More Expanded Ledger Work Assignment

For this assignment, be sure to use proper accounting conventions for spreadsheet formatting and spreadsheet formulas for accounting calculations.

Using Microsoft Excel, complete the six tasks on separate sheets of the same workbook. Save the Excel workbook as $"$M$5$MEW$\_$Yourname". Label the six worksheet tabs as follows:

COA$1$

IS$1$

ISrev

TB

$7$ COA$1\sqrt[\phantom{2}]{IS11\text{I}\text{S}\text{r}\text{e}\text{V}|TB|\text{C}\text{O}\text{A}2|IS|o+}$

COA$2$

IS$?$

Be sure to consult the appropriate module content pages as you work your way through this detailed assignment. Proper accounting procedures are exact and require precision. Review the steps and formatting rules you have learned to date.

The ledger accounts of Welding Rentals is below. On the first tab of an Excel spreadsheet, rearrange the accounts into proper ledger order and provide a chart of accounts. Label the tab as "COA$1".$

$\backslash$table$[[$A$/$P Coastal Computers,Building and Land$],[$A$/$P J & E Supply,Decorating Revenue$],[$A$/$P Maverick Motors,Equipment$],[$A$/$R E$.$ Clifford,Your$\_$name, Capital$],[$A$/$R F$.$ Hall,Your$\_$name, Drawings$],[$A$/$R$.$ S$.$ Palmer,Miscellaneous Expense$],[$Advertising Expense,Mortgage Payable$],[$Automobile$,$Rental Revenue$],[$Automobile Expense,Salaries Expense$],[$Bank$,$Supplies$],[$Bank Charges Expense,Telephone Expense$],[$Bank Loan,Utilities Expense$]]$

The following information is from the ledger of Star Industries for the month ended April $30,20q,($current year$)$:

Fees Earned $$42,750\mathrm{.}00$; Rent Expense $$5,200\mathrm{.}00$; Miscellaneous Expense $$950\mathrm{.}00$; Wages Expense $$15,800\mathrm{.}00$; Automobile Expense $$3,950\mathrm{.}00$; Advertising Expense $$750\mathrm{.}00$; Utilities Expense $$4,100\mathrm{.}00$; Telephone Expense $$1,940\mathrm{.}00.$

a$.$ On tab $2$ of your Excel workbook, prepare an income statement for the month. Label the tab as $"$IS$1".$

$5$ marks

b$.$ The wages expense account includes $$1,200\mathrm{.}00$ advance pay to an employee needing the money. The payroll clerk included the $$1,200\mathrm{.}00$ in the wages account

$5$ marks

because the employee was going to earn this amount in May. A GAAP has been violated. Copy the income statement you have just completed; then click on tab $3$ and paste it onto this new worksheet. Label the tab as "ISrev". Make the necessary

correction to the income statement. At the bottom of this revised income statement record, identify and explain the violated GAAP.

Study the following general ledger t$-$accounts for your own 'School of Cuisine' company. Complete each of the following tasks using last day of the current month as the date:

$15$ marks

a$.$ On tab $4$ of your Excel workbook, prepare a trial balance. Label the tab as $"$TB$".$

b$.$ On tab $5$ of your Excel workbook, prepare a chart of accounts. Label the tab as "COA$2".$

c$.$ On tab $6$ of your Excel workbook, prepare an income statement. Label the tab as $"$IS$2".$

$\frac{\text{L}\text{a}\text{n}\text{d}\frac{?}{?}\text{\&}\text{B}\text{u}\text{i}\text{l}\text{d}\text{i}\text{n}\text{g}}{130000}$

$\backslash$table$[[$A$/$P Langille Repair,$],[,]]$

$\frac{\text{M}\text{o}\text{r}\text{t}\text{g}\text{a}\text{g}\text{e}\text{P}\text{a}\text{y}\text{a}\text{b}\text{l}\text{e}}{70000}$

Submit the completed spreadsheet workbook.