DIRECTIONS: Use the Microsoft Excel file emailed to you individually to complete this assignment. Make sure to follow the directions below. Record the following transactions in the T-ACCOUNTS 1. Read through each transaction first to decide the 2 accounts affected. a. b. Once you have identified all of the accounts, write them down in numerical order. Label the T-Accounts in the Microsoft Excel file with the account number and names you have written down. c. 2. Record the following transactions as Journal Entries in the GENERAL JOURNAL Remember: Always write the debits before the credits. b. The debits are listed at the left margin Indent the debit account a. c. Write a note under each transaction that you record. 3. Transfer the GENERAL JOURNAL information to the GENERAL LEDGER d. a. Transfer the account names from the T-Account to an individual table in the General Ledger b. The "balance column" is used to record a running balance as you record the transactions. c. Remember the normal balance is the side that increases the account. Transfer the account balances from the GENERAL LEDGER to the UNADJUSTED TRIAL BALANCE 4. The worksheets for this assignment are in a Microsoft Excel file located in CANVAS under Module 3. TRANSACTIONS 1. January 15, 2019, you received a 5-year $25,000 from USDA Farm Service Agency microloan for meat goat production and deposited the money into the farm's checking account. January 25, 2019, you purchased fencing supplies to repair the old parameter and cross fencing for $8,000. 2. January 28, 2019, you purchased small tools and supplies to install the water trough and run water lines and paid $2,500. 3. Early in February (February 4, 2019) you hired 3 workers to install the parameter and cross fencing, and the water system. However, on February 25, 2019, you paid the workers as follows: they worked 6 hours/day for 21 days @ $8.00/hour. 4. February 27, 2019 your uncle invested $5,000 in your farm operation. 5. March 4, 2019, you used $2,000 of the investment from your uncle to buy supplies to build shelters for the 6. animals. March 11, 2019, you purchased feed for $800 and vet meds for $450 in preparation of the animals you plan to purchase later in the month. 7. 8 March 15, 2019, you paid the water bill at $25. March 19, 2019, you spent $120 on gasoline to travel to the St. Angelo Livestock Auction in St. Angelo, TX. 9. 10. March 19, 2019, you paid $97.16 at the Comfort Inn for 1-night stay in St. Angelo, the night before the livestock auction. 11. March 20, 2019, you purchased a herd of 30 bred nannies @ $350/head. These animals were at the end of their 2nd month of gestation and were expecting to kid in mid-July. 12. March 20, 2019, you spent an additional $75 in gasoline to travel home with your new animals from St. Angelo, TX. 13. March 22, 2019, you purchased ear tags for the animals at $5/head 14. March 26, 2019, you paid $500 for the annual livestock insurance premium. 15. March 28, 2019, you paid the local vet to examine each of your animals @ $15/head. 16. April 3, 2019, you spent $1,500 on new fencing materials to repair the portion of the parameter fence that was destroyed by recent hurricane winds. 17. April 8, 2019, you deposited $600 of your non-farm income into your farm checking account. 18. April 15, 2019, you paid the water bill at $35. 19. April 16, 2019, you paid the local vet $750 to treat one of the nannies that became ill and quarantined the animal from the rest of the herd. 20. May 6, 2019, your purchased 10 round bales of hay from a local farmer at $35/bale. 21. May 8, 2019, you deposited an additional S600 of your non-farm income to your farm checking account. 22. May 13, 2019, you paid the water bill at $38. 23. May 24, 2019, you received a crop insurance check for $2,500 from the April storm. 24. June 9, 2019, 30 % of your nannies kidded, and all had twins. Unfortunately, you paid the vet $1,500 to assist one of the nannies who was having labored birth and one kid died. Later that month on June 16, 2019, the remaining animals kidded with twins also. 25. August 29, 2019, you sold 80 % of the kids born on your farm at $450/head. March 11, 2019, you purchased feed for $800 and vet meds for $450 in preparation of the animals you plan to purchase later in the month. 7. 8 March 15, 2019, you paid the water bill at $25. March 19, 2019, you spent $120 on gasoline to travel to the St. Angelo Livestock Auction in St. Angelo, TX. 9. 10. March 19, 2019, you paid $97.16 at the Comfort Inn for 1-night stay in St. Angelo, the night before the livestock auction. 11. March 20, 2019, you purchased a herd of 30 bred nannies @ $350/head. These animals were at the end of their 2nd month of gestation and were expecting to kid in mid-July. 12. March 20, 2019, you spent an additional $75 in gasoline to travel home with your new animals from St. Angelo, TX. 13. March 22, 2019, you purchased ear tags for the animals at $5/head 14. March 26, 2019, you paid $500 for the annual livestock insurance premium. 15. March 28, 2019, you paid the local vet to examine each of your animals @ $15/head. 16. April 3, 2019, you spent $1,500 on new fencing materials to repair the portion of the parameter fence that was destroyed by recent hurricane winds. 17. April 8, 2019, you deposited $600 of your non-farm income into your farm checking account. 18. April 15, 2019, you paid the water bill at $35. 19. April 16, 2019, you paid the local vet $750 to treat one of the nannies that became ill and quarantined the animal from the rest of the herd. 20. May 6, 2019, your purchased 10 round bales of hay from a local farmer at $35/bale. 21. May 8, 2019, you deposited an additional S600 of your non-farm income to your farm checking account. 22. May 13, 2019, you paid the water bill at $38. 23. May 24, 2019, you received a crop insurance check for $2,500 from the April storm. 24. June 9, 2019, 30 % of your nannies kidded, and all had twins. Unfortunately, you paid the vet $1,500 to assist one of the nannies who was having labored birth and one kid died. Later that month on June 16, 2019, the remaining animals kidded with twins also. 25. August 29, 2019, you sold 80 % of the kids born on your farm at $450/head. The Chart of Accounts Detailed Farm's Chart of Account 2700 Personal Liabilities 3000 Valuation Equity 3010 Change in Excess of Market Value over Cost 3020 Change in Non-Current portion of Deferred Taxes 3100 Retained Capital 1000 Cash 1100 Accounts Receivable 1211 Feeder Livestock Inventory Raised for Sale 1212 Feeder Livestock Inventory Purchased for Resale 1221 Feed Inventory Raised for Sale 1222 Feed Inventory Purchased for Resale 3110 Owner Withdrawals 3120 Non-Farm Income 3130 Other Capital Contributions/Gifts/Inheritances 3210 Change in Value of Personal Assets 3220 Change in Personal Liabilities 3230 Personal Equity 4000 Cash Crop Sales 1223 Feed Inventory Raised for Use 1224 Feed Inventory Purchased for Use 1231 Crop Inventory Raised for Sale 1232 Crop Inventory Purchased for Resale 1300 Prepaid Expenses 1400 Cash Investment in Growing Crop 1500 Breeding Livestock 1510 Breeding Livestock Inventory 1600 Machinery and Equipment 1650 Office Furniture and Equipment 1700 Perennial Crops and Natural Resources 1800 Land, Buildings and Improvements 1900 Investments in Cooperatives and Other Investments 4010 Change in Crop Inventories 4100 Cash Sales of Market Livestock and Poultry 4110 Changes in Market Livestock and Poultry Inventories 4200 Livestock Product Sales 4300 Proceeds from Government Programs 4400 Crop Insurance Proceeds 4500 Gains (Losses) from Sale of Culled Breeding Livestock 4600 Change in Value Due to Change in Quantity of Raised Breeding 1910 Leased Assets Livestock 1950 Personal Assets 4700 Change in Accounts Receivable 5000 Feeder Livestock 5010 Change in Purchased Feeder Livestock Inventories 1980 Accumulated Depreciation 2000 Accounts Payable 2100 Taxes Payable 2200 Interest Payable 2300 Notes Payable - Non-Current 2310 Notes Payable Due within One Year 2400 Real Estate Notes Payable-Non-Current 2410 Real Estates Notes Payable Due within One Year 5020 Purchased Feed 5030 Change in Purchased Feed Inventories 6100 Wage Expense 6110 Payroll Tax Expense 6120 Board for Hired Labor 6130 Insurance for Hired Labor 6200 Repairs and Maintenance for Farm Vehicles, Machinery, 2500 Non-Current Deferred Taxes 2510 Current Deferred Taxes Equipment 2600 Obligations on Leased Assets 2610 Obligations on Leased Assets Due within One Year 6210 Small Tools and Supplies Chapter 2-Accounts Farm Records and Accounts The Chart of Accounts Detailed Farm's Chart of Account cont. 6220 Repairs and Maintenance for Buildings and Improvements 6300 Rent 6820 Change in Prepaid Insurance 6830 Change in Investment in Growing Crops 7100 Sales Costs 7200 General and Administrative Expenses 8000 Interest Income 8100 Interest Expense 6310 Truck and Machinery Hire 6400 Fuel, Oil, Gas, Grease 6500 Seed 6510 Fertilizers 8110 Change in Interest Payable 8200 Gains (Losses) on Sales of Farm Capital Assets 8300 Gains (Losses) Due to Changes in Base Values of Breeding Livestock 8400 Miscellaneous Revenue 9100 Income Tax Expense 9110 Change in Taxes Payable 9200 Extraordinary Gains (Losses) 6520 Herbicides, Pesticides 6530 Twine, Sacks 6540 Poisons, Seed Tests 6600 Veterinarian, Vaccinations, Medications 6610 Breeding fees, Registrations 6620 Disinfectants, Sprays 6630 Livestock Supplies, Tools and Equipment 6640 Shearing 6641 Wool Twine and Sacks 6650 Livestock Inspections 6700 Insurance 6710 Real Estate and Personal Property Taxes 6720 Electricity 6730 Water 6740 Telephone 6750 Office Supplies 6760 Dues, Journals and Papers 6770 Bank Charges 6780 Depreciation Expense 6810 Change in Accounts Payable Chapter 2-AcCounts Farm Records and Accounts DIRECTIONS: Use the Microsoft Excel file emailed to you individually to complete this assignment. Make sure to follow the directions below. Record the following transactions in the T-ACCOUNTS 1. Read through each transaction first to decide the 2 accounts affected. a. b. Once you have identified all of the accounts, write them down in numerical order. Label the T-Accounts in the Microsoft Excel file with the account number and names you have written down. c. 2. Record the following transactions as Journal Entries in the GENERAL JOURNAL Remember: Always write the debits before the credits. b. The debits are listed at the left margin Indent the debit account a. c. Write a note under each transaction that you record. 3. Transfer the GENERAL JOURNAL information to the GENERAL LEDGER d. a. Transfer the account names from the T-Account to an individual table in the General Ledger b. The "balance column" is used to record a running balance as you record the transactions. c. Remember the normal balance is the side that increases the account. Transfer the account balances from the GENERAL LEDGER to the UNADJUSTED TRIAL BALANCE 4. The worksheets for this assignment are in a Microsoft Excel file located in CANVAS under Module 3. TRANSACTIONS 1. January 15, 2019, you received a 5-year $25,000 from USDA Farm Service Agency microloan for meat goat production and deposited the money into the farm's checking account. January 25, 2019, you purchased fencing supplies to repair the old parameter and cross fencing for $8,000. 2. January 28, 2019, you purchased small tools and supplies to install the water trough and run water lines and paid $2,500. 3. Early in February (February 4, 2019) you hired 3 workers to install the parameter and cross fencing, and the water system. However, on February 25, 2019, you paid the workers as follows: they worked 6 hours/day for 21 days @ $8.00/hour. 4. February 27, 2019 your uncle invested $5,000 in your farm operation. 5. March 4, 2019, you used $2,000 of the investment from your uncle to buy supplies to build shelters for the 6. animals. March 11, 2019, you purchased feed for $800 and vet meds for $450 in preparation of the animals you plan to purchase later in the month. 7. 8 March 15, 2019, you paid the water bill at $25. March 19, 2019, you spent $120 on gasoline to travel to the St. Angelo Livestock Auction in St. Angelo, TX. 9. 10. March 19, 2019, you paid $97.16 at the Comfort Inn for 1-night stay in St. Angelo, the night before the livestock auction. 11. March 20, 2019, you purchased a herd of 30 bred nannies @ $350/head. These animals were at the end of their 2nd month of gestation and were expecting to kid in mid-July. 12. March 20, 2019, you spent an additional $75 in gasoline to travel home with your new animals from St. Angelo, TX. 13. March 22, 2019, you purchased ear tags for the animals at $5/head 14. March 26, 2019, you paid $500 for the annual livestock insurance premium. 15. March 28, 2019, you paid the local vet to examine each of your animals @ $15/head. 16. April 3, 2019, you spent $1,500 on new fencing materials to repair the portion of the parameter fence that was destroyed by recent hurricane winds. 17. April 8, 2019, you deposited $600 of your non-farm income into your farm checking account. 18. April 15, 2019, you paid the water bill at $35. 19. April 16, 2019, you paid the local vet $750 to treat one of the nannies that became ill and quarantined the animal from the rest of the herd. 20. May 6, 2019, your purchased 10 round bales of hay from a local farmer at $35/bale. 21. May 8, 2019, you deposited an additional S600 of your non-farm income to your farm checking account. 22. May 13, 2019, you paid the water bill at $38. 23. May 24, 2019, you received a crop insurance check for $2,500 from the April storm. 24. June 9, 2019, 30 % of your nannies kidded, and all had twins. Unfortunately, you paid the vet $1,500 to assist one of the nannies who was having labored birth and one kid died. Later that month on June 16, 2019, the remaining animals kidded with twins also. 25. August 29, 2019, you sold 80 % of the kids born on your farm at $450/head. March 11, 2019, you purchased feed for $800 and vet meds for $450 in preparation of the animals you plan to purchase later in the month. 7. 8 March 15, 2019, you paid the water bill at $25. March 19, 2019, you spent $120 on gasoline to travel to the St. Angelo Livestock Auction in St. Angelo, TX. 9. 10. March 19, 2019, you paid $97.16 at the Comfort Inn for 1-night stay in St. Angelo, the night before the livestock auction. 11. March 20, 2019, you purchased a herd of 30 bred nannies @ $350/head. These animals were at the end of their 2nd month of gestation and were expecting to kid in mid-July. 12. March 20, 2019, you spent an additional $75 in gasoline to travel home with your new animals from St. Angelo, TX. 13. March 22, 2019, you purchased ear tags for the animals at $5/head 14. March 26, 2019, you paid $500 for the annual livestock insurance premium. 15. March 28, 2019, you paid the local vet to examine each of your animals @ $15/head. 16. April 3, 2019, you spent $1,500 on new fencing materials to repair the portion of the parameter fence that was destroyed by recent hurricane winds. 17. April 8, 2019, you deposited $600 of your non-farm income into your farm checking account. 18. April 15, 2019, you paid the water bill at $35. 19. April 16, 2019, you paid the local vet $750 to treat one of the nannies that became ill and quarantined the animal from the rest of the herd. 20. May 6, 2019, your purchased 10 round bales of hay from a local farmer at $35/bale. 21. May 8, 2019, you deposited an additional S600 of your non-farm income to your farm checking account. 22. May 13, 2019, you paid the water bill at $38. 23. May 24, 2019, you received a crop insurance check for $2,500 from the April storm. 24. June 9, 2019, 30 % of your nannies kidded, and all had twins. Unfortunately, you paid the vet $1,500 to assist one of the nannies who was having labored birth and one kid died. Later that month on June 16, 2019, the remaining animals kidded with twins also. 25. August 29, 2019, you sold 80 % of the kids born on your farm at $450/head. The Chart of Accounts Detailed Farm's Chart of Account 2700 Personal Liabilities 3000 Valuation Equity 3010 Change in Excess of Market Value over Cost 3020 Change in Non-Current portion of Deferred Taxes 3100 Retained Capital 1000 Cash 1100 Accounts Receivable 1211 Feeder Livestock Inventory Raised for Sale 1212 Feeder Livestock Inventory Purchased for Resale 1221 Feed Inventory Raised for Sale 1222 Feed Inventory Purchased for Resale 3110 Owner Withdrawals 3120 Non-Farm Income 3130 Other Capital Contributions/Gifts/Inheritances 3210 Change in Value of Personal Assets 3220 Change in Personal Liabilities 3230 Personal Equity 4000 Cash Crop Sales 1223 Feed Inventory Raised for Use 1224 Feed Inventory Purchased for Use 1231 Crop Inventory Raised for Sale 1232 Crop Inventory Purchased for Resale 1300 Prepaid Expenses 1400 Cash Investment in Growing Crop 1500 Breeding Livestock 1510 Breeding Livestock Inventory 1600 Machinery and Equipment 1650 Office Furniture and Equipment 1700 Perennial Crops and Natural Resources 1800 Land, Buildings and Improvements 1900 Investments in Cooperatives and Other Investments 4010 Change in Crop Inventories 4100 Cash Sales of Market Livestock and Poultry 4110 Changes in Market Livestock and Poultry Inventories 4200 Livestock Product Sales 4300 Proceeds from Government Programs 4400 Crop Insurance Proceeds 4500 Gains (Losses) from Sale of Culled Breeding Livestock 4600 Change in Value Due to Change in Quantity of Raised Breeding 1910 Leased Assets Livestock 1950 Personal Assets 4700 Change in Accounts Receivable 5000 Feeder Livestock 5010 Change in Purchased Feeder Livestock Inventories 1980 Accumulated Depreciation 2000 Accounts Payable 2100 Taxes Payable 2200 Interest Payable 2300 Notes Payable - Non-Current 2310 Notes Payable Due within One Year 2400 Real Estate Notes Payable-Non-Current 2410 Real Estates Notes Payable Due within One Year 5020 Purchased Feed 5030 Change in Purchased Feed Inventories 6100 Wage Expense 6110 Payroll Tax Expense 6120 Board for Hired Labor 6130 Insurance for Hired Labor 6200 Repairs and Maintenance for Farm Vehicles, Machinery, 2500 Non-Current Deferred Taxes 2510 Current Deferred Taxes Equipment 2600 Obligations on Leased Assets 2610 Obligations on Leased Assets Due within One Year 6210 Small Tools and Supplies Chapter 2-Accounts Farm Records and Accounts The Chart of Accounts Detailed Farm's Chart of Account cont. 6220 Repairs and Maintenance for Buildings and Improvements 6300 Rent 6820 Change in Prepaid Insurance 6830 Change in Investment in Growing Crops 7100 Sales Costs 7200 General and Administrative Expenses 8000 Interest Income 8100 Interest Expense 6310 Truck and Machinery Hire 6400 Fuel, Oil, Gas, Grease 6500 Seed 6510 Fertilizers 8110 Change in Interest Payable 8200 Gains (Losses) on Sales of Farm Capital Assets 8300 Gains (Losses) Due to Changes in Base Values of Breeding Livestock 8400 Miscellaneous Revenue 9100 Income Tax Expense 9110 Change in Taxes Payable 9200 Extraordinary Gains (Losses) 6520 Herbicides, Pesticides 6530 Twine, Sacks 6540 Poisons, Seed Tests 6600 Veterinarian, Vaccinations, Medications 6610 Breeding fees, Registrations 6620 Disinfectants, Sprays 6630 Livestock Supplies, Tools and Equipment 6640 Shearing 6641 Wool Twine and Sacks 6650 Livestock Inspections 6700 Insurance 6710 Real Estate and Personal Property Taxes 6720 Electricity 6730 Water 6740 Telephone 6750 Office Supplies 6760 Dues, Journals and Papers 6770 Bank Charges 6780 Depreciation Expense 6810 Change in Accounts Payable Chapter 2-AcCounts Farm Records and Accounts