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This practice set is designed in five parts. In the first part, the student will complete the journal entries for the month of January in an Excel spreadsheet using the Chart of Accounts listed in the Practice Set for Evy's Electric Bikes. In the second part, the student will record the adjusting journal entries in an Excel spreadsheet. Part three consists of preparing the balances in a T-Account for each account. Part four consists of preparing a bank reconciliation. Additionally, journal entries related to the reconciliation are entered into the system. Lastly, the Adjusted Trial Balance, Income Statement, Statement of Stockholders' Equity and Balance Sheet are prepared. Each part will be turned in as each part is due. Background Evy's Electric Bike Shop Inc. is a bike shop started in January of 2022 by Evy Scout. The shop will sell 26" and 20" electric bikes, Evy has saved over $70,000 to invest in the business. She has had a meeting with her lawyer and her Certified Public Accountant (CPA) and they have determined that the business should be organized as a corporation. The CPA has agreed to help Ms. Scout set up her accounting system. He provided to Ms. Scout a chart of accounts. Evy will be using a Perpetual Inventory System. Chart of Accounts Numbering System 1xxxx 15xxx 17xxx 2xxxx 27xxx 39xxx 4xxxx 5xxxx 6xxxx Current Assets Property, Plant & Equipment Accumulated Depreciation Current Liabilities Long Term Liabilities Stockholders' Equity Revenues Cost of Goods Sold Expenses Chart of Accounts Current Assets 10000 Cash 11000 Accounts Receivable 12000 Inventory - 26" Bikes 12050 Inventory - 20" Bikes 13000 Office Supplies 13050 Shipping Supplies 14000 Prepaid Rent 14050 Prepaid Insurance Current Liabilities 20000 Accounts Payable 23200 Wages Payable 23250 Interest Payable 23300 Sales Tax Payable 23400 Utility Payable 27000 Note Payable - Wells Fargo Bank 27050 Note Payable - Computer Inc. Stockholders' Equity 39003 Common Stock 39005 Retained Earnings 39007 Dividends Long-Term Assets 15000 Bike Racks 17000 Accumulated Depreciation - Bike Racks 15100 Computer Equipment 17100 Accumulated Depreciation - Computer Equipment - Revenue 40000 Sales Expenses 50000 60100 60200 60300 60400 60500 60600 60700 Cost of Goods Sold Advertising and Promotion Expense Bank Service Fee Credit Card Expense Dues & Registration Fees Delivery Expense Insurance Expense Interest Expense 60800 60900 61000 61100 61200 61300 61400 61500 Legal Expense Office Supplies Expense Shipping Supplies Expense Depreciation Expense Rent Expense Wage Expense Utility Expense Gas Expense Part One Instructions Record the January 2022 transactions, journal entries, in an Excel Spreadsheet. An example of an Excel spreadsheet follows the transactions below. No explanation is required for the journal entries. Instead of recording the names of the accounts use the corresponding account numbers in the chart of accounts. Prepare the journal entries as shown in an Excel Spreadsheet following the transactions below. Once you have written all the journal entries in the Excel Spreadsheet you will use the spreadsheet to enter the information into Blackboard for a grade. Once you are finished entering the Journal entries into Blackboard you will upload your Excel Spreadsheet into Blackboard. Here are the instructions to turn in the documents for each part of the practice set: Step 1: Enter the journal entries in an Excel spreadsheet and when completed print it out. Step 2: Use the Excel spreadsheet to answer the questions in Blackboard for the corresponding week in the content folder. Step 3: Once you complete entering information into Blackboard, upload the spreadsheet and into Blackboard. Transactions Date Deposit No. Description Check No. 1. 1/02/2022 Evy Scout met with her lawyer and CPA for advice on starting the business. The lawyer told Ms. Scout to register the company name Evy's Electric Bike Shop with the County of El Paso. In addition, Ms. Scout will get an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) and get a sales tax permit from the state of Texas. 1/02/2022 Deposit #1 Ms. Scout opened a business checking account at Wells Fargo Bank by depositing $70,000. The corporation issued her a stock certificate for 7,000 shares of common stock 3. 1/03/2022 Ck #1001 Ms. Scout signed a one-year rental. She was required to pay $9,000 for rent for the months of January 1, 2022 June 30, 2022. 1/03/2022 Ck #1002 Arranged for a general business liability insurance policy and paid $4,000 to State Penn Insurance. This premium is for twelve months coverage. 5. 1/03/2022 Purchased a new computer system that cost $5,200 from Computer Inc. for use in the business. Ms. Scout signed a note payable for the cost of the system which will be repaid in 6 months at 10% interest. The computer system has an estimated useful life of five years, and the residual (salvage) value is $400. Only record the purchase of the computer equipment. 6. 1/05/2022 Deposit #2 Signed a note payable to borrow $10,000 from Wells Fargo Bank. Interest is 12% annually and the note is to be repaid with interest in twelve months. Only record the note. 7. 1/05/2022 Ck #1003 Paid $1,100 for shipping supplies. 2. 4. 8. 1/06/2022 Ck #1004 9. 1/06/2022 Ck #1005 Ck #1006 10. 1/08/2022 11. 1/08/2022 12. 1/09/2022 Ck #1007 13. 1/13/2022 14. 1/14/2022 15. 1/14/2022 Deposit #3 Paid $14,000 for Bike Racks. The estimated service life of these assets is 8 years. The residual (salvage) value is $200. These items will be recorded as Bike Racks and depreciated using straight-line depreciation in the adjusting entries. Only record the purchase of the racks. Arranged for Sun City Movers to make the delivery of the computer system and paid the delivery charge of $750. This charge should be added to the cost of the computer equipment purchased and depreciated on the same basis as the computer equipment. Only record the delivery. Purchased $450 of office supplies from Office Supplies Co. using cash. Purchased $8,000 of merchandise inventory (26" bikes) on account. There were no credit terms for prompt payment. Purchased $6,000 of merchandise inventory (20" bikes) on account. There were no credit terms for prompt payment. Ms. Scout received and paid the $940 charge from her lawyer. Evy's Electric Bike Shop, Inc. is now open for business. Sold merchandise for $11,200 cash. The sales tax for $924 was not included in the sale amount. The cost of the 26" bikes is $4,000; the cost of the 20" bikes is $1,600. This sale has to be delivered to the customer. The merchandise will be shipped FOB destination. Paid $250 to ship the merchandise in transaction #15. Purchased additional 26" bikes on account for $5,000. Credit terms were 2/15, n/30. Recorded cash sales that totaled $11,600. Sales tax of $957 was not included in the sale amount. The cost of merchandise sold was $5,800 (26" bikes were $5,000; 20" bikes were $800). Ms. Scout joined the El Paso Chamber of Commerce. She paid the registration fee of $200. Ms. Scout participated in a biking exhibition held at the convention center. She felt this was a good way to publicize her new business. Convention Center charged Ms. Scout $800. She will pay the bill later. She considers this an advertising and promotion expense. Ms. Scout paid the Convention Center rental. Paid for the bikes purchased on 1/09/2022. Ms. Scout recorded cash sales totaling $7,600. Sales tax of $627 was not included in the sale amount. The cost of the merchandise sold was $3,800 (26" bike $1,000; 20" bike $2,800). Paid the balance due for the 26" bikes. There are two invoices. Received but did not pay the utility bill for the month, 5445 Ck #1008 16. 1/16/2022 17. 1/16/2022 18. 1/20/2022 Deposit 14 19. 1/22/2022 Ck #1009 20. 1/23/2022 21. 1/23/2022 22. 1/26/2022 Ck #1010 23. 1/26/2022 Ck #1011 24. 1/27/2022 Deposit #5 Ck #1012 25. 1/27/2022 26. 1/30/2022 27. 1/30/2022 Ck #1013 28. 1/30/2022 Paid the first monthly installment on the computer equipment. The payment amount is $910. Of this amount, $43.33 is for interest and $866.67 is for principal. Purchased fifteen 26" bikes for $7,500 and purchased ten 20 bikes for $4,000 on account Recorded sales made for the last week of the month. Total sales were $16,000 cash. Sales tax of $1,320 was not included in the sale. The cost of the merchandise sold was $8,000 (26" bikes $6,000; 20" bikes $2000). Declared and paid a cash dividend of $650 to Ms. Scout. Paid the Sales Tax to the Comptroller. 29. 1/30/2022 Deposit #6 30. 1/30/2022 31. 1/31/2022 Ck #1014 Ck #1015 27. 1/30/2022 Ck #1013 28. 1/30/2022 Paid the first monthly installment on the computer equipment. The payment amount is $910. Of this amount, $43.33 is for interest and $866.67 is for principal. Purchased fifteen 26" bikes for $7,500 and purchased ten 20 bikes for $4,000 on account Recorded sales made for the last week of the month. Total sales were $16,000 cash. Sales tax of $1,320 was not included in the sale. The cost of the merchandise sold was $8,000 (26" bikes $6,000; 20" bikes $2000). Declared and paid a cash dividend of $650 to Ms. Scout. Paid the Sales Tax to the Comptroller. 29. 1/30/2022 Deposit #6 30. 1/30/2022 31. 1/31/2022 Ck #1014 Ck #1015 Part Two Instructions Before you prepare the eight adjusting journal entries below in an Excel spreadsheet, please make sure corrections have been made to any previous journal entries. The following are the adjusting journal entries for the month of January. Record all adjusting entries as of January 31, 2021. Record Adjusting Entries: Record the following month-end adjusting entries for the month of January. Write the journal entries in the practice set after the original journal entries. Round all answers to the nearest cent. a. $70 of office supplies remained on hand. b. $200 of shipping supplies remained on hand. C. $1.300 of wages for the part-time help from Irene's Temp Services for January should be accrued. Do not worry about payroll taxes: Temp Services Inc. will handle these. d. Make the necessary adjusting entries for one month's depreciation for the Computer Equipment using Straight-Line Depreciation. e. Make the necessary adjusting entry for one month's depreciation for the Bike Racks using Straight-Line Depreciation. f. One month of the prepaid insurance has expired. g. One month of the prepaid rent has expired. h. Record the interest for the loan from Wells Fargo for one month. Make sure you prepare the journal entries and the adjusting entries and write them in the practice set Follow the same instructions for the adjusting journal entries that you did in part one. Once the adjusting entries have been completed in the spreadsheet use the spreadsheet to answer the questions in Blackboard then upload the spreadsheet to Blackboard. Follow these instructions. Step 1: Enter the adjusting journal entries in an Excel spreadsheet and print it out. Step 2: Use the Excel spreadsheet to answer the questions in Blackboard in the content folder in the corresponding week. Step 3: Once you complete entering information into Blackboard upload the spreadsheet into Blackboard Part Three Instructions a Before preparing the T-Accounts make sure that all journal entries are corrected so that the ending balance in the T-Accounts will be correct. Find the ending balance for each account. Do this by creating a T-account for each account in an Excel Spreadsheet as shown in the template after the instructions here. Put all debits and credits in each account and calculate the ending balance. All accounts that were used in the Chart of Accounts should be included and if the account has a zero balance place the zero on the normal balance side. Once you finish preparing all the balances in each account, use the spreadsheet to answer the questions in Blackboard. In Blackboard the question will be the same for each account. What is the balance in Account number 10000 (or whatever account it asks) and what is the normal balance since it asked for account number 10000 that is the cash account and then enter as your answer below: Dr $10,500.00 This will be done for each account. Use the spreadsheet to answer the questions in Blackboard. Once you complete answering the questions in Blackboard then upload your T-Account Spreadsheet to Blackboard following the instructions below: Step 1: Create an Excel spreadsheet with all the T-Accounts and input the numbers from the transactions into the proper account and calculate the ending balance in each account and input the balance on the normal balance side. Once completed print out the spreadsheet. in Blackboard in the content folder Part Four Instructions In this part of the practice set, the student will prepare a Bank Reconciliation for the month of January. Prepare it in Excel and use the ending balance in your cash account for the ending cash for your books. Be prepared to turn in the Bank Reconciliation after answering the questions in Blackboard. Requirements 1. Make sure you have corrected any errors on your journal and adjusting journal entries and have the correct balance for the cash account in your T-Account before starting the Bank Reconciliation. Please use the correct balance in the cash account to start on the book side of the reconciliation. 2. Bank Reconciliation: Using the cash balance per books and the bank statement, prepare a bank reconciliation. A template you can use to create a Bank Reconciliation is located on the following page. 3. Record Bank Reconciliation Adjustments: After you have prepared the bank reconciliation you must make any adjusting journal entries to your cash account by entering them in the general journal of the practice set so that the general ledger cash account agrees with the Bank Reconciliation. Once you finish the Bank Reconciliation follow the instructions below: Step 1: Use the template below to create an Excel spreadsheet to show the reconciled balance using the Bank Statement and the correct ending balance in the cash account. Once the bank reconciliation is completed, print it out. Step 2: Use the Excel spreadsheet to answer the questions in Blackboard in the content folder for the corresponding week. Step 3: Once you complete entering all the information into Blackboard, upload the Bank Reconciliation into Blackboard. Template for Bank Reconciliation Wells Fargo Balance "Evy's Electric Bikes" Ending Cash Balance on Bank Statement Deposits in Transit Outstanding Checks Ending Cash Balance in T-Account Adjustments or errors +/- Reconciled Balance Adjustments or errors +/- Reconciled Balance Tank Statement MAAAAAA WELLS FARGO BANK STATEMENT Evy's Electric Bikes Balance, beginning Deposits and other credits Checks and other debits Balance on statement date 01/01/2022 January January 01/31/2022 $0.00 $112.908 $36.545 576.363 Deposits Added 1/2/2022 Deposit 1 $70,000 1/8/2022 Deposit 2 510,000 1/20/2022 Deposit $12.124 1/23/2022 Deposit $12.557 1/28/2022 Deposit 558,227 Wells Fargo Bank Statement-Checks Paid and other Debts 1001 59.000 1007 $090 1002 $4,000 1008 $250 1003 $1,100 1009 $200 1004 514,000 1011 $6,000 1005 $750 DM $70 Check Printing Fee 2006 $450 DM S205 American Express for Gas *As any errors are made by the tank Part Five Instructions Before preparing the Financial Statements make sure all the assignments have been corrected in your spreadsheets. Prepare the Financial Statements listed below using Excel. a. Adjusted Trial Balance b. Income Statement C. Statement of Retained Earnings d. Balance Sheet Once you finish the Financial Statements follow the instructions below: Step 1: Take the corrected balances in each account and prepare the Financial Statements listed above. Once completed print out the Financial Statements. Step 2: Use the Excel spreadsheet to answer the questions in Blackboard in the content folder for the corresponding week. Step 3: Once you complete entering all the information into Blackboard, upload the Financial Statements into Blackboard. This practice set is designed in five parts. In the first part, the student will complete the journal entries for the month of January in an Excel spreadsheet using the Chart of Accounts listed in the Practice Set for Evy's Electric Bikes. In the second part, the student will record the adjusting journal entries in an Excel spreadsheet. Part three consists of preparing the balances in a T-Account for each account. Part four consists of preparing a bank reconciliation. Additionally, journal entries related to the reconciliation are entered into the system. Lastly, the Adjusted Trial Balance, Income Statement, Statement of Stockholders' Equity and Balance Sheet are prepared. Each part will be turned in as each part is due. Background Evy's Electric Bike Shop Inc. is a bike shop started in January of 2022 by Evy Scout. The shop will sell 26" and 20" electric bikes, Evy has saved over $70,000 to invest in the business. She has had a meeting with her lawyer and her Certified Public Accountant (CPA) and they have determined that the business should be organized as a corporation. The CPA has agreed to help Ms. Scout set up her accounting system. He provided to Ms. Scout a chart of accounts. Evy will be using a Perpetual Inventory System. Chart of Accounts Numbering System 1xxxx 15xxx 17xxx 2xxxx 27xxx 39xxx 4xxxx 5xxxx 6xxxx Current Assets Property, Plant & Equipment Accumulated Depreciation Current Liabilities Long Term Liabilities Stockholders' Equity Revenues Cost of Goods Sold Expenses Chart of Accounts Current Assets 10000 Cash 11000 Accounts Receivable 12000 Inventory - 26" Bikes 12050 Inventory - 20" Bikes 13000 Office Supplies 13050 Shipping Supplies 14000 Prepaid Rent 14050 Prepaid Insurance Current Liabilities 20000 Accounts Payable 23200 Wages Payable 23250 Interest Payable 23300 Sales Tax Payable 23400 Utility Payable 27000 Note Payable - Wells Fargo Bank 27050 Note Payable - Computer Inc. Stockholders' Equity 39003 Common Stock 39005 Retained Earnings 39007 Dividends Long-Term Assets 15000 Bike Racks 17000 Accumulated Depreciation - Bike Racks 15100 Computer Equipment 17100 Accumulated Depreciation - Computer Equipment - Revenue 40000 Sales Expenses 50000 60100 60200 60300 60400 60500 60600 60700 Cost of Goods Sold Advertising and Promotion Expense Bank Service Fee Credit Card Expense Dues & Registration Fees Delivery Expense Insurance Expense Interest Expense 60800 60900 61000 61100 61200 61300 61400 61500 Legal Expense Office Supplies Expense Shipping Supplies Expense Depreciation Expense Rent Expense Wage Expense Utility Expense Gas Expense Part One Instructions Record the January 2022 transactions, journal entries, in an Excel Spreadsheet. An example of an Excel spreadsheet follows the transactions below. No explanation is required for the journal entries. Instead of recording the names of the accounts use the corresponding account numbers in the chart of accounts. Prepare the journal entries as shown in an Excel Spreadsheet following the transactions below. Once you have written all the journal entries in the Excel Spreadsheet you will use the spreadsheet to enter the information into Blackboard for a grade. Once you are finished entering the Journal entries into Blackboard you will upload your Excel Spreadsheet into Blackboard. Here are the instructions to turn in the documents for each part of the practice set: Step 1: Enter the journal entries in an Excel spreadsheet and when completed print it out. Step 2: Use the Excel spreadsheet to answer the questions in Blackboard for the corresponding week in the content folder. Step 3: Once you complete entering information into Blackboard, upload the spreadsheet and into Blackboard. Transactions Date Deposit No. Description Check No. 1. 1/02/2022 Evy Scout met with her lawyer and CPA for advice on starting the business. The lawyer told Ms. Scout to register the company name Evy's Electric Bike Shop with the County of El Paso. In addition, Ms. Scout will get an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) and get a sales tax permit from the state of Texas. 1/02/2022 Deposit #1 Ms. Scout opened a business checking account at Wells Fargo Bank by depositing $70,000. The corporation issued her a stock certificate for 7,000 shares of common stock 3. 1/03/2022 Ck #1001 Ms. Scout signed a one-year rental. She was required to pay $9,000 for rent for the months of January 1, 2022 June 30, 2022. 1/03/2022 Ck #1002 Arranged for a general business liability insurance policy and paid $4,000 to State Penn Insurance. This premium is for twelve months coverage. 5. 1/03/2022 Purchased a new computer system that cost $5,200 from Computer Inc. for use in the business. Ms. Scout signed a note payable for the cost of the system which will be repaid in 6 months at 10% interest. The computer system has an estimated useful life of five years, and the residual (salvage) value is $400. Only record the purchase of the computer equipment. 6. 1/05/2022 Deposit #2 Signed a note payable to borrow $10,000 from Wells Fargo Bank. Interest is 12% annually and the note is to be repaid with interest in twelve months. Only record the note. 7. 1/05/2022 Ck #1003 Paid $1,100 for shipping supplies. 2. 4. 8. 1/06/2022 Ck #1004 9. 1/06/2022 Ck #1005 Ck #1006 10. 1/08/2022 11. 1/08/2022 12. 1/09/2022 Ck #1007 13. 1/13/2022 14. 1/14/2022 15. 1/14/2022 Deposit #3 Paid $14,000 for Bike Racks. The estimated service life of these assets is 8 years. The residual (salvage) value is $200. These items will be recorded as Bike Racks and depreciated using straight-line depreciation in the adjusting entries. Only record the purchase of the racks. Arranged for Sun City Movers to make the delivery of the computer system and paid the delivery charge of $750. This charge should be added to the cost of the computer equipment purchased and depreciated on the same basis as the computer equipment. Only record the delivery. Purchased $450 of office supplies from Office Supplies Co. using cash. Purchased $8,000 of merchandise inventory (26" bikes) on account. There were no credit terms for prompt payment. Purchased $6,000 of merchandise inventory (20" bikes) on account. There were no credit terms for prompt payment. Ms. Scout received and paid the $940 charge from her lawyer. Evy's Electric Bike Shop, Inc. is now open for business. Sold merchandise for $11,200 cash. The sales tax for $924 was not included in the sale amount. The cost of the 26" bikes is $4,000; the cost of the 20" bikes is $1,600. This sale has to be delivered to the customer. The merchandise will be shipped FOB destination. Paid $250 to ship the merchandise in transaction #15. Purchased additional 26" bikes on account for $5,000. Credit terms were 2/15, n/30. Recorded cash sales that totaled $11,600. Sales tax of $957 was not included in the sale amount. The cost of merchandise sold was $5,800 (26" bikes were $5,000; 20" bikes were $800). Ms. Scout joined the El Paso Chamber of Commerce. She paid the registration fee of $200. Ms. Scout participated in a biking exhibition held at the convention center. She felt this was a good way to publicize her new business. Convention Center charged Ms. Scout $800. She will pay the bill later. She considers this an advertising and promotion expense. Ms. Scout paid the Convention Center rental. Paid for the bikes purchased on 1/09/2022. Ms. Scout recorded cash sales totaling $7,600. Sales tax of $627 was not included in the sale amount. The cost of the merchandise sold was $3,800 (26" bike $1,000; 20" bike $2,800). Paid the balance due for the 26" bikes. There are two invoices. Received but did not pay the utility bill for the month, 5445 Ck #1008 16. 1/16/2022 17. 1/16/2022 18. 1/20/2022 Deposit 14 19. 1/22/2022 Ck #1009 20. 1/23/2022 21. 1/23/2022 22. 1/26/2022 Ck #1010 23. 1/26/2022 Ck #1011 24. 1/27/2022 Deposit #5 Ck #1012 25. 1/27/2022 26. 1/30/2022 27. 1/30/2022 Ck #1013 28. 1/30/2022 Paid the first monthly installment on the computer equipment. The payment amount is $910. Of this amount, $43.33 is for interest and $866.67 is for principal. Purchased fifteen 26" bikes for $7,500 and purchased ten 20 bikes for $4,000 on account Recorded sales made for the last week of the month. Total sales were $16,000 cash. Sales tax of $1,320 was not included in the sale. The cost of the merchandise sold was $8,000 (26" bikes $6,000; 20" bikes $2000). Declared and paid a cash dividend of $650 to Ms. Scout. Paid the Sales Tax to the Comptroller. 29. 1/30/2022 Deposit #6 30. 1/30/2022 31. 1/31/2022 Ck #1014 Ck #1015 27. 1/30/2022 Ck #1013 28. 1/30/2022 Paid the first monthly installment on the computer equipment. The payment amount is $910. Of this amount, $43.33 is for interest and $866.67 is for principal. Purchased fifteen 26" bikes for $7,500 and purchased ten 20 bikes for $4,000 on account Recorded sales made for the last week of the month. Total sales were $16,000 cash. Sales tax of $1,320 was not included in the sale. The cost of the merchandise sold was $8,000 (26" bikes $6,000; 20" bikes $2000). Declared and paid a cash dividend of $650 to Ms. Scout. Paid the Sales Tax to the Comptroller. 29. 1/30/2022 Deposit #6 30. 1/30/2022 31. 1/31/2022 Ck #1014 Ck #1015 Part Two Instructions Before you prepare the eight adjusting journal entries below in an Excel spreadsheet, please make sure corrections have been made to any previous journal entries. The following are the adjusting journal entries for the month of January. Record all adjusting entries as of January 31, 2021. Record Adjusting Entries: Record the following month-end adjusting entries for the month of January. Write the journal entries in the practice set after the original journal entries. Round all answers to the nearest cent. a. $70 of office supplies remained on hand. b. $200 of shipping supplies remained on hand. C. $1.300 of wages for the part-time help from Irene's Temp Services for January should be accrued. Do not worry about payroll taxes: Temp Services Inc. will handle these. d. Make the necessary adjusting entries for one month's depreciation for the Computer Equipment using Straight-Line Depreciation. e. Make the necessary adjusting entry for one month's depreciation for the Bike Racks using Straight-Line Depreciation. f. One month of the prepaid insurance has expired. g. One month of the prepaid rent has expired. h. Record the interest for the loan from Wells Fargo for one month. Make sure you prepare the journal entries and the adjusting entries and write them in the practice set Follow the same instructions for the adjusting journal entries that you did in part one. Once the adjusting entries have been completed in the spreadsheet use the spreadsheet to answer the questions in Blackboard then upload the spreadsheet to Blackboard. Follow these instructions. Step 1: Enter the adjusting journal entries in an Excel spreadsheet and print it out. Step 2: Use the Excel spreadsheet to answer the questions in Blackboard in the content folder in the corresponding week. Step 3: Once you complete entering information into Blackboard upload the spreadsheet into Blackboard Part Three Instructions a Before preparing the T-Accounts make sure that all journal entries are corrected so that the ending balance in the T-Accounts will be correct. Find the ending balance for each account. Do this by creating a T-account for each account in an Excel Spreadsheet as shown in the template after the instructions here. Put all debits and credits in each account and calculate the ending balance. All accounts that were used in the Chart of Accounts should be included and if the account has a zero balance place the zero on the normal balance side. Once you finish preparing all the balances in each account, use the spreadsheet to answer the questions in Blackboard. In Blackboard the question will be the same for each account. What is the balance in Account number 10000 (or whatever account it asks) and what is the normal balance since it asked for account number 10000 that is the cash account and then enter as your answer below: Dr $10,500.00 This will be done for each account. Use the spreadsheet to answer the questions in Blackboard. Once you complete answering the questions in Blackboard then upload your T-Account Spreadsheet to Blackboard following the instructions below: Step 1: Create an Excel spreadsheet with all the T-Accounts and input the numbers from the transactions into the proper account and calculate the ending balance in each account and input the balance on the normal balance side. Once completed print out the spreadsheet. in Blackboard in the content folder Part Four Instructions In this part of the practice set, the student will prepare a Bank Reconciliation for the month of January. Prepare it in Excel and use the ending balance in your cash account for the ending cash for your books. Be prepared to turn in the Bank Reconciliation after answering the questions in Blackboard. Requirements 1. Make sure you have corrected any errors on your journal and adjusting journal entries and have the correct balance for the cash account in your T-Account before starting the Bank Reconciliation. Please use the correct balance in the cash account to start on the book side of the reconciliation. 2. Bank Reconciliation: Using the cash balance per books and the bank statement, prepare a bank reconciliation. A template you can use to create a Bank Reconciliation is located on the following page. 3. Record Bank Reconciliation Adjustments: After you have prepared the bank reconciliation you must make any adjusting journal entries to your cash account by entering them in the general journal of the practice set so that the general ledger cash account agrees with the Bank Reconciliation. Once you finish the Bank Reconciliation follow the instructions below: Step 1: Use the template below to create an Excel spreadsheet to show the reconciled balance using the Bank Statement and the correct ending balance in the cash account. Once the bank reconciliation is completed, print it out. Step 2: Use the Excel spreadsheet to answer the questions in Blackboard in the content folder for the corresponding week. Step 3: Once you complete entering all the information into Blackboard, upload the Bank Reconciliation into Blackboard. Template for Bank Reconciliation Wells Fargo Balance "Evy's Electric Bikes" Ending Cash Balance on Bank Statement Deposits in Transit Outstanding Checks Ending Cash Balance in T-Account Adjustments or errors +/- Reconciled Balance Adjustments or errors +/- Reconciled Balance Tank Statement MAAAAAA WELLS FARGO BANK STATEMENT Evy's Electric Bikes Balance, beginning Deposits and other credits Checks and other debits Balance on statement date 01/01/2022 January January 01/31/2022 $0.00 $112.908 $36.545 576.363 Deposits Added 1/2/2022 Deposit 1 $70,000 1/8/2022 Deposit 2 510,000 1/20/2022 Deposit $12.124 1/23/2022 Deposit $12.557 1/28/2022 Deposit 558,227 Wells Fargo Bank Statement-Checks Paid and other Debts 1001 59.000 1007 $090 1002 $4,000 1008 $250 1003 $1,100 1009 $200 1004 514,000 1011 $6,000 1005 $750 DM $70 Check Printing Fee 2006 $450 DM S205 American Express for Gas *As any errors are made by the tank Part Five Instructions Before preparing the Financial Statements make sure all the assignments have been corrected in your spreadsheets. Prepare the Financial Statements listed below using Excel. a. Adjusted Trial Balance b. Income Statement C. Statement of Retained Earnings d. Balance Sheet Once you finish the Financial Statements follow the instructions below: Step 1: Take the corrected balances in each account and prepare the Financial Statements listed above. Once completed print out the Financial Statements. Step 2: Use the Excel spreadsheet to answer the questions in Blackboard in the content folder for the corresponding week. Step 3: Once you complete entering all the information into Blackboard, upload the Financial Statements into Blackboard