Looking for an answer for requirements: 1. General Journal 2. General Ledger 3. Adjusted Trial Balance 4. Adjusting and Closing Entries
IV. Specific Guidelines On January 1, 20x0, Mr. Y started Company X Services by investing $20,000. Develop the (01) General Journal, (02) General Ledger, (03) Adjusted Trial Balance, (04) Adjusting and Closing Entries for all the transactions incurred. Include ALL data necessary for the composition of the journal and ledger, except for the descriptions. Set of Transactions for the year 20x0: 1) On January 02, an amount of $5,500 was paid as advanced rent for two (02) months 2) Equipment (EUL - 10 years) costing $100,000 was purchased on January 04. 25% was paid in cash and the remaining amount on a loan 3) Purchased seven (07) computers (EUL - 5 years; salvage value - $175) to be used by the employees were purchased on January 05. Each computer was priced at $675 and paid in cash 4) Services were provided to its customers and received $29,900 in cash 5) On January 07, services were rendered on account amounting to $17,000 to be paid after five (05) days 6) On January 09, received $78,000 as an advanced payment from a customer 7) Paid the entire liability from the purchase of equipment, on January 10 8) Was able to collect for the rendered services to a customer from a transaction five (05) days prior 9) Paid wages to its employees for the first two weeks of January, aggregating $25,000 on January 15 10) Due to an upgrade of business processes, equipment used by Company X were sold, and a gain amounting to $35,000 was paid in cash Chart of Accounts ASSETS LIABILITIES EXPENSES REVENUES 100 Cash 200 Accounts Payable 500 Rent Expense 400 Service Revenue 101 Accounts Receivable 201 Notes Payable 501 Wages Expense 401 Interest Income 102 Allowance for Bad Debts 202 Salaries Payable 502 Supplies Expense 402 Gain on Sale of Equipment 103 Notes Receivables 203 Rent Payable 503 Utilities Expense 403 Income Summary 104 Interest Receivable 204 Interest Payable 504 Interest Expense 105 Service Supplies 205 Unearned Revenue 505 Taxes and Licenses OWNER'S EQUITY 106 Leasehold 206 Loans Payable 506 Depreciation Expense Mr. Y. Capital Improvements 107 Furniture and Fixtures 507 Bad Debts Expense 301 Mr. Y, Drawing 108 AD . Furniture and 508 Miscellaneous Expense Fixtures 109 Service Equipment 110 AD - Service Equipment 111 Prepaid Rent The task is intended to be an application of the features of Excel for processing and generation of reports in accounting. It is your task to use Excel to create the (01) General Journal, the (02) General Ledger, and the (03) Adjusting and Closing Entries, and the (04) Adjusted Trial Balance. This will allow you to practice formatting the worksheets properly and accordingly. You may link the values and account titles from different sheets. You may also add a worksheet for the chart of accounts
