ORIGINAL MONTHLY TRANSACTIONS June 1 You and Maria each contribute $60,000 cash to start the new business You immediately hire an attorney to establish Kiosk Kountry as a corporation The corporation then issues you and Maria each a 1,000 share certificate of stock to acknowledge your ownership June 1 Kiosk Kountry makes a $3,600 advance rental payment for the summer (June August) for an office space to manage the new business June 1 Acme Supply delivers and installs kiosks, expected to last five years, and a computer system, expected to be useful for three years Acme Supply provides an invoice, indicating that the cost of the kiosks is $60,000 and the cost of the computer system is $9000 The corporation makes a 10 percent cash down payment The balance must be paid in twenty days to avoid a 1 5 percent late payment charge June 2 Kiosk Kountry purchases 1200 movies, 300 video games and 50 additional plastic case inventory from DVD tastic Distributors, having negotiated an average price of $5 per movie, $10 per game and $0 25 per case The purchase includes extra movie and game cases in event of loss Because of your previous dealings with the distributor, you are granted credit for thirty days These assets are expected to have useful lives of two years June 3 Maria negotiates a four year $20,000 loan from the Next to Last National Bank and signs a promissory note The new movies and computer are used as collateral for the note The note carries 6 percent annual interest June 5 Kiosk Kountry purchases office supplies and other promotional materials from Supplies Unlimited for $1000, with payment due in thirty days June 8 After interviews with the three top candidates, you hire Dana to work full time in the office and to do the bookkeeping Dana's salary will be $3500 per month, paid at the beginning of the month following the month worked Dana starts work immediately and will be paid June's salary in full on July 3 June 21 A $350 bill for services provided in June is received from Kiosk Kountry 's attorney and is immediately paid June 12 A check is written to Acme Supply for full payment of the account arising from purchase of the kiosks and computer system June 30 Kiosk Kountry totals its movie and game rental revenues for June A total of $7800 has been received for movies and $11,500 for games June 30 Kiosk Kountry totals additional revenues for June from the sale of replacement cases for movies and games They should 7 cases for $1 each After recording the journal entries, post the transactions to the appropriate account in the Ledger Determine the month end balance in each account and enter that balance in the Trial Balance (TB) column of the Worksheet Be sure the debits and credits balance, correct any errors At the end of June, Maria reminds Dana that adjustments are needed to ensure that all revenues earned during the period are reported and all expenses incurred in generating the revenues are recognized for a proper matching Kiosk Kountry must make the following adjustments in the general journal Leave a blank line between transactions ADJUSTING ENTRIES June 30 Record Danas salary for the salary we incurred, keeping in mind that she doesnt receive a check until next month June 30 Bills totaling $400 for office utilities for the month of June are received on the last of the month Payment will be made in July 10 June 30 Record interest accrued on the bank loan for one month June 30 Dana estimates that approximately 80 percent of the supplies purchased early in June remain on hand at the end of the month June 30 Record prepaid rent that expired during the month of June June 30 Record straight line depreciation of the kiosks, computers, movies and games for one month with no salvage value Record the adjusting entries in the Journal Post the adjusting entries to the appropriate account in the Ledger Record the Adjustment amounts in the Worksheet Adjustment column Be sure the debits and credits balance, correct any errors Use a math formula (e g c7 e7) in the Adjusted Trial Balance (TB) column of the Worksheet to determine the adjusted balances in each account If an account was not adjusted, you can simply cell reference the trial balance amount Be sure the debits and credits balance, correct any errors Cross reference with the balances in the ledger Update the worksheet Balance Sheet by cell referencing the asset, liability and equity account balances into the two columns Update the worksheet Income Statement by cell referencing the revenue and expense account balances into the two columns You will have to plug in a number for retained earnings to get both of these sections to balance, since you have not completed closing entries to move the temporary account balances into retained earnings Once your worksheet is complete and balanced, use the information to link the worksheet data to the financial statements tab using cell referencing in another Excel sheet, both income statement and balance sheet amounts The final journal entries for the month of June include zeroing out the income statement accounts Make the appropriate closing entries in the Journal Recall all revenue and expenses are closed into retained earnings Post the closing entries to the Ledger to update the balances of the temporary (income statement) and permanent (balance sheet) accounts It need General journal, General Ledger, Trial Balance and Month end worksheet and Financial statements

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ORIGINAL MONTHLY TRANSACTIONS June 1: You and Maria each contribute $60,000 cash to start the new business. You immediately hire an attorney to establish Kiosk

ORIGINAL MONTHLY TRANSACTIONS

June 1: You and Maria each contribute $60,000 cash to start the new business. You immediately hire an attorney to establish Kiosk Kountry as a corporation. The corporation then issues you and Maria each a 1,000-share certificate of stock to acknowledge your ownership.

June 1: Kiosk Kountry makes a $3,600 advance rental payment for the summer (June-August) for an office space to manage the new business.

June 1: Acme Supply delivers and installs kiosks, expected to last five years, and a computer system, expected to be useful for three years. Acme Supply provides an invoice, indicating that the cost of the kiosks is $60,000 and the cost of the computer system is $9000. The corporation makes a 10 percent cash down payment. The balance must be paid in twenty days to avoid a 1.5 percent late payment charge.

June 2: Kiosk Kountry purchases 1200 movies, 300 video games and 50 additional plastic case inventory from DVD-tastic Distributors, having negotiated an average price of $5 per movie, $10 per game and $0.25 per case. The purchase includes extra movie and game cases in event of loss. Because of your previous dealings with the distributor, you are granted credit for thirty days. These assets are expected to have useful lives of two years.

June 3: Maria negotiates a four-year $20,000 loan from the Next-to-Last National Bank and signs a promissory note. The new movies and computer are used as collateral for the note. The note carries 6 percent annual interest.

June 5: Kiosk Kountry purchases office supplies and other promotional materials from Supplies Unlimited for $1000, with payment due in thirty days.

June 8: After interviews with the three top candidates, you hire Dana to work full time in the office and to do the bookkeeping. Dana's salary will be $3500 per month, paid at the beginning of the month following the month worked. Dana starts work immediately and will be paid June's salary in full on July 3.

June 21: A $350 bill for services provided in June is received from Kiosk Kountry 's attorney and is immediately paid.

June 12: A check is written to Acme Supply for full payment of the account arising from purchase of the kiosks and computer system.

June 30: Kiosk Kountry totals its movie and game rental revenues for June. A total of $7800 has been received for movies and $11,500 for games

June 30: Kiosk Kountry totals additional revenues for June from the sale of replacement cases for movies and games. They should 7 cases for $1 each.

After recording the journal entries, post the transactions to the appropriate account in the Ledger.

Determine the month end balance in each account and enter that balance in the Trial Balance (TB) column of the Worksheet. Be sure the debits and credits balance, correct any errors.

At the end of June, Maria reminds Dana that adjustments are needed to ensure that all revenues earned during the period are reported and all expenses incurred in generating the revenues are recognized for a proper matching. Kiosk Kountry must make the following adjustments in the general journal. Leave a blank line between transactions.

ADJUSTING ENTRIES

June 30: Record Danas salary for the salary we incurred, keeping in mind that she doesnt receive a check until next month.

June 30: Bills totaling $400 for office utilities for the month of June are received on the last of the month. Payment will be made in July 10.

June 30: Record interest accrued on the bank loan for one month.

June 30: Dana estimates that approximately 80 percent of the supplies purchased early in June remain on hand at the end of the month.

June 30: Record prepaid rent that expired during the month of June.

June 30: Record straight-line depreciation of the kiosks, computers, movies and games for one month with no salvage value.

Record the adjusting entries in the Journal.

Post the adjusting entries to the appropriate account in the Ledger.

Record the Adjustment amounts in the Worksheet Adjustment column. Be sure the debits and credits balance, correct any errors.

Use a math formula (e.g. =c7+e7) in the Adjusted Trial Balance (TB) column of the Worksheet to determine the adjusted balances in each account. If an account was not adjusted, you can simply cell reference the trial balance amount. Be sure the debits and credits balance, correct any errors. Cross reference with the balances in the ledger.

Update the worksheet Balance Sheet by cell referencing the asset, liability and equity account balances into the two columns. Update the worksheet Income Statement by cell referencing the revenue and expense account balances into the two columns. You will have to plug-in a number for retained earnings to get both of these sections to balance, since you have not completed closing entries to move the temporary account balances into retained earnings.

Once your worksheet is complete and balanced, use the information to link the worksheet data to the financial statements tab using cell referencing in another Excel sheet, both income statement and balance sheet amounts.

The final journal entries for the month of June include zeroing out the income statement accounts. Make the appropriate closing entries in the Journal. Recall all revenue and expenses are closed into retained earnings.