please help me on these 2 files

accounting 202

data entry

Trial Balance...Adjustments...Adjusted Trial Balance 1. Make sure you are able to edit the Excel file. You may see a banner across the top of the file that must be clicked to "Enable Editing of the File." 2. Save your Excel file so that the instructor can determine that it is your file. Here's a format for the file name: YourLastNameLast4-Lab3.xlsx Excel files use the file extension .xlsx Jane Smith, with student number 982011234 would name her file Smith1234-Lab4.xlsx When you finish the lab, save it and then submit the file through Canvas--Find the TURN-IN link. INSTRUCTIONS First--take a look at the sheets in this file. Look below and you will find the HINTS-HELP sheet, the ACCTS sheet, the DATA-ENTRY sheet, and the REPORTS sheet. ACCTS In the ACCTS sheet, you will find all accounts. You don't need to copy them or remember them--because they will display automatically in the DATA-ENTRY sheet. DATA-ENTRY This is your journal. Remember that for each entry, the debits must equal the credits. You will have a balance indicator that will tell you if you are out of balance. REPORTS These are your financial statements--IS, OE and BS. They will be automatically generated. 1. GO TO the DATA-ENTRY SHEET It appears like this, in green. I entered the date, January 1, 2015. We need to debit cash on line 2. Note the dropdown in column C. The dropdown will display your accounts. 2. If you click on the down-arrow, you will see all accounts. 3. Choose CASH from the dropdown and it will appear in the journal. The debit amount should be 10,000. Similarly, go down one line and enter the credit to COMMON STOCK, and the credit to PAID IN CAPITAL IN EXCESS OF PAR. Note: The accounts you see in the dropdown came from the ACCTS sheet. If you scroll down the page to the bottom of the journal, you will see an indicator showing you if you are in balance... I left some comments next to the transactions--plenty of hints as to what to debit, and what to credit for each transaction. Special Note: We are using a drop-down for the accounts. It is vital that your account names be spelled exactly as they are in the chart of accounts. Otherwise, the balance lookups won't work right. So, don't type the account names in the Data-Entry sheet; use the drop-downs. INSTRUCTIONS 1. READ TRIAL BALANCE BRIEFLY 2. GO TO DATA-ENTRY 3. ENTER THE 8 ADJUSTMENTS IN DATA-ENTRY--SEE COMMENTS FOR HINTS 4. REVIEW TRIAL BALANCE--MAKE SURE EVERYTHING BALANCES 5. RENAME FILE AND SUBMIT et, the ACCTS sheet, or remember them--because he credits. You will have a ally generated. nuary 1, 2015. in column C. ould be 10,000. IN CAPITAL IN EXCESS OF PAR. Here is the transaction description: n the page to the bottom to credit for mes be spelled Checking JOURNAL balance: Total Debits = $ Total Credits = $ DR = CR ACCOUNT 101 CASH 104 ACCOUNTS RECEIVABLE 107 ALLOWANCE FOR DOUBTFUL ACCOUNTS 108 INTEREST RECEIVABLE 109 PREPAID INSURANCE 110 SUPPLIES 112 EQUIPMENT 115 ACCUM. DEPRECIATION-EQUIPMENT 201 ACCOUNTS PAYABLE 202 WAGES PAYABLE 206 UNEARNED REVENUE 301 STARR CAPITAL 302 STARR DRAWING 400 SERVICE REVENUE 402 INTEREST REVENUE 520 DEPRECIATION EXPENSE 540 SUPPLIES EXPENSE 550 INSURANCE EXPENSE 560 WAGES EXPENSE 570 BAD DEBTS EXPENSE DATE ACCOUNTS 1/31/2016 DEBIT CREDIT 1 1/31/2016 2 1/31/2016 3 1/31/2016 4 1/31/2016 5 1/31/2016 6 1/31/2016 7 1/31/2016 8 Debits = Credits? YES STARR CONSULTING--ADJUSTMENTS ON JANUARY 31 The supplies account had a balance of $3,600 at the end of January. However, a count of supplies revealed that there were only $3,000 of supplies actually on hand. The balance of Prepaid Insurance is $6,000--which was paid for a one-year policy. At the end of January, we must record the insurance used up for 1/12 year. The equipment has a life of 4 years (48 months). We compute the depreciation as 18,000/48 = $375 per month. At January 31, we owe our employees a total of $1,700 in wages, that we have not paid yet. We must accrue this liability. On January 31, we discover that $1,900 of revenue has been earned, but we have not sent out the customer invoices yet. BUT--we must record this revenue. We have money invested in a certificate of deposit at Bank of America. During the month, we earned $200 of interest revenue on this account. Some of the unearned revenue has now been earned. We transfer $1,600 from unearned to earned. A certain amount of accounts receivable will be uncollectible. We must make an estimate each month of the percent of sales we think will not turn into cash. The uncollectible portion is estimated at 4%. .04 * 31,500 = $1,260. If you look at the balance sheet, you will find that the allowance is subtracted from the Accounts Receivable balance. Allowance for Doubtful Accounts is a contraaccount, VERY similar to Accumulated Depreciation for an asset like Equipment. Checking JOURNAL balance: Total Debits = $ Total Credits = $ DR = CR Comments ACCOUNTS 101 CASH 104 ACCOUNTS RECEIVABLE 107 ALLOWANCE FOR DOUBTFUL ACCOUNTS 108 INTEREST RECEIVABLE 109 PREPAID INSURANCE 110 SUPPLIES 112 EQUIPMENT 115 ACCUM. DEPRECIATION-EQUIPMENT 201 ACCOUNTS PAYABLE 202 WAGES PAYABLE 206 UNEARNED REVENUE 301 STARR CAPITAL 302 STARR DRAWING 400 SERVICE REVENUE 402 INTEREST REVENUE 520 DEPRECIATION EXPENSE 540 SUPPLIES EXPENSE 550 INSURANCE EXPENSE 560 WAGES EXPENSE 570 BAD DEBTS EXPENSE T-ACCTS DR CR 31,000 0 18,000 0 0 0 0 0 6,000 0 3,600 0 18,000 0 0 0 0 14,000 0 0 0 3,000 0 36,000 4,400 0 0 28,000 0 0 0 0 0 0 0 0 0 0 0 0 81,000 81,000 OK TRIAL BALANCE DR CR 31,000 0 18,000 0 0 0 0 0 6,000 0 3,600 0 18,000 0 0 0 0 14,000 0 0 0 3,000 0 36,000 4,400 0 0 28,000 0 0 0 0 0 0 0 0 0 0 0 0 81,000 81,000 OK STARR CONSULTING SERVICES INCOME STATEMENT FOR MONTH ENDED 1/31/2016 comments STARR CONSULTING SERVICES OWNER'S EQUITY STATEMENT FOR MONTH ENDED 1/31/2016 comments IS 400 SERVICE REVENUE 402 INTEREST REVENUE TOTAL REVENUE 520 DEPRECIATION EXPENSE 540 SUPPLIES EXPENSE 550 INSURANCE EXPENSE 560 WAGES EXPENSE 570 BAD DEBTS EXPENSE NET INCOME $28,000 0 28,000 $0 0 0 0 0 OE 301 STARR CAPITAL + NET INCOME SUBTOTAL 302 STARR DRAWING 206 UNEARNED REVENUE $36,000 $28,000 64,000 4,400 $59,600 $0 $28,000 STARR CONSULTING SERVICES BALANCE SHEET 1/31/2016 comments comments Assets 101 CASH 104 ACCOUNTS RECEIVABLE 107 ALLOWANCE FOR DOUBTFUL ACCOUNTS 108 INTEREST RECEIVABLE 109 PREPAID INSURANCE 110 SUPPLIES 112 EQUIPMENT 115 ACCUM. DEPRECIATION-EQUIPMENT TOTAL ASSETS $31,000 $18,000 0 18,000 0 6,000 3,600 18,000 0 18,000 $76,600 Check: A=L+OE L and OE 201 ACCOUNTS PAYABLE 202 WAGES PAYABLE 206 UNEARNED REVENUE TOTAL LIABILITIES $14,000 0 3,000 17,000 301 STARR CAPITAL TOTAL LIABILITIES & OWNER'S EQUITY $59,600 $76,600 Analyze, Journalize, Post with a few Adjustments 1. Make sure you are able to edit the Excel file. You may see a banner across the top of the file that must be clicked to "Enable Editing of the File." 2. Save your Excel file so that the instructor can determine that it is your file. Here's a format for the file name: YourLastNameLast4-Lab3.xlsx Excel files use the file extension .xlsx Jane Smith, with student number 982011234 would name her file Smith1234-Lab2.xlsx When you finish the lab, save it and then submit the file through Canvas--Find the TURN-IN link. INSTRUCTIONS First--take a look at the sheets in this file. Look below and you will find the HINTS-HELP sheet, the ACCTS sheet, the DATA-ENTRY sheet, and the REPORTS sheet. ACCTS In the ACCTS sheet, you will find all accounts. You don't need to copy them or remember them--because they will display automatically in the DATA-ENTRY sheet. DATA-ENTRY This is your journal. Remember that for each entry, the debits must equal the credits. You will have a balance indicator that will tell you if you are out of balance. REPORTS These are your financial statements--IS, OE and BS. They will be automatically generated. 1. GO TO the DATA-ENTRY SHEET It appears like this, in green. I entered the date, January 1, 2015. We need to debit cash on line 2. Note the dropdown in column C. The dropdown will display your accounts. 2. If you click on the down-arrow, you will see all accounts. 3. Choose CASH from the dropdown and it will appear in the journal. The debit amount should be 10,000. Similarly, go down one line and enter the credit to COMMON STOCK, and the credit to PAID IN CAPITAL IN EXCESS OF PAR. Note: The accounts you see in the dropdown came from the ACCTS sheet. If you scroll down the page to the bottom of the journal, you will see an indicator showing you if you are in balance... I left some comments next to the transactions--plenty of hints as to what to debit, and what to credit for each transaction. Special Note: We are using a drop-down for the accounts. It is vital that your account names be spelled exactly as they are in the chart of accounts. Otherwise, the balance lookups won't work right. So, don't type the account names in the Data-Entry sheet; use the drop-downs. et, the ACCTS sheet, or remember them--because he credits. You will have a ally generated. nuary 1, 2015. in column C. ould be 10,000. IN CAPITAL IN EXCESS OF PAR. Here is the transaction description: n the page to the bottom to credit for mes be spelled Checking JOURNAL balance: Total Debits = $ Total Credits = $ DR = CR ACCOUNT 101 CASH 104 ACCOUNTS RECEIVABLE 106 SUPPLIES 108 PREPAID INSURANCE 110 EQUIPMENT 111 ACCUM. DEPRECIATION-EQUIPMENT 115 BUILDING 120 ACCUM. DEPRECIATION-BUILDING 201 ACCOUNTS PAYABLE 202 NOTES PAYABLE 301 MARTIN CAPITAL 302 MARTIN DRAWING 400 SERVICE REVENUE 520 DEPRECIATION EXPENSE 540 SUPPLIES EXPENSE 550 INSURANCE EXPENSE 597 RENT EXPENSE DATE ACCOUNTS 1/1/2015 1/2/2015 1/3/2015 1/5/2015 1/10/2015 1/14/2015 1/30/2015 1/31/2015 1/31/2015 1/31/2015 DEBIT CREDIT Debits = Credits? YES MARTIN PROFESSIONAL SERVICES--TRANSACTIONS On January 1, 2015, Ann Martin invested $25,000 cash in her consulting firm, Martin Professional Services. On January 2, Martin paid rent on her new office, in cash, $2,500. On January 3, Martin paid for an insurance policy, $2400. The insurance policy is for one year. On January 5, Martin purchased a piece of Equipment. The cost of the equipment was $4,800. A cash down payment was made in the amount of $1,000, and the rest will be paid in 30 days. Estimated life of the asset was 4 years. On January 10, Martin purchased a Building for $120,000. A down payment was made in the amount of $15,000; an $105,000 note payable was signed. Life of the building was 20 years. On January 14, Martin purchased $3,000 of supplies on account. The revenue for the month of January was $38,000. A total of $12,000 was received in cash; the rest was on account. On January 31, Martin counted her supplies remaining--there were $2,400 of supplies left. On January 31, we record insurance used up. She started with insurance of $2,400 for a one-year policy--so $200 of insurance was used up in January. On January 31, depreciation was recorded. Depreciation on the equipment is $100, and depreciation on the building is $500. Calculations--Equipment: Cost/Life = $4800/48 months = $100. Building: Cost/Life = $120,000/240 months = $500. Checking JOURNAL balance: Total Debits = $ Total Credits = $ DR = CR Comments ACCOUNTS 101 CASH 104 ACCOUNTS RECEIVABLE 106 SUPPLIES 108 PREPAID INSURANCE 110 EQUIPMENT 111 ACCUM. DEPRECIATION-EQUIPMENT 115 BUILDING 120 ACCUM. DEPRECIATION-BUILDING 201 ACCOUNTS PAYABLE 202 NOTES PAYABLE 301 MARTIN CAPITAL 302 MARTIN DRAWING 400 SERVICE REVENUE 520 DEPRECIATION EXPENSE 540 SUPPLIES EXPENSE 550 INSURANCE EXPENSE 597 RENT EXPENSE T-ACCTS DR CR 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OK TRIAL BALANCE DR CR 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OK MARTIN PROFESSIONAL SERVICES INCOME STATEMENT FOR MONTH ENDED 1/31/2015 comments MARTIN PROFESSIONAL SERVICES OWNER'S EQUITY STATEMENT FOR MONTH ENDED 1/31/2015 IS 400 SERVICE REVENUE comments OE 301 MARTIN CAPITAL + NET INCOME SUBTOTAL 302 MARTIN DRAWING 301 MARTIN CAPITAL 520 DEPRECIATION EXPENSE 540 SUPPLIES EXPENSE 550 INSURANCE EXPENSE 597 RENT EXPENSE NET INCOME MARTIN PROFESSIONAL SERVICES BALANCE SHEET 1/31/2015 comments comments Assets 101 CASH 104 ACCOUNTS RECEIVABLE 106 SUPPLIES 108 PREPAID INSURANCE 110 EQUIPMENT 111 ACCUM. DEPRECIATION-EQUIPMENT L and OE 201 ACCOUNTS PAYABLE 202 NOTES PAYABLE TOTAL LIABILITIES 115 BUILDING 120 ACCUM. DEPRECIATION-BUILDING TOTAL ASSETS 301 MARTIN CAPITAL TOTAL LIABILITIES & OWNER'S EQUITY Check: A=L+OE