Excel Assignment #1 ACCT 20100 Fall 2014 Accounting Cycle 'Ii'ansactions' 1. Mike Company had sales of goods totaling $30,000, receiving $10,000 in cash and $20,000 on account. The cost of the goods sold was $18,000. 2. Mike Company purchased $12,000 of inventory. All purchases were on account. 3. Mike Company paid salaries, including $2,000 for this month and $1,500 that was payable from last month. 4. Mike Company purchased $1,500 of supplies. All of these purchases were on account. 5. Mike Company collected $8,500 cash from customers who had been granted credit. The entire amount collected relates to credit sales previously recorded. 6. Mike Company paid utilities of $800. 7. Mike Company paid $5,000 to its suppliers related to previous purchases on account. 8. Mike Company paid $1,500 for this month's rent. 9. Mike Company incurred depreciation expense for the month of $2,000 10. After counting its supplies on hand, Mike Company determined that they had $2,500 in supplies onhand as of the end of the month. 11. $1,000 of prepaid insurance expired. 12. Mike Company paid $400 of interest on its long-term debt. 13. Mike Company incurred $2,200 of salaries expense, but will pay this amount next month. 14. Mike Company declared and paid $1,900 in dividends. REQUIRED: 1. Prepare journal entries for all of the above transactions. 2. Post the journal entries to TAccounts and summarize each Taccount. 3. Prepare an Adjusted Trial Balance from the Taccount balances. 4. Prepare the following nancial statements in proper form: a. Income Statement (Assume income taxes are zero). b. Statement of Retained Earnings c. Balance Sheet 5. Identify the following balances from you financial statements a. Total Assets b. Total Liabilities c. Ending Retained Earning d. Net Income