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L M N P Q R A B D 1 Analyze, Journalize, Post with a few Adjustments F G H K 2 3 1. Make sure you are able to edit the Excel file. You may see a banner across the top of the file 4 that must be clicked to "Enable Editing of the File." 5 6 2. Save your Excel file so that the instructor can determine that it is your file. 7 Here's a format for the file name: YourLastNameLast 4-Lab3.xlsx 8 Excel files use the file extension .xlsx 9 Jane Smith, with student number 982011234 would name her file Smith1234-Lab2.xlsx 10 When you finish the lab, save it and then submit the file through Canvas--Find the TURN-IN link. 11 12 INSTRUCTIONS 13 First--take a look at the sheets in this file. Look below and you will find the HINTS-HELP sheet, the ACCTS sheet, 14 the DATA-ENTRY sheet, and the REPORTS sheet. 15 16 ACCTS In the ACCTS sheet, you will find all accounts. You don't need to copy them or remember them--because 17 they will display automatically in the DATA-ENTRY sheet. 18 19 DATA-ENTRY This is your journal. Remember that for each entry, the debits must equal the credits. You will have a 20 balance indicator that will tell you if you are out of balance. 21 22 REPORTS These are your financial statements--IS, OE and BS. They will be automatically generated. 23 24 1. GO TO the DATA-ENTRY SHEET It appears like this, in green. I entered the date, January 1, 2015. 25 We need to debit cash on line 2. Note the dropdown in column C. 26 The dropdown will display your accounts. 27 D E B DEBIT CREDIT 28 1 DATE ACCOUNTS 29 2 1/1/2015 30 3 31 4 32 5 33 . Here is the transaction description: G 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. 34 A 1/20 B C D E F G H K 30 3 31 4 32 5 33 S 1 ..., Me cumparauu .UUUU Bury. Par CUIR 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. 34 35 2. If you click on the down-arrow, you will see all accounts. 36 37 1 DATE ACCOUNTS 38 2. 1/1/2015 DEBIT CREDIT 39 3 ACCOUNT 40 4 101 CASH 104 ACCOUNTS RECEIVABLE 41 5 110 EQUIPMENT 42 6 111 ACCUM. DEPRECIATION-EQUIPMENT 201 ACCOUNTS PAYABLE 43 7 202 NOTES PAYABLE 44 8 301 COMMON STOCK 45 46 3. Choose CASH from the dropdown and it will appear in the journal. The debit amount'should be 10,000, 47 Similarly, go down one line and enter the credit to COMMON STOCK, and the credit to PAID IN CAPITAL IN EXCESS OF PAR. 48 B 49 D E 1 50 DATE ACCOUNTS DEBIT CREDIT 2 51 1/1/2015 101 CASH 120,000 3 301 COMMON STOCK 52 10,000 4 302 PAID IN CAPITAL IN EXCESS OF PAR-COMMON 53 110,000 5 54 55 56 Note: The accounts you see in the dropdown came from the ACCTS sheet. If you scroll down the page to the bottom 57 of the journal, you will see an indicator showing you if you are in balance... 58 59 I left some comments next to the transactions--plenty of hints as to what to debit, and what to credit for 60 each transaction. 61 62 Special Note: We are using a drop-down for the accounts. It is vital that your account names be spelled 63 exactly as they are in the chart of accounts. Otherwise, the balance lookups won't work right. So, 64 don't type the account names in the Data-Entry sheet; use the drop-downs. HINTS-HELP ACCTS DATA-ENTRY REPORTS F G 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 + Ready L M N P Q R A B D 1 Analyze, Journalize, Post with a few Adjustments F G H K 2 3 1. Make sure you are able to edit the Excel file. You may see a banner across the top of the file 4 that must be clicked to "Enable Editing of the File." 5 6 2. Save your Excel file so that the instructor can determine that it is your file. 7 Here's a format for the file name: YourLastNameLast 4-Lab3.xlsx 8 Excel files use the file extension .xlsx 9 Jane Smith, with student number 982011234 would name her file Smith1234-Lab2.xlsx 10 When you finish the lab, save it and then submit the file through Canvas--Find the TURN-IN link. 11 12 INSTRUCTIONS 13 First--take a look at the sheets in this file. Look below and you will find the HINTS-HELP sheet, the ACCTS sheet, 14 the DATA-ENTRY sheet, and the REPORTS sheet. 15 16 ACCTS In the ACCTS sheet, you will find all accounts. You don't need to copy them or remember them--because 17 they will display automatically in the DATA-ENTRY sheet. 18 19 DATA-ENTRY This is your journal. Remember that for each entry, the debits must equal the credits. You will have a 20 balance indicator that will tell you if you are out of balance. 21 22 REPORTS These are your financial statements--IS, OE and BS. They will be automatically generated. 23 24 1. GO TO the DATA-ENTRY SHEET It appears like this, in green. I entered the date, January 1, 2015. 25 We need to debit cash on line 2. Note the dropdown in column C. 26 The dropdown will display your accounts. 27 D E B DEBIT CREDIT 28 1 DATE ACCOUNTS 29 2 1/1/2015 30 3 31 4 32 5 33 . Here is the transaction description: G 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. 34 A 1/20 B C D E F G H K 30 3 31 4 32 5 33 S 1 ..., Me cumparauu .UUUU Bury. Par CUIR 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. 34 35 2. If you click on the down-arrow, you will see all accounts. 36 37 1 DATE ACCOUNTS 38 2. 1/1/2015 DEBIT CREDIT 39 3 ACCOUNT 40 4 101 CASH 104 ACCOUNTS RECEIVABLE 41 5 110 EQUIPMENT 42 6 111 ACCUM. DEPRECIATION-EQUIPMENT 201 ACCOUNTS PAYABLE 43 7 202 NOTES PAYABLE 44 8 301 COMMON STOCK 45 46 3. Choose CASH from the dropdown and it will appear in the journal. The debit amount'should be 10,000, 47 Similarly, go down one line and enter the credit to COMMON STOCK, and the credit to PAID IN CAPITAL IN EXCESS OF PAR. 48 B 49 D E 1 50 DATE ACCOUNTS DEBIT CREDIT 2 51 1/1/2015 101 CASH 120,000 3 301 COMMON STOCK 52 10,000 4 302 PAID IN CAPITAL IN EXCESS OF PAR-COMMON 53 110,000 5 54 55 56 Note: The accounts you see in the dropdown came from the ACCTS sheet. If you scroll down the page to the bottom 57 of the journal, you will see an indicator showing you if you are in balance... 58 59 I left some comments next to the transactions--plenty of hints as to what to debit, and what to credit for 60 each transaction. 61 62 Special Note: We are using a drop-down for the accounts. It is vital that your account names be spelled 63 exactly as they are in the chart of accounts. Otherwise, the balance lookups won't work right. So, 64 don't type the account names in the Data-Entry sheet; use the drop-downs. HINTS-HELP ACCTS DATA-ENTRY REPORTS F G 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 + Ready