Please help with this spreadsheet. The instructions are on the word document.

Thanks! :)

GENERAL JOURNAL DATE DESCRIPTION GENERAL JOURNAL DATE 5/6/16 DESCRIPTION Page POST. REF. DEBIT CREDIT Page POST. REF. DEBIT CREDIT 5/6/16 Asset Information: Truck, $5,000 cost, 5 year life, $500 salvage value Computation Month May-14 Depreciable Cost End of Year Depreciation = Rate Monthly Depreciation Expense Accumulated Depreciation SP16 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Asset Information: Lawn Mower, $300 cost, 2 year life, $0 salvage value Computation Month May-14 Depreciable Cost End of Year Depreciation = Rate Monthly Depreciation Expense Accumulated Depreciation Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Asset Information: Aerator, $500 cost, 2 year life, $0 salvage value Computation Month May-14 Jun-14 Jul-14 3 Depreciable Cost End of Year Depreciation = Rate Monthly Depreciation Expense Accumulated Depreciation Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Asset Information: Building, $37,000 cost, 10 year life, $5,000 salvage value Computation Month Jun-14 Depreciable Cost End of Year Depreciation = Rate Monthly Depreciation Expense Accumulated Depreciation Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Asset Information: Trailer, $2,300 cost, 5 year life, $0 salvage value Computation Month Jun-14 Depreciable Cost End of Year Depreciation = Rate Monthly Depreciation Expense Accumulated Depreciation Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Asset Information: Trimmer, $1,200 cost, 2 year life, $0 salvage value Computation 4 End of Year Month Jun-14 Depreciable Cost Depreciation = Rate Monthly Depreciation Expense Accumulated Depreciation Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Asset Information: Leaf Blower, $1,500 cost, 2 year life, $0 salvage value Computation Month Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 5 Depreciable Cost End of Year Depreciation = Rate Monthly Depreciation Expense Accumulated Depreciation Book Value Book Value Book Value 6 alvage value Book Value Book Value 7 Book Value Book Value 8 Asset Information: Truck, $5,000 cost, 5 year life, $500 salvage value Computation Month May-14 Depreciable Cost End of Year Depreciation = Rate Monthly Depreciation Expense Accumulated Depreciation Book Value SP16 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Asset Information: Lawn Mower, $300 cost, 2 year life, $0 salvage value Computation Month May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 9 Depreciable Cost End of Year Depreciation = Rate Monthly Depreciation Expense Accumulated Depreciation Book Value Dec-14 Asset Information: Aerator, $500 cost, 2 year life, $0 salvage value Computation Month May-14 Depreciable Cost End of Year Depreciation = Rate Monthly Depreciation Expense Accumulated Depreciation Book Value Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Asset Information: Building, $37,000 cost, 10 year life, $5,000 salvage value Computation Month Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 10 Depreciable Cost End of Year Depreciation = Rate Monthly Depreciation Expense Accumulated Depreciation Book Value Nov-14 Dec-14 Asset Information: Trailer, $2,300 cost, 5 year life, $0 salvage value Computation Month Jun-14 Depreciable Cost End of Year Depreciation = Rate Monthly Depreciation Expense Accumulated Depreciation Book Value Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Asset Information: Trimmer, $1,200 cost, 2 year life, $0 salvage value Computation Month Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 11 Depreciable Cost End of Year Depreciation = Rate Monthly Depreciation Expense Accumulated Depreciation Book Value Nov-14 Dec-14 Asset Information: Leaf Blower, $1,500 cost, 2 year life, $0 salvage value Computation Month Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 12 Depreciable Cost End of Year Depreciation = Rate Monthly Depreciation Expense Accumulated Depreciation Book Value Bill's Lawn Care Mini Practice Part 5 In June, Bill made several purchases to accommodate his growing business. June 2 Bill purchased a storage location for lawn care equipment, paid $45,000 for a building on 1 acre. The land is appraised at $8,000. The building has an estimated life of 10 years with a $5,000 salvage value. Bill paid $2,000 down and financed the remaining purchase price with a 5% 5 year note. June 4 Bill purchased a trailer to haul lawn care equipment for $2,300; estimated life is 5 years with no salvage value. Bill paid for the purchase in cash. June 5 Bill purchased a gas powered trimmer for $1,200 and a commercial leaf-blower for $1,500. Bill estimates they will each have a two year life and no salvage value. Bill paid for both of these pieces of equipment on account. These are in addition to the three assets Bill acquired in May: Date May 2 5 5 Item Truck Lawn Mower Aerator Cost $5,000 $300 $500 Estimated Life 5 years 2 years 2 years Salvage Value $500 $0 $0 Depreciation was recorded in May for these assets using the straight-line method however Bill is considering other depreciation methods and has asked you to prepare a comparison of the straight-line method with the double declining balance (200% DDB) method before he decides. Instructions: 1. Using the chart of accounts provided below and the Excel template provided with this assignment, record the transactions for the new assets purchased in June, 2014. Start with Page 7 for the journal entries. Explanations are optional. 2. Prepare a monthly schedule of depreciation for each of the seven assets for 2014 using 1) straight-line and 2) 200% DDB. (Assume assets purchased before the 15 th of the month will be depreciated as if owned for the entire month). Remember that you are calculating monthly depreciation, not annual and adjust your depreciation rate. Carry your depreciation rate to four decimals and round the depreciation expense to two decimals. 3. Bill has decided that equipment will be depreciated using straight-line and the building using 200% DDB. Prepare the adjusting journal entries for depreciation for the month of June, 2014. Start with Page 8 for the adjusting journal entries. Explanations are optional. Bill's Lawn Care Chart of Accounts Classification ASSETS LIABILITIES OWNER'S EQUITY REVENUES COST OF GOODS SOLD EXPENSES Account Number Account Name 101 Cash 110 Accounts Receivable 112 Allowance for Doubtful Accounts 115 Notes Receivable 116 Interest Receivable 120 Supplies 130 Prepaid Insurance 140 Inventory 150 Equipment 152 Land 153 Building 155 Accumulated Depreciation - Equipment 156 Accumulated Depreciation - Building 201 Accounts Payable 220 Notes Payable 225 Interest Payable 301 Owner's Capital 305 Owner's Drawings 310 Income Summary 401 Lawn Service Revenue 410 Sales Revenue 415 Sales Returns and Allowances 420 Interest Income 501 Purchases 505 Purchase Returns and Allowances 620 Supplies Expense 630 Fuel Expense Classification Account Number Account Name 640 Repair and Maintenance Expense 650 Advertising Expense 660 Insurance Expense 670 Depreciation Expense 680 Interest Expense 690 Bad Debt Expense 695 Miscellaneous Expense