please complete the journal entries

The Business This practice set is designed to be five parts. In the first part, the student will complete the journal entries by writing the journal entries for "Bella's Balloon Bouquet, Inc." in a template and then entering the entries into Blackboard. For part two, the student will write the adjusting journal entries in a template and then enter them into Blackboard. For part three, students will enter all journal entries into the corresponding T-Accounts and prepare the ending balances for each account and then enter the balances into Blackboard. In the fourth part, the student will complete a bank reconciliation using the bank statement in the practice set and will then record the bank's reconciling cash journal entries. The answers to the bank reconciliation will be entered into Blackboard along with any journal entries written on behalf of the company. Part five consists of the student completing an adjusted Trial Balance, then completing an Income Statement, a Statement of Stockholders' Equity and then a Balance Sheet. After everything is complete, the student will turn in the practice set along with all financial statements in the correct order for credit. Background Bella's Balloon Bouquet is a gift shop started in September of 2023 by Bella Boone. She has saved over $20,000 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. Boone set up her accounting system. He provided to Ms. Boone a chart of accounts. Numbering System Stockholders' Equity Chart of Accounts Current Assets 10000 11000 12000 12100 13100 13200 18000 18100 18200 Cash Accounts Receivable Inventory - Balloons Inventory Helium Supplies Shipping Supplies prepaid Rent Prepaid Insurance prepaid Advertising Long-Term Assets 15000 17000 15100 17100 Computer Equipment Accumulated Depreciation Computer Equipment Delivery Van Accumulated Depreciation-Delivery Van Part One Instructions Record the September 2023 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 I: Enter the journal entries into the Excel Template 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 into Blackboard by clicking on the navigation pane then clicking on Practice Set. Transactions Current Liabilities 39003 39005 39007 Revenue 40000 Expenses 50000 60100 60150 60200 60300 60350 60400 60500 60550 60600 60650 60700 60750 Common Stock Retained Earnings Dividends Sales Cost of Goods Sold Legal Expense Supplies Expense Shipping Supplies Expense Insurance Expense Wages Expense Gasoline Expense Advertising and Promotion Expense Utility Expense Rent Expense Depreciation Expense Interest Expense Bank Service Fee 20000 21100 21200 23100 23200 23300 23400 Accounts Payable Note Payable Wells Fargo Bank Note Payable Office Mart Wages Payable Interest Payable Sales Tax Payable Utility Payable lxxxx 15xxx 2xxxx 27xxx 39xxx 4xxxx 5xxxx 6xxxx Current Asset Property, Plant & Equipment Accumulated Depreciation Current Liabilities Long-term Liabilities Stockholders' Equity Revenues Cost of Goods Sold Operating Expenses Long-Term Liabilities 1. 2. 3. 4. Date 9/02/23 9/02/23 9/03/23 9/03/23 Deposit No. Check No. Deposit #1 Ck #1001 Ck #1002 Description Bella Boone met with her lawyer and CPA for advice on starting the business. They decided that Ms. Boone would organize the business as a corporation. The lawyer told Ms. Boone to register the company name, "Bella's Balloon Bouquet, Inc." with the County of El Paso. In addition, Ms. Boone will get an employer identification number (EIN) from the Internal Revenue Service and get a sales tax permit from the state of Texas. 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 Ms. Boone set up her accounting system. Ms. Boone opened a business checking account at Wells Fargo Bank by depositing the personal check she gave her company for $20,000. The corporation issued her a stock certificate for 1,000 shares of common stock. Ms. Boone signed a one-year rental agreement with Reynolds Realtors for shop space. She was required to pay $2,400 for rent for the months of September 1, 2023 December 31, 2023. Arranged for a general business liability insurance policy and paid $2,800 to State Penn Insurance. This premium is for six months coverage. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 9/03/23 9/05/23 9/05/23 9/06/23 9/06/23 9/08/23 9/08/23 9/13/23 9/18/23 9/18/23 9/18/23 9/18/23 9/19/23 Deposit #2 Ck #1003 Ck #1004 Ck #1005 Ck #1006 Deposit #3 Purchased a new register/computer system that cost $3,600 from Office Mart for use in the business. Ms. Boone signed a six-month, 12% installment note payable for the cost of the system. The computer system has an estimated useful life of 4 years and the residual (salvage) value is $0. This will be recorded as Computer Equipment and depreciated using the StraightLine Depreciation method. The depreciation will be recorded in the adjusting journal entries in part 2. Signed a note payable to borrow $5,000 from Wells Fargo Bank. Interest is 9% annually and the note is to be repaid with interest in six months. Purchased a delivery van for $16,000 from Marvin's Motors. The estimated service life of this asset is 5 years. The residual (salvage value) is $1,000. This will be recorded as Delivery Van and depreciated using the Straight-Line Depreciation Method in the adjusting journal entries. Depreciation will be recorded in the adjusting entries in part 2. Paid $600 to have Bella's logo painted on the side of the van. This should be added to the cost of the van and depreciated over the life of the van. Paid $500 for business cards, flyers, and posters. This will be recorded as prepaid advertising. Purchased $900 of inventory-helium from Hector's Helium on account. The vendor extended credit terms of 2/15, n/30. Purchased $6,200 of inventory-balloons from Balloon Blast on account. The vendor extended credit terms of 2/15 n/30. Ms. Boone received and paid the $800 charge from her lawyer. Bella's Balloon Bouquet, Inc. 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. Ms. Boone will allow major customers to charge their purchases on account and then pay later. Sold a balloon arch to UTEP for homecoming on account for $4,000. The cost of the balloons is $1,700. The cost of the helium is $500. UTEP does not have to pay sales tax on the purchase. Purchased $300 of ribbon and string (used in making the arrangements) on account. This is to be treated as supplies. Purchased additional balloons from Balloon Blast on account, for $7,500. Credit terms are 2/10, n/30. Recorded cash sales for the first five days of operation. Sales totaled $6,000 and the sales tax collected totaled $495. A total of 27000 27100 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. Mortgage Payable Notes Payable 9/20/23 9/22/23 9/22/23 9/23/23 9/23/23 9/23/23 9/23/23 9/23/23 9/23/23 9/25/23 9/28/23 9/30/23 9/30/23 9/30/23 9/30/23 Ck #1007 Ck #1008 Deposit #4 Ck #1009 Ck #1010 Deposit #5 Ck #1011 Deposit #6 Ck #1012 Deposit #7 Ck #1013 Ck #1014 $6,495 was deposited in the bank. The cost of merchandise sold was $4,200. (Balloons were $3,900 and helium was $300) Received and paid the $300 invoice for supplies, string, ribbons purchased on 9/18/23. Paid the invoice from Hector's Helium from 9/08/23. Ordered $700 of helium on account. Ms. Boone donated a balloon bouquet to the Humane Society fund raiser. She felt that this was a good way to advertise her new business. Her business was listed as a sponsor and a large ad was put in the fund raiser program. Cost of the balloons were $600 and the helium was $100. Ms. Boone considers this an advertising expense. Received payment in full from UTEP. The payment was deposited in the bank. Ms. Boone paid her credit card bill for the month. The bill was $300 which was for gas for the delivery van and $50 was for decorative ribbons used for the Humane Society balloon arrangement. Purchased and paid for $50 of shipping supplies. Internet and retail sales totaled $7,000 and sales taxes of $560 was collected. The cost of the merchandise sold was $4,500 (Balloons $4,000; Helium $500). The money was deposited in the bank. Paid the balance due to Balloon Blast. There are two invoices; one on 9/8/23 and the other on 9/18/23. Collected and deposited $2,300 of payments. Sales tax totaled $189.75. The cost of the merchandise sold was $1,050. (Balloons $1,000; Helium $50). 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 $636. Of this amount, $36 is for interest and $600 is for principal. Make the check payable to Office Mart. Recorded internet sales for the last week of the month. Sales of $3,400 were deposited. The cost of the merchandise sold was $1,250 (Balloons $1,200; Helium $50). Sales tax collected is $280.50. Paid all sales tax owed for September to the Comptroller of Public Accounts. Declared and paid a cash dividend of $100 to Bella Boone. When preparing the Excel Spreadsheet below do NOLinc1ude a transaction number column. In Blackboard you will only see one box to enter the information and there will not be Dr, Account No., Dollar Amount, cr, Account No., Dollar Amount. You will only see one box and you will enter the journal entry into the box on one row and it will go to the next row by itself. Put one space in between each item as shown here. It will ask the question "What is the journal entry for transaction #1, #2, #3 etc. and you would enter the journal entry as shown here. This is how it will look in Blackboard. Dr 10000 $35,000.00 cr 39003 $35,000.00 Dr 11000 $10,500.00 cr 23300 $500.00 cr 40000 $10,000.00 Dr 50000 $5,000.00 cr 12000 $2,500.00 cr 12100 $2,500.00 No JE Entering the information into an Excel Spreadsheet can be done with or without the gridlines as shown below. Using the information above Example #1 is where there is one debit and one credit. Example #2 shows you how to enter a Sale and the COGS and Inventory amount. *Notice how the smalleac.cgung number is-entered-nrst when there is more than one debit or credit. (Account number 23300 is smaller than account number 40000 when both are credits and the same for 12000 and 12100.) Also notice that the sale transaction takes two lines and must be entered into BB exactly as specified below. Example #3 shows what to do if there is No Journal Entry. You can enter the transaction # in the Excel spreadsheet to help you but the transaction number into the journal entry when entering the information into Blackboard or it will be counted wrong. 1. 2. 3. Cr 10000 11000 12000 $35,000.00 $10,500.00 $2,500.00 cr Cr Cr 39003 23000 12100 $35,000.00 $500.00 Cr $2,500.00 40000 $10,000.00 Dr 50000 $5,000.00