Question:Need assistance with AIS case, accounting tutors. Must be familiar with US GAPP rules and procedures

1. All information is in the word doc
2. Excel sheet is what needs to be completed
3. Please Use formulas in the sheet that pull the data through the system

Page 1 PART 3 (AR1) SPECIALJ SUBL FOR-CREDIT CASE ASSIGNMENT TEMPLATE FOR STUDENTS Use this spreadsheet template for your solution. Double click to open, then save as Excel workbook to your personal data storage location. SPECIALJ SUBS #2 BACKGROUND AND INSTRUCTIONS SpecialJ SubS #2 Corporation had the following trial balance at 3/1/05: Opening trial balance Debit Credit Cash 100 Accounts receivable 450 Supplies 0 Equipment 0 Payables 0 Long-term debt 0 Contributed capital 445 Retained earnings 105 Revenue 0 Selling Expense 0 Administrative Expense 0 Other expense 0 Accounts receivable beginning balance Beginning balance of accounts receivable represents receivable from customer Joseph Smith. TB and Chart of accounts The trial balance above contains all accounts in the chart of accounts. You are to use only the accounts shown in this chart of accounts. Activity for the month of March follows: Date Activity 3/1/05 The company completed one tax return for a client and billed the client, Joseph Smith, $500 on invoice #101. 3/2/05 The company completed one consulting service and billed the client, Joseph Smith, $100 on invoice #102. 3/3/05 The company borrowed $1,000 on a two-year note, with principle and 8% interest due at maturity. This loan from FNB Destin requires preparation of annual financial statements. 3/4/05 The company purchased one week worth of office supplies for use in the administrative offices, $600 cash. 3/5/05 The company paid current month's administrative expenses in cash, $150. 3/6/05 The company paid sales commissions, $60. 3/15/05 The company completed one tax return for a client and billed the client, Regan Elise, $700 on invoice #103. 3/16/05 Collected $450 from Joseph Smith on invoice #100 (from previous month). 3/17/05 The company completed consulting service for a client, Riggs Auto, and billed the client $300 on invoice #104 3/31/05 The company paid administrative salaries, $70. 3/31/05 The company completed one tax return for a client and billed the client, Riggs Auto, $800 on invoice #105. 3/31/05 The company accrues $7 of interest payable on the outstanding note payable. There are no other adjusting entries for this month. 3/31/05 Collected $400 from Joseph Smith on invoice #101. 3/31/05 Paid $25 dividends to owners. OTHER FACTS AND ASSUMPTIONS The company uses a batch posting system. In that system, detail transaction activity is recorded in the specialized journals and general journal. Then, the totals from the specialized journals are posted, in batch amounts, to the general ledger. General journal entries are posted individually from the general journal to the general ledger. For simplicity, assume that all sales are made on account. Cash sales are not allowed. The company has only one revenue account, Revenue, and three expense accounts, Selling Expense, Administrative Expense, and Other Expense. Although a large company would have many special journals, we will fit all company activities into one of three specialized journals or the general journal. REQUIRED 1. Use the general journal and specialized journals to record the March activity. 2. Post from the credit sales journal (a specialized journal) to the subsidiary accounts receivable ledger. 3. Post from the specialized journals and general journal to the general ledger. 4. Using the general ledger balances, create an income statement and balance sheet in report format for the month of March, 2005. 5. Reconcile the accounts receivable trial balance with the control account (the general ledger account). 6. This is an individual work assignment. Do not work together with other students. See syllabus if you have any question about what this means. 7. Be prepared to answer these questions (you don't have to answer them in this assignment, but you will probably have to answer them on the next exam and/or the final exam): What is the general ledger? What is a special journal? What are subsidiary ledgers? What is a trial balance? Submit the solution into the eLearning dropbox using the template provided at the beginning of Part 3. Use formulas in the sheet that pull the data through the system, e.g., create cell formulas (cell references) in the general ledger that pull the data from the journals. I want to be able to see, from your formulas, that you know how the data flows through the system. 09/16/2017; 41c3588441a658ed2016b5d84afcbb510d79e5a8.xls; Template Type your (student's) name in the box to the right: SpecialJ SubL #2 Corp. Solution template with batch posting 201708 Special journals and general journal Credit sales journal Date Customer Amount End of period balance Date - Amount Description End of period total Cash receipts journal Accounts receivable Amount Customer - General Journal Other account(s) Cash disbursements journal Expense account Date Account Dr Cr Date Other account(s) Amount Description Period total - - Accounts Receivable Subsidiary Ledger Date Joseph Smith Dr + Cr - Bal Date Beginning balance Dr + Cr - Bal Dr + Date Beginning balance Beginning balance - - End of period balance End of period balance Acc rec trial balance (or A/R aging) at 3/31/05 Customer Joseph Smith End of period balance AR Reconciliation Balance per AR trial balance Balance - Balance per GL Balance - - General ledger (partially completed) General ledger Owners' equity Retained earnings Assets Posting reference Beg. Bal. 3/1/05 Sales journal Cash Rec. Jrnl. Cash Disb. Jrnl. Gen. jrnl. Cash 100 100 Accounts receivable Supplies 450 - 450 - Equipment Payables Longterm debt Contributed capital - - Statement of changes in owners' capital Contributed Retained capital earnings Beginning balances 445 105 Stock issuance (repurchase) Net income Dividends Ending balances Revenue - - Financial statements Income statement Revenue Selling Expense Administrative Expense Other expense Net income Retained earnings Balance sheet Assets Cash Accounts receivable Supplies Equipment Total assets Liabilities Payables Long-term debt Owner's capital Contributed capital Retained earnings Total liabilities and owners' capital 100 100 Selling Expense Administr ative Other Expense expense Cr - Bal Chart of accounts Assets Cash Accounts receivable Supplies Equipment Liabilities Payables Long-term debt Owners' equity Contributed capital Retained earnings Profit and loss accounts Revenue Selling Expense Administrative Expense Other expense Opening trial balance Cash Accounts receivable Supplies Equipment Payables Long-term debt Contributed capital Retained earnings Revenue Selling Expense Administrative Expense Other expense Debit 100 450 0 0 Credit 0 0 445 105 0 0 0 0