Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Create an excel table for the following questions Please do this ASAP! The following amounts summarize the financial position of Little Yellow Dog Inc. on

image text in transcribed

Create an excel table for the following questions

Please do this ASAP!

The following amounts summarize the financial position of Little Yellow Dog Inc. on May 31, 202X Assets Computers (net) Cash + + + Supplies + Land = Liabilities Accounts Note Payable Payable 12000 0 Accounts Receivable 1500 + + + Salaries Payable 0 Shareholders' Equity Common Retained Shares Earnings 6000 5550 Interest Payable 0 Balance 3900 0 150 18000 During June 202X, the business completed these transactions: June 1: Received a cash investment totalling $13500 in exchange for common shares. June 1: Purchased three computers. The company paid $3375 in cash and took out a bank loan of $6375 to cover the remaining balance owing. The loan bears interest of 5% to be paid on June 1, next year. The computers are expected to last 3 years. June 5: Paid $1050 for the current month's office rent. June 9: The business was invoiced for a $6750 purchase of office supplies. June 13: Performed services for a client and received $3000. June 20: Declared and paid a cash dividend of $900. June 23: Received $450 from a customer that was billed last month. June 25: Paid $3000 of a bill received earlier in the month. June 30: Billed a client for services rendered, $3750 June 30: A physical count received that $150 worth of supplies are still on hand. June 30: Paid $1500 for an advertising campaign that had been run during the month and accrued employee salaries. Employees work 5 days each week and are paid $5000 in total every other Friday. The month ended on a Wednesday. Employees were last paid 2 weeks ago. Other Information: 1) In the past, Little Yellow Dog Inc. has used the following accounts on their income statement: Revenue, Depreciation Expense, Interest Expense, Rent Expense, Salaries Expense, Advertising Expense, and Supplies Expense. They use the Dividends account to record dividends. Not all accounts have been used each period. Required: 1) Create all necessary journal entries for the month of June 202X. Place your answer under "Requirement 1" in the "Answer" tab. Note that the dates have been pre-populated. Ensure your journal entries match the appropriate date. Explanations are not required. 2) Analyze the effects of the above transactions on the accounting equation. Place your answer under "Requirement 2" in the "Answer" tab. 3) Prepare the Income Statement for the month ended June 30, 202X. List expenses in decreasing order by amount. Place your answer under "Requirement 3" in the "Answer" tab. Prepare the Statement of Retained Earnings for the month ended June 30, 202X. Place your answer under "Requirement 4" in the "Answer" tab." 5) Prepare the Balance Sheet at June 30, 202X. Place your answer under "Requirement 5" in the "Answer" tab. 6) Using the method outlined in the textbook, journalize the necessary closing entries for the month ended June 30, 202X. Place your answer under "Requirement 6" in the "Answer" tab

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

Process Safety Management Risk Management Planning Auditing Handbook A Checklist Approach

Authors: David Einolf, Luverna Menghini

1st Edition

086587686X, 978-0865876866

More Books

Students also viewed these Accounting questions