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Computing Ending Account Balances

Computing Ending Account Balances

Attached, is a formatted MS Excel spreadsheet containing calculations for the computation of the ending account balances for Far West Bank. This spreadsheet also contains tables depicting the impact of the various transactions of the company's asset, liabilities and owners' equity accounts.

Orginal question asked: Refer to Practices 1 through 5 in the attachment. Construct a spreadsheet similar to the one shown also show attach. Enter each transaction into the spreadsheet and compute the ending balance in each account.

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Solution Preview

Attached, is a formatted MS Excel spreadsheet containing the text below, as well as the requested table depicting the impact of the various transactions of the company's asset, liabilities and owners' equity accounts.

Please feel free to contact me in the future in the event that additional assistance is required.

Transaction 1:The company borrowed $125,000 in cash from Far West Bank. a). Cash and Notes Payable accounts impacted.
b). Cash increased; Notes Payable increased.
c). Cash increased by $125,000; Notes Payable increased by $125,000. d). Company Assets increased by $125,000; Company Liabilities increased by ...

Solution Summary

Attached, is a formatted MS Excel spreadsheet containing calculations for the computation of the ending account balances for Far West Bank. This spreadsheet also contains tables depicting the impact of the various transactions of the company's asset, liabilities and owners' equity accounts.

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