Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 4, Problem 1R
To determine
Show the printout of worksheet of FMERCH.
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A table of data for a library is shown in the table. Normalize these data into the third normal form, preparing it for use in a relational database environment. The library’s computer is programmed to compute the due date to be 14 days after the checkout date. Document the steps necessary to normalize the data similar to the procedures found in the chapter. Index any fields necessary and show how the databases are related.
The following transactions occurred for Luminary Engineering:
View the transactions. View the journal entries.
Read the requirements.
Requirements 1 and 2. Post the journal entries (including dates) to the T-accounts. Compute the July 31 balance for each account. Use a "Bal." posting reference on the proper side of each account to show the ending balances of the
accounts. (For accounts with a $0 balance, make sure to enter "0" in the appropriate input field on the normal side of the account.)
Accounts Payable
Cash
Accounts Receivable
Supplies
Equipment
Notes Payable
Common Stock
Dividends
Service Revenue
Utilities Expense
Transactions
Jul. 2
Jul. 4
Jul. 5
Jul. 10
Jul. 12
Jul. 19
Jul. 21
Jul. 27
Requirements
Received $9,000 contribution from Bob Luminary in exchange for common stock.
Paid utilities expense of $420.
Purchased equipment on account, $2,400.
Performed services for a client on account, $2,900.
Borrowed $7,600 cash, signing a notes payable.
Paid cash dividends of $500 to…
You can also right-click either navigation arrow to open a dialog box that lists all of the worksheets in the workbook.
7
Directions:
8
On the Accounts Receivable Ledger worksheet use the blank form to open an account for a new customer, Andrews Career Center, their customer number is 110.
The opening account balance for Andrews Career Center is 1,300.00. Use February 1 for the opening balance date.
Post the transactions from each journal provided, Sales, Cash Receipts and General, into the appropriate customer accounts in the Accounts Receivable Subsidiary ledger. Each
journal has a separate worksheet.
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HINTS: the Accounts Receivable Subsidiary Ledger deals with customers only so only post the amounts that affect a customer. How can you tell if a transaction affects a customer?
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See if the journal transaction identifies a customer by name. If it does you need to determine if the amount is a debit or credit. How can you tell? Look at column heading, it will
Chapter 4 Solutions
Excel Applications for Accounting Principles
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- The following information is for Bonnies Buds, a nursery and floral shop, for the month ended May 31, 2012: Open the file FMERCH from the website for this book at cengagebrain.com. Enter all formulas and titles where indicated on the worksheet. For example, FORMULA2 is =G29 and TITLE A is Sales Discount. When you are finished, make sure that your balance sheet balances. Enter your name in cell A1. Save your completed file as FMERCH2. Print the worksheet. Also print your formulas. Check figure: Total assets (cell G101), 545,880.arrow_forwardThe general ledger of Jay Consulting shows the following balances at July 31: Jay has asked you to develop a worksheet that will serve as a trial balance (file name PTB). Use the data provided as input for your model. Review the Model-Building Problem Checklist on page 154 to ensure that your worksheet is complete. Print the worksheet when done. Check figure: Total debits, 17,731. To test your model, use the following balances at August 31: Print the worksheet when done. Check figure: Total debits, 18,810. CHART (optional) Using the test data worksheet, prepare a pie chart showing the percentage of each asset to total assets. Print the chart when done.arrow_forwardDinesh bhaiarrow_forward
- Make first a proper Chart of Accounts. Then make a proper Trial Balance from the following accounts and balances listed in alphabetical order for MN Company for August 31 of the current year. Put them in the correct order along with their debit and credit balances on your Trial Balance. Total the DR and CR column and make sure they balance. Make sure you have a heading. We will work on this in class. Upload here on D2L if you are not yet finished in class. Accounts Payable $2300, Accounts Receivable $1200, Accumulated Depreciation-Equipment $800, Advertising Expense $200, Cash $3400, Equipment $12,500, Furniture and Fixtures $6700, MN, Capital, $6500, MN, Drawing $500, Notes Payable $8000, Prepaid Insurance $1200, Professional Fees $10,000, Rent Expense $500, Supplies $100, Utilities Expense $300, Wages Expense $1000.arrow_forwardPlease verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021 trial balance before posting. There are two tabs in the Excel spreadsheet: Income Statement Accounts and Balance Sheet Accounts. You will need both tabs to post to all the accounts. Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June. General Journal Date Description Post Ref. Debit Credit June 3 Inventory 116 50,400 Accounts Payable 210 50,400 June 6 Accounts Receivable 111 17,400 Sales 410 17,400 Costs Of Goods Sold 510 12,000 Inventory 116 12,000 June 8 Notes Receivable 114 500 Bad Debt Expense 522 500 June 10 Cash 104 40,000 Salaries Payable 211 40,000 Cash 104 26,000 Office Salaries Expense…arrow_forwardRaymond Autobody Shop has the following accounts: A (Click the icon to view the accounts.) Create a chart of accounts for Raymond Autobody Shop using the standard numbering system. Each account is separated by a factor of 10. For example, the first asset account will be 100 and the next asset account will 110. (Use the first available line under each section, Asset, Liabilities, etc., when selecting the accounts. If a box is not used, leave the box empty; do not select any labels.) Balance Sheet Accounts - X More info Assets Liabilities Equity Accounts Payable Service Revenue Cash Equipment Utilities Expense Common Stock Automotive Supplies Advertising Expense Income Statement Accounts Dividends Unearned Revenue (Part of Equity) Retained Earnings Revenues Expenses Print Donearrow_forward
- Nicole’s Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents informaccounting processes. She also needs some help reconciling NGS’s bank account.Required:1. For each source document shown below, prepare the appropriate journal entry or indicate thatno journal entry is required.a. Purchase order dated October 13 for massage chairs costing $765 and oil suppliescosting $240.arrow_forward! Required information [The following information applies to the questions displayed below.] Start your QuickBooks Online company. Complete all the hands-on work, step-by-step activities presented on pages 53- 94, and Exercises 2-1, 2-2 and 2-3 on pages 94-96. To answer the questions below, use the information in QuickBooks from your Chapter 2 work. Required: 1. On the Chart of Accounts, why are the account type and detail type selections important? 2. To explain the account and detail types, three accounts have been given in the table below. Select the appropriate answers for account type, detail type, account number, and corresponding financial statement for each account. Complete this question by entering your answers in the tabs below. Required A Required B To explain the account and detail types, three accounts have been given in the table below. Select the appropriate answers for account number, and corresponding financial statement for each account. Account Accounts Payable…arrow_forwardFor her flower sales, Beatrice is entering a number of customer payments as a bank deposit. After she selects a particular customer, what should she do next? Select an answer: Enter a description of the flowers. Select Product Sales under Account. Create an invoice for the sale.arrow_forward
- Click on the "Prepare Fin Sts" tab and enter your name in Cell C1. If Cell C1 is left blank, you will not be able to see your score. Each graded cell is highlighted in yellow. Select all account titles/labels using dropdowns. Enter formulas for all dollar amounts. The formula must only contain cell addresses. Each correct formula will begin with =, +, or -. The basic mathematical operators are +, -, * and / Addition: To add the values in cells A1 and B4, the formula is =A1+B4 Subtraction: To subtract the value in cell B4 from the value in cell A1, the formula is =A1-B4 Multiplication: To multiply the values in cells A1 and B4, the formula is =A1*B4 Division: To divide the value in cell A1 by the value in cell B4, the formula is =A1/B4 THIS FILE REQUIRES THE USE OF =SUM FOR ALL TOTALS AND SUBTOTALS The =SUM function adds all values…arrow_forwardAdditional Activities Directions: Do the task listed bélow using the transacions of Matapang Company for Deccmber 2019. Writc your answers on a separate sheet of paper. 1. Prepare the journal entries. 2. Post each transaction to its ledger account. 3. Prepare the trial balance. 4. Use the provided account numbers. Ralph Matapang cstablishcd Happy Repair Busincss. The following are the transactions for the montb of Decembocr 2019. Dec. He invested P150,000 in the firm. He paid P8,000 for monthly rent. He bought supplies on account amounting to P7,200. He purchascd office equipment amounting to P75,000. paid P37,000 and the balance on account. 2. 2. 3. He paid accounts payable for supplies purchased worth P7,200. He paid P6,000 for the salary of an employec. He received P20,000 for services rendered. He billed clients P48,000 for services on account. 8. 14. 20. 28. 31. Matapang withdrew P12,000 for his personal use. 302 Matapang, Drawings 401 Service Revenue 101 Cash 102 Accounts…arrow_forwardSee the picture below. I need help with the items in the red boxes as those came back as incorrect.arrow_forward
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