please fill in all entries
BUS 230 Excel Project (Blank Template) (1) 3) Protected View) - Excel Thomas Kielbasi X Home File Insert Page Layout Formules Data Review View Help Tell me what you want to do PROTECTED VIEW Be careful-files from the Internet can contain Viruses. Unless you need to edit it's safer to stay in Protected View Enable Editing B32 4 1 Date Transaction 2 1 Jan 20 Five friends decide to start a computer sales and repair store; start the company by issuing 100,000 shares with a par value of $1 sold to each fr 3 1-Jan-20 Realizing they are going to need more cash to run the business, the company obtained a long term bank loan for $200,000. Payments will not have to be made unit the following year but interest will accrue at 2% 4 4 5 6 7 1-Jan-20 The new owners already had various transactions they had agreed on for the first day of operations; they are as follows: - Equipment to diagnose customer computers was purchased for $122,000 cash. The equipment has a 10 year life and a $2,000 residual value - Inventory to be sold to customers was purchased on credit for $50,000 - Supplies to be used for operations was purchased for cash of $10,000 In order to get a good discount Store Rent was paid in full for the year; $24,000 cash was paid A friend of the owners who had another company paid them $6,000 cash upfront for a full year of monthly computer service 9 10 11 12 13 Companies typically record adjusting entries at the end of each month. In order to simplify this execise adjusting entries will be recorded on a quartery bas 14 15 Below please find the regular transactions for each quarter. Don't forget to book the adjusting entries for each quarter as well Quarter 1 Service revenue for $30,000 was provided; $20,000 was collected in cash and the remainder is still owed by the custormers Canviar fartha cc non adancule dans for the car. Dan which in tucanaratalo Transactions ournal Entries Financial Siement Ready Search 0 Ft 0 C X EL 100 A4 11/25/2020 3:14 PM 14 Thomas Kielbasi BUS 230 Excel Project (Blank Template) (1) (3) (Protected View- Excel Ersable Editing File Home Insert Formulas Page Layout Data View Review Help Tell me what you want to do PROTECTED VIEW Be careful-iles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View B34 X 15 Below please find the regular transactions for each quarter. Don't forget to book the adjusting entries for each quarter as well. 16 17 Quarter 1 Service revenue for $30,000 was provided; $20,000 was collected in cash and the remainder is still owed by the custormers Services for the $6,000 advance was also done for the quarter. Book this as an adjusting entry separately. Inventory at a cost of $10,000 was sold for $15,000 cash 18 19 20 22 25 24 Employees earned $6,000 in wages for the quarter; paychecks for the quarter totalled $5,500 (.e. the other $500 will be in next quarters first p $10,000 related to the inventory purchased on credit was paid to the supplier Adjusting entries: Accrue Interest, Depreciation, Prepaid Rent, Unearned Revenues, Supplies audit shows $8,000 remain. 26 27 28 29 20 31 32 33 34 3 Transactions Journal Entries Financial Statement + TOO Reasy O Search O et OM w 40 3:15 PM 11/25/2020
