Part 1 is just the background information that might or might not be necessary for Part 3. Part 3 is what needs completion. Pls help, thank you!!

SA CCOUNTING SOCIETY Part One Instructions Record the September 2021 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 bring the Excel spreadsheet to class on the Monday following the due date. Here are the instructions: Step 1: Write the journal entries in an Excel spreadsheet 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 all information into Blackboard, print out the spreadsheet and turn it in Transactions Date Deposit No. Description Check No. 1. 9/02/21 Ted Edwards met with his lawyer and CPA for advice on starting the business. They decided that Mr. Edwards would organize the business as a corporation. The lawyer told Mr. Edwards to register the company name, Teddy's Bears & Balloons, with the County of El Paso. In addition, Mr. Edwards will get an employer identification number (EIN) from the Internal Revenue Service and get a sales tax permit from the Comptroller of Public Accounts. The lawyer agreed to prepare the Articles of Incorporation to be filed with the Secretary of State of Texas. The CPA has agreed to help Mr. Edwards set up his accounting system. 2. 9/02/21 Deposit #1 Mr. Edwards opened a business checking account at Wells Fargo Bank by depositing $20,000. The corporation issued him a stock certificate for 20,000 shares of common stock at $1 par value. . 9/03/21 Ck #1001 Mr. Edwards signed a one-year rental agreement with RIA Realtors for store space. He was required to pay $2,800 for rent for the months of September 1, 2021 - December 31, 2021 4. 9/03/21 Ck #1002 Arranged for a general business liability insurance policy and paid $600 to State Farm Insurance. This premium is for six months coverage. 3. 4 | Page CCOUNTING SOCIETY 5. 9/03/21 6. 9/05/21 Deposit #2 7. 9/05/21 Ck #1003 8. 9/06/21 Ck #1004 Purchased a new computer system that cost $4,800 from Office Mart for use in the business. Mr. Edwards signed a 6 month note, 12% installment note payable for the cost of the system. The computer system has an estimated useful life of 5 years and the residual (salvage) value is $600. This will be recorded as Computer Equipment, and depreciated using the Straight-Line Depreciation method accordingly. Only record the transaction at this time. Depreciation will be recorded as an adjusting entry. Signed a note payable to borrow $5,000 from Western Bank. Interest is 6% annually and the note is to be repaid with interest in six months. Only record the receipt of the note. Interest will be recorded as an adjusting journal entry. Purchased display shelves for $6,000 from Office Furniture Liquidators. The estimated service life of these assets is 10 years. The residual (salvage) value is $o. These items will be recorded as Office Fixtures and depreciated accordingly using the Straight-Line of Depreciation. Only record the purchase of the shelves. Depreciation will be an adjusting entry. Arranged for Eastside Movers to make the delivery and installation of the computer system and the shelves and paid the invoice of $360. Half of this charge should be added to the cost of the computer equipment purchased and depreciated on the same basis as the computer equipment and the other half to the display shelves. Paid $500 of office supplies using cash from Ace Office Supplies Purchased $6,200 of merchandise inventory bears from Betty's Bears on account. The invoice number was SG3040. The vendor extended credit terms of 2/15, n/30. Purchased $900 of merchandise inventory-balloons from Brenda's Balloons on account. The vendor extended credit terms which are 2/15 n/30. (The invoice number was GG2001.) Mr. Edwards received and paid the $800 charge from his lawyer for the work to set up the business. Teddy's Bears and Balloons is now open for business. Sales will be both retail and wholesale. Retail customers will purchase online and at the shop and will be charged an 8.25% sales tax. Mr. Edwards will allow major customers to charge their purchases on account. CK #1005 9. 9/06/21 10. 9/08/21 11. 9/08/21 12. 9/13/21 Ck #1006 13. 9/14/21 5 Pare CCOUNTING SOCIETY 14. 9/14/21 15. 9/14/21 16. 9/14/21 17. 9/16/21 Deposit #3 18. 9/20/21 Ck #1007 19. 9/22/21 20. 9/23/21 Deposit #4 21. 9/23/21 Ck #1008 Sold merchandise that cost $2,000 to Pedro's Party Planners on account for $4,000. The cost of the bears $1,700, the cost of the balloons $300. $330 of sales tax was recorded. (Invoice number A1021) Purchased $300 of ribbon and other supplies from Floral Fantasy on account. Purchased additional bears from Betty's Bears on account, invoice number SG0610, for $5,500. Credit terms were 2/15, n/30 Recorded cash sales for the first five days of operation Sales totaled $6,000, sales tax collected $495. A total of $6,495 in cash was deposited in the bank. The cost of the merchandise sold was $4,200 (bears were $3,900; balloons $300). Received and paid the $300 invoice number A1021 for ribbon and supplies purchased on 9/14/2021. Mr. Edwards participated in a weekend arts/crafts fair at the mall. He felt that this was a good way to publicize his new business. Received payment in full from Pedro's Party Planners. The payment was deposited in the bank The mall charged $300 for the use of their space for the fair. Mr. Edwards considers this an advertising expense. Mr. Edward paid the bill. Paid invoice number GG2001 from Brenda's Balloons. Cash sales for the month totaled $7,000. Sales tax on the sale is $578. The cost of the merchandise sold was $4,200 (bears $4,000 and balloons $200). Paid the balance to Betty's Bears. There are two invoices. Paid $400 for fliers, posters and business cards. This is considered prepaid advertising. Received but did not pay the utility bill for the month, $120. Paid the first monthly installment on the computer equipment. The payment amount is $848. Of this amount, $48 is for interest and $800 is for principal. Make the check payable to Office Mart. Recorded cash sales for the last week of the month. Sales of $3,400 were deposited. The cost of the merchandise sold was $1,200 for the bears; and balloons were $50. Sales tax collected is $280. Paid all sales tax owed for September to the Comptroller of Public Accounts. Declared and paid a cash dividend of $200 to Ted Edwards. 22. 9/23/21 23. 9/23/21 Ck #1009 Deposit #5 24. 9/23/21 25. 9/23/21 Ck #1010 Ck #1011 26. 9/25/21 27. 9/30/21 Ck #1012 28. 9/30/21 Deposit #6 29. 9/30/21 Ck #1013 30. 9/30/21 Ck #1014 Inne CCOUNTING CA SOCIETY Part Three Instructions 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 cash so type in Dr $10,500.00 You will do this for each account. Again notice that there is no period after Dr and the dollar amount always includes the cents. 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. Step 2: Use the Excel spreadsheet to answer the questions in Blackboard. Step 3: Print out the Spreadsheet and turn it in. A template for the T-Accounts follows. Some accounts such as cash will require more space than other accounts. Requirements 1. Correct Errors: Correct any errors that you made on the journal and adjusting journal entries before entering the information into the T-Accounts. 2. Account Balances: Once you have completed entering the transactions then prepare the ending balance in each account. CA CCOUNTING SOCIETY Teddy's Bears & Balloons Accounts Receivable Inventory-Bears 11000 12000 Debit Credit Debit Credit Cash 10000 Debit Credit Inventory-Balloons 12100 Debit Credit 0 0 Office Supplies 13100 Debit Credit Ribbon Supplies 13200 Debit Credit Prepaid Rent 14000 Debit Credit Prepaid Insurance 14100 Debit Credit Prepaid Advertising 14200 Debit Credit Computer Equipment 15000 Debit Credit Accumulated Depr. Computer Equipment 17000 Debit Credit Fixtures & Shelves 15100 Debit Credit Accumulated Depr. Fixtures & Shelves 17100 Debit Credit Accounts Payable 20000 Debit Credit (CCOUNTING CAL so OCIETY Note Payable Western Bank 21100 Debit Credit Note Payable - Office Mart 21200 Debit Credit Wages Payable 23100 Debit Credit Interest Payable 23200 Debit Credit Sales Tax Payable 23300 Debit Credit Utility Payable 23400 Debit Credit Common Stock 39003 Debit Credit Retained Earnings 39005 Debit Credit Dividends 39007 Debit Credit Sales 40000 Debit Credit COGS 50000 Debit Credit Legal Expense 60100 Debit Credit Office Supplies Expense 60150 Debit Credit Ribbon Supplies Bith Expense 60200 Debit Credit Insurance Expense 60300 Debit Credit Wage Expense 60350 Debit Credit Credit Card Expense 60400 Advertising Expense 60500 Debit Credit Utility Expense 60550 Debit Credit Rent Expense 60600 Debit Credit Debit Credit sh CCOUNTING SOCIETY Depr. Expense- Fixtures & Shelves 60675 Interest Expense 60700 Bank Service Fee 60750 Depr. Expense Computer Equipment 60650 Debit Credit Debit Credit Debit Credit Debit Credit 13 Page SA CCOUNTING SOCIETY Part One Instructions Record the September 2021 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 bring the Excel spreadsheet to class on the Monday following the due date. Here are the instructions: Step 1: Write the journal entries in an Excel spreadsheet 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 all information into Blackboard, print out the spreadsheet and turn it in Transactions Date Deposit No. Description Check No. 1. 9/02/21 Ted Edwards met with his lawyer and CPA for advice on starting the business. They decided that Mr. Edwards would organize the business as a corporation. The lawyer told Mr. Edwards to register the company name, Teddy's Bears & Balloons, with the County of El Paso. In addition, Mr. Edwards will get an employer identification number (EIN) from the Internal Revenue Service and get a sales tax permit from the Comptroller of Public Accounts. The lawyer agreed to prepare the Articles of Incorporation to be filed with the Secretary of State of Texas. The CPA has agreed to help Mr. Edwards set up his accounting system. 2. 9/02/21 Deposit #1 Mr. Edwards opened a business checking account at Wells Fargo Bank by depositing $20,000. The corporation issued him a stock certificate for 20,000 shares of common stock at $1 par value. . 9/03/21 Ck #1001 Mr. Edwards signed a one-year rental agreement with RIA Realtors for store space. He was required to pay $2,800 for rent for the months of September 1, 2021 - December 31, 2021 4. 9/03/21 Ck #1002 Arranged for a general business liability insurance policy and paid $600 to State Farm Insurance. This premium is for six months coverage. 3. 4 | Page CCOUNTING SOCIETY 5. 9/03/21 6. 9/05/21 Deposit #2 7. 9/05/21 Ck #1003 8. 9/06/21 Ck #1004 Purchased a new computer system that cost $4,800 from Office Mart for use in the business. Mr. Edwards signed a 6 month note, 12% installment note payable for the cost of the system. The computer system has an estimated useful life of 5 years and the residual (salvage) value is $600. This will be recorded as Computer Equipment, and depreciated using the Straight-Line Depreciation method accordingly. Only record the transaction at this time. Depreciation will be recorded as an adjusting entry. Signed a note payable to borrow $5,000 from Western Bank. Interest is 6% annually and the note is to be repaid with interest in six months. Only record the receipt of the note. Interest will be recorded as an adjusting journal entry. Purchased display shelves for $6,000 from Office Furniture Liquidators. The estimated service life of these assets is 10 years. The residual (salvage) value is $o. These items will be recorded as Office Fixtures and depreciated accordingly using the Straight-Line of Depreciation. Only record the purchase of the shelves. Depreciation will be an adjusting entry. Arranged for Eastside Movers to make the delivery and installation of the computer system and the shelves and paid the invoice of $360. Half of this charge should be added to the cost of the computer equipment purchased and depreciated on the same basis as the computer equipment and the other half to the display shelves. Paid $500 of office supplies using cash from Ace Office Supplies Purchased $6,200 of merchandise inventory bears from Betty's Bears on account. The invoice number was SG3040. The vendor extended credit terms of 2/15, n/30. Purchased $900 of merchandise inventory-balloons from Brenda's Balloons on account. The vendor extended credit terms which are 2/15 n/30. (The invoice number was GG2001.) Mr. Edwards received and paid the $800 charge from his lawyer for the work to set up the business. Teddy's Bears and Balloons is now open for business. Sales will be both retail and wholesale. Retail customers will purchase online and at the shop and will be charged an 8.25% sales tax. Mr. Edwards will allow major customers to charge their purchases on account. CK #1005 9. 9/06/21 10. 9/08/21 11. 9/08/21 12. 9/13/21 Ck #1006 13. 9/14/21 5 Pare CCOUNTING SOCIETY 14. 9/14/21 15. 9/14/21 16. 9/14/21 17. 9/16/21 Deposit #3 18. 9/20/21 Ck #1007 19. 9/22/21 20. 9/23/21 Deposit #4 21. 9/23/21 Ck #1008 Sold merchandise that cost $2,000 to Pedro's Party Planners on account for $4,000. The cost of the bears $1,700, the cost of the balloons $300. $330 of sales tax was recorded. (Invoice number A1021) Purchased $300 of ribbon and other supplies from Floral Fantasy on account. Purchased additional bears from Betty's Bears on account, invoice number SG0610, for $5,500. Credit terms were 2/15, n/30 Recorded cash sales for the first five days of operation Sales totaled $6,000, sales tax collected $495. A total of $6,495 in cash was deposited in the bank. The cost of the merchandise sold was $4,200 (bears were $3,900; balloons $300). Received and paid the $300 invoice number A1021 for ribbon and supplies purchased on 9/14/2021. Mr. Edwards participated in a weekend arts/crafts fair at the mall. He felt that this was a good way to publicize his new business. Received payment in full from Pedro's Party Planners. The payment was deposited in the bank The mall charged $300 for the use of their space for the fair. Mr. Edwards considers this an advertising expense. Mr. Edward paid the bill. Paid invoice number GG2001 from Brenda's Balloons. Cash sales for the month totaled $7,000. Sales tax on the sale is $578. The cost of the merchandise sold was $4,200 (bears $4,000 and balloons $200). Paid the balance to Betty's Bears. There are two invoices. Paid $400 for fliers, posters and business cards. This is considered prepaid advertising. Received but did not pay the utility bill for the month, $120. Paid the first monthly installment on the computer equipment. The payment amount is $848. Of this amount, $48 is for interest and $800 is for principal. Make the check payable to Office Mart. Recorded cash sales for the last week of the month. Sales of $3,400 were deposited. The cost of the merchandise sold was $1,200 for the bears; and balloons were $50. Sales tax collected is $280. Paid all sales tax owed for September to the Comptroller of Public Accounts. Declared and paid a cash dividend of $200 to Ted Edwards. 22. 9/23/21 23. 9/23/21 Ck #1009 Deposit #5 24. 9/23/21 25. 9/23/21 Ck #1010 Ck #1011 26. 9/25/21 27. 9/30/21 Ck #1012 28. 9/30/21 Deposit #6 29. 9/30/21 Ck #1013 30. 9/30/21 Ck #1014 Inne CCOUNTING CA SOCIETY Part Three Instructions 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 cash so type in Dr $10,500.00 You will do this for each account. Again notice that there is no period after Dr and the dollar amount always includes the cents. 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. Step 2: Use the Excel spreadsheet to answer the questions in Blackboard. Step 3: Print out the Spreadsheet and turn it in. A template for the T-Accounts follows. Some accounts such as cash will require more space than other accounts. Requirements 1. Correct Errors: Correct any errors that you made on the journal and adjusting journal entries before entering the information into the T-Accounts. 2. Account Balances: Once you have completed entering the transactions then prepare the ending balance in each account. CA CCOUNTING SOCIETY Teddy's Bears & Balloons Accounts Receivable Inventory-Bears 11000 12000 Debit Credit Debit Credit Cash 10000 Debit Credit Inventory-Balloons 12100 Debit Credit 0 0 Office Supplies 13100 Debit Credit Ribbon Supplies 13200 Debit Credit Prepaid Rent 14000 Debit Credit Prepaid Insurance 14100 Debit Credit Prepaid Advertising 14200 Debit Credit Computer Equipment 15000 Debit Credit Accumulated Depr. Computer Equipment 17000 Debit Credit Fixtures & Shelves 15100 Debit Credit Accumulated Depr. Fixtures & Shelves 17100 Debit Credit Accounts Payable 20000 Debit Credit (CCOUNTING CAL so OCIETY Note Payable Western Bank 21100 Debit Credit Note Payable - Office Mart 21200 Debit Credit Wages Payable 23100 Debit Credit Interest Payable 23200 Debit Credit Sales Tax Payable 23300 Debit Credit Utility Payable 23400 Debit Credit Common Stock 39003 Debit Credit Retained Earnings 39005 Debit Credit Dividends 39007 Debit Credit Sales 40000 Debit Credit COGS 50000 Debit Credit Legal Expense 60100 Debit Credit Office Supplies Expense 60150 Debit Credit Ribbon Supplies Bith Expense 60200 Debit Credit Insurance Expense 60300 Debit Credit Wage Expense 60350 Debit Credit Credit Card Expense 60400 Advertising Expense 60500 Debit Credit Utility Expense 60550 Debit Credit Rent Expense 60600 Debit Credit Debit Credit sh CCOUNTING SOCIETY Depr. Expense- Fixtures & Shelves 60675 Interest Expense 60700 Bank Service Fee 60750 Depr. Expense Computer Equipment 60650 Debit Credit Debit Credit Debit Credit Debit Credit 13 Page