My order or classification has a couple things wrong but i'm not sure which is wrong. Please help! Thanks!
Instructions 1. Inthe Trial Balancc Tab, create drop down baxcs in the c column sothata user can chose whether the iem is an Asset, Lablty or part of Owners' Equity Assistance low to create drop down boes 1. Co to cell C7 in the Trial Balance tab 2. Click thDa Tab at the sop oftheecel worisbeet 3. Click on Data Validation In the first dsop dewn select List S. Click on the source aption and enter F1:F4 6. Copy the dsop dows box crcated and paste in eells C8:C29 Images are provided to the right How to sert: 1. Within tho data highlight cells AS: 2. Click on Sort 3. When the box opens click the option that says my data has headers and then son by classification Saapshats have beon provided below) 2. Afteryou have created drop down boxes, you need to dlick on the dropdown and enter the approp iate classification for each item. For oample, incusyour drop down box and sclect thatan Accouts payable is a Liablity 3, Sort the Accounes by the classification column, You need to sort them in the folowing order-Assets, Liabilities and then Owners Equity. Chack figuro: Cash should be in row9 atter sorting the accounts in item 3 Formulas Dyta Review Vi D Connections Propeties Sort Fiter Edit Lin annedtion Once the accounts have been sored by cassification, then order the accounts the way they shoud be listed on the trial balance. For oample,a 1 should be entered for Cash in the Order column in the appropriate cell Use numbers 1-23 If two ie in the same category, for example prepaid insurance and prepaid rent then order the items by magniturde. Abo put the prepaids after supplies for this activity. Once youget to the Liablny section start with your current labilties in order of magnitude (argest to smalest then enter your ong-termm liabites. The Equity section should be ordered CS, RE than dividends. Finaly the trial balance lists the revenues and expenses. Again, go in order of magnitude for revenues and expenses. Check teure discount on bonds payable should be ordered as # 12 and Prepaid rent should be ordered HS Set & Fite 5. Once you have determined the proper ordering, then sort the accounts by the order column using the same method that was previousy done for Class fcation. Check figure: Salaries and wages oxpense should be in row 24 6. On the financial Statement tab, compiete three financal statements. (Statement of cash flows is omitted for this exercise.) To compiete the statements, link sources when poss bie and use formulas when the item is highlighted in blue. Linking anaccount requires you to hit and then click on the cell that you want to ink. Do not actualy uso in the formula only entor then the cell you want to Ink to. This wil puill in the amount from the cell you are GRANT COMPANY Adjusted Trial Balance June 30, 20X5 Liability Owners' Equit 6 Description 7 Cash 8 Equipment 9 Accounts Receivable 10 Prepaid Insurance 11 Prepaid rent 12 Supplies 13 Accumulated Depreciation Equipment 14 Rent Revenue 15 Salaries and Wages Expense 16 Rent Expense 17 Interest expense 18 Discount on bonds payable 19Insurance Expense 20 Depreciation Expense 21 Supplies Expense 22 Deferred Revenue 23 Salaries and Wages Payable 24 Accounts Payable 25 Bonds payable 26 Service Revenue 27 Common Stock 28 Retained Earnings 29 Dividends 30 31 Dr./(Cr.) Classification Order 143,400 Asset 18,000 Asset 8,000 Asset 2,500 Asset 2,000 Asset 500 Asset (5,800) Asset (13,100) Asset 18,100 Liability 12,000 Liability 2,000 Liability 2,000 Liability 1,500 Liability 680 Liability 320 Liability (1,000) Liability (1,100) Liability (4,800) Liability (10,000) Liability (38,000) Liability 10 12 13 14 15 16 17 18 19 (100,000) Owners' Equity (40,000) Owners' Equity 2,800 Owners' Equity 23
