Aug 1 Aug 2 Aug 3 The corporation opened a bank account at the First National Bank with a deposit totaling $10,000. The deposit consisted of a $5,000 investment by Mae Ling and an additional $5,000 by James Madison. In return, the corporation issued 500 shares of common stock to Ling and an equal number to Madison. (See the deposit on 8/1 in the Check Register.) Paid one month's rent for office space. Purchased a pre-owned 2013 Ford Suburban van for $15,000 from Vans Unlimited: $4,000 in cash, remainder as a loan from the First National Bank in the form of a 12% (interest) note payable in 48 equal monthly installments. Purchased on net 30-day tems and received delivery of art works from Shanghai Export Company (see vendor invoice no. 08-1234 in Appendix I). Delivered to The Gift Gallery on C.O.D. terms five ivory sculptures for $5,000. (China Trade sales Invoice no. 10001). Received payment in full upon delivery. Delivered to Vanity Faire six Chinese paintings with an invoice for $7,800 with Net 10 terms. (Sales Invoice No. 10002) Aug 6 Aug 17 Aug 18 Aug 28 Miscellaneous expenses were paid (use Check register). Aug 29 Received payment of $2,000 on account from Vanity Faire. Aug 30 The Board of Directors declared a dividend of $1.00 per share and checks were drawn the same day. Aug 31 Partial payment made to Shanghai Export Co. Part 1 -Record Transactions in Excel OK, you can do this. After all there are only ten transactions to be recorded. You've never used QuickBooks, but you have used Excel in a previous accounting class, so you want be safe and not look like an idiot in front of your friends. They are un to me this in CHECK REGISTER Date Num Name Payment Balance 8/1/xx Deposit 10,000.00 DEP 10,000.00 LING AND MADISON Mae Ling James Madison 5,000.00 5,000,00 8/2xx 1001 SIMPSON REALTY CO. Rent for month of August 1,000.00 9,000.00 8/3/xx 1002 VANS UNLIMITED Down payment on $15,000 van 4,000.00 5,000.00 8/17/xx DEP THE GIFT GALLERY 5,000.00 10,000.00 8/28/xx 1003 600.00 9.400.00 800.00 -60.00 -100.00 -30.00 - 10.00 JOHN J. JONES Wages 80 hours @ $10 Gross pay FICA and Medicare Federal withholding tax State withholding tax State disability insurance AT&T New telephone system Telephone service deposit ANDERSON'S DIRECT MAIL Direct mail advertising 8/28/xx 1004 1,100.00 8,300.00 1,000.00 100.00 8/28/xx 1005 1,300.00 7,000.00 B/29/xx DEP VANITY FAIRE Check 54321 on Aug 18 invoice 2,000.00 9,000.00 8/30/xx 1006 MAE LING Dividend 500.00 8,500.00 8/30/xx 1007 JAMES MADISON Dividend 500.00 8,000.00 8/31/xx 1008 SHANGHAI EXPORT CO. Pald on Aug 6 invoice 6,000.00 2,000.00 SHANGHAI EXPORT COMPANY USA Sales Office 1066 Market Street San Francisco, CA 94321 INVOICE Invoice No. Invoice Date 08-1234 6-Aug-xx Terms Sold to: China Trade, Inc. 11255 N. Torrey Pines Rd. La Jolla, CA 92037 USA Net 30 days QTY DESCRIPTION UNIT PRICE AMOUNT 20 Chinese sculptures and paintings 600.00 12,000.00 $12,000.00 Subtotal Sales tax Total $12,000.00 Aug 18 VT). Received payment in full upon delivery. Delivered to Vanity Faire six Chinese paintings with an invoice for $7,800 with Net 10 terms. (Sales Invoice No. 10002). Miscellaneous expenses were paid (use Check register). Received payment of $2,000 on account from Vanity Faire. Aug 28 Aug 29 Aug 30 The Board of Directors declared a dividend of $1.00 per share and checks were drawn the same day. Aug 31 Partial payment made to Shanghai Export Co. Part 1 - Record Transactions in Excel OK, you can do this. After all there are only ten transactions to be recorded. You've never used QuickBooks, but you have used Excel in a previous accounting class, so you want be safe and not look like an idiot in front of your friends. They are paying for you to help them, so you want to get this right. Use the provided Excel Workbook to get started. Be sure to rename the file name to include your Team Name. 1. Record the August transactions in proper journal entry format using the Chart of Accounts in Appendix I. The first journal entry has been provided. 2. Prepare a Trial Balance for the above journal entries on the second tab. Be sure that the total of all debits equals the total of all credits 3. From this trial balance, prepare the income statement and balance sheet reports in good format in the supplied Excel spreadsheets. Be sure the report titles are proper. After the above transactions have been recorded, verify that the Cash in Bank balance is $2.000 and the Net Income amount is $3,100.00 Forward your completed Excel workbook to your instructor for grading by the due date. Aug 1 Aug 2 Aug 3 The corporation opened a bank account at the First National Bank with a deposit totaling $10,000. The deposit consisted of a $5,000 investment by Mae Ling and an additional $5,000 by James Madison. In return, the corporation issued 500 shares of common stock to Ling and an equal number to Madison. (See the deposit on 8/1 in the Check Register.) Paid one month's rent for office space. Purchased a pre-owned 2013 Ford Suburban van for $15,000 from Vans Unlimited: $4,000 in cash, remainder as a loan from the First National Bank in the form of a 12% (interest) note payable in 48 equal monthly installments. Purchased on net 30-day tems and received delivery of art works from Shanghai Export Company (see vendor invoice no. 08-1234 in Appendix I). Delivered to The Gift Gallery on C.O.D. terms five ivory sculptures for $5,000. (China Trade sales Invoice no. 10001). Received payment in full upon delivery. Delivered to Vanity Faire six Chinese paintings with an invoice for $7,800 with Net 10 terms. (Sales Invoice No. 10002) Aug 6 Aug 17 Aug 18 Aug 28 Miscellaneous expenses were paid (use Check register). Aug 29 Received payment of $2,000 on account from Vanity Faire. Aug 30 The Board of Directors declared a dividend of $1.00 per share and checks were drawn the same day. Aug 31 Partial payment made to Shanghai Export Co. Part 1 -Record Transactions in Excel OK, you can do this. After all there are only ten transactions to be recorded. You've never used QuickBooks, but you have used Excel in a previous accounting class, so you want be safe and not look like an idiot in front of your friends. They are un to me this in CHECK REGISTER Date Num Name Payment Balance 8/1/xx Deposit 10,000.00 DEP 10,000.00 LING AND MADISON Mae Ling James Madison 5,000.00 5,000,00 8/2xx 1001 SIMPSON REALTY CO. Rent for month of August 1,000.00 9,000.00 8/3/xx 1002 VANS UNLIMITED Down payment on $15,000 van 4,000.00 5,000.00 8/17/xx DEP THE GIFT GALLERY 5,000.00 10,000.00 8/28/xx 1003 600.00 9.400.00 800.00 -60.00 -100.00 -30.00 - 10.00 JOHN J. JONES Wages 80 hours @ $10 Gross pay FICA and Medicare Federal withholding tax State withholding tax State disability insurance AT&T New telephone system Telephone service deposit ANDERSON'S DIRECT MAIL Direct mail advertising 8/28/xx 1004 1,100.00 8,300.00 1,000.00 100.00 8/28/xx 1005 1,300.00 7,000.00 B/29/xx DEP VANITY FAIRE Check 54321 on Aug 18 invoice 2,000.00 9,000.00 8/30/xx 1006 MAE LING Dividend 500.00 8,500.00 8/30/xx 1007 JAMES MADISON Dividend 500.00 8,000.00 8/31/xx 1008 SHANGHAI EXPORT CO. Pald on Aug 6 invoice 6,000.00 2,000.00 SHANGHAI EXPORT COMPANY USA Sales Office 1066 Market Street San Francisco, CA 94321 INVOICE Invoice No. Invoice Date 08-1234 6-Aug-xx Terms Sold to: China Trade, Inc. 11255 N. Torrey Pines Rd. La Jolla, CA 92037 USA Net 30 days QTY DESCRIPTION UNIT PRICE AMOUNT 20 Chinese sculptures and paintings 600.00 12,000.00 $12,000.00 Subtotal Sales tax Total $12,000.00 Aug 18 VT). Received payment in full upon delivery. Delivered to Vanity Faire six Chinese paintings with an invoice for $7,800 with Net 10 terms. (Sales Invoice No. 10002). Miscellaneous expenses were paid (use Check register). Received payment of $2,000 on account from Vanity Faire. Aug 28 Aug 29 Aug 30 The Board of Directors declared a dividend of $1.00 per share and checks were drawn the same day. Aug 31 Partial payment made to Shanghai Export Co. Part 1 - Record Transactions in Excel OK, you can do this. After all there are only ten transactions to be recorded. You've never used QuickBooks, but you have used Excel in a previous accounting class, so you want be safe and not look like an idiot in front of your friends. They are paying for you to help them, so you want to get this right. Use the provided Excel Workbook to get started. Be sure to rename the file name to include your Team Name. 1. Record the August transactions in proper journal entry format using the Chart of Accounts in Appendix I. The first journal entry has been provided. 2. Prepare a Trial Balance for the above journal entries on the second tab. Be sure that the total of all debits equals the total of all credits 3. From this trial balance, prepare the income statement and balance sheet reports in good format in the supplied Excel spreadsheets. Be sure the report titles are proper. After the above transactions have been recorded, verify that the Cash in Bank balance is $2.000 and the Net Income amount is $3,100.00 Forward your completed Excel workbook to your instructor for grading by the due date