Required:

1. Using EXCEL => Set up T Accounts for each account listed in the CampIn Inc. Post-Closing Trial Balance.

T-Account example for several accounts.

2. Using EXCEL => Prepare the appropriate journal entry for each of the transactions for CampIn Inc. during the first three months of 2021 (see transactions on page 2).

3. Using EXCEL => Post the journal entries to the appropriate T-Accounts.

Note: You will need to create several new T-Accounts primarily for the income statement accounts used in your journal entries developed in requirement #2.

Assets Cash Accounts Receivable Beg $ 450,000 Inventory Beg s 1,200,000 Beg $ 750,000 Campin Inc. Post Closing Trial Balance 12/31/2020 Credit S S Debit 750,000 450,000 S 10,000 $ $ S 100,000 1,200,000 4,500,000 S 1,350,000 S 850,000 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Inventory Equipment Accumulated Depreciation - Equipment Building Accumulated Depreciation - Building Land Accounts Payable Salaries Payable Mortgage Payable Long-Term Debt Common Stock - Par APIC Retained Earnings S 250,000 $ 1,100,000 S S S S S S 375,000 50,000 1,400,000 2,250,000 6,000 2,994,000 265,000 8,950,000 $0.01 unu $ 8,950,000 Fiscal Year 2021 Transactions Day Month January 15 Sold 1,000 units SUV Tent Systems to Camping World on account Sales Price/Unit COGS/Unit $ $ 650 275 January 30 Sold 2,500 units Truck Tent Systems to Cabela's on account 850 Sales Price/Unit COGS/Unit $ $ 325 January 31 Paid monthly employee salaries $ 42,000 February 12 Received payment from Camping World $ 650,000 February 17 Purchased inventory from supplier in Alaska $ $ 1,000,000 on account February 28 Paid monthly employee salaries $ 42,000 March 2 Received payment from Cabela's $ 2,125,000 March 10 Paid supplier in Alaska for February purchase $ 1,000,000 March 25 Sold 3,000 units Car Tent Systems to Scheels on account Sales Price/Unit COGS/Unit $ $ 550 250 March 31 Paid monthly employee salaries $ 42,000