Assignment 4: Excel Problems

 

At the end of each module, you will apply the module’s concepts by completing a comprehensive assignment from the textbook.

 

Complete these problems from your text book: (P1-44B  page 47 & P2-46B page 111) related to transaction analysis, journal entries for typical business transactions, adjusting entries and preparation of the trial balance and adjusted trial balance.

 

Present your analysis of the assigned problems in Excel format. Enter non-numerical responses in the same worksheet using textboxes.

 

 

 

Assignment 4 Grading Criteria	Maximum Points
P1-44B:
Prepared income statement	7
Prepared statement of retained earnings	7
Prepared balance sheet	7
P2-46B:
Journalized each transaction	8
Posted transactions to T accounts	8
Prepared trial balance	8
Accuracy and timeliness	5
Total:	50

 

 

 

P1-44b-Accent Photography works weddings and prom –type parties. The balance of capital was 20,000 at Dec 31,2010. At Dec 31,2011, the business’s accounting records show these balances:

 

Insurance expense- 8,000           account receivable- 10,000

 

Cash 31,000                                    note payable- 12,000

 

Accounts payable- 6,000               owners equity ?

 

Advertising expense 1,000            salary expense 27,000

 

Service revenue 81,000                  equipment 60,000

 

Owner withdrawals 15,000             owner investment 33,000

 

Prepare the following financial statements for accent photography for the year ended dec 31,2011.

 

1. Income statement

2. Statement of owner’s equity

3. Balance sheet

 

 

 

P2-46b Warren Smith practices medicine under the business title Warren Smith M.D. during April, the medical practice completed the following transactions:

 

Apr 1. Smith deposited 78,000 cash in the business bank account, the business gave capital to Smith.

 

5 paid monthly rent on medical equipment 780.00

 

9 paid 18,000 cash to purchase land for an office site

 

10 purchased supply on account 1,200

 

19 borrowed 20,000 from the bank for business use. Smith signed a note payable to the bank in the name of the business.

 

22 Paid 800.00 on account

 

30 Revenues earned during the month included 5,900 cash and 4,900 on account

 

30 paid employees’ salaries 2,000 office rent 1,800and utilities 420.00 make a single compound entry

 

30 owner withdrew 9,000

 

The business uses the following accounts receivable; Supplies; land ; Accounts payable; notes payable; Warren Smith, Capital; Warren Smith, withdraws; Service revenue; salary expense; rent expense; utilities expense