Question

EA1-A2 Record Journal Entries In this exercise, you will record four journal entries in Excel. The four transactions you will use, all of which took place during 2016, are as follows: • February 4: Purchased $1,100 of supplies on account • February 12: Received $2,600 of Service Revenue • February 17: Paid $3,100 for Rent Expense • February 27: Recorded an adjusting journal entry for Supplies Expense after determining that the value of remaining supplies is $350 (the company had no supplies prior to February) 1. Create a Blank Workbook and save the file in your Chapter 01 folder as: EA1-A2-JournalEntries-(YourName] 2. In row 1. for the first transaction enter the date (including the year) in column A, the debited account in column B, and the debited amount in column D. 3. Ensure that the format for the date in cell A1 is Short Date. 4. In row 2, for the first transaction enter the credited account in column C and its amount in column E.

Answer 1

Column C Column B Column D Column A Column E Debit Account Credit Account Debit Amount Credit Amount Date Accounts payable Supplies 2016-02-04 1,100 1,100 Service revenue Cash 2016-02-12 2,600 2,600 Rent expense Cash 2016-02-17 3,100 3,100 |Supplies expense |Supplies 2016-02-27 750 750 Working Notes: Supplies purchased on Feb 04 1,100 Less: Supplies remaining on Feb 27 (350) Supplies expenses 750