Business Finance
ACC502 GCU Mod 1 Transaction Analysis and Financial Statements Project

ACC502

Question Description

Accounting spreadsheets

Unformatted Attachment Preview

Complete the following exercises and problems in Excel: • • • P1-41A P1-42A P2-29A P1-41A Using the accounting equation for transaction analysisChristopher Turner started a new business, Turner Gymnastics, and completed the following transactions during December:Dec. 1Christopher contributed $21,000 cash in exchange for capital.2Received $3,500 cash from customers for services performed.5Paid $200 cash for office supplies.9Performed services for a customer and billed the customer for services rendered, $2,000.10Received $300 bill for utilities due in two weeks.15Paid for advertising in the local paper, $325.20Paid utility bill received on Dec. 10.25Collected cash from customer billed on Dec. 9.28Paid rent for the month, $2,000.28Paid $1,250 to assistant for wages.30Received $1,800 cash from customers for services performed.31Christopher withdrew $5,000 cash from the business.Analyze the effects of the transactions on the accounting equation of Turner Gymnastics using a format similar to Exhibit 1-4. Learning Objective 4Total Assets $19,425 P1-42APreparing financial statementsPresented here are the accounts of Gate City Answering Service for the year ended December 31, 2014.Land$ 8,000Owner contribution, 2014$ 28,000Notes Payable32,000Accounts Payable11,000Property Tax Expense2,600Accounts Receivable1,000Wayne, Withdrawals30,000Advertising Expense15,000Rent Expense13,000Building145,200Salaries Expense65,000Cash3,000Salaries Payable1,300Equipment16,000Service Revenue192,000Insurance Expense2,500Office Supplies10,000Interest Expense7,000Wayne, Capital, 12/31/1354,000Requirements1.Prepare Gate City Answering Service’s income statement.2.Prepare the statement of owner’s equity.3.Prepare the balance sheet. P2-29A Journalizing transactions, posting journal entries to T-accounts, and preparing atrial balanceVernon Yung practices medicine under the business title Vernon Yung, M.D. During July, the medical practice completed the following transactions:Jul. 1Yung contributed $68,000 cash to the business in exchange for capital.5Paid monthly rent on medical equipment, $560.9Paid $16,000 cash to purchase land to be used in operations.10Purchased office supplies on account, $1,600.19Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business.22Paid $1,300 on account.28The business received a bill for advertising in the daily newspaper to be paid in August, $240.31Revenues earned during the month included $6,500 cash and $5,800 on account.31Paid employees’ salaries $2,500, office rent $1,000, and utilities, $400. Record as a compound entry.31The business received $1,140 for medical screening services to be performed next month.31Yung withdrew cash of $7,000.The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Yung, Capital; Yung, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense.Requirements1.Journalize each transaction. Explanations are not required.2.Post the journal entries to the T-accounts, using transaction dates as posting ref-erences in the ledger accounts. Label the balance of each account Bal.3.Prepare the trial balance of Vernon Yung, M.D. as of July 31, 2015. ...
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Final Answer

Hi there!Attached is an Excel document containing the complete solutions for all 3 problems. Each problem is on a different tab, labeled with that problem's name :)Thanks again, and please let me know if you have any questions :)Selenica

Dec
1
2
5
9
10
15
25
28
28
30
31

Christopher contributed $21,000 cash in exchange for capital
Received $3,500 cash from customers for services performed.
Paid $200 cash for office supplies.
Performed services for a customer and billed the customer for services rendered, $2,000.
Received $300 bill for utilities due in two weeks.
Paid for advertising in the local paper, $325.20. Paid utility bill received on Dec. 10.
25 Collected cash from customer billed on Dec. 9.
Paid rent for the month, $2,000.
Paid $1,250 to assistant for wages.
Received $1,800 cash from customers for services performed.
Christopher withdrew $5,000 cash from the business.
Total Assets $19,425

Assets

Cash

Dec
1
2
Balance
3
Balance

21.000
3.500
24.500
-200
24.300

4
Balance

24.300

Liabilities

Accounts
Receivable

Office
Supplies

6
Balance
7
Balance
8
Balance
9
Balance
10
Balance
11
Balance
12
Balance
Total

24.300
-325
23.975
-300
23.675
2.000
25.675
-2.000
23.675
-1.250
22.425...

Selenica (1623)
UT Austin

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