Question

Submit all your answers to D2L in one Excel file with multiple worksheets. 1. Copy and paste the above table with the account balances into an Excel spreadsheet. This will be your first worksheet titled "Question 81." 2. On a new worksheet titled "Question #2", prepare journal entries for each event that is an accounting transaction. For example, for the following event, the journal entry will be as follows: 1. Purchased additional buildings for $125,000 by signing a long-term note Credit Event 1. Accounts Building (+A) Notes Payable - long term (L) Debit $125,000 $125,000 Note: Do not include this example in your solution. This is just for illustrative purposes. When you are done recording your journal entries sum your columns of debits and credits to make sure they are equal. 3. On a new worksheet titled "Questions #3 and #4", create T-accounts for each account, bringing in the beginning balances from the table you copied and pasted into Excel for #1 above. Be sure you have the balances on the correct side (i.e., debit versus credit) of the account. Note that you should have only one T-account for each account. For example, you should have one T-account for Cash where all journal entries to the cash account are included. 4. Post the effects of the transactions for 2019 to the T-accounts created in #3. See the bottom of page 65 in the textbook for an example of what your T-accounts should look like. 5. On a new worksheet titled "Question #5", prepare a trial balance (see page 68 in the textbook). By referring to cells in your T-accounts bring over the balances from your T-accounts to the trial balance. Use the "Sum” function to add up your debit and credit columns to ensure they are equal. 6. On a new worksheet titled "Question #6", prepare a classified balance sheet for the 2019 year-end balances (see page 69 in the textbook). By referring to cells in your trial balance, bring over the appropriate amounts from the trial balance to your balance sheet. Use the "Sum" function to calculate your totals. Your balance sheet should balance!!!! * English (United States) Focus E-

Answer 1

Prepare journal entries as follows: Credit Event Accounts Cash (+A) Accounts receivable (-A) Debit $15.000 $15,000 $2.000 Inventory (+A) Accounts payable (+L) $2.000 $70,000 Cash (+A) Notes payable-Long term (+L) $70,000 $5,000 Short-term Investment (+A) Cash (-A) $5,000 $1,000 Accounts payable (-L) Inventory (-A) $1.000 No entry required as only order take place $25,000 Note payable-Longterm (-L) Cash (-A) $25,000

  

$40.000 Equipment (+A) Note payable-longterm (+L) Cash (-A) $30,000 $10,000 Cash (+A) Land (+A) Common stock (+ SE) $100,000 $8.000 $108.000 $30,000 Salaries payable (-L) Cash (-A) $30.000

Where,

A = Assets

L= Liabilities

SE = Shareholderss' equity

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Prepare T-Accounts as follows:

Cash
Beg. Bal.	$250,000	d	$5,000
a	$15,000	g	$25,000
c	$70,000	h	$10,000
i	$100,000	j	$30,000
End. Bal.	$365,000
Accounts receivable
Beg. Bal.	$65,000	a	$15,000
End. Bal.	$50,000
Inventory
Beg. Bal.	$29,000	e	$1,000
b	$2,000
End. Bal.	$30,000
Short-term Investments
Beg. Bal.	$20,000
d	$5,000
End. Bal.	$25,000
Equipment
Beg. Bal.	$180,000
h	$40,000
End. Bal.	$220,000
Land
Beg. Bal.	$210,000
i	$8,000
End. Bal.	$218,000

Accounts payable
e	$1,000	Beg. Bal.	$190,000
		b	$2,000
		End. Bal.	$191,000
Salaries payable
j	$30,000	Beg. Bal.	$45,000
		End. Bal.	$15,000
Notes payable-Longterm
g	$25,000	Beg. Bal.	$175,000
		c	$70,000
		h	$30,000
		End. Bal.	$250,000
Contributed Capital
		Beg. Bal.	$220,000
		i	$108,000
		End. Bal.	$328,000
Retained Earnings
		Beg. Bal.	$124,000
		End. Bal.	$124,000

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Prepare balance Sheet as follows:

Sparty Corp.
Balance Sheet
December 31, 2019
Assets:
Current assets:
Cash	$365,000
Accounts receivable	$50,000
short-term investments	$30,000
Inventory	$25,000
Total Current assets		$470,000
Property, plant and equipment:
Equipment	$220,000
Land	$218,000	$438,000
Total Assets		$908,000
Liabilities:
Current:
Accounts payable	$191,000
Salaries payable	$15,000
Total Current liabilities		$206,000
Notes payable-Longterm		$250,000
Stockholders' Equity
Contributed capital	$328,000
Retained Earnings	$124,000	$452,000
Total Liabilities & Stockholders' Equity		$908,000