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Record the January 2022 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 1: Enter the journal entries in an Excel 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 and into Blackboard. Transactions Date Description Deposit No. / Check No. 1. 1/02/2022 2. 1/02/2022 Deposit #1 3. 1/03/2022 Ck #1001 4. 1/03/2022 Ck #1002 Evy Scout met with her lawyer and CPA for advice on starting the business The lawyer told Ms. Scout to register the company name Evy's Electric Bike Shop with the County of El Paso. In addition, Ms. Scout will get an Employer identification Number (EIN) from the Internal Revenue Service (IRS) and get a sales tax permit from the state of Texas. Ms. Scout opened a business checking account at Wells Fargo Bank by depositing $70,000. The corporation issued her a stock certificate for 7,000 shares of common stock Ms. Scout signed a one-year rental. She was required to pay $9,000 for rent for the months of January 1, 2022 - June 30, 2022. Arranged for a general business liability insurance policy and paid $4,000 to State Penn Insurance. This premium is for twelve months coverage. Purchased a new computer system that cost $5,200 from Computer Inc. for use in the business. Ms. Scout signed a note payable for the cost of the system which will be repaid in 6 months at 10% interest. The computer system has an estimated useful life of five years, and the residual (salvage) value is $400. Only record the purchase of the computer equipment. Signed a note payable to borrow $10,000 from Wells Fargo Bank. Interest is 12% annually and the note is to be repaid with interest in twelve months. Only record the note. Paid $1,100 for shipping supplies. 5. 1/03/2022 6. 1/05/2022 Deposit #2 7. 1/05/2022 Ck #1003 41 Page 8. 1/06/2022 Ck #1004 9. 1/06/2022 Ck #1005 Ck #1006 10. 1/08/2022 11. 1/08/2022 12. 1/09/2022 Ck #1007 13. 1/13/2022 14. 1/14/2022 15. 1/14/2022 Deposit #3 Ck #1008 16. 1/16/2022 17. 1/16/2022 Paid $14,000 for Bike Racks. The estimated service life of these assets is 8 years. The residual (salvage) value is $200. These items will be recorded as Bike Racks and depreciated using straight-line depreciation in the adjusting entries. Only record the purchase of the racks. Arranged for Sun City Movers to make the delivery of the computer system and paid the delivery charge of $750. This charge should be added to the cost of the computer equipment purchased and depreciated on the same basis as the computer equipment. Only record the delivery. Purchased $450 of office supplies from Office Supplies Co. using cash. Purchased $8,000 of merchandise inventory (26" bikes) on account. There were no credit terms for prompt payment. Purchased $6,000 of merchandise inventory (20" bikes) on account. There were no credit terms for prompt payment. Ms. Scout received and paid the $940 charge from her lawyer. Evy's Electric Bike Shop, Inc. is now open for business. Sold merchandise for $11,200 cash. The sales tax for $924 was not included in the sale amount. The cost of the 26" bikes is $4,000; the cost of the 20" bikes is $1,600. This sale has to be delivered to the customer. The merchandise will be shipped FOB destination. Paid $250 to ship the merchandise in transaction #15. Purchased additional 26" bikes on account for $5,000. Credit terms were 2/15, n/30 Recorded cash sales that totaled $11,600. Sales tax of $957 was not included in the sale amount. The cost of merchandise sold was $5,800 (26" bikes were $5,000; 20" bikes were $800). Ms. Scout joined the El Paso Chamber of Commerce. She paid the registration fee of $200. Ms. Scout participated in a biking exhibition held at the convention center. She felt this was a good way to publicize her new business, Convention Center charged Ms. Scout $800. She will pay the bill later. She considers this an advertising and promotion expense. Ms. Scout paid the Convention Center rental. Paid for the bikes purchased on 1/09/2022. Ms. Scout recorded cash sales totaling $7,600. Sales tax of $627 was not included in the sale amount. The cost of the merchandise sold was $3,800 (26" bike $1,000; 20" bike $2,800). Paid the balance due for the 26" bikes. There are two invoices Received but did not pay the utility bill for the month, $445. 18. 1/20/2022 Deposit #4 19. 1/22/2022 Ck #1009 20. 1/23/2022 21. 1/23/2022 22. 1/26/2022 Ck #1010 23. 1/26/2022 Ck #1011 24. 1/27/2022 Deposit #5 Ck #1012 25. 1/27/2022 26. 1/30/2022 27. 1/30/2022 Ck #1013 28. 1/30/2022 29. 1/30/2022 Deposit #6 Paid the first monthly installment on the computer equipment. The payment amount is $910. Of this amount, $43.33 is for interest and $866.67 is for principal. Purchased fifteen 26" bikes for $7,500 and purchased ten 20" bikes for $4,000 on account Recorded sales made for the last week of the month. Total sales were $16,000 cash. Sales tax of $1,320 was not included in the sale. The cost of the merchandise sold was $8,000 (26" bikes $6,000; 20" bikes $2000). Declared and paid a cash dividend of $650 to Ms. Scout. Paid the Sales Tax to the Comptroller. 30. 1/30/2022 31. 1/31/2022 Ck #1014 Ck #1015 Record the January 2022 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 1: Enter the journal entries in an Excel 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 and into Blackboard. Transactions Date Description Deposit No. / Check No. 1. 1/02/2022 2. 1/02/2022 Deposit #1 3. 1/03/2022 Ck #1001 4. 1/03/2022 Ck #1002 Evy Scout met with her lawyer and CPA for advice on starting the business The lawyer told Ms. Scout to register the company name Evy's Electric Bike Shop with the County of El Paso. In addition, Ms. Scout will get an Employer identification Number (EIN) from the Internal Revenue Service (IRS) and get a sales tax permit from the state of Texas. Ms. Scout opened a business checking account at Wells Fargo Bank by depositing $70,000. The corporation issued her a stock certificate for 7,000 shares of common stock Ms. Scout signed a one-year rental. She was required to pay $9,000 for rent for the months of January 1, 2022 - June 30, 2022. Arranged for a general business liability insurance policy and paid $4,000 to State Penn Insurance. This premium is for twelve months coverage. Purchased a new computer system that cost $5,200 from Computer Inc. for use in the business. Ms. Scout signed a note payable for the cost of the system which will be repaid in 6 months at 10% interest. The computer system has an estimated useful life of five years, and the residual (salvage) value is $400. Only record the purchase of the computer equipment. Signed a note payable to borrow $10,000 from Wells Fargo Bank. Interest is 12% annually and the note is to be repaid with interest in twelve months. Only record the note. Paid $1,100 for shipping supplies. 5. 1/03/2022 6. 1/05/2022 Deposit #2 7. 1/05/2022 Ck #1003 41 Page 8. 1/06/2022 Ck #1004 9. 1/06/2022 Ck #1005 Ck #1006 10. 1/08/2022 11. 1/08/2022 12. 1/09/2022 Ck #1007 13. 1/13/2022 14. 1/14/2022 15. 1/14/2022 Deposit #3 Ck #1008 16. 1/16/2022 17. 1/16/2022 Paid $14,000 for Bike Racks. The estimated service life of these assets is 8 years. The residual (salvage) value is $200. These items will be recorded as Bike Racks and depreciated using straight-line depreciation in the adjusting entries. Only record the purchase of the racks. Arranged for Sun City Movers to make the delivery of the computer system and paid the delivery charge of $750. This charge should be added to the cost of the computer equipment purchased and depreciated on the same basis as the computer equipment. Only record the delivery. Purchased $450 of office supplies from Office Supplies Co. using cash. Purchased $8,000 of merchandise inventory (26" bikes) on account. There were no credit terms for prompt payment. Purchased $6,000 of merchandise inventory (20" bikes) on account. There were no credit terms for prompt payment. Ms. Scout received and paid the $940 charge from her lawyer. Evy's Electric Bike Shop, Inc. is now open for business. Sold merchandise for $11,200 cash. The sales tax for $924 was not included in the sale amount. The cost of the 26" bikes is $4,000; the cost of the 20" bikes is $1,600. This sale has to be delivered to the customer. The merchandise will be shipped FOB destination. Paid $250 to ship the merchandise in transaction #15. Purchased additional 26" bikes on account for $5,000. Credit terms were 2/15, n/30 Recorded cash sales that totaled $11,600. Sales tax of $957 was not included in the sale amount. The cost of merchandise sold was $5,800 (26" bikes were $5,000; 20" bikes were $800). Ms. Scout joined the El Paso Chamber of Commerce. She paid the registration fee of $200. Ms. Scout participated in a biking exhibition held at the convention center. She felt this was a good way to publicize her new business, Convention Center charged Ms. Scout $800. She will pay the bill later. She considers this an advertising and promotion expense. Ms. Scout paid the Convention Center rental. Paid for the bikes purchased on 1/09/2022. Ms. Scout recorded cash sales totaling $7,600. Sales tax of $627 was not included in the sale amount. The cost of the merchandise sold was $3,800 (26" bike $1,000; 20" bike $2,800). Paid the balance due for the 26" bikes. There are two invoices Received but did not pay the utility bill for the month, $445. 18. 1/20/2022 Deposit #4 19. 1/22/2022 Ck #1009 20. 1/23/2022 21. 1/23/2022 22. 1/26/2022 Ck #1010 23. 1/26/2022 Ck #1011 24. 1/27/2022 Deposit #5 Ck #1012 25. 1/27/2022 26. 1/30/2022 27. 1/30/2022 Ck #1013 28. 1/30/2022 29. 1/30/2022 Deposit #6 Paid the first monthly installment on the computer equipment. The payment amount is $910. Of this amount, $43.33 is for interest and $866.67 is for principal. Purchased fifteen 26" bikes for $7,500 and purchased ten 20" bikes for $4,000 on account Recorded sales made for the last week of the month. Total sales were $16,000 cash. Sales tax of $1,320 was not included in the sale. The cost of the merchandise sold was $8,000 (26" bikes $6,000; 20" bikes $2000). Declared and paid a cash dividend of $650 to Ms. Scout. Paid the Sales Tax to the Comptroller. 30. 1/30/2022 31. 1/31/2022 Ck #1014 Ck #1015