3 Using Excel to Prepare Entries and Post to T-Accounts 4 5 PROBLEM 5 Frankel Consulting Ltd.'s maintains a Supplies account in its - trial balance. On January 11, the company purchased additional supplies on account. On January 31, some of the supplies are still on hand. The following cost information is available for the company's Supplies account. I January 1, Supplies on hand January 11, Purchase on account January 31, Supplies on hand $ 1,500 1,800 1,100 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem and work areas as indicated. a. Prepare the journal entry to record the purchase of supplies on January 11. Date Jan. 11 Debit b. Calculate the amount of supplies used during the month. Credit

Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem and work areas as indicated. b. Calculate the amount of supplies used during the month. c. Prepare the adjusting entry required at January 31 , assuming adjusting entries are prepared monthly. d. Using T accounts, enter the opening balances in the affected accounts, post the journal entries in parts (a) and (c), and indicate the adjusted balance in each account