Question

Extend Your Skills EA1-E1 Enter the Accounting Equation In this exercise, you will enter the accounting equation in Excel. First enter appropriate headers and then enter each accounting equation on subsequent rows. Use proper spacing and include the entire accounting equation based on the figures provided. Assets $53,000, Liabilities $31,000, Equity - ? Assets $91,000, Liabilities-???, Equity $77,000 Assets -??, Liabilities $18,000, Equity $27,000 Assets $116,000, Liabilities - $41,000, Equity -??? Assets $72,000, Liabilities -???, Equity $50,000 EA1-E2 Record Journal Entries for A-Man Corp In this exercise, you will record journal entries in Excel for A-Man Corp. Ensure that each journal entry is recorded in proper form, including date and explanation. The transactions that you will journalize, all of which took place during 2016, are as follows: April 1: Aidan Frank deposited $45,000 in a bank account to start a new business, A-Man Corp. April 3: Purchased office furniture for $8,000 April 4: Purchased $1,200 of supplies on account April 8: Received $2,200 for services provided to clients April 13: Billed clients for $3,000 of services rendered April 18: Paid $800 for the supplies purchased on April 4 April 19: Paid telephone expense of $130 April 23: Received $1,300 from clients who were billed on April 13 April 27: Paid utilities expense of $370 April 29: Aidan Frank withdrew $2,500 for personal use

Answer 1

EA1-E1
	Assets	=	Equity + Liabilities	For c
	Equity	=	Assets - Liabilities	For a and d
	Liabilities	=	Assets - Equity	For b and e
	Assets	Equity	Liability
a	$53,000	$20,000	$31,000
b	$91,000	$77,000	$14,000
c	$45,000	$27,000	$18,000
d	$1,16,000	$75,000	$41,000
e	$72,000	$50,000	$22,000
EA1-E2
2016
Apr-01	Bank	$45,000
	Capital		$45,000
	(Amount deposited to start business)
Apr-03	Furniture	$8,000
	Bank		$8,000
	(Furniture Purchased)
Apr-04	Purchase	$1,200
	Client		$1,200
	(purchsed supplies from client)
Apr-08	Bank	$2,200
	Client		$2,200
	(Money received from client)
Apr-13	Client	$3,000
	Service Revenue		$3,000
	(Services rendered to client)
Apr-18	Client	$800
	Bank		$800
	(Paid to suppliers)
Apr-19	Telephone expense	$130
	Bank		$130
	(Telepnone exp. Paid)
Apr-23	Bank	$1,300
	Client		$1,300
	(Received for services rendered)
Apr-27	Utility exp	$370
	Bank		$370
	(paid for utility)
Apr-29	Drawings	$2,500
	Bank		$2,500
	(Amount drawn for personal use)
Note:- EA1-E3 is exactly same as EA1-E2, just the dates are different.