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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.

See Also This Related BrainMass Solution

Adjusting Entries and Income Statements

Using Microsoft Excel complete the following:
A. Calculate the amounts of the adjusting entries and enter them in the adjustments column.
B. Enter the amounts in the adjusted trail balance column.
C. Prepare the Income Statement
D. Prepare the Statement of Owner's Equity
E. Prepare the Balance Sheet

See attached for data and spreadsheet.

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