Please complete the assigned project as given on the first excel tab/page

1 answer below »
Please complete the assigned project as given on the first excel tab/page
Answered 3 days AfterMar 01, 2021

Answer To: Please complete the assigned project as given on the first excel tab/page

Nitish Lath answered on Mar 05 2021
134 Votes
Assignment
        ACC                                     Version    Green
         Spreadsheet
            1. On the “AJE” worksheet, prepare the adjusting journal entries in good form for the following items. Identify each entry by letter in Column B. Round all answers to the nearest dollar. Omit explanations. Leave a blank row between each journal entry. All the accounts you need are given on the worksheet. Use only these accounts, written exactly as presented on
the worksheet. (Hint: use cell references.) Prepare journal entries and financial statements for the year ended December 31, 2020. No adjusting entries have been made since December 31, 2019.
                a. Grizzlies, Inc. borrowed money by issuing a nine-month, $14,000, 5.0% note on October 1, 2020 with interest and principal to be paid on maturity.
                
                b. On November 1, 2020, Grizzlies, Inc. rented storage space at a cost of $600 per month. On that date Grizzlies, Inc. recorded Prepaid Rent for five months’ rent paid in advance.
                c. Grizzlies, Inc. recorded the purchase of $5,200 of shop supplies during the year by increasing the Shop Supplies account. A physical count of the shop supplies on December 31, 2020, shows $3,200 in shop supplies on hand.
                d. At the end of 2020, Grizzlies, Inc. performed services on account totalling $13,500 which have not yet been recorded.
                e. On April 1, 2020, Grizzlies, Inc. purchased a 24-month insurance policy for $11,800.
                f. On July 1, 2020, Grizzlies, Inc. collected $12,000 for consulting services to be performed from July 1, 2020 to February 28, 2021. The company credited the Unearned Consulting Revenue account when paid.
                g. Grizzlies, Inc. rented idle office space to Squirrels, Inc. on February 1, 2020, at a rate of $1,300 per month. On this date Grizzlies, Inc. credited Unearned Rent Revenue for one year of rent received in advance.
                h. Grizzlies, Inc. is open five days a week and has a daily payroll of $4,600. Employees are paid every Friday. Assume December 31 is a Wednesday. The payroll is allocated as follows: 20% of the payroll relates to office employees, and the balance relates to sales employees.
                i. Depreciation for store equipment has been calculated to be $1,400 per month.
                j. Depreciation for office equipment has been calculated to be $800 per month.
                k. Utilities expenses of $1,300 were incurred, but not yet recorded. Utilities expense is allocated as follows: 25% relates to the office and the balance relates to the store.
            2. After the above adjusting journal entries are entered on the “AJE” worksheet, the amounts should be linked to the adjustments column of the worksheet tab. Your adjustment amounts on the worksheet should be a cell reference so if you change the debit or credit amount on the “AJE” worksheet, the adjustments column amount will automatically change. Aside from the Unadjusted Trial Balance columns on the worksheet, the "AJE" worksheet should be the only worksheet containing manually entered numbers. Formulas or cell references must be used in the rest of the workbook when a numerical amount is needed.
            3. Complete the adjusted trial balance columns on the worksheet using only formulas. The adjusted trial balance columns of the worksheet should not contain manually entered numbers, only formulas or cell references.
            4. Complete the income statement and balance sheet columns in the worksheet. Again, these columns should not contain manually entered numbers, only formulas or cell references. Points will be awarded for the efficient use of formulas.
            5. Prepare a multi-step income statement on the “IS” worksheet. The income statement should be in good form (proper titles, etc., use examples from your book for guidance) and properly formatted. All cells containing numbers should be formula-driven, not manually entered numbers. The income statement should be linked to the adjusted numbers on the worksheet.
            6. Prepare a retained earnings statement on the “RE” worksheet in good form. Again, all numbers should be cell references or formulas, not manually entered.
            7. Prepare a classified balance sheet as of December 31, 2020 on the “BS” worksheet in good form. Again, all numbers should be cell references or formulas, not manually entered.
            8. On the...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers