accounting

Assignment 4: Excel Problems

At the end of each module, you will apply the module’s concepts by completing a comprehensive assignment from the textbook.

Complete these problems from your text book: (P1-44B  page 47 & P2-46B page 111) related to transaction analysis, journal entries for typical business transactions, adjusting entries and preparation of the trial balance and adjusted trial balance.

Present your analysis of the assigned problems in Excel format. Enter non-numerical responses in the same worksheet using textboxes.

By Wednesday, February 25, 2015 deliver your assignment to the M1: Assignment 4 Dropbox.

Create the file with the following name: LastnameFirstInitial_M1A4.Excel.xls. .

P1-44b-Accent Photography works weddings and prom –type parties. The balance of capital was 20,000 at Dec 31,2010. At Dec 31,2011, the business’s accounting records show these balances:

Insurance expense- 8,000           account receivable- 10,000

Cash 31,000                                    note payable- 12,000

Accounts payable- 6,000               owners equity ?

Advertising expense 1,000            salary expense 27,000

Service revenue 81,000                  equipment 60,000

Owner withdrawals 15,000             owner investment 33,000

Prepare the following financial statements for accent photography for the year ended dec 31,2011.

1. Income statement

2. Statement of owner’s equity

3. Balance sheet