Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

I need help filling out three excel spreadsheets from a list of accounts provided. The spreadsheets are a general journal, general ledger, and a balance

image text in transcribed

I need help filling out three excel spreadsheets from a list of accounts provided. The spreadsheets are a general journal, general ledger, and a balance sheet. The data and the excel spreadsheets are attached below. Thanks!

image text in transcribed GENERAL JOURNAL DATE DESCRIPTION Page POST. REF. DEBIT GENERAL JOURNAL DATE DESCRIPTION Page POST. REF. DEBIT GENERAL JOURNAL DATE DESCRIPTION 06/23/2017 CREDIT CREDIT Page POST. REF. DEBIT CREDIT ACC122 Accounting Principles II GENERAL LEDGER ACCOUNT ACCOUNT NO. POST DATE DESCRIPTION REF. BALANCE DEBIT CREDIT ACCOUNT DESCRIPTION REF. BALANCE DEBIT CREDIT ACCOUNT Debit Credit ACCOUNT NO. POST DATE Credit ACCOUNT NO. POST DATE Debit DESCRIPTION REF. BALANCE DEBIT CREDIT Debit Credit ACC122 Accounting Principles II B&L LANDSCAPES, INC. BALANCE SHEET July 31, 2015 B&L Landscapes, Inc. Mini Practice Part 2 Bill Graham and Larry Miller incorporated B&L Landscapes, Inc. on July 1, 2014. The business consists of lawn care and sprinkler system installations. In addition, they also sell two types of fertilizer. Bill and Larry are concerned about ensuring a steady supply of high-quality PVC pipe for the sprinkler installations jobs they do and have come up with a plan to issue bonds to several of their family members. These funds will enable them to acquire a significant portion of the stock of a local PVC manufacturer. At the end of July, 2015, the company has the following adjusted trial balance: B&L Landscapes, Inc. Adjusted Trial Balance July 31, 2015 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Inventory Land Building Accumulated Depreciation - Building Equipment Accumulated Depreciation - Equipment Accounts Payable Notes Payable Preferred Stock Common Stock Retained Earnings Total DEBIT $ 47,750 9,500 CREDIT 400 1,700 59,000 8,000 25,000 1,350 42,500 $193,450 7,500 11,500 45,000 5,000 30,000 92,700 $193,450 Not included in the adjusted trial balance are the following transactions that occur on July 31, 2015. 1. B&L Landscapes, Inc. issued $20,000 worth of 5%, 10 year bonds at face value. 2. B&L Landscapes, Inc. purchased 30% of the outstanding common stock of Crestline Pipe, Inc. for $40,000 Instructions: 1. Using the chart of accounts provided below, and the Excel template provided with this assignment, prepare journal entries, in good form, to record the issuance of bonds and the investment transactions. Start with Page 3 of the General Journal. Explanations are optional. Round all journal entries to two decimal places. 2. Post the entries to the general ledger provided. You only need to create ledgers for the accounts in Part 1. Record any existing account balances as beginning balances using the values from the adjusted trial balance. 3. Prepare a classified balance sheet for B&L Landscapes, Inc. for July 31, 2015. 4. On December 15, 2015, Crestline Pipe, Inc. pays a $2,000 dividend. Prepare the journal entry, in good form, to record B&L's receipt of their share of the dividend. Record this on Page 4 of the General Journal. Explanations are optional. 5. Crestline Pipe, Inc. reports total net income of $11,500 for the year ending December 31, 2015. 6. Record the necessary adjusting journal entries for B&L Landscapes, Inc. investments and bonds on Page 5 of the General Journal. Explanations are optional. Classification ASSETS LIABILITIES STOCKHOLDERS' EQUITY REVENUES COST OF GOODS SOLD EXPENSES B&L Landscapes, Incorporated Chart of Accounts Account Account Name Number 101 Cash 110 Accounts Receivable 112 Allowance for Doubtful Accounts 115 Notes Receivable 116 Interest Receivable 120 Supplies 130 Prepaid Insurance 140 Inventory 145 Stock Investments 150 Land 152 Building 153 Equipment 155 Accumulated Depreciation - Building 156 Accumulated Depreciation - Equipment 201 Accounts Payable 220 Notes Payable 225 Interest Payable 250 Bonds Payable 280 Dividend's Payable 301 Common Stock 310 Preferred Stock 330 Cash Dividends 350 Retained Earnings 401 Lawn Service Revenue 410 Sales Revenue 415 Sales Returns and Allowances 420 Interest Income 450 Revenue from Stock Investments 501 Purchases 505 Purchase Returns and Allowances 620 Supplies Expense 630 Fuel Expense 640 Repair and Maintenance Expense 650 Advertising Expense 65 Organization Expense 660 Insurance Expense 670 Depreciation Expense 680 Interest Expense 690 Bad Debt Expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

9781119563099

Students also viewed these Accounting questions

Question

please dont use chat gpt 5 8 4 . .

Answered: 1 week ago

Question

What is Larmors formula? Explain with a suitable example.

Answered: 1 week ago