How do you do question 3?
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 Sparty Corporation has been operating for two years. The December 31, 2017 account balances are Cash Accounts Receivable Inventory Short-term Investments Fquipment $102,540 46,500 149,600 113,650 113,540 $132,000Accounts Payable Salaries Payable 42,610 23,000Notes Payable - long term 16,420Contributed Capital 142,000 169,800 Retained Farnings an During the year 2018, the company had the below activities. Note that none of these activities should impact the income statement, only the balance sheet; we are assuming for simplicity that the company did not have any revenues or expenses during 2018 a. Purchased additional cquipment costing $19,000; paying S4,500 in cash and signing a promissory note to pay the balance in three ycars. b. Issucd 10,000 shares of stock, receiving $69,000 in cash and land valucd at $7,500 from investors. c. Collected S19,000 cash on open accounts reccivable from customers. d. Paid off S33,000 of salarics owed from the prior year c. Reccived a S50,000 loan from the bank, payable in four ycars. f. Ordered supplies worth S5,300 from Concord Supplies to be delivered next month. g. Bought additional inventory for $7,460 on account. h. Returned some defective inventory to a supplier for a full cash refund of $200 i. Paid off $20,000 of notes payable a year early. Ignore interest. j. Purchased additional short-term investments for $4,800 cash. Page 1 of2 60 words + 130% e G:01 PM O Type here to search 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 I. Copy and paste the above table with the account balances into an Excel spreadsheet. This will be your first worksheet titled "Question #1." On a new worksheet titled "Question #2", prepare journal entries for each event that is an accounting transaction. For example, for the following event, the journal entry will be as follows: 2. I. Purchased additional buildings for $123,000 by signing a long term note EventAccounts I. Debit $123,000 Credit Building (+A) Notes Pavable long term (+L $123.000 Note: Do not include this example in your solution. This is just for illustrative purposes. When you are done recording your journal entries sum your columns of debits and credits to make sure they are equal 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 copi into Excel for #1 above. Be sure you have the balances on the correct side (i.e., debit versus credit) of the account. Note that you should have only one T-account for each account. For example, you should have one T-account for Cash where all journal entries to the cash account are include ed and pasted Page 2 of2 60 words + 130% e G:01 PM O Type here to search
