Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 1, Problem 1R
On June 1 of the current year, Wilson Wood opened Woodyʼs 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 secretaryʼs 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- l. Cash was withdrawn for ownerʼs personal use, $2,000.
REQUIREMENT
1. Review the printout of the worksheet PTRANS. You have been asked to complete the worksheet by recording these transactions.
Expert Solution & Answer
To determine
Show the printout of worksheet of PTRANS.
Explanation of Solution
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Students have asked these similar questions
On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:
a. Opened a business bank account with a deposit of $30,000 from personal funds.
b. Purchased office supplies on account, $3,010.
c. Paid creditor on account, $1,900.
d. Earned sales commissions, receiving cash, $30,690.
Domingo Company started its business on January 1, 2019. The following transactions occurredduring the month of May. Prepare the journal entries in the journal on Page 1.A. The owners invested $10,000 from their personal account to the business account.B. Paid rent $500 with check #101.C. Initiated a petty cash fund $500 with check #102.D. Received $1,000 cash for services rendered.E. Purchased office supplies for $158 with check #103.F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30days.G. Received $800 cash for services rendered.H. Paid wages $600, check #105.I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77,miscellaneous expense $55. Cash on hand $11. Check #106.J. Increased petty cash by $30, check #107.
Prepare the journal entries to record the transactions assume JE#, accounts, and dates.
Chapter 1 Solutions
Excel Applications for Accounting Principles
Ch. 1 - On June 1 of the current year, Wilson Wood opened...Ch. 1 - On June 1 of the current year, Wilson Wood opened...Ch. 1 - On June 1 of the current year, Wilson Wood opened...Ch. 1 - On June 1 of the current year, Wilson Wood opened...Ch. 1 - On June 1 of the current year, Wilson Wood opened...Ch. 1 - On June 1 of the current year, Wilson Wood opened...Ch. 1 - Prob. 7R
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- Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.arrow_forwardDomingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.arrow_forwardIn July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Paid the office rent for the current month, 650, Ck. No. 1000. c. Bought office supplies for cash, 375, Ck. No. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. No. 1002. h. Received and paid the bill for utilities, 340, Ck. No. 1003. i. Paid on account to the City Crier, 455, Ck. No. 1004. j. Paid truck expenses, 435, Ck. No. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. No. 1006. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.arrow_forward
- On June 1 of the current year, Wilson Wood opened Woodys 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 secretarys 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 owners personal use, 2,000. 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.arrow_forwardOn June 1 of the current year, Wilson Wood opened Woodys 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 secretarys 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 owners personal use, 2,000. 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.arrow_forwardOn June 1 of the current year, Wilson Wood opened Woodys 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 secretarys 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 owners personal use, 2,000. How does transaction m differ from transactions a through l? In other words, why is it treated as a special item?arrow_forward
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