I have completed the first 3 questions and I was wondering if my answers I have are correct. I am unsure about the T-account for inventory. Also for question 2 letter f do I need to create a journal entry for this one or not?
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 acro inting HW2 Saurd john sullivan File Home Insert Draw Page Layout Formulas Data Review View Help power pivot P Tell me what you want to d Share Comments Cut $ . % , 'il, rcorriatliny. Table. Styles . Corditional Format as Cell Insert Drletr Fomat Sort & Find Filler Selecl & Center Clear , Format Painter Blu, Aignmart 138 0 1 1. Purchased additional equipment costing $19,000. Paying S4,500 in cash and sig ng promossory nnte to pay the balance in three yMrs Event Accnts Debit $19,000 Cash Note payable 4,500 6 2. Issuod 10,000 shares ofstock. Recaived $69,000 in cash and land valued at $7,500 from investors. Accnts Event 8 1. Debit 569,000 76,500 11 3. Collerted $19,000 cash on apen acrounts reccivahle from castomers. Event Accnts 13I1 14 15 16 4. Paid off $33,000 of salarics owed fram the prior year 1 Evenit Debit $19,000 Accounts receivable 19,000 Event Accnts 18 IV 19 Debit $33,000 Salaries Cash 33,000 21 5. Reccived a S50,000 loan from the bank, payable in four years. 22 Evenit 23 V Debit 550,000 S0,000 26. Ordered supplics worth $5,300 from Conrord Supplics to be delivered next month. Evenit 28 VI Debit Accounts payable (next month) Question #1 Question #2 Question #3 and #4 11:19 PM O Type here to search acro inting HW2 Saurd john sullivan File Home Insert Draw Page Layout Formulas Data Review View Help power pivot P Tell me what you want to d Share Comments Cut $ . % , 'il, rcorriatliny. Table. Styles . Corditional Format as Cell Insert Drletr Fomat Sort & Find Filler Selecl & Center Clear Aignmart 138 0 21 5. Reccived a S50,000 loan from the bank, payable in four years. 22 Evenit 23 V Debit 550,000 S0,000 26. Ordered supplics worth $5,300 from Conrord Supplics to be delivered next month. Evenit 28 VI Accounts payable (next month) 5,300 317. Rought additional inventory for $7460 n arcount 32 Event 33 VII 34 57,460 Accounts payable (additional) 7.460 . Retunerd some defertiwi to a supplier for full cash refund of $200. Event 39 200 41 9. Paid off $20,000 of notes payable a year carly. Ignore interest 42 Event 13 IX Debit $20,000 Cash 20,000 45 46 10. Purchased additional short term investments for $4,80 cash. 4 Event 18 x 49 Debit 1,800 short-teri iivestrnents Cash Question #1 Question #2 4,800 Question #3 and #4 11:19 PM O Type here to search acro inting HW2 Saurd john sullivan File Home Insert Draw Page Layout Formulas Data Review View Help power pivot P Tell me what you want to d Share Comments Cut Corditional Format as Cell Insert Drletr Fomat Sort & Find Filler Selecl Clear Table Slyles' Aignmart Edrng L14 Dchit Credit Dcbit Accounts Payable Salaries Payable $33,000 Opening balance Purchase returns $200 Opening balanco 102,540.00 $5,300.00 Iiveritory (Guds i trarisit) 7,460.00 $46,500.00 Closing balance 115,100.00 115,300.00 Closing balance $ 13,500.00 46,500.OO $115,300.00 46,500.00 Notes Payable long term Contributed Capital Cash 20,000 Opening balance Closing capital 190,150.00 Opening balance $119,600.00 14,5UU.0U stock S 6,500.UU Closing balance 144,10a.00 161,100.00 $164,100.00 $190,150.00 $190,150.00 19 Releined Carni Loai Irorn bark Closing balance 11 3,540.00 Opening balance $113,540.00 Closing halanc 50,0.00pening halanre 50,00.00 113,40.00 $113,540.00 U,UD.OU S50,000.00 Question #1 | Question #2 Question #3 and #4 11:18 PM O Type here to search acro inting HW2 Saurd john sullivan File Home Insert Draw Page Layout Formulas Data Review View Help power pivot P Tell me what you want to d Share Comments Cut Corditional Format as Cell Insert Drletr Fomat Sort & Find Filler Selecl Clear Format Pinter Blu Table Slyles' Aignmart Edrng Accounts Receivable Cash 132,000.00 Fquipment Opening halancr Equiperient Loan from bank Issues of share Opening balanre4,61.0o $4500.00 $33,000.00 20,000.00 4,800.00 Cash 19,000.00 $ 23,610.00 19,000.00 Salaries D,000.00Notes payable 69,000. Short term investment Clusing balance 42,610.00 S 42,610.00 $207,700.00 $270,000.00 Clasing balanre 270,000.0 Short term investmants Upening balance Accounts payablc (next month)? Accnunts payable (addit $ Openinf balance 16,420.00losing balance 21,220.0O $4,800.00 7460.00 Closing balance $21,220.00 521,220.00 Land Opening halancr 142,000.00 Closing halanre 161,000.00 Opening halance 169,800.00 Clnsing balancr $177,300.00 19,000.00 7,500.00 161000.00 $161,000,00 17,300,00 $177,300.00 Question #1 | Question #2 Question #3 and #4 11:18 PM O Type here to search
