AutoSave OFF HESU- Week 4 Assignment (8) Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X Calibri (Body) V Insert 11 "Ai = = V > ab Wrap Text General ZE WAO WE > > > Ayu Ou 9X Delete 3 Paste B I U A 3 Merge & Center LE %> V od .00 > 0 Conditional Format Cell Formatting as Table Styles Format Sort & Filter Find & Select Analyze Data B76 4 x fx A B D E F G H I J K L M N Here are the current account balances for Sharon's Stones: 1 2 3 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 8 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 9 10 11 12 13 14 15 16 17 18 1) Make the necessary journal entries for the following transactions: 19 " 20 21 22 a) b) c) d) e) f) g) h) i) j) 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 Part 1 Part 2 Part 3 Part 4 + a + 137% AutoSave OFF HESU- Week 4 Assignment (8) Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X Calibri (Body) V . 11 Insert v = = V General ab Wrap Text > ZE DEM DX Delete > > > YO 3 Paste B B I U .00 A Merge & Center & LE %> 8 V Conditional Format Cell Formatting as Table Styles F Format Sort & Filter Find & Select Analyze Data U13 4 x fx A B D E F G H 1 J K L M M N o 1 Here are the current account balances (Part 1 transactions not included) for Sharon's Stones: 2 3 Balance Sheet account Cash 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 Amount (dr/cr) 4,330 dr 450 dr 800 dr 3,000 dr 1,200 cr 2,250 cr 5,000 cr 300 dr Accounts Receivable Inventory Equipment Accounts Payable Bank Loan Sharon, Capital Sharon, Withdrawals 8 9 10 11 12 13 14 15 11) Make the necessary adjusting entries for the August month-end. Also, make a list of updated income statement and balance sheet accounts (and their dr/cr balances) after these adjustments are done. 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Part 1 Part 2 Part 3 Part 4 + @ a + 131% AutoSave OFF HESU- Week 4 Assignment (8) Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments V V V ZE 3 V 9.7 .00 > 0 X Calibri (Body) I 11 = = # Insert ab Wrap Text > General 9X Delete v Paste BIU A & Cell LE %> Merge & Center Conditional Format & Sort Sort & Filter Analyze Formatting as Table Styles A Format v v Filter Select Data F12 4 x fx A B B D E F G H 1 J K L M N 0 1 1 2 III) Make the necessary adjusting entries for September month-end for Sharon's Stones. Also, make a list of updated income statement and balance sheet accounts (and their dr/cr balances) after these adjustments are done. 3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Part 1 Part 2 Part 3 Part 4 + + 134% AutoSave OFF HESU- Week 4 Assignment (8) Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X Calibri (Body) V Insert v 11 I = = V V General ab Wrap Text > ZE > > 48- 0 5 DX Delete Paste B B .00 I U A 3 Merge & Center LE %) V Conditional Format Cell Formatting as Table Styles F Format v Sort & Filter V Find & Select Analyze Data B36 4 X fx A B D E F G H I J K L M 1 IV) Make the necessary closing entries at the end of September (quarter-end) for Sharon's Stones. 2 3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Part 1 Part 2 Part 3 Part 4 + - @ a + 140%