just general jornal ,income statment and balance sheet ,thanks .
Suzanne Johnson has just provided you with the attached beginning balarices for 2018. Assume this trial balance has been correctly prepared. Use the balances in the 1.1.18 Trial Balance tab as your beginning balances for all T-Accounts. Plush's year end is December 31st. (A) Using the Excel General Journal spreadsheet in this file, record the 2018 transactions listed below AND the necessary year end adjusting journal entries. Label the transactions in numeric sequence corresponding to the numbers below. Each of the transactions below requires a joumal entry. Note that there is a debit and credit control total at the top of the general journal so that you can check after each entry to see if you are in balance. 1. Issued an additional 50,000 shares of common stock on January 2. The stock was sold for $100,000, which equals the par value of the stock. 2. Received cash payment of $7,000 for outstanding accounts receivable on January 3. 3. Purchased equipment for $16,000 cash on January 3. 4. Provided services for cash of $42.000 on January 31. 5. Provided services on credit for $16,000 on February 10. 6. Received bill and paid utilities of $9,000 on March 1. 7. Paid employee salaries of $35,000 on March 31 8. Declared and paid dividends to stockholders of $3,000 on April 15. 9. Incurred legal fees of $12,000 on May 9, but did not pay for these services. 10. Collected $14,000 from the February 10th transaction on June 20. 11. Collected $32,000 on June 30 for services to be provided over the coming year. 12. Sold land with cost of $100,000 for $106,000 cash on July 31. 13. Paid $36,000 for a three-year insurance policy on August 17 with coverage beginning on September 1 14. Paid $4,000 on October 18th related to legal legal fees incurred on May 9. 15. Paid S1.900 for a three-week equipment rental on November 12. Suzanne also provided you the following information that she thought may be helpful in preparing the year-end financial statements 16. As of December 31, Plush has not recorded any insurance expense for the year. The only insurance policy it owns is the one purchased in #13 above. 17. Plush depreciates its equipment at a rate of $7,000 per year. Depreciation expense has not been recorded as of December 31. 18. For the service revenue collected on June 30 (#11 above), Plush estimated that 40% of the amount collected in advance had been eamed by the end of the year 19. Plush received a information from a field technician indicating that services amounting to $2,900 had been provided that need to be billed to customers and recorded. 20. Plush has incurred salaries of $6,000 at the end of the year. The next payroll date is January 2 of the following year. (Ignore payroll taxes and withholdings) Note: Do not prepare the closing journal entries at this point! Closing journal entries should be prepared as part of step C below. (B) "Post" journal entries 1-20 from the General Joumal to the Excel spreadsheet of T-accounts in this file. All necessary T-accounts have been provided. This should be completed through the use of Excel formulas rather than retyping the numbers in your T-accounts. Please also place the number of each transaction next to each joumal entry (see transaction 'T' in the Excel T-Account sheet for an example) and be sure to create formulas so that each T accounts automatically calculates its ending balance (see the Cash t-account for an example). TIP: Set up your spreadsheet to have debit and credit control totals so that you can check after each entry to see if you are in balance. (C) In Excel, prepare a balance sheet as of 12/31/18 and a SINGLE-STEP income statement for the year ended 12/31/18. This should be completed through the use of Excel referencing formulas rather than retyping the ending balances from your T-accounts in the financial statements. (Note that at this point your balance sheet will be out of balance because Retained Earnings hasn't yet been updated!) After you have prepared your balance sheet and income statement, prepare closing entries in the General Journal but do not post them to the Taccounts so that the pre-closing ending balances continue to flow to the Income Statement using the Excel referencing formulas. Then the final Net Income amount from your Income Statement should be referenced using Excel formulas to the Statement of Retained Earnings. Once reconciled, your ending Retained Earnings balance should be referenced using Excel formulas back to your 12/31/18 Balance Sheet. You do NOT need to prepare a Statement of Shareholders' Equity or Statement of Cash Flows. Income taxes should be ignored. Suzanne Johnson has just provided you with the attached beginning balarices for 2018. Assume this trial balance has been correctly prepared. Use the balances in the 1.1.18 Trial Balance tab as your beginning balances for all T-Accounts. Plush's year end is December 31st. (A) Using the Excel General Journal spreadsheet in this file, record the 2018 transactions listed below AND the necessary year end adjusting journal entries. Label the transactions in numeric sequence corresponding to the numbers below. Each of the transactions below requires a joumal entry. Note that there is a debit and credit control total at the top of the general journal so that you can check after each entry to see if you are in balance. 1. Issued an additional 50,000 shares of common stock on January 2. The stock was sold for $100,000, which equals the par value of the stock. 2. Received cash payment of $7,000 for outstanding accounts receivable on January 3. 3. Purchased equipment for $16,000 cash on January 3. 4. Provided services for cash of $42.000 on January 31. 5. Provided services on credit for $16,000 on February 10. 6. Received bill and paid utilities of $9,000 on March 1. 7. Paid employee salaries of $35,000 on March 31 8. Declared and paid dividends to stockholders of $3,000 on April 15. 9. Incurred legal fees of $12,000 on May 9, but did not pay for these services. 10. Collected $14,000 from the February 10th transaction on June 20. 11. Collected $32,000 on June 30 for services to be provided over the coming year. 12. Sold land with cost of $100,000 for $106,000 cash on July 31. 13. Paid $36,000 for a three-year insurance policy on August 17 with coverage beginning on September 1 14. Paid $4,000 on October 18th related to legal legal fees incurred on May 9. 15. Paid S1.900 for a three-week equipment rental on November 12. Suzanne also provided you the following information that she thought may be helpful in preparing the year-end financial statements 16. As of December 31, Plush has not recorded any insurance expense for the year. The only insurance policy it owns is the one purchased in #13 above. 17. Plush depreciates its equipment at a rate of $7,000 per year. Depreciation expense has not been recorded as of December 31. 18. For the service revenue collected on June 30 (#11 above), Plush estimated that 40% of the amount collected in advance had been eamed by the end of the year 19. Plush received a information from a field technician indicating that services amounting to $2,900 had been provided that need to be billed to customers and recorded. 20. Plush has incurred salaries of $6,000 at the end of the year. The next payroll date is January 2 of the following year. (Ignore payroll taxes and withholdings) Note: Do not prepare the closing journal entries at this point! Closing journal entries should be prepared as part of step C below. (B) "Post" journal entries 1-20 from the General Joumal to the Excel spreadsheet of T-accounts in this file. All necessary T-accounts have been provided. This should be completed through the use of Excel formulas rather than retyping the numbers in your T-accounts. Please also place the number of each transaction next to each joumal entry (see transaction 'T' in the Excel T-Account sheet for an example) and be sure to create formulas so that each T accounts automatically calculates its ending balance (see the Cash t-account for an example). TIP: Set up your spreadsheet to have debit and credit control totals so that you can check after each entry to see if you are in balance. (C) In Excel, prepare a balance sheet as of 12/31/18 and a SINGLE-STEP income statement for the year ended 12/31/18. This should be completed through the use of Excel referencing formulas rather than retyping the ending balances from your T-accounts in the financial statements. (Note that at this point your balance sheet will be out of balance because Retained Earnings hasn't yet been updated!) After you have prepared your balance sheet and income statement, prepare closing entries in the General Journal but do not post them to the Taccounts so that the pre-closing ending balances continue to flow to the Income Statement using the Excel referencing formulas. Then the final Net Income amount from your Income Statement should be referenced using Excel formulas to the Statement of Retained Earnings. Once reconciled, your ending Retained Earnings balance should be referenced using Excel formulas back to your 12/31/18 Balance Sheet. You do NOT need to prepare a Statement of Shareholders' Equity or Statement of Cash Flows. Income taxes should be ignored
