Question

Part B:

The second part of this assignment is very similar to Part A (which is below). You may reference the solution to the transaction analysis spreadsheet from Part A to help you in Part B. Your assignment in Part B is to first prepare journal entries in the General Journal tab of this spreadsheet for the same transactions that you analyzed in Part A. After preparing your journal entries, post your entries to the T-accounts in the General Ledger (T-Accounts) tab. Start by inserting the beginning balances in the T-accounts from the Year 0 Balance Sheet and then post your journal entries from the General Journal. Next, calculate the ending balance in each account. Then, prepare Year 1 financial statements based on the ending balances in each T-account. Finally, go back to the General Journal and prepare closing entries. Post your closing entries to the General Ledger T-accounts. Finally, prepare a Post-Closing Trial Balance.

Hints:

Whenever possible, use formulas to reference cells. This not only reduces the likelihood of error, it makes it easier for us to understand why you got the number you did. This applies to all assignments.

Use dates or transaction numbers in your T-accounts to facilitate tracing your journal entries to the T-accounts.

Note that when you prepare closing entries, you will calculate a new (final) balance in retained earnings. This is the balance that should appear in your balance sheet.

Note that there are multiple tabs involved in this assignment, so be sure to look at every tab to make sure you have completed everything.

If you need tutorials on excel, visit https://support.office.com/en-us/article/Excel-video-training-9bc05390-e94c-46af-a5b3-d7c22f6990bb?ui=en-US&rs=en-US&ad=US

PART A (chart answer key below) I re-uploaded it so it should be clearer now, IF NOT THEN ZOOM IN ON YOUR BROWSER AND IT WILL BE MORE VISIBLE, OTHER OPTIONS FOR A CLEARER IMAGE INCLUDE RIGHT CLICK THE IMAGE AND OPEN IN A NEW TAB OR SAVE THE IMAGE AND ZOOM IN ON IT:

Transaction Analysis Marketable Accounts Securities Receivable Irven Prepaid Ren PPSE Intangible Long-Te NotesUnarnedTax Salaries Interest Cammon RetainedIncame Statement Payatle Payeble Revenue Payable Payable Account Bal Sales Revenue 40,000)lCOG5 10,000) Sales Commission 80,000 Service Revenue Salaries Expense 0001Income Tax Expense vice Revenue Rent Expense Supplies Expense 0063,7004 43.500 63.000 45.000141

(Only adding this if it helps, but I'm pretty sure it's unnecessary given the chart key above. These are the instructions to Part A):

Adomain is a start-up company that started last year, in Year 0. You are assigned to make the necessary adjustments for Adomain in Year 1. In the following tabs you will be given Adomain's Year 0 Balance Sheet and Income Statement, as well as a list of transactions for Year 1. You are also given a blank transaction analysis sheet where you should record the Year 1 transactions. The transaction analysis page, if used correctly, will help you determine the ending balances in all accounts.

The transactions include normal economic events during the course of the year and adjustments that need to be recorded at the end of the year (HINT: There are adjusting adjustments, which are transactions 3, 4, 10 and 11. You will need to consider the facts on your own to determine the adjustments).

Answer 1

Question:
Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Journal Entries: Event Account Debit Credit Cash Common Stock Debit Debit 17,000 pinning $ 80,000 inning S 45,000 17,000 4,100 being R&D Expense pold) Ending45,000 S 80,000 2 S 22,500 4 $ 75,000 5 1,50 S 16,000 10,000 $ 35,000 Service Revenue $ 4,100 Debit Credit income tax 4,500 13 80,000 22,500 Unearned Revenue (being cash recelved for service to be provided) S 22,500 29,000 Sales Revenue 19,000 Debit Prepaid Rent S 36,000 Ending$ 94,900 $175,000 7 $175,000 S 36,000 amount ot rent Accounts Receivable Debit Inventory 23,000 inning 20,000 8 Cost of Goods Sold $175,000 14 S 80,000 Debit Credit 80,000 120,000 13 40,000 2 a S 40,000 Marketable Securities Marketable Securitics Income tax Expense Debit 22,000 2 ad Accounts Receivable $175,000 Sales Revenue 175,000 sales made on account Invento Debit Interest Cost of Goods Sold 25,000 7 $ 23,000O 40,000 (being cost of Goods sold recorded) Endin Sales Commission 10,000 Prepaid Rent 10,000 Credit R&D Expcnse (being sales commission paid 36,000 18 27,000 Debit 17,000 2 a S 17,000 Accounts Receivable Ending$ g amount received from recelvable) Debit ible Assets $ 3,000 19 2,500 Debit 35,000 27,000 2 ad 27,000 Being asset purchased) Endin 3,000 PP&E Accounts Payable (Being supplies purchased) it seems transaction recorded in analysis in RECEIVABLE by mistake Accounts Payable Debit Salaries Expense S 29.00O 18,000 63,700 (being cash paid to payable) it seems transaction recorded in analysis in RECEIVABLE by mistake Intangible Assets Credit Sales Commission 10,500 $ 35,000 45,500 Debit 10,000 2 a S10,000 Notes Payable being notes payable taken) Endin Ending$ Other Term Supplies Expense 12 Beginning $ 15,000 Debit 2,500 2 a Endin 13 Accounts Receivable 80,000 Ending 80,000 (Being service provided) Retained Earning 10 s 45,000 Debit 80,000 Accounts Receivable (being amount received from receivable) $21,500 Ending 66,500 S 19,100 $122,625 Ending141,725

Salaries Expense $ 18,000 Note Payable Salaries Payable Cash $ 11,000 5 7,000 Beginning $ 28,500 15,000 Ending$ 43,500 (Being salaries paid) Income Tax Expense $ 22,000 Income Tax Payable Cash $ 3,000 $ 19,000 Unearned Revenue 5 4,500 Beginning 50,000 $ 22,500 Ending$ 68,000 (being income tax recordedo Unearned Revenue 5 4,500 Service Revenue $ 4,500 (being service provided) Income Tax Payable $ 27,000 5 4,100 Beginning 4,100 $3,000 Ending3,000 Rent Expense $ 27,000 Prepaid Rent (being rent expense recorded) Supplies Expense $ 2,500 Salaries Payable $ 2,500 Supplies (being supplies expense recorded) Credit S 11,000 Interest Expense $375 Ending 11,000 $375 Interest Payable (Being interest expense recorded) Interest Payable Closing Entries: $ 375 $ 84,500 $175,000 Service Revenue Ending375 Sales Revenue ncome Summarv $259,500 (being revenue account closed) ncome Summary $136,875 Cost of Goods Sold Income Tax Expense Interest Expense R&D Expense Rent Expense Salaries Expense Sales Commission Supplies Expense $ 40,000 S 22,000 $375 $ 17,000 $ 27,000 $ 18,000 $ 10,000 $ 2,500 (being expense account closed) ncome Summary $122,625 Retained Earning $122,625
Start by inserting the beginning balances in the T-accounts from the Year 0 Balance Sheet and then post your journal entries from the General Journal. Next, calculate the ending balance in each account. Then, prepare Year 1 financial statements based on the ending balances in each T-account. Finally, go back to the General Journal and prepare closing entries. Post your closing entries to the General Ledger T-accounts. Finally, prepare a Post-Closing Trial Balance.