AutoSave OFF ES : Week 4 Assignment (7) AC DR Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X Calibri (Body) V . 11 = = V > General ab Wrap Text ZE Insert v SX Delete v DEM 48- 0 3 Paste B B I U V A === 3 Merge & Center LE %> V 8 > 0 Conditional Format Formatting as Table Cell Styles Format v V Sort & Filter Find & Select Analyze Data 130 4 x fx A B D E F G H J K L M N 0 P Here are the current account balances for Sharon's Stones: 1 2 3 4 5 Income Statement account Sales Revenue Service Revenue Cost of Goods Sold Expense Utilities Expense Amount (dr/cr) 900 cr 150 cr 400 dr 220 dr 6 7 Balance Sheet account Cash Accounts Receivable Inventory Equipment Accounts Payable Bank Loan Sharon, Capital Sharon, Withdrawals Amount (dr/cr) 4,330 dr 450 dr 800 dr 3,000 dr 1,200 cr 2,250 cr 5,000 cr 300 dr 8 9 9 10 11 12 13 14 15 1) Make the necessary journal entries for the following transactions: 16 17 18 19 20 21 22 a) b) c) ) d) d) e) f f) g) h) h) i) j) k) k) Aug 31, 2024- Sharon recognizes that her equipment will last 3 years and have a salvage value of $100 at that point. She wishes to depreciate all capital assets on a monthly basis using the straight-line method. Sep 1, 2024- Sharon purchases a $6,000 vehicle financed through a car dealership loan (4% annual interest rate with interest payable every three months). The vehicle is expected to last 5 years with a salvage value of $1,000. Sep 3, 2024-Hugh pays off his remaining debt to Sharon. Sep 5, 2024- Sharon pays her supplier for the Aug 11" purchase. Sep 9, 2024-Sharon secures a $3,000 contract to produce ten jewellery pieces. The customer will provide the materials and pay at the end. Sep 13, 2024-Sharon makes a $950 cash sale. The goods had cost her $450. Sep 18, 2024-Sharon buys inventory for $800 on account. Sep 21, 2024- Sharon completes a $100 necklace repair on account. Sep 25, 2024- Sharon secures a $2,000 contract to produce seven jewellery pieces. The customer pays her up front. Sep 28, 2024- Sharon repays $750 of her bank loan. Sep 30, 2024- Sharon estimates she has completed two-thirds (66.7%) of the work on the Sep 9 contract and one-quarter (25%) of the work on the Sep 25 contract. 23 24 25 26 27 28 29 30 31 Particulars Debit ($) Credit ($) Date 2024 31.08 80.5 80.5 32 33 Depreciation on Equipment Ac Dr To Equipment Ac (Being Equipment depreciated monthly) Vehicle Ac Dr 34 1.09 6000 Part 1 Part 2 Part 3 Part 4 + Ready B a + 125% AutoSave OFF BES 5 = Week 4 Assignment (7) AC DR Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X Calibri (Body) 11 - > ab Wrap Text General # Insert 9X Delete WE AY-O- Paste B I U MA Merge & Center LE %> . Conditional Format Cell Formatting as Table Styles A Format v Sort & Filter Find & Select Analyze Data C72 fx A B D E F G H 1 Here are the current account balances (Part 1 transactions not included) for Sharon's Stones: 2 3 4 5 Income Statement account Sales Revenue Service Revenue Cost of Goods Sold Expense Utilities Expense Amount (dr/cr) 900 cr 150 cr 400 dr 220 dr 6 7 Balance Sheet account Cash Accounts Receivable Inventory Equipment Accounts Payable Bank Loan Sharon, Capital Sharon, Withdrawals Amount (dr/cr) 4,330 dr 450 dr 800 dr 3,000 dr 1,200 cr 2,250 cr 5,000 cr 300 dr 8 9 10 11 12 13 14 15 II) Make the necessary adjusting entries for the August month-end. Also, make a list of updated income statement and balance sheet accounts (and t 16 17 Date Account title and explanation Dr. Cr. Cal 2024 31/Augest 81 18 19 20 21 Depreciation Expenses Accumulated Depreciation (To record depreciation on Equiptment 81 (3000 Part 1 Part 2 Part 3 Part 4 + Ready + 200% AutoSave OFF HESU Week 4 Assignment (7) AC DR Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Calibri (Body) 11 AMA Insert ab Wrap Text General EVAR Or DX Delete Paste B I U = = = 3 Merge & Center CE % Conditional Format Cell Formatting as Table Styles Format Sort & Filter Find & Select Analyze Data C72 fx B D E F G H 68 69 Dr/Cr Account name Account balance I/S or B/S 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 Part 1 Part 2 Part 3 Part 4 + Enter @ a + 200%