Assets Transactions for January of $2020$

Cash $76,850$

Accounts Receivable $($net of allowance of $7200)237,8841/3/20$

Inventory $45,500(1000$ units at $$45\mathrm{.}50$ each$)1/2/20$

Prepaid Insurance $2,0001/3/20$

Supplies $1,6251/4/20$

Total Current Assets $363,8591/6/20$

$1/9/20$

Property, Plant and Equipment, Net $177,5001/10/20$

Land $32,0001/15/20$

$1/20/20$

Total Assets $573,3591/21/20$

$1/22/20$

Liabilities $1/25/20$

Accounts Payable $94,5521/26/20$

Unearned Revenue $45,2001/26/20$

Interest Payable $2,1001/31/20$

Salaries Payable $6,6001/31/20$

Total Current Liabilities $148,4521/31/20$

$1/31/20$

Long Term Debt $246,1001/31/20$

$1/31/20$

Total Liabilities $394,5521/31/20$

Capital Stock $100,000$

Retained Earnings $78,807$

Total Liabilities and Stockholders Equity $573,359$

Instructions

The following Excel file has multiple worksheets which will be used in completing your

responses.

"Beginning Transactions" on the first Excel worksheet will provide the Balance Sheet for $2019$

and the Transactions for January $2020.$

On the second Excel worksheet, "Journal Entries", you should record the transactions provided

on the first Excel worksheet by creating Journal Entries with dates and descriptions.

On the third Excel worksheet, $"$T$-$accounts and trial balance", you should record the required

journal entries in the T$-$accounts and prepare an unadjusted trial balance.

The fourth and final Excel worksheet, "Financial Statements", you will prepare an Income

Statement, Statement of Equity and a Balance Sheet as of January $31,2020$ and answer the

inventory question. Chapter $1$ Appendix A$,$ Section $1\mathrm{.}8$ in the text will show examples of

financial statements. This is very much like your assignment in Week $1$ and there is a module

for Financial Statement review which will have videos to help. Home

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B$3$

Beginning and Transactions

Journal Entries

T accounts and trial balance

Financial Statements

Ready IT Accessibility: Good to go

$60\%$