equals the running sum of the column totals on the right-hand side so the accounting equation is always in balance. 6) Highlight cells 15 through T22. On a PC, right click on your selection and select "Format Cells". On a Mac, select "Format" then click "cells". Under the "number" tab, change the number format from "General" to "Accounting". In the same dialogue box, select the symbol dropdown menu and change "\$" to "none" and reduce the number of decimal places to 0 . Select "OK" to close the dialogue box and save your settings. 7) As a final formatting step, highlight cells 14 to T4 and select "bottom border" icon in the toolbar at the top of the spreadsheet (note that you might have to select this option using the small arrow beside the icon). Highlight Cells 121 to T21 and select "top border" icon from the same menu. 8) Enter the opening balances given in the problem in row 5. 9) Beginning in row 6 , enter the transactions given in the problem. Use multiple rows as necessary. 10) Using Exhibit 2-2 in the textbook as a guide, construct the financial statements for Requirements 3,4 and 5. Place each requirement in under its corresponding section under the "Answer" tab. The following amounts summarize the financial position of Little Red Dog Inc. on May. 31, 202X During June 202X, the business completed these transactions: June 1. Began the business with an invesiment of $9000 cash in exchange for common shares June.1: Purchased a computer for a total of $6000 by signing a note payable. Interest of 5% to be paid with the note payable on June 1 next yeat. The computer is expected to last 5 years. June 5. Purchased office supplies on account for $5000. June 9 invoiced a client for services performed, $1000. June 13: Received $500 cash from a customer to clear the balance owing on their account. June 20 Received a $1100 bul for advertising for a campaign that had been run dorng the month Jurve 23. Paid $1000 of a bil received earler in the month. June 25. Performed semices foc elents and received $9000 in cash June 30. Declared and paid a eash divitend of 3600 June 30: A physical count revealed that $1600 worth of supphies are stil on hand June 25: Performed services for cients and received $9000 in cash. June 30: Declared and paid a cash dividend of $600. June 30: A physical count revealed that $1600 worth of supplies are still on hand June 30. Paid $800 for the month's office rent. Employee salaries were also accrued. Employees work 5 days each week and are paid 53500 every Friday. The month ended on a Wednesday. Other lnformation: 1) In the past, Little Red Dog Inc. has used the following accounts on their income statement: Revenue, Depreciation Expense. Interest Expense. Rent Expense, Salaries Expense, Advertising Expense, and Supplies Expense. They use the Dwidends account fo record dividends. Not all accounts have been used each period. Required: 1) Create all necessary journal entries for the month of June 202X. Place your answer under "Requirement 1"in the "Answer" tab. Note that the dates have been pre-populated. Ensure your journal entries match the appropriate date. Explanations are not fequired 2) Analyze the effects of the above transactions on the accounting equation. Place your answer under "Requrement 2" in the "Answer" tab, 3) Prepare the Income statement for the month ended June 30, 202X. List expenses in decreasing order by amount. Place your answer under "Requirement 3 ' in the "Answer' tab. 4) Prepare the Statement of Retaned Earrings for the month ended June 30, 202 Place your answer under 'Requirement 4' in the "Answer' tab = 5) Prepare the Balance Street at June 30, 202X. Place your answer under "Requirement 5" in the "Answer" tab 4) Frepare the Statement of Reetained Earnings for the month ended June 30,202X. Place your answer under "Requirement 4 " in the "Answer" tab 5) Prepare the Balance Sheet at June 30, 202X. Place your answer under "Requirement 5 " in the "Answer" tab. 6) Using the method outined in the textbook, journalze the necessary closing entries for the month ended June 30,202X. Place your answer under "Requirement 6 " in the "Answer" tab. Dates Cash AR Assets Computers AD S Juti-01 Jun-01 Jun-05 Jun-09 Jun-13 Jun-20 Jun-23 Jun-25 Jun-30 Jun-30 Jun-30 Bal Totas