Excel Applications for Accounting Principles

Business

Quiz 1 :

Business Transactions Ptrans

Quiz 1 :

Business Transactions Ptrans

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PROBLEM DATA On June 1 of the current year, Wilson Wood opened Woody's Web Services. This sole proprietorship had the following transactions during June. a. Opened a business checking account and made a deposit, $9,000. b. Paid rent for June for office space and computer equipment, $3,000. c. Purchased office supplies (stamps, pens, etc.) on account, $1,980. d. Received cash for services rendered, $4,500. e. Paid creditor for office supplies purchased on account, $1,400. f. Purchased office supplies for cash, $420. g. Billed clients for consultations performed on account, $4,600. h. Paid monthly internet service bill of $360. i. Paid the secretary's salary of $2,400. j. Returned $300 of office supplies purchased in transaction f. Received a full refund. k. Received cash from clients previously billed, $3,000. l. Cash was withdrawn for owner's personal use, $2,000. REQUIREMENT Review the printout of the worksheet PTRANS. You have been asked to complete the worksheet by recording these transactions.
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The required worksheet is shown below:
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PROBLEM DATA On June 1 of the current year, Wilson Wood opened Woody's Web Services. This sole proprietorship had the following transactions during June. a. Opened a business checking account and made a deposit, $9,000. b. Paid rent for June for office space and computer equipment, $3,000. c. Purchased office supplies (stamps, pens, etc.) on account, $1,980. d. Received cash for services rendered, $4,500. e. Paid creditor for office supplies purchased on account, $1,400. f. Purchased office supplies for cash, $420. g. Billed clients for consultations performed on account, $4,600. h. Paid monthly internet service bill of $360. i. Paid the secretary's salary of $2,400. j. Returned $300 of office supplies purchased in transaction f. Received a full refund. k. Received cash from clients previously billed, $3,000. l. Cash was withdrawn for owner's personal use, $2,000. REQUIREMENT Open the file PTRANS from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then enter the increases and decreases resulting from each transaction on the worksheet. For example, the first transaction increases the cash account by $9,000 and also increases the capital account by $9,000. This transaction has already been recorded on the worksheet. The worksheet will automatically total each column as values are entered in that column. Enter negative numbers with a minus sign (-). When you are finished, check row 26 to make sure that total assets equal total liabilities and equity.
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The objective of this problem is to show that how different transactions can affect the financial position of a business. Use the following data to fill in the worksheet:
a. Open account and make a deposit - $9,000. This transaction increases cash and increases owner's equity as well.
b. Paid expenses - $3,000. This transaction decreases cash and decreases accounts payable as well.
c. Purchased supplies on account - $1,980. This transaction increases office supplies and increases accounts payable.
d. Received cash payment - $4,500. This transaction increases cash and increases owner's equity as well.
e. Paid creditor - $1,400. This transaction decreases cash and decreases accounts payable as well.
f. Purchased supplies - $420. This transaction decreases cash and increases office supplies.
g. Billed customer for services - $4,600. This transaction increases accounts receivable and increases owner's equity as well.
h. Paid bill - $360. This transaction decreases cash and decreases accounts payable as well.
i. Paid salary - $2,400. This transaction decreases cash and decreases accounts payable as well.
j. Returned $300 in supplies from transaction f for full refund. This transaction increases cash and decreases office supplies.
k. Received cash from billed customer - $3,000. This transaction increases cash and decreases accounts receivable.
l. Cash withdrawal - $2,000. This transaction decreases cash and decreases owner's equity as well.
After recording these transactions, total assets will be equal to total liabilities plus owner's equity. The completed spreadsheet is shown below:
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PROBLEM DATA On June 1 of the current year, Wilson Wood opened Woody's Web Services. This sole proprietorship had the following transactions during June. a. Opened a business checking account and made a deposit, $9,000. b. Paid rent for June for office space and computer equipment, $3,000. c. Purchased office supplies (stamps, pens, etc.) on account, $1,980. d. Received cash for services rendered, $4,500. e. Paid creditor for office supplies purchased on account, $1,400. f. Purchased office supplies for cash, $420. g. Billed clients for consultations performed on account, $4,600. h. Paid monthly internet service bill of $360. i. Paid the secretary's salary of $2,400. j. Returned $300 of office supplies purchased in transaction f. Received a full refund. k. Received cash from clients previously billed, $3,000. l. Cash was withdrawn for owner's personal use, $2,000. REQUIREMENT It has been determined that the cost of the supplies used during the month was $600. Record the increase or decrease in the appropriate columns on the worksheet. This is transaction m. Enter your name in cell A1. Save the completed file as PTRANS3. Print the worksheet. Also print your formulas. Check figure: Ending cash balance (cell B21), $7,220.
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It is given that the cost of supplies for last month was $600. To complete the transaction in the worksheet, office supplies will need to be decreased by $600 and owner's equity will need to be decreased by $600. The transaction will be entered on line m.
At the end of all these transactions, total assets will be equal to total liabilities plus owner's equity. The modified spreadsheet is shown below:
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PROBLEM DATA On June 1 of the current year, Wilson Wood opened Woody's Web Services. This sole proprietorship had the following transactions during June. a. Opened a business checking account and made a deposit, $9,000. b. Paid rent for June for office space and computer equipment, $3,000. c. Purchased office supplies (stamps, pens, etc.) on account, $1,980. d. Received cash for services rendered, $4,500. e. Paid creditor for office supplies purchased on account, $1,400. f. Purchased office supplies for cash, $420. g. Billed clients for consultations performed on account, $4,600. h. Paid monthly internet service bill of $360. i. Paid the secretary's salary of $2,400. j. Returned $300 of office supplies purchased in transaction f. Received a full refund. k. Received cash from clients previously billed, $3,000. l. Cash was withdrawn for owner's personal use, $2,000. REQUIREMENT How does transaction m differ from transactions a through l In other words, why is it treated as a special item
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PROBLEM DATA On June 1 of the current year, Wilson Wood opened Woody's Web Services. This sole proprietorship had the following transactions during June. a. Opened a business checking account and made a deposit, $9,000. b. Paid rent for June for office space and computer equipment, $3,000. c. Purchased office supplies (stamps, pens, etc.) on account, $1,980. d. Received cash for services rendered, $4,500. e. Paid creditor for office supplies purchased on account, $1,400. f. Purchased office supplies for cash, $420. g. Billed clients for consultations performed on account, $4,600. h. Paid monthly internet service bill of $360. i. Paid the secretary's salary of $2,400. j. Returned $300 of office supplies purchased in transaction f. Received a full refund. k. Received cash from clients previously billed, $3,000. l. Cash was withdrawn for owner's personal use, $2,000. REQUIREMENT Use the space below to prepare an income statement, a statement of owner's equity (capital statement), and a balance sheet in good form for Woody's Web Services for the month of June.
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WHAT-IF ANALYSIS Wilson initially invested $9,000 in the business. Could he have invested less How little could he have invested initially and never have his cash balance go below zero To help answer this question, move to column J and analyze the information provided. Then enter different amounts in cell B8 to help determine an answer. When you have determined an answer, use the File Print command to print the range A1 to J21 all on one page. Explain below how you derived your answer.
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CHART ANALYSIS Reset cell B8 to $9,000. Click the Chart sheet tab. A pie chart appears on the screen indicating the percentage of each asset in relation to total assets. Wilson does not want his cash balance to exceed 50% of his total assets. How much does he have to withdraw at month-end to reduce his cash percentage to 50% To find out, enter different (negative) values in cell B19 of the worksheet and click the Chart sheet tab after each entry. When you find the withdrawal amount that decreases the cash percentage to 50%, enter that amount in the space provided below. Withdrawal needed $ _______________ When the assignment is complete, close the file without saving it again.
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