Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can anyone tell me what I'm doing wrong??? (Top two photos are my Excel sheet) ++EXCEL 1 Assignment - July 2021 Wilson Company's fiscal year-end

Can anyone tell me what I'm doing wrong??? (Top two photos are my Excel sheet)

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

++EXCEL 1 Assignment - July 2021 Wilson Company's fiscal year-end is December 31. The unadjusted trial balance as of December 31,2020 appears below: Information necessary to prepare the year-end adjusting entries appear below: 1. The equipment is depreciated on a straight-line basis, no salvage, eight-year life. 2. The company estimates that $5,500 of the outstanding accounts receivable probably will not be collected. 3. Employee wages are paid twice a month and wages earned from the last two weeks in December which will be paid in January total $1,500. 4. The $50,000 note payable was borrowed on October 1, 2020 at a 12% interest rate. Interest is to be paid annually on September 30. 5. On March 1, 2020 the company lent a supplier $20,000 and a note was signed requiring the principal and interest at 8% to be paid on February 28,2021. 6. On April 1,2020 , the company paid an insurance company $6,000 for a two-year fire insurance policy. The entire $6,000 was debited to insurance expense. 7. $800 of supplies remained on hand at 12/31/20. 8. A customer paid Wilson $2,000 in December for a product to be manufactured and delivered in Jan 2021 . Wilson recorded the entire $2,000 in Sales Revenue. 9. On December 1 , Wilson paid $2,000 rent for December \& January at $1,000 per month. 10. For the purposes of this exercise, ignore income taxes. REQUIRED: A. Prepare an adjusting entry page (p.3-48) with all the necessary entries (see p. 3-47, for Uptown Cabinet Corp Illus 3C1.) B. Prepare a 10-column worksheet (p. 3-47 - Illus 3C-1) C. Prepare an Income Statement, Statement of Retained Earnings, and a classified Balance Sheet. No common stock was issued and no dividends were paid. (pp. 3-35 to 3-37; Illus 3-41, 3-42, and 3-43) SUBMIT: A. adjusting entry page B. 10-column worksheet regular view C. 10-column worksheet formula view D. Income Statement (multiple-step), Statement of Retained Earnings, and a classified Balance Sheet E. Formula page for financial statements (i.e., the statements in formula view)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Security And Loss Prevention An Introduction

Authors: Philip Purpura CPP Florence Darlington Technical College

7th Edition

0128117958, 9780128117958

More Books

Students also viewed these Accounting questions

Question

Draw a picture consisting parts of monocot leaf

Answered: 1 week ago