Please find the answers to the green blanks you see in the attached screenshot. **Excel Spreadsheet Overview: Financial Accounting Transactions**This spreadsheet showcases a series of transactions for an entity, “Wall.” It involves tracking assets, liabilities, and owner’s equity (OE) through a series of activities affecting these financial categories.### Structure:#### Main Columns:- **Column B to J:** Track assets and liabilities in different categories: - Cash (Column C) - Accounts Receivable (C) - Supplies (D) - Equipment (E) - Accounts Payable (F) - Notes Payable (G) - Wall Capital (H) - **Column I & J:** - Remarks for OE (Column I) - Equation A=L+OE validation (Column J)#### Column Headers:- **A = L + OE Check:** Ensures the accounting equation holds true for each transaction.### Indicative Transactions:#### Transactions Listed:1. **Owner Investment:** Starting capital by Wall with $40,000 in cash.2. **Purchase of Supplies:** Supplies acquired for $2,500 on credit.3. **Purchase of Equipment:** Equipment bought for $14,000 via a note payable.4. **Rent Expense:** Rent payment of $1,700 in cash. (Use negative sign for decreases)5. **Consulting Revenue:** Services provided for $5,000 on account.6. **Owner Withdrawal:** $1,600 withdrawn for personal use (Use negative sign for decreases).7. **Utilities Expense:** Utility payment of $600 in cash. (Use negative sign for decreases)8. **Receipt of Cash:** $3,000 received from customers on account. #### Observations:- Each line tracks different transactions affecting the accounting equation.- “True” in Column J indicates the balances align with the accounting principle: **Assets = Liabilities + Owner’s Equity**. #### Additional Information:- Specific instructions on updating related cells are provided, emphasizing use of correct signs for decreases.- Green cells should be filled with accurate values.- The notes specify that the financial statements are automatically generated based on these inputs.### Instructions for Users:- Insert data into specified cells to maintain balance in the accounting equation.- Ensure all transactions are recorded accurately for automatic statement generation.- Upon completion, upload the finalized file via the platform (Canvas) using the designated submission link.This spreadsheet acts as a practical exercise for students to apply theoretical knowledge into real-world accounting tasks, ensuring accurate financial

Accounting Equation signifies that the assets of a frim are always equal to the summation of…

CASH + ACCTS REC + SUPPUES+ EQUIPMT ACCTS PAY + NOTES PAY + WALL CAP Remarks for OE A=L+OE? 1. Owner Investment TRUE Totals TRUE %3D 2. TRUE Totals %3D TRUE 3. TRUE Totals TRUE 4. Rent Expense TRUE Totals TRUE |Consulting Revenue 5. TRUE Totals TRUE 6. |Owner Withdrawal TRUE Totals TRUE 7. Utilities Expense TRUE Totals TRUE 8. TRUE Totals %3D TRUE TRANSACTIONS: 1. Wall began the business with an investment of $40,000 cash. 2. Wall purchased supplies on account for $2,500 3. Wall purchased equipment in the amount of $14,000 signing a note payable for the entire amount. 4. Wall paid rent expense, in cash, of $1,700. Note: be sure to use minus signs for decreases! 5. Wall provided consulting services to a customer for $5,000 on account. 6. Wall withdrew cash in the amount of $1,600 for personal use. 7. Wall paid utilities expense in the amount of $600 in cash. Note: be sure to use minus signs for decreases! Note: be sure to use minus signs for decreases! 8. Wall received cash on account from customers in the amount of $3,000

CASH + ACCTS REC + SUPPUES+ EQUIPMT ACCTS PAY + NOTES PAY + WALL CAP Remarks for OE A=L+OE? 1. Owner Investment TRUE Totals TRUE %3D 2. TRUE Totals %3D TRUE 3. TRUE Totals TRUE 4. Rent Expense TRUE Totals TRUE |Consulting Revenue 5. TRUE Totals TRUE 6. |Owner Withdrawal TRUE Totals TRUE 7. Utilities Expense TRUE Totals TRUE 8. TRUE Totals %3D TRUE TRANSACTIONS: 1. Wall began the business with an investment of $40,000 cash. 2. Wall purchased supplies on account for $2,500 3. Wall purchased equipment in the amount of $14,000 signing a note payable for the entire amount. 4. Wall paid rent expense, in cash, of $1,700. Note: be sure to use minus signs for decreases! 5. Wall provided consulting services to a customer for $5,000 on account. 6. Wall withdrew cash in the amount of $1,600 for personal use. 7. Wall paid utilities expense in the amount of $600 in cash. Note: be sure to use minus signs for decreases! Note: be sure to use minus signs for decreases! 8. Wall received cash on account from customers in the amount of $3,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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