How do you create the journal entries and T-accounts for this problem
HWK #2 Instrirtinns [1] Swrd tn this PC john sullivan File Home Insert Draw Design Layout References Mailings Review View Help Tell me what you want to do Share Comments Rplar Select Copy Pastr Dictate tyles Spa Corporation has been operating tor two years. The December 31, 2017 account balances are: S132,000 Accounts Payable Salaries Payable Notes Payable long term $102,340 Accounts Receivable Inventory Short-tenm Investments 42,610Sala 46.500 149.600 113,650 113,540 16,420Contriuted Capital Retained Earnings During the year 2018, the company had the below activities. Note that none of these activities should impact the income stateuent, only the balance sheet; we are assuming for simplicity that the company did not have any rcvenues or expenscs during 2018. a. Purchased additional equipment costing $19,000; paying S4,300 in cash and signing a promissory note to pay the balance in three b. Issucd 10,000 shares of stock, rocciving S69,000 in cash and land valucd at $7,500 from investors. e. Collected $19,000 cash d. Paid off $33,000 of salaries owed from the prior year e. Reccived a $50,000 loan from the bank, payable in four ycars. f. Ordered supplies worth 5,300 from Concord Supplies to be delivered next i on open accounts receivable from customers monlb. g. Bought additional inventory for $7,460 ou account. h. Returned some defective inventory to a supplier tor a full cash retund of S200. i. Paid off $20,000 of notes payable a year early. Ignore interest. j. Purchased additional short-term investueuts for $4.800 cash Page 1 of2 60 words + 10% O Type here to search 248 PM HWK #2 Instrirtinns [1] Swrd tn this PC john sullivan File Home Insert Draw Design Layout References Mailings Review View Help Tell me what you want to do Share Comments Tind - Copy Rplar Dictate Select Paragraph tyles . Copy and paste the above table with the account balances into an Excel spreadsheet. This will be your first worksheet titled ''Question #1." 2. On a new worksheet titled "Question #2", prepare Journal entres for cach cvent that is an accounting transaction. For example, tor the following event, the journal entry will be as follows: L. Purchased additional buildings for S123,000 by signing a long term note Event Accounts Debit $123.000 Credit Building +A Notes Payable-long term (L $123.000 Note: Do not include this example in your solution. This is just for illustrative purposes. When you are d and credits to make sure they are cqual. oue recording your journal eutries sum your 3. On a new worksheet titled "Questions #3 and #4", create T-accounts for each account, bringing in the beginning balances from the table you copied and pasted into Excel for#1 above. Bc sure you have the balances on the coroct side (i.c., debit versus credit) of the account. Note that you should have only one T-account for each account or example, you should haveoue T-account for Cash where all journal entries to the cash account are included. 4. Post the emecls ofthe uansactions for 2018 lo the T-accounts created in #3 lsimilar.to the example on Exhibit 2.7, page 61 in the textbook). 5. On a new worksheet titled "Question #s", prepare a trial balance (see page 66 in the textbook). By refcrring to cells in your T-accounts bring over the balances from your T-accounts to the trial balance. Use the "Sum" tunction to add up your Page 2 of2 60 words + 10% O Type here to search ,6 2:48 PM
