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 the cash account and then enter your answer below as written: 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: Use the Excel Template 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. 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 T-Accounts spreadsheet into Blackboard. A template for the T-Accounts follows. Some accounts such as cash will require more than just one or two lines. 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. 11 | Page Example of T-Accounts to Use 10000 Cash Cr 11000 Accounts Receivable Debit 14000 Prepaid Rent 12000 12100 Inventory-Skis Inventory-Snowboards CCOUNTING ASOCIETY 13100 13200 Office Supplies Shipping Supplies ed Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 0 0 0 14100 15000 17000 15100 Prepaid Insurance Furniture & Fixtures Accumulated Depr.- Furniture & Fixtures Computer Equipment 0 17100 Accumulated Depr. Computer Equipment Cr ed Debi Debit it t Credit Debit Credit Debit Credit Debit Credit Debit Credit 0 0 0 0 0 20000 21100 21200 23100 23200 Accounts Payable Note Payable - Wells Fargo Note Payable- Computer Inc. Wages Payable Interest Payable Debi t Credit Debit Credit Debit Credit Debit Credit Debit Credit 0 0 0 0 23300 Sales Tax Payable 23400 Utilities Payable 27000 27100 Mortgage Payable Note Payable 39003 39005 Common Stock Retained Earnings Cr ed Debi Debit it t Credit Debit Credit Debit Credit Debit Credit Debit Credit 39007 40000 0 50000 0 0 0 60100 60150 60200 Legal Expense Office Supplies Expense Shipping Supplies Expense Dividends Sales COGS Cr ed Debi Debit it t Credit Debit Credit Debit Credit Debit Credit Debit Credit 0 0 0 0 121 Page 0 Bank Reconcillallon CCOUNTING SOCIETY 60300 60350 60400 60450 60500 60550 Advertising & Insurance Expense Wages Expense Credit Card Expense Delivery Expense Promotion Expense Utility Expense Debit Credit Debit Credit inz Debit Credit Debit Credit Debit Credit Debit Credit 0 0 60600 De 60650 Rent Expense Debit 0 0 0 0 60700 60750 60800 Registration 60850 Interest Expense Bank Service Fee Fee Expense Gas Expense Credit Debit Credit Debit Credit Debit Credit Debit Credit Depreciation Expense Credit Debit 0 0 wallal nosilioncos ari bne Inomes12 inc absisigmco al 0 bsodbild omal noits 0 13 Page A B C E F G 11 -234567000=225212223232238588858 %=== Transaction # Dr Account Dollar Amount Cr Account # Dollar Amount No JE 2 Dr 10000 3 Dr 14000 4 Dr 14100 5 Dr 15100 6 Dr 10000 $10,000.00 | Cr $70,000.00 | Cr 39003 $70,000.00 $9,000.00 Cr 10000 $9,000.00 $4,000.00 Cr 10000 $5,200.00 Cr 21200 21100 $4,000.00 $5,200.00 $10,000.00 7 Dr 13200 $1,100.00 Cr 10000 $1,100.00 9 8 Dr 15000 $14,600.00 Cr 10000 $14,600.00 9 Dr 15100 $750.00 Cr 10000 $750.00 10 Dr 13100 $450.00 Cr 10000 $450.00 11 Dr 12000 $8,000.00 | Cr 20000 $8,000.00 12 Dr 12100 $6,000.00 | Cr 20000 $6,000.00 13 Dr 60100 $940.00 Cr 10000 $940.00 14 No JE 15 Dr 10000 $7,794.00 Cr 23300 Cr $594.00 40000 $7,200.00 Dr 50000 $4,100.00 Cr 12000 $3,000.00 19 Cr 12100 $1,100.00 16 Dr 60450 $250.00 | Cr 10000 $250.00 17 Dr 12000 $4,500.00 | Cr 20000 $4,500.00 18 Dr 10000 $8,836.00 | Cr 23300 $536.00 Cr 40000 $8,300.00 Dr 50000 $4,500.00 | Cr 12000 $2,500.00 Cr 12100 $2,000.00 19 Dr 60800 $200.00 Cr 10000 $200.00 20 No JE 21 Dr 60500 $800.00 Cr 20000 $800.00 29 22 Dr 20000 $800.00 Cr 10000 $800.00 23 Dr 20000 $6,000.00 | Cr 10000 $6,000.00 24 Dr 10000 $9,578.00 Cr 23300 $578.00 Cr 40000 $9,000.00 Dr 50000 $4,500.00 Cr 12000 $3,000.00 Cr 12100 $1,500.00 25 Dr 20000 26 Dr 60850 $12,500.00 Cr 10000 $12,500.00 $235.00 Cr 10000 $235.00 27 Dr 60550 $445.00 Cr 23400 $445.00 28 Dr 21200 $866.67 Cr 10000 $910.00 39 Dr 60700 $43.33 40 29 Dr 10000 41 $3,330.00 Cr Cr 23300 $330.00 40000 $3,000.00 42 Dr 50000 $1,800.00 Cr 1200 $1,100.00 43 Cr 12100 $700.00 44 30 Dr 39007 $650.00 Cr 10000 $650.00 45 31 Dr 23300 $2,038.00 Cr 10000 $2,038.00 1 Template for the Adjusting Journal Entries Transaction Account Dollar Account Dollar 2 # Dr Number Amount Cr Number Amount 3 a. dr 60150 $380 cr 13100 $380 4 b dr 60200 $900 cr 13200 $900 5 C dr 60350 $1,300 cr 23100 $1,300 6 d dr 60650 $97.50 cr 17100 $97.50 7e dr 60650 $150 cr 17100 $150 8 f dr 60300 $333.33 cr 14100 $333.33 9g dr 60600 $1,500 cr 14000 $1,500 10 h dr 60700 $100 cr 23200 $100 Chart of Accounts Current Assets CCOUNTING OCIETY 10000 Cash Stockholders' Equity 11000 12000 Inventory-Skis 12100 Accounts Receivable Inventory-Snowboards 39003 39005 Common Stock Retained Earnings 39007 Dividends 13100 Office Supplies 13200 Shipping Supplies Revenue 14000 Prepaid Rent 40000 Sales 14100 Prepaid Insurance Long-Term Assets Expenses 15000 Furniture and Fixtures 50000 Cost of Goods Sold 17000 Accumulated Depreciation 60100 Legal Expense - Furniture and Fixtures 60150 Office Supplies Expense 15100 Computer Equipment 60200 17100 Accumulated Depreciation Shipping Supplies Expense -Computer Equipment 60300 Insurance Expense 60350 Wages Expense Current Liabilities 20000 Accounts Payable 21100 Note Payable - Wells Fargo Bank 60550 Utility Expense 21200 Note Payable Computer 60600 Rent Expense Inc. 60650 Depreciation Expense 23100 Wages Payable 60700 Interest Expense 23200 Interest Payable 60750 Bank Service Fee 23300 Sales Tax Payable 60800 Registration Fee 23400 Utilities Payable Long Term Liabilities 60850 Expense Gasoline Expense 27000 Mortgage Payable 27100 Note Payable 60400 Credit Card Expense 60450 Delivery Expense 60500 Advertising and Promotion Expense 41 Page