1. Using the T-accounts template, open (set up) the T-accounts with the balances from the Balan Sheet (located in the first worksheet in the attached template). 2. Use the T-accounts template and input the following 17 transactions into each account. 3. Calculate the balance of each account. Use Excel's function feature. 4. Prepare a trial balance based on your account balances from the ledger (located in the third worksheet at the bottom of the spreadsheet). Chart of Accounts Bonnie's Batting Cages and Softball Services Account number Account Account number Account 105 Bank 305 B. Birch, Capital 110 A/R - Infield Flyers 310 B. Birch, Drawings 115 A/R - Remdal Red Sox 405 Membership Fees 120 410 Cash Sales 125 505 Bank Charges Expense 205 Supplies Equipment A/P - Cannon Sports A/P - Ewert Equipment A/P - Sandhu Sporting Goods 510 210 515 Heating Expense Rent Expense Repair Expense Wages Expense 215 520 220 Bank Loan 525 Transactions for August 1. Bonnie Birch, the owner, invested $40 000 in the business. 2. Borrowed $15 000 from the bank, which was deposited in the business' bank account. 3. Paid $1 500 to Romeyn Properties Ltd. for the monthly rent. 4. Bought office and various sport supplies for $2 000 cash. 5. Purchased $43 000 worth of bats, helmets, and other sports equipment from Cannon Sports on account. The amount is due in 30 days. 6. Paid $800 cash for the heating bill received today. 7. Bought pitching machines from Ewert Equipment for $12 000 and have 30 days in which to pay. 8. Equipment was repaired ($350) from Ewert Equipment and will be paid for later. 9. Bought $7 800 of miscellaneous sports supplies on account from Sandhu Sporting Goods. 10. Sold a one-month team membership to the Infield Flyers for $800 on account. The amount is to be received in 15 days. 11. Sold a two-month team membership to the Remdal Red Sox for $2 200 on account. The bill is due in 30 days. 12. Cash sales for the month amounted to $40 200. 13. Bank charges for services fees and interest amounted to $250, which was taken directly out of the business' bank account. 14. Paid $2 200 cash for monthly wages. 15. Sold a one-month membership cash for $1 300. 16. Paid the full amount to Ewert Equipment from transaction 8 ($350). 17. Owner withdrew $1 000 for personal use. Bonnie's Batting Cages and Softball Services BALANCE SHEET July 31, 2015 Assets Bank Accounts - Infield Flyers Remdal Red Sox Supplies Equipment Liabilities $33,000 Accounts Payable Cannon Sports 1,000 - Ewert Equipment 500 - Sandhu Sporting Goods 7,500 Bank Loan 50,000 Total Liabilities Owner's Equity B. Birch, Capital $92.000 Total liabilities and $10,000 22,000 500 25,000 $57,500 Total Assets 34,500 $92.000
