ACC340 ASU Daily Financial Accounting Transactions Excelsheet Help

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GebyyFgbzc

Business Finance

ACC340

Arizona State University

Description

It is time for the staff accountants to begin preparing daily accounting transactions. In preparation for the upcoming audit, the accountants must ensure that these transactions are correct and are free from any misstatement. Because this is a new subsidiary of the company, there are no beginning balances.

As a staff accountant, your job is to do the following:

  • Prepare the 10 transactions below by posting to the general journal. You should use an Excel spreadsheet to accomplish this task.
  • Post the general journal entries to the general ledger in the Excel spreadsheet.
  • Prepare a trial balance from the ending balances on the ledger. You should also use an Excel file for the trial balance.

Transactions

  1. Invested $50,000 in the business
  2. Paid $100 for phone service
  3. Purchased $35,000 equipment on credit
  4. Paid $3,000 for 3 months rent
  5. Paid $5,500 for 6 months of insurance
  6. Paid $1,000 for advertising on credit (Note: This is an expense to the company)
  7. Customer purchased $2,000 on account
  8. Customer in #7 paid $1,000 on account
  9. Paid for #6 advertising
  10. Sold to customer and received $5,000 cash

Unformatted Attachment Preview

LEDGER ACCOUNT Date ACC. NO. 1100 Item Ref Debit Credit Balance Debit Credit LEDGER ACCOUNT Date ACC. NO.1200 Item Ref Debit Credit Balance Debit Credit LEDGER ACCOUNT Date ACC. NO. 1300 Item Ref Debit Credit Balance Debit Credit LEDGER ACCOUNT Date ACC. NO. 1600 Item Ref Debit Credit Balance Debit Credit LEDGER ACCOUNT Date ACC. NO. 1600 Item Ref Debit Credit Balance Debit Credit LEDGER ACCOUNT Date ACC. NO. 1600 Item Ref Debit Credit ACCOUNT Date ACC. NO. 1600 Item Ref Debit Credit ACCOUNT Date Balance Debit Credit Balance Debit Credit ACC. NO. 1600 Item Ref Debit Credit Balance Debit Credit LEDGER ACCOUNT ACC. NO. 3100 Date Item Ref Debit Credit Balance Debit Credit LEDGER ACCOUNT Date ACC. NO. 4100 Item Ref Debit Credit Balance Debit Credit LEDGER ACCOUNT Date ACC. NO. 5300 Item Ref Debit Credit Balance Debit Credit LEDGER ACCOUNT Date ACC. NO. 5400 Item Ref Debit Credit Balance Debit Credit LEDGER ACCOUNT Date ACC. NO. 5400 Item Ref Debit Credit Balance Debit Credit LEDGER ACCOUNT Date ACC. NO. 5400 Item Ref Debit Credit Balance Debit Credit JOURNAL Page: 1 Date Description Post Ref. Debit Credit JOURNAL Page: 2 Date Description Post Ref. Debit Credit Account Name Debit Credit Company name Income Statement Date Revenue Account Title Sales Revenue Amount 7,000.00 Total Revenue 7,000.00 Expenses Account Title Telephone Advertising Total Expenses Net Income Amount 100 1,000.00 1100 5,900.00 Company Name Statement of Owner's Equity Date Beginning Balance, Owners, Capital Investment as of date Net income for date Subtotal Less owner's withdrawals Owner's capital, date Company name Balance Sheet Date Assets ASSETS Account Title Amount Cash 46,400.00 Prepaid Rent 3,000.00 Prepaid Insurance 5,500.00 Accounts Receivable 1,000.00 Equipment 35,000.00 LIABILITIES & EQUITY Account Title Amount Liability Notes Payable 35,000.00 Total Liabilities Equity Owners Equity Total Equity TOTAL ASSETS TOTAL LIABILITIES AND EQUITY 50,000.00
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Explanation & Answer

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LEDGER
ACCOUNT

Date

Cash

Item
1
2
3
4
8
9
10

ACC. NO. 1100

Ref
Owner's Equity
Phone Service
Rent
Insurance
Accounts Receivable
Advertising
Sales Revenue

Debit
50,000

Credit
100
3,000
5,000

1,000
1,000
5,000

Balance
Debit
Credit
50,000
49,900
46,900
41,900
42,900
41,900
46,900

LEDGER
ACCOUNT

Date

Accounts Receivable

Item
Ref
7 Sales Revenue
8 Cash

ACC. NO.1200

Debit
2,000

Credit
1,000

Balance
Debit
Credit
2,000
1,000

LEDGER
ACCOUNT

Date

Owner's Equity

Item
1 Cash

ACC. NO. 1300

Ref

Debit

Credit
50,000

Debit

Balance
Credit...


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