Fill out the pink part of the journal entry and then fill out the worksheet entry
Date Amount During January, the first mouth of operations, the following transactions occurred: Event 2-Jan Paid for 12 months rent on office space 5-Jan Purchased office furniture Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be paid back in 5 Amount 9,000 8.950 5-m years 0.02 interest rate 11500 on account 30,000 loan am 12,500 paid cash 6,560 11,760 5,650 8,950 1,936 10,590 500 11-Jan Performed services for various customers for cash and on account. 19-Jan Paid salaries to employees for 1 week 20-Jan Received cash in advance from Stanley Inc. for work to be performed over the next 12 months 22-Jan Purchased additional office supplies on account 28-Jan Collected payments for amounts previously billed 29-Jan Paid for utilities 29-Ian Paid the bill for supplies purchased previously 31-Jan Dividends were declared and paid At the end of January, the following additional information is available to help determine what adjustments are needed: 31-Jan One month of interest has accrued on the note payable for the bank loan 31-Jan Additional work for customers has been performed during the last week of January but mot billed yet 31-Jan Supplies were counted at month and 31-Jan One month of the prepaid rent has been used up 31-Jan Depreciation expense needs to be recognized for the computer equipment and for the office furniture 31-Jan One months of the services for Stanley Inc has been performed (see above) 31-Jan Salaries are paid every Friday (for 25 day work week). January 31 was a Tuesday Amount Amount 6985 4680 295 comp equip 85 off fum 6,560 weekly Prepare journal entries to record the January transactions given. Please refer to the Worksheet tab for Account Titles You may need Add the January journal entry information to the Worksheet in the January columns. You can do this is one of 2 ways -(1) Post the journal entries to ledger accounts using T-accounts to represent ledger accounts and then use those totals to post to the worksheet or (2) use excel to add all entries for a particular account into the correct column in the worksheet (ie, add all cash debits from the journal entries into the cash debit column for January entries) There is a tab to use for T Accounts if you want but the T Accounts are NOT required Prepare an adjusted trial balance as of January 31, 2019. This will be part of the Worksheet you prepare There is a tab in this file that you will use for this. Excel formulas must be used throughout the project to obtain full credit Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab Highlight the entire worksheet area and press the "ctrl" key and the key This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed Prepare adjusting entries for the month of January given the information provided Post the adjusting entries to the Adjusting entries columns on the worksheet Prepare an adjusted trial balance as of January 31, 2019. This will be part of the Worksheet you prepare. There is a tab in this file that you will use for this Copy the Worka heet from the Worksheet tab to the Worksheet formulas tab. Highlight the entire worksheet area and press the "ctrl key and the key This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed Prepare financial statements for the month ending January 31, 2019. (Income Statement, Statement of Retained Bamings. Classified Balance Sheet) Formatting is important and will be graded so be sure you use dollar signs and underlines as appropriate. Also be sure you have headings and proper column usage for all statements. There is 2 tab for these statements Heading are PARTIALLY completed for the 3 statements. Prepare closing entries for the end of the period Copy the Worksheet from the Workeheet tab to the Worksheet formulas tab and the Financial Statements from the Financial Stztements tab to the Financial Statements tab Highlight the entire worksheet financial statements are: respecively and press the "ctrl key and the ""key. This will cause the formulas used to display instead of the numbers Save your file with the formulas displaved BEGINNING NUMBERS JANUARY ENTRIES ADJUSTMENTS ADJUSTED TRIAL BALANCE UNADJUSTED TRIAL BALANCE DEBIT CREDIT ACCOUNT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 49,200 10.590 Accounts Receivable Supplies Prepaid Rent Land 58,300 67,500 Computer Equipment Accumulated Depreciation, Comp Equip Office Furniture Accumulated Depreciation, Off Furn Accounts Payable Salaries Payable 10.590 nterest Payable Jnearned Revenue Long-term Notes Payable Common Stock 175,000
