The worksheet formulas are also needed FALL 2018 This project wil be submitted i
ID: 2337543 • Letter: T
Question
The worksheet formulas are also needed
FALL 2018 This project wil be submitted in 3 parts. The submission dates and required parts to be completed for each submission are: Submission 1 - due Saturday September 15 before 5pm - You must submit your completed July Journal entries, the Worksheet complete through the Trial Balance, and the worksheet formulas tab complete through the Trial Balance. Your file must be named correctly - "Your name (first and last) Project 1 part 1. Failure to name your file correctly will result in a 1 point deduction Submission 2 - due Saturday September 22 before 5pm - You must submit your completed Adjusting Journal Entries, the worksheet with the Trial Balance and adjustments and Adjusted Trial Balance Columns, and the Worksheet formulas tabs completed. Your file must be named correctly- "Your name (first and last) Project 1 part 2. Failure to name your file correctly will result in a 1 point deduction Submission 3 - due Saturday September 29 before 5pm - You must submit your completed Closing entries, the financial statements completed, and the financial statements formulas tab completed. Your file must be named correctly - "Your name (first and last) Project 1 part 3. Failure to name your file correctly will result in a 1 point deductionExplanation / Answer
Dear Students , Please refer below answer.
July Entries Dr Cr 1st July Bank A/c…Dr $ 25,000.00 To Bank Loan $ 25,000.00 (Being loan amount borrowed from bank) 3rd July Furniture A/c….Dr $ 9,865.00 To, Cash/ Bank A/c $ 9,865.00 (Being furniture Purchase) 4th July Prepaid Rent A/c…Dr $ 13,800.00 To, Cash/ Bank A/c $ 13,800.00 (Being rent paid in advance for 12 months) 8th July Bank A/c…Dr $ 11,400.00 To, Advance from Customers A/c $ 11,400.00 (Being advance received from customer for services to be rendered) 10th July Utilities Expense..Dr $ 1,275.00 To Bank A/c $ 1,275.00 (Being Utilities Bills Paid) 14th July Sundry Vendors/Suppliers A/c…Dr $ 8,975.00 To Bank A/c $ 8,975.00 (Being amount paid to sundry Suppliers) 15th July Cash A/c…Dr $ 12,750.00 Bank A/c…Dr $ 15,780.00 To , Service Income $ 28,530.00 (Being Services Income realised in cash & Bank recognised respectively ) 26th July Bank A/c…Dr $ 11,680.00 To , Sundry Customers A/c $ 11,680.00 (Being amount realised from Customers) 28th July Purchase A/c…Dr $ 10,660.00 To Bank A/c $ 10,660.00 (Being sundry purchase made) 29th July Salary Expenses A/c…Dr $ 3,850.00 To Bank A/c $ 3,850.00 (Being Salary paid to employees) 31st July Statement of Profit or Loss A/c…Dr $ 1,000.00 To, Dividend for shareholders A/c $ 1,000.00 (Being dividend declared and liabilities for dividend recorded) 31st July Dividend for shareholders A/c…Dr $ 1,000.00 To Bank A/c $ 1,000.00 (Being Dividend paid) Adjustment Entries 31st July Account Receivable A/c….Dr $ 5,980.00 To, Accrued Income A/c $ 5,980.00 (Being Revenue recognised for unbilled performanace of additional services 31st July Interest on Bank Loan A/c…Dr $ 125.00 To , Accrued Interest A/c.. $ 125.00 (Being Interest on Loan recorded) 31st July Rent A/c…Dr $ 1,150.00 To,Prepaid Rent A/c…Dr $ 1,150.00 (Being Rent expenses accured) 31st July Salary Expenses A/c….Dr $ 2,310.00 To Outstanding Salary A/c $ 2,310.00 (Being salary expenses Accrued) 31st July Depreciation A/c…Dr $ 260.00 To, Computer Equipment A/c $ 140.00 To, Office Furniture A/c $ 120.00 (Being Depreciation charged on Assets)Related Questions
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