Part B:

The second part of this assignment is very similar to Part A (which is below). You may reference the solution to the transaction analysis spreadsheet from Part A to help you in Part B. Your assignment in Part B is to first prepare journal entries in the General Journal tab of this spreadsheet for the same transactions that you analyzed in Part A. After preparing your journal entries, post your entries to the T-accounts in the General Ledger (T-Accounts) tab. Start by inserting the beginning balances in the T-accounts from the Year 0 Balance Sheet and then post your journal entries from the General Journal. Next, calculate the ending balance in each account. Then, prepare Year 1 financial statements based on the ending balances in each T-account. Finally, go back to the General Journal and prepare closing entries. Post your closing entries to the General Ledger T-accounts. Finally, prepare a Post-Closing Trial Balance.

Hints:

Whenever possible, use formulas to reference cells. This not only reduces the likelihood of error, it makes it easier for us to understand why you got the number you did. This applies to all assignments.

Use dates or transaction numbers in your T-accounts to facilitate tracing your journal entries to the T-accounts.

Note that when you prepare closing entries, you will calculate a new (final) balance in retained earnings. This is the balance that should appear in your balance sheet.

Note that there are multiple tabs involved in this assignment, so be sure to look at every tab to make sure you have completed everything.

If you need tutorials on excel, visit https://support.office.com/en-us/article/Excel-video-training-9bc05390-e94c-46af-a5b3-d7c22f6990bb?ui=en-US&rs=en-US&ad=US

Okay the numbers should be clearer now! And now the red text is showing. My bad!

Transaction Analysis Assets Common Retained Transaction Number Marketable Securities Accounts Receivable Intangible Assets Other Long- Term Assets Accounts Payable Cells highlighted in blue must include formulas and may not be hard coded. Liabilities + Equity Unearned Income Tax Salaries Interest Revenue Payable Payable Payable Stock Earnings Income Statement Account 50,000 4,3001 45,000 19,100 Cash PP&E (net) Notes Payable" 28,500 Inventory Prepaid Asset Supplies 25,000 Beg. Bal. 80,000 6,700 20,000 34,700 10,500 15,000 45,000 1 (27,000) 27,000 2 (36,000) 36,000 3 (20,500) 20.500 4 50,000 50,000 Sa 137,000 Sb (20,000) 137,000 Sales Revenue ( (20,000) COGS (12,000) Sales Commission (15,400) R&D expense 5c (12,000) 6 (15,400) 7 24,000 24,000 8 72,000 (72,000) 9 (4,300) Account labels required here for income statement accounts 10 (4,300) 25,000 (4,500) (7,000) (25,000) 11 20,000 15,500 12a 7,000 12b 7,000 (7,000) 13 (7,000) 7,000 14 30,000 30,000 15 32,000 (7,000) (4,500) 16 3,000 17 (27,000) 18 (8,000) (39,000) Salaries Expense (7,500) Income tax expense (27,000) Rent Expense 8,000 Service Revenue (6,000 Supplies Expense (750) Interest Expense 36,450 19 (6,000) 20 750 Totals 135,800 13,700 60,000 25,000 9,000 1,000 55,200 37,500 15,000 60,500 58,500 66,000 3,000 32,000 750 95,000