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Journal Entries in a Manual Accounting Information System Level Graduate This assignment reviews basic accounting entries for a series of MOTIVATION PREREQUISITES transactions, emphasizes the integration of journals into ledgers and into This assignment is a review of Before you use this case study, the financial statements. general financial accounting principles and procedures. you should be familiar with Excel or other spreadsheet programs. NOTES Contributors In the first part of the assignment, you will create general journal entries for a series of transactions in Excel. You will then post these entries into journals and produce an income statement, balance sheet and statement of cash flows. Patti Brown Primary learning objectives are: Focus Accounting Entries in Manual Accounting Systems Authors Jim Mensching Nancy Jones Richard Green Version Work with a manual accounting information system Develop advanced Excel skills Understand the issues of using computer resources for accounting functions 3.0 This case study uses the Global Bike Inc. (GBI) data set, which has exclusively been created for SAP UA global curricula. Assignment Overview This assignment is a review of general financial accounting principles and procedures. In this assignment you will create general journal entries for a series of transactions. You will also show the impact of these transactions on a set of ledger accounts and create a trial balance and adjusted trial balance. You will then close out the income statement accounts as you would at year end. For the last part of the assignment you will transfer the trial balance accounts to a set of financial statements. This exercise is done in Excel. However, the identical set of transactions will be used in the SAP project, also. Purpose of this Assignment When you complete this assignment, you will be able to: 1. format Excel spreadsheets, using shading, borders, cell number formats, and cell widths; 2. use Excel formulas to automate making data entry and to improve accuracy; 3. use the Visual Basic for Applications (VBA) language to automate accounting procedures; 4. correctly enter accounting entries into a general journal; 5. post journal entries into the appropriate ledgers; 6. create an unadjusted trial balance; 7. make the necessary adjusting entries to close the temporary accounts at the end of the accounting period. Global Bike Inc. (GBI) We will be working with a company called Global Bike Inc., (GBI). You may have seen GBI in other classes if you have completed other SAP assignments. Information regarding GBI follows. Company History Global Bike Inc. has a pragmatic design philosophy that comes from its deep roots in both the off-road trail racing and long-distance road racing sports. Nearly 20 years ago, its founders designed their first bikes out of necessitythey had races to win and the bikes that were available at the time did not perform to their extremely high standards. So, they took matters into their own hands and built legendary bikes that would outlast and outperform the competition. From these humble origins, Global Bike Incorporated was born and continues to deliver innovative high-performance bicycles to the world's most demanding riders. 1 This heritage of entrepreneurial spirit and quest for design perfection is still the cornerstone of GBI's corporate philosophy. GBI produces bikes for the most demanding competitorswhether the competition is on pavement or dirt, for money, fame or just bragging rights. John Davis earned his racing scars in the mountain racing circuit in America, where he won numerous downhill and cross-country championships. Early on, John realized that the massproduced bicycles available were inadequate in many ways for the type of racing he was doing. So, John stripped four of his old bikes down to the bare metal and rebuilt them into a single \"Frankenstein\" bike that he rode to win the national championship. Once news of his Frankenstein bike got out, John's friends and even his competitors began asking him to build them a Frankenstein bike too. While recovering from an injury in 1990, John started producing the first series of Frankenstein bikes in his garageeach one custom-built from cannibalized parts from other bikes. As more and more orders came in, John successfully expanded Frankenstein Bikes from his garage operations into a full-blown manufacturing facility in Dallas and began producing custom trail bikes which he sold through a network of specialized bike dealers throughout the country. At nearly the same time, halfway around the world in Heidelberg, Germany, Peter Schwarz was studying engineering and competing in regional touring races on weekends. In between his races and studies, Peter worked at a bike shop in Heidelberg, fixing student bikes and tuning the touring bikes that he and his friends rode for competitions. As Peter's reputation as a fierce competitor and mechanical wizard grew, he also began to design and build road bikes based on an ultra-light composite frame that he had created for one of his engineering courses. Peter's innovative use of carbon composite materials allowed him to build a frame that was significantly stronger and one tenth the weight of competing frames. As a student, Peter did not have a great deal of financial resources, so he partnered with a local company that manufactured his frame designs as a contract manufacturer. Soon, Peter's frames were being used by racers all over Europe and he started Heidelberg Composites to market and design frames which would be fabricated by a contract manufacturer on a larger scale. Heidelberg Composites sold its frames to specialized bike stores throughout Europe and directly to racing teams, eventually becoming the leader in lightweight touring frames in Europe. Through a twist of fate, Peter and John met each other in 2000 and immediately recognized their mutual passion for performance and complimentary business models. Each had been looking for a partner in another racing field and each had been looking for a partner in a different market. They quickly realized that a merger between their two companies would be extremely synergistic and that the combination of their product lines and regional distribution channels would generate a great deal of efficiencies. So, in 2001, Heidelberg Composites and Frankenstein Bikes merged to form Global Bike Incorporated. Today, John and Peter share the responsibilities for managing GBI's growing organization as co-CEO's. John is responsible for sales, marketing, service & support, IT, finance and human resources groups and Peter is responsible for research, design, procurement and manufacturing groups from an organizational reporting perspective. 2 GBI is a world class bicycle company serving the professional and \"prosumer\" cyclists for touring and off-road racing. GBI's riders demand the highest level of quality, toughness and performance from their bikes and accessories. Product Development Product development is the most critical element of GBI's past and future growth. GBI has invested heavily in this area, focusing on innovation, quality, safety and speed to market. GBI has an extensive innovation network to source ideas from riders, dealers and professionals to continuously improve the performance, reliability and quality of its bicycles. In the touring bike category, GBI's handcrafted bicycles have won numerous design awards and are sold in over 10 countries. GBI's signature composite frames are world-renowned for their strength, low weight and easy maintenance. GBI bikes are consistently ridden in the Tour de France and other major international road races. GBI produces two models of their signature road bikes, a deluxe and professional model. The key difference between the two models is the type of wheels used, aluminum for the basic model and carbon composite for the professional model. GBI's off-road are also recognized as incredibly tough and easy to maintain. GBI trail bikes are the preferred choice of world champion off-road racers and have become synonymous with performance and strength in one of the most grueling sports in the world. GBI produces two types of off-road bike, a men's and women's model. The basic difference between the two models is the smaller size and ergonomic shaping of the women's frame. GBI also sells an accessories product line comprised of helmets, t-shirts and other riding accessories. GBI partners with only the highest quality suppliers of accessories which will help enhance riders' performance and comfort while riding GBI bikes. The accessories list is shown here as trading goods. 3 Information System When the company first started, a manual accounting system was put in place. However, the company has decided that it needs to computerize its accounting process to be more efficient. In addition, in order to expand their sales to additional wholesale markets, Global Bike, Inc. (GBI) must have EDI (electronic data interchange) capabilities by July 1. A project team has been established to meet this deadline and the computerization of the accounting system is the first step in implementation of the company's new information system and their link to global partners. GBI uses a perpetual inventory system to account for both product line inventories, bicycles and accessories, as well as raw materials and work-in-process. Consultants have configured the new computer system and it is ready to use. The books of the company were closed on December 31st to prepare for the transition to the new system. The account balances are now ready to be transferred to the new computer system. GBI will run parallel systems during January; that is, they will record transactions in both the manual system and their new computerized system to make sure the new system is set up properly. This is a standard business practice that reduces the risks associated with implementing new systems. 4 Chart of Accounts for Global Bike, Inc. The chart of accounts is a means of organizing general ledger accounts for grouping or sorting and to generate financial statements. Generally a unique numeric code (although alphanumeric can also be used) is given to an account based on its type. A block of code may be set aside for specific types of accounts. For instance, in the case of GBI, account numbers 100000 through 109999 are reserved for \"cash\" or liquid asset accounts. The entire set of codes and blocks of code is called the chart of accounts. Global Bike's chart of accounts to be used in this problem follows: G/L Account 100000 110100 110150 200600 200900 200910 200920 210000 212000 215000 216000 220110 220210 220310 300200 300700 300800 320000 329000 330010 600000 610000 700000 740000 740300 740400 741200 741500 741800 741900 780000 G/L Acct Long Text Bank Account Accounts Receivable (Direct Posting Account) Allowance for Bad Debts Inventory-Operating Supplies Inventory-Raw Materials (Direct Post) Inventory-Finished Goods (Direct Post) Inventory-Trading Goods (Direct Post) Prepaid Insurance Prepaid Advertising Prepaid Rent Deposits on Purchases Land (Direct Post) Production Machinery, Equip & Fixtures(Direct.Post) Accumulated Depreciation-Machinery (Direct Post) Accounts Payable (Direct Posting Account) Payables-Salaries and Wages Accrued Expenses Accrued Tax - Output Common Stock Retained Earnings (Direct Posting) Sales Revenue Sales Discount Labor Supplies Expense Rent Expense Insurance Expense Bad Debt Expense Utilities (electricity & phone) Depreciation Expense Advertising Expense Cost of Goods Sold Beginning Balance Debit Credit 252,518 0 108,420 0 0 2,500 750 0 32,000 0 281,298 0 66,474 0 5,000 0 1,000 0 0 0 0 0 425,000 0 915,000 0 0 305,000 0 47,900 0 110,000 0 988 0 3,063 0 1,000,000 0 618,009 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,087,460 2,087,460 Detailed Assignment Requirements The balances in GBI accounts as of December 31st and descriptions of events occurring during January for which you are to make general journal entries in a manual accounting system are in the file named, \"Transaction Data for GBI.docx.\" Your manual accounting system needs to include a general journal, ledger accounts, and a trial balance, all of which will be generated in Excel, (see below for formatting requirements). Don't forget to include your beginning and ending balances in your ledger accounts. After you have created your entries in your manual system, later in this semester, you will enter all the data into the SAP ERP system. When you enter your data into the SAP system the resulting financial information from the manual system and the SAP system should match exactly. Assignment Steps 1) Open an Excel workbook. Save it to the name, \"GBI_your_first_last_name_FL2015.\" 2) Rename the worksheets in the workbook to the following names (You probably will need to insert additional worksheets.): a) Documentation b) Chart of Accounts c) General Journal d) Asset Ledgers e) Liability Ledgers f) Equity Ledgers g) EOP Worksheet h) Income Statement i) Balance Sheet j) Cash Flows 3) Format the Chart of Accounts worksheet to match that shown on page 5, above. Enter the Account numbers, G/L Long Text Titles, and the beginning balances into 4) Format the General Journal worksheet to look like: 5) Specify the format of the information that will entered into each column of the general journal. 6) Develop an in-cell formula that will: a) insert the account title when the account number is entered, and b) will indent the account title if the line is specified to be a credit entry. Hint: use a VLOOKUP() function and the concatenate operator (&). 7) Record the daily transactions if appropriate, (some events do not involve journal entries), as general journal entries into Excel. 8) Format one worksheet for each, Asset, Liability, and Equity Ledgers. The format for each worksheet should look like the following illustration: Global Bike, Inc. Asset Ledgers 100000 Date 9) Bank Account (Cash) Item Entry No. Entry Value Debit Credit Balance Debit Credit Create a macro to post your journal entries into ledger accounts. Calculate account balances using cell formulas in Excel. 8 10) Format the EOP Worksheet to look like: 11) Enter the beginning balances of all general ledger accounts into the workbook. For maximum credit, link the cells in the Chart of Accounts worksheet to the appropriate cells in the ledgers. 12) Link the ledger account balances into your Excel worksheet to create the trial balance. You should create links between your spreadsheets to expedite this process and minimize the risk of an error in data entry. 13) The next step is to record the adjusting entries into the general journal and then post them into the ledger accounts and trial balance. 14) Finally, produce an adjusted trial balance, segregated into income and balance sheet items. General Journal Date 1/3/2017 1/3/2017 1/3/2017 1/3/2017 1/3/2017 1/3/2017 Acct No Ref debit credit 1 1 300700 100000 d c 2 2 2 2 200900 200920 300200 100000 d d c c Acct Title Payables-Salaries and Wages Bank Account to record wages paid Inventory-Raw Materials Inventory-Trading Goods Accounts Payable Bank Account to record payment of prepaid advertising to start March 2007 (note that the $550 shipping cost was allocated to the two inventory items) Debit 110,000 o inventory items) Credit 110,000 37,378 55,992 92,820 550 Post x x date Ref debit credit ref 100000 Bank Account 1/3/2017 1 110,000 Date Ref debit credit ref date 1/3/2017 Ref debit credit ref 300700 Payables-Salaries/Wages 1 110000 Date Ref debit credit ref Num Account Title Unadjusted Trial Balance Dr 100000 Bank Account Cr Adjustments Dr Adjustments Cr Adjusted Trial Balance Dr Cr Income Statement Dr Cr Balance Sheet and Owners' Equity Dr Cr