A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending January 0, 1900 Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ Page 2 FAQ 02 When I try to enter information in the General Journal why does an error appears indicating that the cell protected? Answer: The computer program is designed to save you time. Instead of requiring you to enter the description four times the program automatically copies the description when you enter a new account number. This process requires that the data entry is limited to those cells which contain unique information. The cells that you can enter data into are the yellow filled cells. FAQ 03 In the feedback section, what does it mean when I have points under reverse? Answer: If you pay a telephone expense of $100.00 Telephone Expense 100 Cash 100 If you debit cash and credit telephone expense you have reversed the whole entry. Cash 100 Telephone Expense 100 If you debit cash and credit anything else you have reversed part of the entry. Cash 100 Rent Expense 100 Elf Village 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ Page 1 FAQ 01 My file used to upload, why is it not uploading? FAQ 02 When I try to enter information in the General Journal why does an error appears indicating that the cell protected? FAQ 03 In the feedback section, what does it mean when I have points under reverse? FAQ 04 How does my instructor get my grade? FAQ 05 I have entered all the transactions and have completed the worksheet however I get following message on the financial statements: "You must finish the worksheet before you can complete the ...." FAQ 01 My file used to upload, why is it not uploading? Answer: Sometimes we unknowingly add items to a workbook that inhibits the upload process. The conversion to a Excel Binary Workbook ( .xlsb) version generally fixes the problem. If the problem continues simple send your BINARY file as an attachment with your username and password...friedman@cybertext.com Windows Operating System Select File Select Save As Select Save As Type: Select Excel Binary Workbook (".xlsb) Select Save Options MF1234 Excel Workbook Excel Macro-Enabled Workbook Excel 972003 Workbook XML Data Web Page Excel Template Excel Macro-Enabled Template Upload the binary file at cybertext.com Apple Operating System Select File Select Save As Select Format: Select Excel Binary Workbook (".xlsb) Select Save Upload the binary file at cybertext.com (fx) Workbook1 Save As: MF1234.xIsx Where: Documents Forma / Excel Workbook (xlsx) Description The Xol-based macro sheets. Excel 97-2004 Workbook (x/s) Excel Template (xibx) Excel 97-2004 Template (xlt) Comma Separated Values (.csv) Web Page (htm) Options... Compi Excel Binary Workbook (.xlsb) Excel Macro-Enabled Workbook (.x/sm) Excel Macro-Enabled Template (xitm) Excel 2004 XML. Spreadsheet (.xml) Excel Add-In (xlam) Excel 97-2004 Add-In (xla) Single File Web Page (mht) UTF-16 Unicode Text (toxt) Tab Delimited Text (toxt) Windows Formatted Text (bot) MS-DOS Formatted Text (.txt) Windows Comma Separated (csv) MS-DOS Comma Separated (csv) Space Delimited Text (.prn) Data Interchange Format (dif) Symbolic Link (.slk) Excel 5.0/95 Workbook (xis) Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective Chart of Accounts A Byte of Accounting General Journal Note: You can only enter data into the yellow filled cells. 02 Account Name Description Debit Credit 01 02 03 04 05 06 07 08 07 09 10 11 12 13 14 15 14 16 17 A Byte of Accounting, Inc. Worksheet For Period Ending January 0, 1900 PublicBank P.O. Box 5551212, Miami, Florida 33999 Ph# (305) 555-1212 Previous Balance Deposits/Credits Ending Balance Checks/Debits Byte of Accounting 123 Speed Lane Miami, Florida 33999 Account Number Statement Date 5,135.00 (5,135.00) (5,135.00) Activity in date order Date Jun 01 Jun 07 Jun 15 Jun 16 Jun 21 Jun 22 Jun 22 Jun 22 Jun 23 Jun 24 Jun 26 Jun 26 Jun 27 Jun 27 Jun 27 Jun 29 Description Deposit Faid check \# 5002 Faid check \# 5003 Jeposit Faid check \# 5005 NSF NSF service charge Taid check \# 5006 Jeposit Faid check \# 306 Faid check \# 5007 Faid check \# 5008 Faid check \# 5009 Llec Remit AT\&T Telephone Faid check \# 5010 Jervice Charge- Checks Amount Information will be displayed after Journal Entry 4 is corrected Information will be displayed after Journal Entry 7 is corrected Information will be displayed after Journal Entry11 is corrected 3,200.00 20.00 Information will be displayed after Journal Entry 12 is corrected Information will be displayed after Journal Entry 20 is corrected 1,700.00 Information will be displayed after Journal Entry 15 is corrected Information will be displayed after Journal Entry 16 is corrected Information will be displayed after Journal Entry 17 is corrected 150.00 Information will be displayed after Journal Entry 19 is corrected 65.00 33999999 6/30/202x 1. Add to Books 2. Add to Bank Company's Books Ending Balance per books Additions Bank Statement Ending balance per bank Additions 3. Deduct from Books 4. Deduct from bank Check \# 306 is not our check Our policy is to charge the customer for any charges related to NSF checks the Deposit on Jun 16 was incorrectly recorded by the bank. he Deposit on Jun 23 was correctly recorded by the bank. We do not modify the original journal entry. 0.000.000.000.000.003,200.003,220.003,220.003,220.004,920.004,920.004,920.004,920.005,070.005,070.005,135.005,135.00 Elf Village 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ Page 3 FAQ 04 How does my instructor get my grade? Answer: Every time you upload your grade is recorded in a table. Your instructor can look at the table whenever they want to, although only the last grade counts. Keep a hard copy of your last upload for documentation. FAQ 05 I have entered all the transactions and have completed the worksheet however I get following message on the financial statements: "You must finish the worksheet before you can complete the ...." Answer: The worksheet demonstrates that the accounting system is working. If all of your journal entries are in balance then the Unadjusted Trial Balance and the Adjusting Entry columns will balance. The Adjusted Trial Balance columns net the Unadjusted Trial Balance and the Adjusting Entry columns. There are four steps to completing the worksheet: 1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the Balance Sheet columns, (debits remain debits and credits remain credits). 2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses. 3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet. 4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise there is an error in the completion of the worksheet. 50 Sheet Legal Pad Transaction Description of transaction June 1: Byte of Accounting, Inc. received \$32,110.70 in cash and computer equipment with a fair market 01. value of $46,515.50 when Jeremy purchased 2,620 shares of its common stock. The par value of the common stock was $0.01 per share. June 1: Byte of Accounting, Inc. received computer equipment with a fair market value of $13,204.40 and 02. office equipment with a fair market value of $780.26 when Courtney purchased 466 shares of its common stock. The par value of the common stock was $0.01 per share. 03. June 1: Byte of Accounting, Inc. received \$130,543.50 in cash when Elizabeth Perez purchased 4,350 shares of its common stock. The par value of the common stock was $0.01 per share. June 2: Check \# 5002 was used to make a down payment of $28,000.00 on additional computer equipment 04. that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $140,000.00. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $300.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432. 06. June 8: Unsatisfactory office equipment costing $60.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Check \# 5003 was used to make a $21,500.00 payment reducing the principal owed on the June 2 purchase of computer equipment from Royce Computers. 08. June 10: Purchased office supplies for $1,750.00 from Staples on account. The invoice number was 61298 . Included in the purchase was 10 units of Super RoutePro at a cost of $50.00 each. June 14: Check \# 5004 was used to purchase a one-year insurance policy covering its computer equipment 09. for $4,968.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387 . 10. June 16: Checks in the amount of $7,820.00 was received for services performed for cash customers. June 16: Byte purchased a building and the land it is on for $107,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $17,000.00. The balance of the cost is to be allocated to the building. Check \# 5005 was used to make the down payment of $10,700.00. A thirty year mortgage with an initial payment due on August 1st, was established for the balance. 11. the cost is to be allocated to the building. Check \# 5005 was used to make the down payment of $10,700.00. A thirty year mortgage with an initial payment due on August 1st, was established for the balance. 12. June 17: Check \# 5006 for $6,000.00 was paid for rent of the office space for June, July and August. 13. June 17: Received invoice number 26354 in the amount of $425.00 from the local newspaper for advertising. 14. June 21: Billed various miscellaneous local customers $4,200.00 for consulting services performed. 15. June 21: Check \# 5007 was used to purchase a fax machine for the office from Office Machines Express for $800.00. The invoice number was 975-328. 16. June 21: Accounts payable in the amount of $240.00 were paid with Check \# 5008. 17. June 22: Check \# 5009 was used to pay the advertising bill that was received on June 17. 18. June 22: Received a bill for $1,165.00 from Computer Parts and Repair Co. for repairs to the computer equipment. The invoice number was 43254 . 19. June 22: Check \# 5010 was used to pay salaries of \$935.00 to equipment operators for the week ending June 18. Ignore payroll taxes. 20. June 23: Cash in the amount of $3,365.00 was received on billings. \begin{tabular}{l|l} 21. & June 23: Purchased office supplies for $875.00 from Staples on account. The invoice number was 65498. \\ Included in the purchase was 10 units of Super RoutePro at a cost of $51.00 each. \end{tabular} A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending January 0, 1900 Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ Page 2 FAQ 02 When I try to enter information in the General Journal why does an error appears indicating that the cell protected? Answer: The computer program is designed to save you time. Instead of requiring you to enter the description four times the program automatically copies the description when you enter a new account number. This process requires that the data entry is limited to those cells which contain unique information. The cells that you can enter data into are the yellow filled cells. FAQ 03 In the feedback section, what does it mean when I have points under reverse? Answer: If you pay a telephone expense of $100.00 Telephone Expense 100 Cash 100 If you debit cash and credit telephone expense you have reversed the whole entry. Cash 100 Telephone Expense 100 If you debit cash and credit anything else you have reversed part of the entry. Cash 100 Rent Expense 100 Elf Village 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ Page 1 FAQ 01 My file used to upload, why is it not uploading? FAQ 02 When I try to enter information in the General Journal why does an error appears indicating that the cell protected? FAQ 03 In the feedback section, what does it mean when I have points under reverse? FAQ 04 How does my instructor get my grade? FAQ 05 I have entered all the transactions and have completed the worksheet however I get following message on the financial statements: "You must finish the worksheet before you can complete the ...." FAQ 01 My file used to upload, why is it not uploading? Answer: Sometimes we unknowingly add items to a workbook that inhibits the upload process. The conversion to a Excel Binary Workbook ( .xlsb) version generally fixes the problem. If the problem continues simple send your BINARY file as an attachment with your username and password...friedman@cybertext.com Windows Operating System Select File Select Save As Select Save As Type: Select Excel Binary Workbook (".xlsb) Select Save Options MF1234 Excel Workbook Excel Macro-Enabled Workbook Excel 972003 Workbook XML Data Web Page Excel Template Excel Macro-Enabled Template Upload the binary file at cybertext.com Apple Operating System Select File Select Save As Select Format: Select Excel Binary Workbook (".xlsb) Select Save Upload the binary file at cybertext.com (fx) Workbook1 Save As: MF1234.xIsx Where: Documents Forma / Excel Workbook (xlsx) Description The Xol-based macro sheets. Excel 97-2004 Workbook (x/s) Excel Template (xibx) Excel 97-2004 Template (xlt) Comma Separated Values (.csv) Web Page (htm) Options... Compi Excel Binary Workbook (.xlsb) Excel Macro-Enabled Workbook (.x/sm) Excel Macro-Enabled Template (xitm) Excel 2004 XML. Spreadsheet (.xml) Excel Add-In (xlam) Excel 97-2004 Add-In (xla) Single File Web Page (mht) UTF-16 Unicode Text (toxt) Tab Delimited Text (toxt) Windows Formatted Text (bot) MS-DOS Formatted Text (.txt) Windows Comma Separated (csv) MS-DOS Comma Separated (csv) Space Delimited Text (.prn) Data Interchange Format (dif) Symbolic Link (.slk) Excel 5.0/95 Workbook (xis) Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective Chart of Accounts A Byte of Accounting General Journal Note: You can only enter data into the yellow filled cells. 02 Account Name Description Debit Credit 01 02 03 04 05 06 07 08 07 09 10 11 12 13 14 15 14 16 17 A Byte of Accounting, Inc. Worksheet For Period Ending January 0, 1900 PublicBank P.O. Box 5551212, Miami, Florida 33999 Ph# (305) 555-1212 Previous Balance Deposits/Credits Ending Balance Checks/Debits Byte of Accounting 123 Speed Lane Miami, Florida 33999 Account Number Statement Date 5,135.00 (5,135.00) (5,135.00) Activity in date order Date Jun 01 Jun 07 Jun 15 Jun 16 Jun 21 Jun 22 Jun 22 Jun 22 Jun 23 Jun 24 Jun 26 Jun 26 Jun 27 Jun 27 Jun 27 Jun 29 Description Deposit Faid check \# 5002 Faid check \# 5003 Jeposit Faid check \# 5005 NSF NSF service charge Taid check \# 5006 Jeposit Faid check \# 306 Faid check \# 5007 Faid check \# 5008 Faid check \# 5009 Llec Remit AT\&T Telephone Faid check \# 5010 Jervice Charge- Checks Amount Information will be displayed after Journal Entry 4 is corrected Information will be displayed after Journal Entry 7 is corrected Information will be displayed after Journal Entry11 is corrected 3,200.00 20.00 Information will be displayed after Journal Entry 12 is corrected Information will be displayed after Journal Entry 20 is corrected 1,700.00 Information will be displayed after Journal Entry 15 is corrected Information will be displayed after Journal Entry 16 is corrected Information will be displayed after Journal Entry 17 is corrected 150.00 Information will be displayed after Journal Entry 19 is corrected 65.00 33999999 6/30/202x 1. Add to Books 2. Add to Bank Company's Books Ending Balance per books Additions Bank Statement Ending balance per bank Additions 3. Deduct from Books 4. Deduct from bank Check \# 306 is not our check Our policy is to charge the customer for any charges related to NSF checks the Deposit on Jun 16 was incorrectly recorded by the bank. he Deposit on Jun 23 was correctly recorded by the bank. We do not modify the original journal entry. 0.000.000.000.000.003,200.003,220.003,220.003,220.004,920.004,920.004,920.004,920.005,070.005,070.005,135.005,135.00 Elf Village 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ Page 3 FAQ 04 How does my instructor get my grade? Answer: Every time you upload your grade is recorded in a table. Your instructor can look at the table whenever they want to, although only the last grade counts. Keep a hard copy of your last upload for documentation. FAQ 05 I have entered all the transactions and have completed the worksheet however I get following message on the financial statements: "You must finish the worksheet before you can complete the ...." Answer: The worksheet demonstrates that the accounting system is working. If all of your journal entries are in balance then the Unadjusted Trial Balance and the Adjusting Entry columns will balance. The Adjusted Trial Balance columns net the Unadjusted Trial Balance and the Adjusting Entry columns. There are four steps to completing the worksheet: 1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the Balance Sheet columns, (debits remain debits and credits remain credits). 2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses. 3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet. 4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise there is an error in the completion of the worksheet. 50 Sheet Legal Pad Transaction Description of transaction June 1: Byte of Accounting, Inc. received \$32,110.70 in cash and computer equipment with a fair market 01. value of $46,515.50 when Jeremy purchased 2,620 shares of its common stock. The par value of the common stock was $0.01 per share. June 1: Byte of Accounting, Inc. received computer equipment with a fair market value of $13,204.40 and 02. office equipment with a fair market value of $780.26 when Courtney purchased 466 shares of its common stock. The par value of the common stock was $0.01 per share. 03. June 1: Byte of Accounting, Inc. received \$130,543.50 in cash when Elizabeth Perez purchased 4,350 shares of its common stock. The par value of the common stock was $0.01 per share. June 2: Check \# 5002 was used to make a down payment of $28,000.00 on additional computer equipment 04. that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $140,000.00. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $300.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432. 06. June 8: Unsatisfactory office equipment costing $60.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Check \# 5003 was used to make a $21,500.00 payment reducing the principal owed on the June 2 purchase of computer equipment from Royce Computers. 08. June 10: Purchased office supplies for $1,750.00 from Staples on account. The invoice number was 61298 . Included in the purchase was 10 units of Super RoutePro at a cost of $50.00 each. June 14: Check \# 5004 was used to purchase a one-year insurance policy covering its computer equipment 09. for $4,968.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387 . 10. June 16: Checks in the amount of $7,820.00 was received for services performed for cash customers. June 16: Byte purchased a building and the land it is on for $107,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $17,000.00. The balance of the cost is to be allocated to the building. Check \# 5005 was used to make the down payment of $10,700.00. A thirty year mortgage with an initial payment due on August 1st, was established for the balance. 11. the cost is to be allocated to the building. Check \# 5005 was used to make the down payment of $10,700.00. A thirty year mortgage with an initial payment due on August 1st, was established for the balance. 12. June 17: Check \# 5006 for $6,000.00 was paid for rent of the office space for June, July and August. 13. June 17: Received invoice number 26354 in the amount of $425.00 from the local newspaper for advertising. 14. June 21: Billed various miscellaneous local customers $4,200.00 for consulting services performed. 15. June 21: Check \# 5007 was used to purchase a fax machine for the office from Office Machines Express for $800.00. The invoice number was 975-328. 16. June 21: Accounts payable in the amount of $240.00 were paid with Check \# 5008. 17. June 22: Check \# 5009 was used to pay the advertising bill that was received on June 17. 18. June 22: Received a bill for $1,165.00 from Computer Parts and Repair Co. for repairs to the computer equipment. The invoice number was 43254 . 19. June 22: Check \# 5010 was used to pay salaries of \$935.00 to equipment operators for the week ending June 18. Ignore payroll taxes. 20. June 23: Cash in the amount of $3,365.00 was received on billings. \begin{tabular}{l|l} 21. & June 23: Purchased office supplies for $875.00 from Staples on account. The invoice number was 65498. \\ Included in the purchase was 10 units of Super RoutePro at a cost of $51.00 each. \end{tabular}