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excel spreadsheet assignment

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Please complete the following:
· Exercise 3.10
· Problem 3.3A
Remember to show all calculations. If you do not show how you a
ived at your answers, no credit will be received
General Instructions for Written Assignments
Please only submit one Excel file with all problems included. Submit an Excel file, please put one problem on a separate worksheet within one file. Please add my name as thowner of the Excel file once you are finished
· Exercise 3.10
Journalizing, Posting, and Preparing a Trial Balance
Janet Enterprises incorporated on May 3, cu
ent year. The company engaged in the following transactions during its first month of operations.
May  3    Issued capital stock in exchange for $950,000 cash.
May  4    Paid May office rent expense of $1,800.
May  5    Purchased office supplies for $600 cash. The supplies will last for several months.
May 15    Purchased office equipment for $12,400 on account. The entire amount is due June 15.
May 18    Purchased a company car for $45,000. Paid $15,000 cash and issued a note payable for the remaining amount owed.
May 20    Billed clients $120,000 on account.
May 26    Declared an $8,000 dividend. The entire amount will be distributed to shareholders on June 26.
May 29    Paid May utilities of $500.
May 30    Received $90,000 from clients billed on May 20.
May 31    Recorded and paid salary expense of $32,000.
A partial list of the account titles used by the company includes the following.
Cash      Dividends Payable
Accounts Receivable     Dividends
Office Supplies     XXXXXXXXXXCapital Stock
Office Equipment     XXXXXXXXXXClient Revenue
Vehicles     XXXXXXXXXXOffice Rent Expense
Notes Payable     XXXXXXXXXXSalary Expense
Accounts Payable     XXXXXXXXXXUtilities Expense
a. Prepare journal entries, including explanations, for these transactions.
. Post each entry to the appropriate ledger accounts (use the T account format).
c. Prepare a trial balance dated May 31, cu
ent year. Assume accounts with zero balances are not included in the trial balance.
· Problem 3.3A
Analyzing and Journalizing Transactions
Environmental Services, Inc., performs various tests on wells and septic systems. A few of the company’s business transactions occu
ing during August are described as follows.
1. On August 1, the company billed customers $2,500 on account for services rendered. Customers are required to make full payment within 30 days. (Environmental Services uses an account entitled Testing Service Revenue when billing customers.)
2. On August 3, the company purchased testing supplies costing $3,800, paying $800 cash and charging the remainder on the company’s 30-day account at Penn Chemicals. The testing supplies are expected to last several months.
3. On August 5, the company returned to Penn Chemicals $100 of testing supplies that were not needed. The return of these supplies reduced by $100 the amount owed to Penn Chemicals.
4. On August 17, the company issued an additional 2,500 shares of capital stock at $8 per share. The cash raised will be used to purchase new testing equipment in September.
5. On August 22, the company received $600 cash from customers it had billed on August 1.
6. On August 29, the company paid its outstanding account payable to Penn Chemicals.
7. On August 30, a cash dividend totaling $6,800 was declared and paid to the company’s stockholders.
Prepare an analysis of each of these transactions. Transaction 1 serves as an example of the form of analysis to be used.
(a) The asset Accounts Receivable was increased. Increases in assets are recorded by debits. Debit Accounts Receivable $2,500.
(b) Revenue has been earned. Revenue increases owners’ equity. Increases in owners’ equity are recorded by credits. Credit Testing Service Revenue $2,500.
Prepare journal entries, including explanations, for these transactions.
How does the realization principle influence the manner in which the August 1 billing to customers is recorded in the accounting records?
How does the matching principle influence the manner in which the August 3 purchase of testing supplies is recorded in the accounting records?
Answered 3 days After Jan 28, 2024


Nitish Lath answered on Jan 31 2024
16 Votes
Ex. 3.10
    a.    Journal Entries
        Date    Journal Title    Amount ($)    Amount ($)
        3-May    Cash    950000
            Capital stock        950000
            (Issued common stock)
        4-May    Rent expense    1800
            Cash        1800
            (Rent expense paid)
        5-May    Office supplies    600
            Cash        600
            (Office supplies purchased)
        15-May    Office Equipment    12400
            Accounts payable        12400
            (Equipment purchased on account)
        18-May    Vehicle    45000
            Cash        15000
            Notes payable        30000
            (Purchased company car)
        20-May    Accounts receivable    120000
            Client Revenue        120000
            (Biied customer fro service)
        26-May    Dividends    8000
            Dividend payable        8000
            (To record dividend declared)
        29-May    Utilities expenses    500
            Cash        500
            (Utilities expenses paid)
        30-May    Cash    90000
            Accounts receivable        90000
            (To record cash received from client)
        31-May    Salary expense    32000
            Cash        32000
            (To record salaries expenses paid)
    b.    Ledger accounts
        Cash                        Notes payable                    Client revenue
        Date    Amount    Date    Amount            Date    Amount    Date    Amount        Date    Amount    Date    Amount
        3-May    950000    4-May    1800                    18-May    30000                20-May    120000
        30-May    90000    5-May    600
                18-May    15000                    Balance    30000                Balance    120000
                29-May    500
                31-May    32000
        Balance    990100
        Accounts receivable                        Accounts payable                    Office rent expense
        Date    Amount    Date    Amount            Date    Amount    Date    Amount        Date    Amount    Date    Amount
                                        15-May    12400        4-May    1800
        20-May    120000    30-May    90000
                                        Balance    12400        Balance    1800
        Balance    30000
        Office Supplies                        Dividend payable                    Salary...

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