Would you check these problems please im having trouble with the totals? In exce

Question

Would you check these problems please im having trouble with the totals?

In excel format, you are to record the following transactions for Joe’s Tax Preparation Services.

Jan. 1               Joe opens a new business, Joe’s Tax Preparation Services (JTPS), and deposits $100,000 in a checking account in the name of Joe’s Tax Preparation Services in exchange for capital stock.

Jan. 1               JTPS borrows $50,000 from Advance Bank.

Jan. 1               JTPS pays $12,000 in advance for January – December building rent.

Jan. 1               JTPS purchases computer equipment paying $1,000 and signing a note to pay 4 additional $1,000 payments.

Jan. 1               JTPS provides tax services to customers for cash, $1,000.

Jan. 4                           JTPS purchases supplies on account, $500.

Jan. 5               JTPS provides tax services to customers on account, $10,000.

Jan. 15            JTSP collects $7,000 from customers who previously were provided services on account.

Jan. 20            Paid $500 for the supplies previously purchased on account.

Jan. 31            Record the adjustment for prepaid rent, $1,000.

Jan. 31            Record the depreciation adjustment for the equipment, $100.

Jan. 31            Record the supplies adjustment. $150 supplies remain as of 1/31

Jan. 31            Paid expenses: utilities: $500, wages $500, miscellaneous $250.

Jan. 31            Paid dividends, $1,000

Assignment #3 Name: _________________________________________ Accts. Prepaid Accum. Accts. Unearn. Notes Capital Ret. Cash Rec. Rent. Supp. Equipment Depr. Pay Rev. Payable Stock Earn. Bal. Jan. 1 Jan. 1 100,000 100,000 * Jan. 1 50,000 50,000 Jan. 1 -12,000 -12,000 Jan. 1 -1,000 5,000 4,000 Jan. 1 1,000 1,000 Jan. 4 500 500 Jan. 5 10,000 10,000 Jan. 15 7,000 -7,000 Jan. 20 -500 -500 Jan. 31 -1,000 -1,000 Jan. 31 -100 100 -100 Jan. 31 -150 -150 Jan. 31 -1,250 -1,250 Jan. 31 -1,000 -1,000 Balances 142,250 3,000 11,000 350 4,900 100 0 0 46,000 100,000 7,500 1615000 Total liabilities 46000 Total Equity 115500 Total liabilities & stockholders' equity 161500 Net Income

Explanation / Answer

Accts. Prepaid Accum. Accts. Unearn. Notes Capital Ret. Cash Rec. Rent. Supp. Equipment Depr. Pay Rev. Payable Stock Earn. Jan. 1 100,000 100,000 Jan. 1 50,000 50,000 Jan. 1 -12,000 12,000 Jan. 1 -1,000 5,000 4,000 Jan. 1 1,000 1,000 Jan. 4 500 500 Jan. 5 10,000 10,000 Jan. 15 7,000 -7,000 Jan. 20 -500 -500 Jan. 31 -1,000 -1,000 Jan. 31 100 -100 Jan. 31 -350 -350 Jan. 31 -1,250 -1,250 Jan. 31 -1,000 -1,000 Balances 142,250 3,000 11,000 150 5,000 100 0 0 54,000 100,000 7,300 Assets 14250+3000+11000+150+5000-100 Total liabilities 54,000 161,300 Total Equity 107,300 Total liabilities & stockholders' equity 161,300 The error were in prepaid rent it will be 12000 + not - and supplies on hand is $150 so supplies expenses is $350 Than accumulated depreciation will be shown is accu. Dep column not in Equipment account

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