Help!! How to journal the entries below and add to trial balance. What formula are used in excel? Please provide! Thank you so much!!!
You must use Excel formulas in this assignment. For example, you should design your Journal Entry worksheet so that by entering the account nmriher, the proper account title is automatically lled in the adjacent colurnn. iii. The use of t-accounts is not allowed in your submission le. Any changes to ajournal entry need to be reected, through the use of formulas, on the trial balance worksheet. iv. If done correctly, changing an account number on a journal entry will result in related changes to the numbers on your trial balance worksheet. As much as possible, you should create links benveen your spreadsheets and complete formulas to expedite this process and minimize the risk of an error in data entry. The next step is to record the adjusting entries into the genera] journal and then link them into the trial balance. Record closing entries in your trial balance as if this were a year-end close. Closing entries must consist only of Excel formulas on your trial balance worksheet (i.e. nothing on the journal entries worksheet). In addition to checking a sample of your journal entries, I will do one or more of the following to further test your work: i. Delete one or more journal entries [for example, for the last ll] days of the month). ii. Change some account numbers andtor values on journal entries. iii. Change begimiing balances from debits to credits or vice versa. In all cases, your Excel le should be designed in such a way to appropriately recalculate the trial balance worksheet to reect the kinds of data changes made above. In no case should you \"hard code" values on your trial balance that will prevent this from happening [or you will lose points}. There also will need to be formulas in all cells in case I change a debit to credit or vice versa. Changes should also not result in negative values appearing on your trial balance worksheet {a negative debit should be a positive number in the credit column or vice versa}. Employees are paid monthly on the rst business day of the month for work done in the previous month. The total payroll for the previous month is $1 [9,900. (Ignore payroll taxes for this assignment.) Aeoomting wrote and distributed the paychecks. GET received $55,692 in safety product inventory and $31123 in raw materials from Dallas Bike Basics. This inventory was ordered on December 23. The payment terms for the introice total of 392,321} are net l days. (331 paid the CW'X shipping company $550 with a manual cheek for the shipment ofthe goods. The bill ol'lading shoWed that the safety product inventory arrived in ti boxes with a total weight of 12!] lbs and the raw materials came on a pallet and WeighEd l lbs. Windy City Bikes in Chicago, ll. ordered $210130 of bicycle accessories from GE I. The cost ofthe accessories (to GET) is $1 5.131}. The goods were shipped to Windy City immediately via UPS using 1Windy City's UPS shipping number. The tenns of payment for 1Windy City's order are 2!\") net 30 days. GBI's account on the utility company website rs updated at the end of each month when the meter is read (331 uses this data to accrue the expenses at the end of each month {in this case on December 31\".] This alloWs recognition of the eitpertsc in the correct period. Expenses are usually accrued at the end of the month as \"Accnred Expenses\". GBI paid the December utility bill of $933 via the company's automatic electronic bill pay program. GBI's advertisement in the English language edition of the Italian Cycling Journal was published today. This ad Was prepaid at the end of July for six months of advertising, August tlnough January, (Five months ofadvertising have already been used} The ofce manager in San Diego ordcred $351} of office (operating) supplies from Staples. While on the way back from a delivery, one of the warehouse staff picked up the Staples order and brought it to (3131's ofce. (3131 has an account with Staples and payment terms are net l. Operating supplies expense is figured at the end of the month determined by the supplies used during the month. (3131 ordered $99,413 in raw materials from Space Bike Composites in Houstom TX. The terms of payment to Space Bikes are net 3t}. GBI received payment from Windy City Bikes for their order from January 3. Windy City paid the invoice amount less than the discount for paying within ll} days. Ariinsnncnt information as annnnnry 31, not airline? given in tire originni ownsnetionfs): 1. Based on prior experience, (3131 estimates that approximately 'z'z \"xi: of the net credit sales (gross credit sales minus returns of credit sales} for the month will become bad debt. GBI unites off bad debts as they occur and recognizes bad debt expenses based on anticipated bad debts as an adjusting entry each month. 2. As a control measure, physical inventories are taken periodically alternating between the raw materials inventory, nished goods inventory and trading goods inventory. A physical inventory of the trading goods inventory was taken at the end of January. It was determined that the value of the trading goods merchandise on hand was $40,?10. 3. GBI counted the ofce supplies on hand after the close of business on the last day of the month and determined the cost of the unused ofce supplies to be $020. 4. Production Machinery, Equipment, and Fixtures were placed in service on January 1, 2013. are expected to last 15 years with no salvage value. The bar-code system has a 5-year life and no salvage value. (3131 depreciates fixed assets on a straight-line basis and those assets acquired in the st half of the month are depreciated for the entire month, while xed assets placed in service during the last half of the month are not depreciated until the second month. Depreciation is rounded to the nearest dollar and assets are depreciated monthly (i.e. number of days in the month is not ofconsequence]. 5. (3131 used the lntemet to review the monthly charges for utilities the business consumed during January. Based on the mtemet rcport, the amount to be billed by the utility company for January usage is $1,040. 6. Liability insurance for the six months ending on February 23 for $15,000 was paid last August on the rst of the month. Liability insurance is assumed to be utilized uniformly over the six month policy period. \"i. (3131 needs to recognize the wages expense for the month. Since all employees are paid salaries and no changes have been made, this amount is the same as the previous month's salaries. (For purposes of this assignment, ignore manufacttning and assume all labor costs will be expensed.)
