Assignment: All work is to be done using Excel. Use appropriate Excel formulas.

1) Record the transactions in the appropriate journals

- You have just been hired as the accountant for Olivas Sport Shop, a sole proprietorship that has been in business for several years. The companys year-end is December 31, and you begin your new job on January 1, 2017. The books have been closed for 2016 and all financial statements have been prepared. Oliva tells you that the cost of all goods sold is 70% of the selling price. Olivas credit terms on all sales on account are 2/10, n/30. You see the following transactions during your first month.

January 1 Paid rent of $900, issuing check number 701

January 2 Received the amount due from Spurs Specialties, less 2% discount

January 2 Bought $120 of inventory from Whitewater Rafting, Inc. on account, terms 2/10, n/30

January 3 Sold $232 of merchandise to Kirks Kayaks on account, invoice number 3200

January 3 Bought $250 of supplies from Simply Scooters on account, terms 2/10, n/15

January 4 Paid amount due to Amys Aquatics, less discount of 2%, issuing check number 702

January 5 Sold $400 in cash sales

January 6 Bought office equipment for $1550 from Everyday Electronics on account, terms n/30

January 7 Received amount due from Kirks Kayaks, less discount

January 8 Paid amount due to Whitewater Rafting, Inc., less discount, issuing check 703

January 9 Sold $510 of merchandise to Deer Valley Ski on account, invoice number 3201

January 11 Bought $210 of inventory from Ultimate Accessories on account, terms 1/10, n/30

January 11 Paid amount due to Simply Scooters, less discount, issuing check number 704

January 12 Sold $6600 of merchandise to Missions Accomplished on account, invoice number 3202

January 13 Bought $308 of inventory from Roller Derbys R Us on account, terms n/30

January 14 Received amount due from Deer Valley Ski, less discount

January 15 Borrowed $8000 from Compass Bank

January 18 Sold $775 of merchandise inventory in cash sales

January 20 Paid amount due to Ultimate Accessories, less discount, issuing check number 705

January 20 Sold $777 of merchandise to Kirks Kayaks on account, invoice number 3203

January 25 Received $91 in interest revenue

January 26 Bought $2222 of furniture from Rattler Fan Shop on account, terms 2/10, n/30

January 27 Bought $66 of supplies for cash, issuing check number 706

January 28 Bought $175 of furniture for cash, issuing check number 707

January 28 Received amount due from Missions Accomplished

January 29 Sold $1050 of merchandise to Planacar Scuba on account, invoice number 3204

January 30 Determined that $30 of supplies had been used during the month

January 30 Computed one month of depreciation for the Office Equipment as $50

January 30 Computed one month of depreciation for the Furniture as $160