Question

How do you do question 3?

HWK #2 Instrirtinns [1] Swrd tn this PC john sullivan File Home Insert Draw Design Layout References Mailings Review View Help Tell me what you want to do Share Comments Sparty Corporation has been operating for two years. The December 31, 2017 account balances are Cash Accounts Receivable Inventory Short-term Investments Fquipment $102,540 46,500 149,600 113,650 113,540 $132,000Accounts Payable Salaries Payable 42,610 23,000Notes Payable - long term 16,420Contributed Capital 142,000 169,800 Retained Farnings an During the year 2018, the company had the below activities. Note that none of these activities should impact the income statement, only the balance sheet; we are assuming for simplicity that the company did not have any revenues or expenses during 2018 a. Purchased additional cquipment costing $19,000; paying S4,500 in cash and signing a promissory note to pay the balance in three ycars. b. Issucd 10,000 shares of stock, receiving $69,000 in cash and land valucd at $7,500 from investors. c. Collected S19,000 cash on open accounts reccivable from customers. d. Paid off S33,000 of salarics owed from the prior year c. Reccived a S50,000 loan from the bank, payable in four ycars. f. Ordered supplies worth S5,300 from Concord Supplies to be delivered next month. g. Bought additional inventory for $7,460 on account. h. Returned some defective inventory to a supplier for a full cash refund of $200 i. Paid off $20,000 of notes payable a year early. Ignore interest. j. Purchased additional short-term investments for $4,800 cash. Page 1 of2 60 words + 130% 畑明e G:01 PM O Type here to searchHWK #2 Instrirtinns [1] Swrd tn this PC john sullivan File Home Insert Draw Design Layout References Mailings Review View Help Tell me what you want to do Share Comments I. Copy and paste the above table with the account balances into an Excel spreadsheet. This will be your first worksheet titled Question #1. 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: 2. I. Purchased additional buildings for $123,000 by signing a long term note EventAccounts I. Debit $123,000 Credit Building (+A) Notes Pavable long term (+L $123.000 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 copi 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 include ed and pasted Page 2 of2 60 words + 130% 畑明e G:01 PM O Type here to search

0 0
Add a comment Improve this question Transcribed image text
Know the answer?
Add Answer to:
How do you do question 3? HWK #2 Instrirtinns [1] Swrd tn this PC john sullivan...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • How do you create the journal entries and T-accounts for this problem HWK #2 Instrirtinns [1]...

    How do you create the journal entries and T-accounts for this problem HWK #2 Instrirtinns [1] Swrd tn this PC john sullivan File Home Insert Draw Design Layout References Mailings Review View Help Tell me what you want to do Share Comments Rplar Select Copy Pastr Dictate tyles Spa Corporation has been operating tor two years. The December 31, 2017 account balances are: S132,000 Accounts Payable Salaries Payable Notes Payable long term $102,340 Accounts Receivable Inventory Short-tenm Investments 42,610Sala 46.500...

  • I have completed the first 3 questions and I was wondering if my answers I have...

    I have completed the first 3 questions and I was wondering if my answers I have are correct. I am unsure about the T-account for inventory. Also for question 2 letter f do I need to create a journal entry for this one or not? HWK #2 Instrirtinns [1] Swrd tn this PC john sullivan File Home Insert Draw Design Layout References Mailings Review View Help Tell me what you want to do Share Comments Sparty Corporation has been operating...

  • Please solve question 2 Thanks in advance! Sparty Corporation has been operating for two years. The...

    Please solve question 2 Thanks in advance! Sparty Corporation has been operating for two years. The December 31, 2018 account balances are: Cash Accounts Receivable Inventory Short-term Investments Equipment Land $250,000 65,000 29,000 20,000 180,000 210,000 Accounts Payable Salaries Payable Notes Payable - long term Contributed Capital Retained Earnings $190,000 45,000 175,000 220,000 124,000 During the year 2019, the company had the below activities. Note that none of these activities should impact the income statement, only the balance sheet; we...

  • Submit all your answers to D2L in one Excel file with multiple worksheets. 1. Copy and...

    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...

  • Is this too much? I thought 1-6 to be more like steps then, individual questions. If...

    Is this too much? I thought 1-6 to be more like steps then, individual questions. If it is can you do the 1st and 2nd part/questions with an explanation, please and thank you. HOMEWORK #2 Due September 18, 5:00 pm 10 points Sparty Corporation has been operating for two years. The December 31, 2018 account balances are: Cash $250,000 Accounts Payable $170,000 Accounts Receivable 70,000 Salaries Payable 50,000 Inventory 30,000 Long Term Notes Payable 180,000 Short-term Investments 20,000 Contributed Capital...

  • Sorry for the long problem, but I have done this problem twice and I get different...

    Sorry for the long problem, but I have done this problem twice and I get different totals for assets and liabilities...Thanks. Sparty Corporation has been operating for two years. The December 31, 2018 account balances are: Cash Accounts Receivable Inventory $250.000 65.000 29,000 20.000 180.000 210.000 Accounts Payable Salaries Payable Notes Payable - long term Contributed Capital Retained Earnings $190,000 45,000 175,000 220,000 124,000 Short-term Investments Equipment Land During the year 2019, the company had the below activities. Note that...

  • HOMEWORK #2 Due January 24, 5:00 pm 10 points Sparty Corporation has been operating for two...

    HOMEWORK #2 Due January 24, 5:00 pm 10 points Sparty Corporation has been operating for two years. The December 31, 2018 account balances are: Accounts Payable Salaries Payable $190,000 Cash $250,000 Accounts Receivable 65,000 45,000 Notes Payable – long term Inventory 175,000 29,000 Contributed Capital Retained Earnings Short-term Investments 20,000 220,000 Equipment Land 180,000 210,000 124,000 During the year 2019, the company had the below activities. Note that none of these activities should impact the income statement, only the balance...

  • Please solve #4 (images below for reference) Sparty, Corporation has been operating for two years. The...

    Please solve #4 (images below for reference) Sparty, Corporation has been operating for two years. The December 31, 2018 account balances are: Cash Accounts Receivable Inventory Short-term Investments Equipment Land $250,000 65,000 29,000 20,000 180,000 210,000 | Accounts Payable Salaries Payable Notes Payable - long term Contributed Capital Retained Earnings $190,000 45,000 175,000 220,000 124,000 During the year 2019, the company had the below activities. Note that none of these activities should impact the income statement, only the balance sheet;...

  • Required 1 Required 2 Required 3 Prepare general journal entries to record these transactions using the...

    Required 1 Required 2 Required 3 Prepare general journal entries to record these transactions using the following titles: Cash (101): Accounts Receivable (106): Prepaid Insurance (108), Office Equipment (163)Drafting Equipment (164), Building (170) Land (172): Accounts Payable (201), Notes Payable (250) 3. Aracel, Capital (301):). Aracel, Withdrawals (302), Engineering Fees Earned (402), Wages Expense (601): Equipment Rental Expense (602); Advertising Expense (603), and Repairs Expense (604). Show less OTAS View transaction list Journal entry worksheet 1 2 3 4 5...

  • O'Brien Construction had the following business activities: 1. Stockholders invest $50,000 cash in the corporation. 2....

    O'Brien Construction had the following business activities: 1. Stockholders invest $50,000 cash in the corporation. 2. O'Brien purchased $800 of office supplies on credit. 3. O'Brien purchased office equipment for $14,000, paying $5,000 in cash and signing a 30-day note payable for the remainder. 4. O'Brien paid $400 cash on account for office supplies purchased in transaction 2. 5. O'Brien purchased two acres of land for $20,000, signing a 2-year note payable. 6. O'Brien sold one acre of land at...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT