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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa15cd72c-f52e-4e1b-bfc4-8e6e4b48a9e7%2F6704ef35-f5c5-4dc5-a31d-cb875b7356a4%2F245njti_processed.png&w=3840&q=75)
Transcribed Image Text:**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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education