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Solving Financial Accounting Problems Using Excel

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The trial balance columns of the work sheet for Phantom Roofing Inc at March 31, 2002 are as follows:
Instructions:
(a) Enter the trial balance on a work sheet and complete the work sheet. This should be accomplished on the continuation of the presented data table.

(b) (1) Prepare an income statement for the month of March.
(b) (2) Prepare the retained earnings statement for March.
(b) (3) Prepare the classified balance sheet at March 31.
(c) Journalize the adjusting entries from the adjustments columns of the work sheet.

Please see attached excel worksheet for the complete problem

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Solution Summary

The solution provides steps to complete the trial balance, prepare an income statement, retained earning statement, classified balance sheet and journalize the adjusting entries from the adjustments columns of the work sheet.

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Journal Entries Problem P2-2A, Judi Dench is a licensed architect. During the first month of the operation of her company, Judi Dench, Inc. the following events and transactions occurred.

Name: Date:
Instructor: Course:
Financial Accounting, 5th Edition, by Weygandt, Kieso, and Kimmel
Solving Financial Accounting Problems Using Microsoft Excel for Windows by Rex A Schildhouse
Problem P2-2A, Judi Dench is a licensed architect. During the first month of the operation of her company, Judi Dench, Inc. the following events and transactions occurred.

Apr 1 Stockholders invested cash in the business in exchange for common stock. $25,000
Apr 1 Hired a secretary-receptionist at a salary of $300 per week payable monthly.
Apr 2 Paid office rent for the month $800
Apr 3 Purchased architectural supplies on account from Halo Company $1,500
Apr 10 Completed blueprints on a carport and billed the client for services $900
Apr 11 Received cash advance from R. Welk for the design of a new home. $500
Apr 20 Received cash for services completed and delivered to P. Donahue. $1,500
Apr 30 Paid secretary-receptionist for the month $1,500
Apr 30 Paid Halo Company for accounts payable due $600

Judi uses the following chart of accounts:
101 Cash 311 Common Stock
112 Accounts Receivable 400 Service Revenue
126 Supplies 726 Salary Expense
201 Accounts Payable 729 Rent Expense
205 Unearned Revenue

Instructions:
(a) Journalize the transactions.

Date Accounts / Text/Memorandum Ref Debit Credit
Date Account Ref Amount
Account Ref Amount
Text / Memorandum

Date Account Ref Amount
Account Ref Amount
Text / Memorandum

Date Account Ref Amount
Account Ref Amount
Text / Memorandum

Date Account Ref Amount
Account Ref Amount
Text / Memorandum

Date Account Ref Amount
Account Ref Amount
Text / Memorandum

Date Account Ref Amount
Account Ref Amount
Text / Memorandum

Date Account Ref Amount
Account Ref Amount
Text / Memorandum

Date Account Ref Amount
Account Ref Amount
Text / Memorandum

Date Account Ref Amount
Account Ref Amount
Text / Memorandum

(b) Post to the ledger accounts. (Use J1 as the journal page number.)

Account: Cash Acct Nbr: 101
Date: Explanation Ref Debit Credit Balance

Account: Accounts Receivable Acct Nbr: 112
Date: Explanation Ref Debit Credit Balance

Account: Supplies Acct Nbr: 126
Date: Explanation Ref Debit Credit Balance

Account: Accounts Payable Acct Nbr: 201
Date: Explanation Ref Debit Credit Balance

Account: Unearned Revenue Acct Nbr: 205
Date: Explanation Ref Debit Credit Balance

Account: Common Stock Acct Nbr: 311
Date: Explanation Ref Debit Credit Balance

Account: Service Revenue Acct Nbr: 400
Date: Explanation Ref Debit Credit Balance

Account: Salary Expense Acct Nbr: 726
Date: Explanation Ref Debit Credit Balance

Account: Rent Expense Acct Nbr: 729
Date: Explanation Ref Debit Credit Balance

(c) Prepare a trial balance on April 30, 2006.

JUDI DENCH, INC.
Trial Balance
April 30, 2006
Debit Credit
Account
Account
Account
Account
Account
Account
Account
Account
Account
Formula Formula

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