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Please help me with this. Thank you so much! HINTS-HELP ACCTS DATA-ENTRY REPORTS Analyze, Journalize, Post with a few Adjustments 1. Make sure you are
Please help me with this. Thank you so much!
HINTS-HELP ACCTS DATA-ENTRY REPORTS 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: Your LastNamel.4-Lab3.sk Excel files use the file extension .xlsx Jane Smish, with student number 983011234 would name her file Smith1234-Lab2.xlsx When you finish the lah, 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 short DATA-ENTRY This is your journal. Remember that for each entry, the debats 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 D DEBIT CREDIT DATE ACCOUNTS 1/1/2015 4 2. If you click on the downtow. you will see all accounts 4 DATE ACCOUNTS DEBIT CREDIT 1/1/2015 3 ACCOUNT TO CASH 104 ACCOUNTS RECEIVABLE 5 110 EQUIPMENT 6 111 ACCULL DEPRECIATION-OPEN 201 ACCOUNTS PAYABLE 7 200 NOTES PAVABLE B 001 COMMON STOCK 3. Choose CASH from the dropdown and it will appear in the joumal. The debit amount should be 10.000. Similarly, goderen one line and enter the credit to COMMON STOCK, and the credit to PAID IN CAPITAL IN EXCESS OF PAR D CREDIT 1 2 B DATE ACCOUNTS 1/1/2015 101 CASH B01 COMMON STOCK 302 PAID IN CAPITAL IN EXCESS OF PAR-COMMON DEBIT 120,000 10,000 110,000 4 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 Here is the transaction description: F TRANSACTIONS--RECORD IN JOURNAL 1. On Jan. 1, the company issued 10,000 shares of $1.00 par common stock at a price of $12.00 per share, for cash. Debit Cash for 120,000; credit Common Stock for 10,000, and credit Paid in Capital in Excess for 110,000. TRANSACTIONS--RECORD IN JOURNAL 1. On Jan. 1, the company issued 10,000 shares of $1.00 par common stock at a price of $12.00 per share, for cash. Debit Cash for 120,000; credit Common Stock for 10,000, and credit Paid in Capital in Excess for 110,000. R F TRANSACTIONS--RECORD IN JOURNAL 1. On Jan. 1, the company issued 10,000 shares of $1.00 par common stock at a price of $12.00 per share, for cash. Debit Cash for 120,000; credit Common Stock for 10,000, and credit Paid in Capital in Excess for 110,000. Checking JOURNAL balance: Total Debits Total Credits DR CR HINTS-HELP ACCTS DATA-ENTRY REPORTS ACCOUNT 101 CASH 104 ACCOUNTS RECEIVABLE 106 SUPPLIES 108 PREPAID INSURANCE 110 EQUIPMENT 111 ACCUM DEPRECIATION EQUIPMENT 115 BUILDINGI 120 ACCUM DEPRECIATION BUILDING 201 ACCOUNTS PAYABLE 202 NOTES PAYABLE 301 MARTIN CAPITAL 302 MARTIN DRAWING 400 SERVICE REVENUE 520 DEPRECIATION EXPENSE $40 SUPPLIES EXPENSE 550 INSURANCE EXPENSE 597 RENT EXPENSE HINTS-HELP ACCTS DATA-ENTRY REPORTS DATE ACCOUNTS 1/1/15 DEBIT CREDIT 1/2/15 1/3/15 1/5/15 1/10/15 1/14/15 1/30/15 1/31/15 1/31/15 1/31/151 Debits - Credits? YES EPORTS EDIT Comments 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, S2400. 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 S1,000, 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 S105,000 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 5200 of insurance was used up in January On January 31, depreciation was recorded. Depreciation on the equipment is S100, 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 halanse: Total Debits - Total Credits DR CR HINTS-HELP ACCTS DATA-ENTRY REPORTS TRIAL BALANCE DR CR 0 0 0 0 0 0 0 0 0 0 CR 0 0 0 0 0 0 0 0 MARTIN PROFESSIONAL SERVICES INCOME STATEMENT FOR MONTH ENDED 1/31/2015 400 SERVICE REVENUE 0 0 0 0 O 0 T-ACCTS ACCOUNTS DR 101 CASH 0 104 ACCOUNTS RECEIVABLE 0 106 SUPPLIES 0 108 PREPAID INSURANCE 0 110 EQUIPMENT 0 111 ACCUM. DEPRECIATION-EQUIPMENT 0 115 BUILDING 0 120 ACCUM. DEPRECIATION-BUILDING 0 201 ACCOUNTS PAYABLE 0 202 NOTES PAYABLE 0 301 MARTIN CAPITAL 302 MARTIN DRAWING 0 400 SERVICE REVENUE 520 DEPRECIATION EXPENSE 0 540 SUPPLIES EXPENSE 0 550 INSURANCE EXPENSE 597 RENT EXPENSE 0 S20 DEPRECIATION EXPENSE S40 SUPPLIES EXPENSE 550 INSURANCE EXPENSE 597 RENT EXPENSE NET INCOME O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O 0 0 0 0 0 MARTIN PROFESSIONAL SERVICES BALANCE SHEET 1/31/15 D O 0 0 0 0 OK OK 101 CASH 104 ACCOUNTS RECEIVABLE 106 SUPPLIES 108 PREPAID INSURANCE 110 EQUIPMENT 111 ACCUM. DEPRECIATION-EQUIPMENT 115 BUILDING 120 ACCUM. DEPRECIATION-BUILDING TOTAL ASSETS Check A-LOE comments OE MARTIN PROFESSIONAL SERVICES OWNER'S EQUITY STATEMENT comments FOR MONTH ENDED 1/31/2015 IS 301 MARTIN CAPITAL + NET INCOME SUBTOTAL 302 MARTIN DRAWING 301 MARTIN CAPITAL comments Assets comments Land OE 201 ACCOUNTS PAYABLE 202 NOTES PAYABLE TOTAL LIABILITIES 301 MARTIN CAPITAL TOTAL LIABILITIES & OWNER'S EQUITY A=L+OE Step by Step Solution
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