Polar Company purchased a Truck for the company use. The price was $48,000 plus 7% sales taxes. Company paid $5,000 in cash and signed a 4.75% note that requires 40 equal monthly payment at the end of each month for the rest. Provide answer to the following question on the Tab named Financial Accounting on the Excel file. Requirement: a) Provide the journal entry that must be made on the purchase date of truck. b) Determine the amount of monthly payment that must be made. c) Prepare Amortization Schedule. d) Provide the journal entry that company must make the for 2nd monthly payment. e) Provide the journal entry that company must make on the last monthly payment.
Polar Company purchased a Truck for the company use. The price was $48,000 plus 7% sales taxes.
Company paid $5,000 in cash and signed a 4.75% note that requires 40 equal monthly payment at the
end of each month for the rest. Provide answer to the following question on the Tab named Financial
Accounting on the Excel file.
Requirement:
a) Provide the
b) Determine the amount of monthly payment that must be made.
c) Prepare Amortization Schedule.
d) Provide the journal entry that company must make the for 2nd monthly payment.
e) Provide the journal entry that company must make on the last monthly payment.
Problem 5. Excel Sheet Formatting for Data Entry
Elizabet wants to use the Excel Sheet in Tab called “Formatting” for compiling and recording
company sales. You have been asked to help her in formatting the sheet in order (a) to reduce the
chance of errors in typing, and (b) speedup data entry. Elizabet only will be typing the value for “Tran
Date”, “Product No.”, and “Quantity Sold” highlighted in yellow.
Do the Followings
1. On Column B, under “Month of Sale”, write the necessary formula for splitting the transaction
date and showing the Month of Sale. This field will be needed for future Pivot Table
preparation.
2. On Column C, under “Salesperson”, using the Salespersons Table on cell K12, develop a pull-
down menu that will show the names of salesperson for selection rather than to be typed.
Step by step
Solved in 5 steps with 7 images
