Question

ch1 Excel ka ta ki DD File Home Insert Draw Page Layout Formulas Data ReviewView Help Tell me what you want to do 凸Share Commen Conditional Format as Cell Insert Delete Format FormattingTable- Styles Merge & Center iter Select Styles G25 1 Echo Lake Corporation 2 Transaction Analysis INFORMATION Echo Lake Corporation started operations on November 1, 2018. The nine transactions that occurred during November appear below Requirements 1. Use Excel to prepare a transaction analysis of the nine transactions. Use the blue shaded areas for inputs a. For each transaction, record the amount (either an increase or decrease) under the correct account. Enter only non-zero amounts. If an account is not affected by the transaction, leave the amount blank. Be sure to use a minus sign (-) if the amount is a decrease. Enter dividends and expenses as negative amounts 0 b. The row totals will be calculated automatically c The accounting equation Assets·Liabilities + Equity should remain in balance after each transaction. The accounting equation is calculated automatically to the right 1 of the transaction table 2. Prepare the income statement, statement of retained earnings, balance sheet, and statement of cash flows for the company. Each financial statement appears ona separate worksheet tab. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the Transaction Analysis tab. t Description Assets Liabilities Equity Contributed Capital Retained Earnings Service Rent Salaries Total T Accounts Office Accounts Common Total A Cash Receivable Supplies Land PayableStock Dividends Revenue Expense Expense Assets Liabilities Equity L SE | Transaction Analysis | Income Statement | Statement of RE Balance Sheet | Statement of Cash Flows

Answer 1

	Description	Assets				Liabilities	Equity
		Cash	Accounts Receivable	Office Supplies	Land	Accounts Payable	Contributed Capital	Retained Earnings
							Common Stock	Dividends	Service Revenue	Rent Expense	Salaries Expense
1		50000					50000
	Balance	50000					50000
2		-23000			23000
	Balance	27000			23000		50000
3				300		300
	Balance	27000		300	23000	300	50000
4		7500							7500
	Balance	34500		300	23000	300	50000		7500
5			2000						2000
	Balance	34500	2000	300	23000	300	50000		9500
6		-2600								-1500	-1100
	Balance	31900	2000	300	23000	300	50000		9500	-1500	-1100
7		-250				-250
	Balance	31650	2000	300	23000	50	50000		9500	-1500	-1100
8		1600	-1600
	Balance	33250	400	300	23000	50	50000		9500	-1500	-1100
9		-4000						-4000
	Balance	29250	400	300	23000	50	50000	-4000	9500	-1500	-1100