Record these 3 months (quarter of a fiscal year) of transactions using your Excel Accounting Workbook with the following ... 1) Journal 2) Ledger Accounts 3) Trial Balance 4) Balance Sheet 5) Income Statement 6) COA

Rubric:

Structure/Submittal of the Excel Workbooks: 70 points (-5 for each incorrect item ie. Titles, Worksheet structure and view, formulas)

Financial Data Accuracy: 30 points (0-2 errors -0; 3-6 errors -5; 7-10 errors -10; 11-14 errors -20, 15+ errors -30)

8/1 - Sarah Smiles, the owner of a small photography business, is getting bigger and needs to hire bookkeeper. She has been keeping her accounting records herself and has provided you with her last balance sheet. It is as follows...(See Handout)

8/1 - Sarah took out a mortgage with Sun Bank to purchase a studio for $100,000 to grow the business.

8/2 - Bought $7,000 of furniture from Furniture Superstore with her store credit card.

8/3 - Bought $2,000 worth of supplies on account. The vender is Photo Supplies R Us.

8/4 - Bought $3,000 photo paper, frames, and materials for photo books to be sold from Photo Supplies R Us. She charges $220 per hour for the service she provides. Sarah includes sales tax in the sale price.

8/5 - Bought a 6-Month insurance policy from All State for $850.

8/6 - Was hired to be the photographer for Stacy Chapburn's wedding. Stacy gave "Studio 16" a deposit of $1,000 to hold the date.

8/7 - Amy Fackler, a previous cash customer, came back and bought 2 photo books from "Studio 16" for $100 a piece, but only paid $50. Those books cost "Studio 16" $15 a piece.

8/13 - Hired an assistant, Marty Costello, for the Chapburn wedding and paid him $400.

8/20 - Paid utility bills to PSE&G totaling $500.

8/22 - Was paid $4,000 up front from Christine Zimmer for her engagement photos and upcoming wedding.

9/1 - Paid mortgage of $1,000. ($300 went towards principal, $250 went towards interest, and $450 went towards realestate taxes)

9/15 - Took senior pictures all last week (40 hours) for Triton High School seniors totaling $8,800, but did not get paid immediately.

9/15 - Paid off our bill from "Photo Supplies R Us"

9/15 - Made payment to the Furniture Superstore Credit Card for $500 ($400 went to principal; $100 went to interest)

10/1 - Received payment of $5,000 from Triton High School.

10/1 - Paid mortgage of $1,000. ($300 went towards principal, $250 went towards interest, and $450 went towards realestate taxes)

10/5 - You complete Chirstine's engagement photos and wedding that was paid in full up front. Her total order included 2 days of photographing (12 hours) a photo book for $1,360 that cost "Studio 16" $350.

10/28 - Performed Stacy's wedding for a total of $3,500 Less the deposit. (Included in that $3,500 was the sale of a photo book for $1,000 and frame pictures sold for $800. The inventory sold cost Studio 16 $300)

10/30 - End of the quarter you realize some of your insurance has expired.

10/30 - End of the quarter you realize you only have $300 worth of supplies left.

10/30 - We realize we owe $600 to our employees from previous job worked.

10/30 - Sarah includes sales tax in all sale prices charged to the customer. She is still responsible to pay the 7% sales tax on her sales for this quater to be paid 12/1.

10/30 - Sarah realizes she can depreciate her camera at a rate of $700 per year.

10/30 - The owner withdrew $2,500 from the business.