Cumberland City Cycles, Incorporated (CCC) rents bicycles of all kinds for use on the biking paths up and down the Cumberland River. The owner of CCC, Robert Sanders, incorporated the business on June 1, 2021 and the following events occurred during the month of June. June 1 The company received $50,000 from Robert Sanders and issued 5,000 shares of common stock 2 Purchased various bicycles from Schwinn for $5,000 on account. 3 Leased a small storefront on the Cumberland River and paid the first month's rent of $1,000 in cash. 4 Paid $50 cash to Star Media for an advertisement about their grand opening on local radio station. 16 Earned $450 cash for bike rentals during the first half of the month of June. 20 Received a bill for $75 for cell phone service. 22 Paid $150 on account to Schwinn for the purchase on June 2. 25 Hired a part-time worker at $15 per hour. Payment will be made to the worker every two weeks, starting on July 9. 27 Rented bicycles to a local youth soccer team for the day on account, $75. 28 Paid $100 cash for utilities for the month of June. 29 Paid $50 cash in dividends to stockholder. 30 Earned $950 cash for bike rentals during the second half of the month of June. NI Required: a) Open the file Problem 1 Excel Template. b) Record the transactions on the accounting equation, using the Problem 1 Excel Template. Use the day as the transaction number c) As you enter the transactions, the template will automatically complete the values for column totals and financial statement amounts. d) Review the formulas in the cells to see how they work, but do not change them. e) Save the completed Excel file. f) Post your file in the Assignment "Problem 1-Chapter 1.". 11:25 AM 9/1/2020 AutoSave Problem 1 Excel Template - Escel ph Tannel, 13 File Home Insert Page Layout Formulas Data Review View Help X Cut 1 Copy Calibri 112 Auslum - A A A Mergea Center 29 0 4 Pacte BIU $ -% 9 Condition formats Formatting Table She hoat Delete form Clear Clipboard TO Font Alignment Nu det 829 X D F 0 H M 1 Assets Uabilities Revenues 1 Stockholders' Equity Common Retained Dividends Stock Carning N O Expenses Advertising Phone Expense Expense Accounts Receivable Bicycles Accounts Payable Phone Payable + Rent Revenue Rent Expense Expense Transaction Cash Number 2 3 1 4 2 5 3 6 4 7 161 20 9 22 10 25 27 12 28 11 29 14 15 10 17 18 19 20 21 22 Revenues 23 Expenses 24 Net Income 25 PIET a w 19 20 21 22 Revenues 23 Expenses 24 Net Income 25 Retained 26 Earnings 27 28 29 Assets 30 31 Liabilities 32 Equity 33 + 34 35 36 37 38 39 40 41 PIET Enter AutoSave Problem 1 Excel Template - tace Bel Gage 18 Page Layout Formulas Data Review View Calibri 12 Home Insert Xcut Copy Paste of a Clipboard Atstum - A Merge Center 29 O BU $ % 9 Condition formats Formatting Table Styles et Delete Font Alimt Nu Eating 829 X A D F 6 H M 1 Assets Liabilities Revenues K Stockholders' Equity Common Retained Stock Dividends Earning: N 0 Expenses Advertising Phone Expense Expense Accounts Receivable Bicycles Accounts Payable Phone Payable + Rent Revenue Rent Expense Utes Expense Transaction Cash Number 2 3 1 4 2 5 31 6 4 7 161 20 22 10 25 27 12 28 11 29 14 15 10 17 18 19 20 21 22 Revenues 21 Expenses 24 Net Income 25 PIET a W 19 20 21 22 Revenues 23 Expenses 24 Net Income 25 Retained 26 Earnings 27 28 29 Assets 30 31 Liabilities 32 Equity 33 + 34 35 36 37 38 39 40 41 PIET Enter
