Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Question
Chapter 6, Problem 5R
a.
To determine
Prepare a chart with the given data and explain the objective of preparing the chart.
b.
To determine
Prepare a chart with the given data and explain the trend.
To determine
Prepare the analysis of aging accounts receivable after altering additional data.
To determine
Prepare a 3-D column chart to show the total estimated uncollectible accounts expense.
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Please verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021 trial balance before posting. There are two tabs in the Excel spreadsheet: Income Statement Accounts and Balance Sheet Accounts. You will need both tabs to post to all the accounts.
Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June.
General Journal
Date
Description
Post
Ref.
Debit
Credit
June 3
Inventory
116
50,400
Accounts Payable
210
50,400
June 6
Accounts Receivable
111
17,400
Sales
410
17,400
Costs Of Goods Sold
510
12,000
Inventory
116
12,000
June 8
Notes Receivable
114
500
Bad Debt Expense
522
500
June 10
Cash
104
40,000
Salaries Payable
211
40,000
Cash
104
26,000
Office Salaries Expense…
Your company has loaned money to an outside entity. You earned the monthly interest on the loan but have not received the payment yet. The payment is expected to be received next month. To capture the interest expected to be received in the future, you have created account #901, Interest Receivable, in your chart of accounts and booked the journal entry to DR: Interest Receivable and CR: Interest Income. While the basic journal entry was correct, your manager is questioning how you set up this new account. What needs to be corrected in the chart of accounts shown below, and how would you fix it?
Teacher Feedback: Review the detail type and the account number.
Your company has loaned money to an outside entity. You earned the monthly interest on the loan but have not received the payment yet. The payment is expected to be received next month. To capture the interest expected to be received in the future, you have created account #901, Interest Receivable, in your chart of accounts and booked the journal entry to DR: Interest Receivable and CR: Interest Income. While the basic journal entry was correct, your manager is questioning how you set up this new account. What needs to be corrected in the chart of accounts shown below, and how would you fix it?
Chapter 6 Solutions
Excel Applications for Accounting Principles
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Similar questions
- Your company has loaned money to an outside entity. You earned the monthly interest on the loan but did not receive the payment yet. The payment is expected to be received next month. To capture the interest expected to be received in the future you have created account #901 , Interest Receivable in your chart of accounts and booked the journal entry to DR: Interest Receivable and CR: Interest Income. While the basic journal entry was correct, your manager is questioning how you setup this new account. Based on this image of the chart of accounts below what needs to be corrected and how would you correct this?arrow_forwardAccount balances Consider the changes in the accounts payable, accounts receivable, and cash accounts. Use T accounts to find the missing values. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. During February, $195,500 was paid to creditors on account, and purchases on account were $207,600. Assuming the February 28 balance of Accounts Payable was $60,500, determine the account balance on February 1. Round your answer to the nearest dollar. $ b. On October 1, the accounts receivable account balance was $117,800. During October, $473,900 was collected from customers on account. Assuming the October 31 balance was $137,960, determine the fees billed to customers on account during October. Round your answer to the nearest dollar. X c. On April 1, the cash account ance was $50,140. During April, receipts totaled $265,500 and the April 30 was…arrow_forwardCreate a chart that would show the fluctuation of revenue throughout the month. Put a note in the worksheet stating which day of the month has the highest sale show the solution using excelarrow_forward
- Using the ending balances shown in the Partial Adjusted Trial Balance listed below, what is the total dollar ($) balance for the accounts that have a normal credit balance? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 Partial Adjusted Trial Balance December 31, 20xx Accounts Normal Balance Cash 10,000 Accounts Receivable 5,000 Inventory 150,000 Sales Tax Payable 50,000 Accounts Payable 1,000 Deferred Revenue 10,000 Current Portion Long-term Debt 10,000 Long-term Debt Common Stock 50,000 25,000 Treasury Stock Retained Earnings 3,000 50,000 Dividends 5,000 20,000 Service Revenue Cost of Good Sold 5,000 Rent Expense 5.000 ASUS 13 f4 f5 f6 f7 E3 X f9 f10 f11 4. 5 6 9. C8 图 %24arrow_forwardPart of your job is to review customer requests for credit. You have three new credit applications on your desk and part of your analysis requires that the current ratios and quick ratios be compared a. Complete the following schedule. (Round the final answers to 2 decimal places.) Account Cash Current non-strategic investments Current receivables Inventory Prepaid expenses Land Current liabilities Current ratio Quick ratio $ $ S $ $ $ $ Kasta 3.900 0 4,320 2,900 460 5,550 3,780 4 1 $ $ $ $ $ $ $ Nasta 1,640 0 1,740 1,610 930 6,380 2,410 $ S $ $ $ 5 5 Dusta 3,300 1,300 310 14,530 4720 25.750 11,080arrow_forwardBeta Watches completed the following selected transactions during 2024 and 2025: (Click the icon to view the transactions.) Read the requirements. Requirement 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you, assuming the accounts begin with a zero balance. Record the transactions in the general journal (omit explanations), and post to the two T-accounts. (Record debits first, then credits. Exclude explanations from journal entries. Abbreviations used: Adj. = Adjusting entry, Clos. = Closing entry, W/O = Write-off.) Begin by recording the 2024 transactions in the general journal Dec. 31: Estimated that bad debts expense for the year was 3% of credit sales of $430.000 and recorded that amount as expense. The company uses the allowance method. Date 2024 Dec 31 (Adj.) Accounts and Explanation Requirements Debit Credit 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you, assuming the accounts begin with a…arrow_forward
- Solve for the missing amounts in the T-account given below. Assume that there is only one debit entry and one credit entry in the account during the month. Required: a. Accounts Payable had a balance of $3,200 at the beginning of the month and $3,800 at the end of the month. During the month, purchases on account amounted to $6,700. Calculate the payments to suppliers during the month. b. Accounts Receivable had a balance of $21,800 at the beginning of the month and $20,000 at the end of the month. Cash collected from customers totaled $77,000 during the month. Calculate credit sales during the month, assuming that all sales were made on account. Complete this question by entering your answers in the tabs below. Required A Required B Accounts Payable had a balance of $3,200 at the beginning of the month and $3,800 at the end of the month. During the month, purchases on account amounted to $6,700. Calculate the payments to suppliers during the month. Accounts Payable Debit Payments to…arrow_forwardMake first a proper Chart of Accounts. Then make a proper Trial Balance from the following accounts and balances listed in alphabetical order for MN Company for August 31 of the current year. Put them in the correct order along with their debit and credit balances on your Trial Balance. Total the DR and CR column and make sure they balance. Make sure you have a heading. We will work on this in class. Upload here on D2L if you are not yet finished in class. Accounts Payable $2300, Accounts Receivable $1200, Accumulated Depreciation-Equipment $800, Advertising Expense $200, Cash $3400, Equipment $12,500, Furniture and Fixtures $6700, MN, Capital, $6500, MN, Drawing $500, Notes Payable $8000, Prepaid Insurance $1200, Professional Fees $10,000, Rent Expense $500, Supplies $100, Utilities Expense $300, Wages Expense $1000.arrow_forwardPost the journal entries for the transactions to the following t-accounts. Each of which started the month with a zero balance. *****the drop down options for the first column are: a., b(1), b(2), c(1), c(2), d., e., f., g., h., i. For columns 2 and 3 you input a number for column 4 the drop down options are: a., b(1), b(2), c(1), c(2), d., e., f., g., h., i. to clarify, column 1 starts at the top and ends with "ending balance" column 2 starts at the top and ends with "0" in the photos provided Please don't add numbers to columns 1 or 4 only the drop down letters. Thank you!arrow_forward
- You can also right-click either navigation arrow to open a dialog box that lists all of the worksheets in the workbook. 7 Directions: 8 On the Accounts Receivable Ledger worksheet use the blank form to open an account for a new customer, Andrews Career Center, their customer number is 110. The opening account balance for Andrews Career Center is 1,300.00. Use February 1 for the opening balance date. Post the transactions from each journal provided, Sales, Cash Receipts and General, into the appropriate customer accounts in the Accounts Receivable Subsidiary ledger. Each journal has a separate worksheet. 9 10 HINTS: the Accounts Receivable Subsidiary Ledger deals with customers only so only post the amounts that affect a customer. How can you tell if a transaction affects a customer? 11 See if the journal transaction identifies a customer by name. If it does you need to determine if the amount is a debit or credit. How can you tell? Look at column heading, it willarrow_forward2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer: Type answer here. 3. Prepare a T account for each transaction. Label the account title for each account affected. Use the chart for accounts you created in question 1. Write the debit and credit amounts for each T account to show how the accounts are affected. The first one is done. c. Received cash from owner, Roger Fisher, as an investment, $10,000.00 d. Paid cash for insurance, $ 2, 400.00 e. Bought supplies on a account to Salmon Slayers, $600.00 Paid cash for fuel, $500.00 Paid cash to owner, Roger Fisher, for personal use, $1,250.00arrow_forwardIn November Year 2 your accounting firm placed a one-time website advertisement with Today’s CPA. This is your first ad with this vendor. You pay for the one-time advertising with your company’s Citibank Visa credit card. Below is the transaction you completed for this purchase. If you ran the report Transaction List by Vendor, for all dates, what dollar amount will appear under the vendor Today’s CPA? Why?arrow_forward
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