JAMES FINANCIAL SERVICES Woody James started James Financial Services, a financial services consulting business, a year ago. Below is the trial balance as of June 1, 2016 and transactions that occurred during the month of June in 2016. Use Excel to enter beginning balances in the accounts and complete the requirements below for James Financial Services for the month of June: Transactions during the month of June. June 1 Purchased equipment for $100,000, paying $25,000 in cash and issuing a note for the balance. Equipment has a useful life of 3 years and $5,000 salvage value. June 5 Purchased office supplies of $800 on credit June 6 Provided services to customers, receiving cash, $20,000 June 10 Provided services to customers on credit, $14,400 June 15 Paid salaries, $10,000 cash. June 15 Paid Utilities, $400 June 16 Collected $7,500 from customers on account June 18 Paid telephone bill, $600 June 20 Provided services to customers on credit, $14,000 June 30 Made adjusting entries for office supplies used, $300 and depreciation on office equipment and building using straight-line method. The Building has a useful life of 20 years. REQUIRED: USE EXCEL TO: A Enter the balances from the Trial Balance in the worksheet B. Develop Accounts in a General Ledger and Post the balances from the Trial Balance as beginning balances in the General Ledger C. Journalize the transactions for the month of June in general journal format D. Using formulas, Post journal entries to general ledger E. Using formulas, Generate a trial balance, income statement, owners' equity statement and balance sheet from the ending balances in the Accounts PLEASE NOTE THAT YOU MUST USE FORMULAS TO GENERATE EACH COMPONENT AFTER YOU JOURNALIZE THE TRANSACTIONS. EACH COMPONENT SHOULD BE IN A SEPARATE WORKSHEET AND YOU MUST LINK EACH OF THESE WORKSHEETS TOGETHER TO GENERATE THE FINANCIAL STATEMENTS. JAMES FINANCIAL SERVICES Woody James started James Financial Services, a financial services consulting business, a year ago. Below is the trial balance as of June 1, 2016 and transactions that occurred during the month of June in 2016. Use Excel to enter beginning balances in the accounts and complete the requirements below for James Financial Services for the month of June: Transactions during the month of June. June 1 Purchased equipment for $100,000, paying $25,000 in cash and issuing a note for the balance. Equipment has a useful life of 3 years and $5,000 salvage value. June 5 Purchased office supplies of $800 on credit June 6 Provided services to customers, receiving cash, $20,000 June 10 Provided services to customers on credit, $14,400 June 15 Paid salaries, $10,000 cash. June 15 Paid Utilities, $400 June 16 Collected $7,500 from customers on account June 18 Paid telephone bill, $600 June 20 Provided services to customers on credit, $14,000 June 30 Made adjusting entries for office supplies used, $300 and depreciation on office equipment and building using straight-line method. The Building has a useful life of 20 years. REQUIRED: USE EXCEL TO: A Enter the balances from the Trial Balance in the worksheet B. Develop Accounts in a General Ledger and Post the balances from the Trial Balance as beginning balances in the General Ledger C. Journalize the transactions for the month of June in general journal format D. Using formulas, Post journal entries to general ledger E. Using formulas, Generate a trial balance, income statement, owners' equity statement and balance sheet from the ending balances in the Accounts PLEASE NOTE THAT YOU MUST USE FORMULAS TO GENERATE EACH COMPONENT AFTER YOU JOURNALIZE THE TRANSACTIONS. EACH COMPONENT SHOULD BE IN A SEPARATE WORKSHEET AND YOU MUST LINK EACH OF THESE WORKSHEETS TOGETHER TO GENERATE THE FINANCIAL STATEMENTS
