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Journal Entries Trial balance Jack Smith's Computer Services

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Using Microsoft Excel complete the following:
A. Prepare general journal entries for each of the following transations.
B. Post the journal entries from A. to the ledger accounts.
C. Prepare a Trial Balance

Hints: Only enter infromation in the cells with grey backgrounds. In the general ledger and trail balance you will need to leave some grey cells blank.

Jack Smith opened a new business on July 1. The name of the company is Computer Services.

On July 1, Jack Smith deposited $3,000 into his business account as his initial investment.
On July 2, he purchased office furniture for $900 cash for his new office.
On July 3, he paid $600 rent for his store.
On July 6, he paid $350 for advertising expense.
On July 7, he purchased a laptop for $999 on credit by signing a note.
On July 9, he received $700 for services provided to a client.
On July 18, he paid his assistant $275.
On July 22, he provided $650 of services on account and issued the client a bill.
On July 26, he paid a $333 installment towards the principle on the note entered into on July 7.
On July 28, he received $175 of the amount billed on July 22.
On July 30, Jack withdrew $500 for personal use.

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Solution Summary

Your tutorial is in excel, attached. Click in cells to see computations.

Solution provided by:
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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