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Building Blocks of Accounting .. A Financial Perspective A SOLE PROPRIETORSHIP Jade, when you are ready to have your work graded you will upload this file JB5679.xls to the same screen that the project was downloaded from: www.cybertext.com, The Book List, Building Blocks of Accounting .. A Financial Perspective, Enter password, Upload Your Excel File. Keep two copies of your spreadsheet in two separate places in case one does not work. You may find it easier to work on this project if you print a hard copy of all the pages. NOTE: If there are any questions about the project e-mail markfriedman@miami.edu or call 305.284.6296. Grade will be based upon answers entered into the shaded boxes. F111 150123 or JB5679.xlsx, Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective Page 1 FAQ FAQ 01 My file used to upload, why is it not uploading? Answer: Sometimes we unknowing add items to a workbook that inhibits the upload process. The conversion to an earlier version Somehow clean the files and they then upload without problem. If the problem continue simple send your file as an attachment with your username and password...friedman@cybertext.com Windows Operating System Select File Select Save As Select Save As Type: Select Microsoft 5.0/95 Workbook (*.xls) Select Save Select Continue or Yes if prompted or if it indicates that there is limited memory. Select Select Select Select Select Select File Close File Open and open the .xls file Save As Save As Type: Excel Workbook (*.xlsx) Save Upload the file at cybertext.com Apple Operating System Select File Select Save As Select Format: Select Microsoft 5.0/95 Workbook (*.xls) Select Save Select Continue or Yes if prompted or if it indicates that there is limited memory. Select Select Select Select Select Select File Close File Open and open the .xls file Save As Format: Excel Workbook (*.xlsx) Save Excel 5.0/95 Workbook (.xls) Upload the file at cybertext.com Elf Village Productions MF1234.xlsx 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ FAQ 02 When I try to enter information in the General Journal why does an error appears indicating that the cell protected? Page 2 Answer: The computer program is designed to save you time. Instead of requiring you to enter the description four times the program automatically copies the description when you enter a new account number. This process requires that the data entry is limited to those cells which contain unique information. The cells that you can enter data into are the yellow filled cells. FAQ 03 In the feedback section, what does it mean when I have points under reverse? Answer: If you pay a telephone expense of $100.00 Telephone Expense 100 Cash 100 If you debit cash and credit telephone expense you have reversed the whole entry. Cash 100 Telephone Expense 100 If you debit cash and credit anything else you have reversed part of the entry. Cash 100 Rent Expense Elf Village Productions 100 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ FAQ 04 How does my instructor get my grade? Answer: Every time you upload your grade is recorded in a table. Your instructor can look at the table whenever they want to, although only the last grade counts. Keep a hard copy of your last upload for documentation. FAQ 05 I have entered all the transactions and have completed the worksheet however I get following message on the financial statements: "You must finish the worksheet before you can complete the ...." Answer: The worksheet demonstrates that the accounting system is working. If all of your journal entries are in balance then the Unadjusted Trial Balance and the Adjusting Entry columns will balance. The Adjusted Trial Balance columns net the Unadjusted Trial Balance and the Adjusting Entry columns. There are four steps to completing the worksheet: 1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the Balance Sheet columns, (debits remain debits and credits remain credits). 2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses. 3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet. Page 3 4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise there is an error in the completion of the worksheet. Building Blocks of Accounting -- A Financial Perspective The instructions start on row 22 of this page. FIRST Jade LAST Ballard SS 5679 File JB5679 Welcome to the world's first ePractice case, an individualized, internet generated and graded case study that focuses on the analytically portion of the accounting cycle while automating the repetitive posting cycle. NOTE: If the program is not working e-mail markfriedman@miami.edu, 305.284.6296. Step I - The Chart of Accounts The chart of accounts includes all of the accounts that you can use to solve your case. You may want to print the chart of accounts and use it as an easy reference guide. Step II - Journalizing the Transactions. Using your unique transactions record the corresponding general journal entry, rounding to two decimal places. For example, 01 June 1: Hudson Bloom made a $40,000 cash investment in his business, Byte of Accounting. 01 C re di t Description eb it Name D ou nt A cc D at e Tr a ns ac tio n In the date field enter the date of the transaction. If you do not enter a date value an error message will appear. Jun 01 01 Jun 01 C re di t Description eb it Name D ou nt A cc D at e Tr a ns ac tio n In the account field enter the account number that corresponds to the account in the chart of accounts. You can also use the pull down list to find the appropriate account number. If you use a number that is not on the chart of accounts an error message will appear. 1110 Cash The name of the account will automatically appear in the name column. If it is the wrong account renter the correct account number. 01 Jun 01 1110 Cash C re di t Description eb it Name D ou nt A cc D at e Tr a ns ac tio n Enter the description in the description field. Hudson's investment Transaction # 1 Not in Balance by $40,000. 01 Jun 01 1110 Cash Hudson's investment 40,000.00 C re di t Description eb it Name D ou nt A cc D at e Tr a ns ac tio n Enter the amount in the debit field. C re di t Description eb it Name D ou nt A cc D at e Tr a ns ac tio n Enter the second account number. Transaction # 1 Not in Balance by $40,000. 01 Jun 01 1110 Cash 3100 Hudson Bloom, Capital Hudson's investment 40,000.00 Hudson's investment 01 Jun 01 1110 Cash 3100 Hudson Bloom, Capital Hudson's investment Hudson's investment C re di t Description eb it Name D ou nt A cc D at e Tr a ns ac tio n Enter the amount in the credit field. 40,000.00 40,000.00 Step III - Worksheet Although not graded, you should complete the Worksheet. If each of your journal entries are in balance then your Unadjusted Trial Balance, Adjusting Entry and Adjusted Trial Balance columns will be in balance. 1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the Balance Sheet columns, (debits remain debits and credits remain credits). 2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses. 3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet. 4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise there is an error in the completion of the worksheet. Step IV - Prepare the Financial Statements. After you have entered all of the transactions and prepared the Worksheet, you are to prepare the Income Statement, Changes in Owners' Equity Statement and the Balance Sheet using the forms provided. Step V - Prepare the Closing Entries. Based upon the information from your Worksheet or from your Financial Statements, prepare the closing entries. Step VI - Upload the File. Whenever you want to have cybertext.com grade your work submit it to them on the bottom of the screen that you downloaded the file. Grading: You will be graded on the Journal Entries and the three financial statement. The case will be computer graded, therefore make sure all numbers are in the appropriate cells. The computer will evaluate your transactions when grading your financial statements. Note: Save and make backup copies regularly. Number Name 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip. 1212 Accum. Depr.-Office Equip. 1311 Computer Equip. 1312 Accum. Depr.-Computer Equip. 1411 Building 1412 Accum. Depr.-Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Hudson Bloom, Capital 3300 Hudson Bloom, Withdrawals 3400 Income Summary 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense Normal Balance Debit Debit Debit Debit Debit Debit Credit Debit Credit Debit Credit Debit Credit Credit Credit Credit Credit Credit Credit Credit Debit Credit Credit Debit Debit Debit Debit Debit Debit Debit Debit Debit Error # 1 2 4 8 16 32 64 128 256 512 1024 Message Debit And Credit On Same Line Debit Before Credit Need An Account Number Round To Two Decimal Places Need a Description Need a Date Byte of Accounting Jade Ballard 5930 Description of transaction Transaction June 1: Hudson Bloom invested $142,275.00 cash and computer equipment with a fair market value of 01. $38,250.00 in his new business, Byte of Accounting. 02. June 1: Check # 5000 was used to purchased office equipment costing $1,025.00 from Office Express. The invoice number was 87417. 03. June 1: Check # 5001 was used to purchased computer equipment costing $14,000.00 from Jade Ballard. The invoice number was 20117. June 2: Check # 5002 was used to make a down payment of $33,000.00 on additional computer Royce Computers, invoice number 76542. The full price of the computer was $165,000.00. A five-year note was executed by Byte for the balance. 04. equipment that was purchased from 05. June 4: Additional office equipment costing $600.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432. 06. June 8: Unsatisfactory office equipment costing $120.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Check # 5003 was used to make a $25,250.00 payment reducing the prinicpal owed on the June 2 purchase of computer equipment from Royce Computers. June 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer $4,968.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387. 08. equipment for 09. June 16: A check in the amount of $8,250.00 was received for services performed for Pitman Pictures. June 16: Byte purchased a building and the land it is on for $113,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $18,000.00. The 10. balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $11,300.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance. 11. June 12. June 17: Received invoice number 26354 in the amount of $350.00 from the local newspaper for advertising. 13. June 14. 17: Check # 5006 for $4,800.00 was paid for rent of the office space for June, July and August. 21: Billed various miscellaneous local customers $4,300.00 for consulting services performed. June 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for $775.00. The invoice number was 975-328. 15. June 21: Accounts payable in the amount of $480.00 were paid with Check # 5007. 16. June 22: Check # 5010 was used to pay the advertising bill that was received on June 17. 17. June 22: Received a bill for $1,090.00 from Computer Parts and Repair Co. for repairs to the computer equipment. The invoice number was 43254. 18. June 22: Check # 5009 was used to pay salaries of $985.00 to equipment operators for the week ending June 18. Ignore payroll taxes. 19. June 20. 23: Cash in the amount of $3,445.00 was received on billings. June 23: Purchased office supplies for $505.00 from Staples on account. The invoice number was 65498. 21. June 28: Billed $6,120.00 to miscellaneous customers for services performed to June 25. 22. June 29: Cash in the amount of $5,799.00 was received for billings. 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co with Check # 5011. 24. June 29: Check # 5012 was used to pay salaries of $985.00 to equipment operators for the week ending June 25. Ignore payroll taxes. 25. June 30: Received a bill for the amount of $990.00 from O & G Oil and Gas Co. The invoice number was 784537. 26. June 30: Check # 5013 was used to pay for airline tickets of $2,300.00 to send the kids to Grandma Ellen for the July 4th holiday. Adjusting Entries - Round to two decimal places. 27. The rent payment made on June 17 was for June, July and August. Expense the amount associated with one month's rent. 28. A physical inventory 29. showed that only $202.00 worth of office supplies remained on hand as of June 30. The annual interest rate on the mortgage payable was 7.25 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 30. Record a journal entry 31. to reflect that one half month's insurance has expired. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,375 for the period of June 28-30. The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 5.0 years 32. Office Equipment - 7.0 years Use the straight-line method of depreciation. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building's scrap value is $500. The office equipment has a scrap value of $300. The computer equipment has no scrap value. Calculate the depreciation for one month. 33. A review of the payroll records show that unpaid salaries in the amount of $591.00 are owed by Byte for three days, June 28 - 30. Ignore payroll taxes. 34. The note payable to Royce Computers (transactions 04 and 07) is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year. Closing Entries 35. Close the revenue accounts. 36. Close the expense accounts. 37. Close the income summary account. 38. Close the withdrawals account. A Byte of Accounting General Journal al an ce To ta lB Description C re di t Name D eb it ou nt A cc D at e Tr a ns ac tio n Note: You can only enter data into the yellow filled cells. 01 0 0 0 0 0 0 0 0 02 0 0 0 0 0 0 0 0 03 0 0 0 0 0 0 0 0 04 0 0 0 0 0 0 0 0 05 0 0 0 0 0 0 0 0 06 0 0 0 0 0 0 0 0 07 0 0 0 0 0 0 0 0 08 0 0 0 0 0 0 0 0 09 0 0 0 0 0 0 0 0 10 0 0 0 0 0 0 0 0 11 0 0 0 0 0 0 0 0 12 0 0 0 0 0 0 0 0 13 0 0 0 0 0 0 0 0 14 0 0 0 0 0 0 0 0 15 0 0 0 0 0 0 0 0 16 0 0 0 0 0 0 0 0 17 0 0 0 0 0 0 0 0 18 0 0 0 0 A Byte of Accounting General Journal al an ce To ta lB Description C re di t Name D eb it ou nt A cc D at e Tr a ns ac tio n Note: You can only enter data into the yellow filled cells. 0 0 0 0 19 0 0 0 0 0 0 0 0 20 0 0 0 0 0 0 0 0 21 0 0 0 0 0 0 0 0 22 0 0 0 0 0 0 0 0 23 0 0 0 0 0 0 0 0 24 0 0 0 0 0 0 0 0 25 0 0 0 0 0 0 0 0 26 0 0 0 0 0 0 0 0 27 0 0 0 0 0 0 0 0 28 0 0 0 0 0 0 0 0 29 0 0 0 0 0 0 0 0 30 0 0 0 0 0 0 0 0 31 0 0 0 0 0 0 0 0 32 0 0 0 0 0 0 0 0 33 0 0 0 0 0 0 0 0 34 0 0 0 0 0 0 0 0 35 0 0 0 0 0 0 0 0 A Byte of Accounting General Journal al an ce To ta lB Description C re di t Name D eb it ou nt A cc D at e Tr a ns ac tio n Note: You can only enter data into the yellow filled cells. 36 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 37 0 0 0 0 0 0 0 0 38 0 0 0 0 0 0 0 0 A Byte of Accounting, Inc. Worksheet For Period Ending January 0, 1900 Account Number Name 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip. 1212 Accum. Depr.-Office Equip. 1311 Computer Equip. 1312 Accum. Depr.-Computer Equip. 1411 Building Cost 1412 Accum. Depr.-Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Hudson Bloom, Capital 3300 Hudson Bloom, Withdrawals 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense Total NET INCOME Balance ` Unadjusted Trial Balance Debit Credit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Adjusting Entries Debit Credit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit 0 A Byte of Accounting 0 Income Statement 0 For Month Ending January 0, 1900 You must finish the worksheet before you can complete the Income Statement 4100 5010 5020 5030 5040 5050 5080 5090 5100 5110 Revenues Computer Revenue Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Net Income 0 A Byte of Accounting Statement of Owner's Equity For Month Ending January 0, 1900 You must finish the worksheet before you can complete the Changes in Owner's Equity Total 0 0 0 Balance, Beginning of Period Investment Net Income Withdrawals Balance, End of Period 0 d A Byte of Accounting Balance Sheet As of January 0, 1900 You must finish the worksheet before you can complete the Balance Sheet Assets 1110 1120 1130 1140 1150 Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total Long-Term Assets 1211 Office Equip. 1212 Accum. Depr.-Office Equip. 1311 1312 Computer Equip. Accum. Depr.-Computer Equip. 1411 1412 Building Cost Accum. Depr.-Building 1510 Land Total Total Assets Liabilities Current Liabilities 2101 Accounts Payable 2102 Advanced Payment 2103 Interest Payable 2105 Salaries Payable Total 2201 2202 Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities Owner's Equity Hudson Bloom, Capital Total Liabilities and Owner's Equity