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ACCT110-EXCELPROJECT2.xls
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Transactions

GROUP members'name
ID Name Section
Journal Entry
Date Transactions

journal

Journal Entry Journal Entry
Date Accounts and Explanations Post. Ref. Debit Credit Date Accounts and Explanations Post. Ref. Debit Credit
1/1/20 Cash 15,000,000 2/16/20 Pre-paid Salary 10,000
Share Capital 15,000,000 Cash 10,000
1/2/20 Building 4,000,000 2/28/20 Salaries Expense 316,000
Cash 4,000,000 Cash 316,000
1/11/20 Cash 80,000,000 2/28/20 Accounts Payable 25,000
Notes Payable 80,000,000 Cash 25,000
1/12/20 No entry required 2/28/20 Unearned Revenue 30,000
Service Revenue 30,000
1/13/20 Pilot Training Expense 15000
Cash 15000 2/28/20 No entry required
1/15/20 Furniture 100,000 3/1/20 Electricity Expense 30,000
Cash 100,000 Cash 30,000
1/15/20 Supplies 50,000 3/1/20 Electric Machine 50,000
Accounts Payable 50,000 Cash 50,000
1/16/20 Airlines 101,000,000 3/1/20 Utilities expense 5,000
Cash 15,857,000 Cash 5,000
Notes payable 85,143,000
3/11/20 Cash 50,000
1/30/20 Salaries Expense 326,000 Unearned Revenue 50,000
Cash 326,000
3/14/20 Supplies 15,000
1/31/20 No entry required Cash 15,000
2/1/20 Computers 17,000 3/15/20 Computer Software 20,000
Cash 17,000 Cash 20,000
2/1/20 Electricity Expense 30,000 3/17/20 Unearned Revenue 50,000
Cash 30,000 Service Revenue 50,000
2/14/20 Cash 50,000 3/21/20 Inventory 10,000
Service revenue 50,000 Cash 10,000
2/15/20 Cash 30,000 3/25/20 Salaries Expense 326,000
Unearned Revenue 30000 Cash 326,000
2/16/20 Advertising Expense 15,000 3/30/20 Accounts Payable 25,000
Cash 15,000 Cash 25,000

ledgers

Cash Share Capital Unearned Revenue
1/1/20 15,000,000 1/2/20 4,000,000 1/1/20 15,000,000 2/28/20 30,000 2/15/20 30,000
1/11/20 80,000,000 1/13/20 15,000 3/17/20 50,000 3/11/20 50,000
2/14/20 50,000 1/15/20 100,000
2/15/20 30,000 1/16/20 15,857,000 Balance 15,000,000 Balance 0
3/11/20 50,000 1/30/20 326,000
2/1/20 17,000
2/1/20 30,000 Furniture Advertising Expense
2/16/20 15,000 1/15/20 100,000 2/16/20 15,000
2/16/20 10,000
2/28/20 316,000 Balance 15,000
2/28/20 25,000 Balance 100,000
3/1/20 30,000
3/1/20 50,000
3/1/20 5,000
3/14/20 15,000
3/15/20 20,000 Supplies
3/21/20 10,000 1/15/20 50,000
3/25/20 326,000 3/14/20 15,000
3/30/20 25,000
Balance 73,938,000 Balance 65,000
Building Prepaid Salary
1/2/20 4,000,000 2/16/20 10,000
Balance 4,000,000
Notes Payable Accounts Payable Electric Machine
1/11/20 80,000,000 2/28/20 25,000 1/15/20 50,000 3/1/20 50,000
1/16/20 85,143,000 3/30/20 25,000
Balance 50,000
Balance 165,143,000 Balance 0
Pilot Training Expense Airlines Utilities Expense
1/13/20 15,000 1/16/20 101,000,000 3/1/20 5,000
Balance 15,000 Balance 5,000
Balance 101,000,000
Salaries Expense Electricity Expense Computer Software
1/30/20 326,000 2/1/20 30,000 3/15/20 20,000
2/28/20 316,000 3/1/20 30,000
3/25/20 326,000
Balance 968,000 Balance 60,000 Balance 20,000
Computers Service Revenue Inventory
2/1/20 17,000 2/14/20 50,000 3/21/20 10,000
2/28/20 30,000
Balance 17,000 3/17/20 50,000 Balance 10,000
Balance 130,000

worksheet

Worksheet
Trial Balance Adjustments Adjusted T/B Income Statement Balance Sheet
Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 73,938,000 73,938,000
Building 4,000,000 4,000,000
Computers 17,000 17,000
Furniture 100,000 100,000
Supplies 65,000 65,000
Airlines 101,000,000 101,000,000
Inventory 10,000 10,000
Computer Software 20,000 20,000
Electric Machine 50,000 50,000
Prepaid Salary 10,000 10,000
Accounts Payable - 0 - 0
Notes Payable 165,143,000 165,143,000
Unearned Revenue - 0 - 0
Share Capital 15,000,000 15,000,000
Service Revenue 130,000 130,000 130,000
Electricity Expense 60,000 60,000 60,000
Pilot Training Expense 15,000 15,000 15,000
Salaries Expense 968,000 968,000 968,000
Utilities Expense 5,000 5,000 5,000
Advertising Expense 15,000 15,000 15,000
180,273,000 180,273,000 1,063,000 130,000 180,273,000 180,273,000

adjusting

Adjusting Entry
Date Accounts and Explanations Post. Ref. Debit Credit
3/31/21 interest expense (0.07*80,000,000)/12*3 1,400,000
interest payable 1,400,000
2/28/20 salaries expense 10,000
prepaid salary 10,000

income statement

Income Statement
Revenue $ $
Service Revenue 130,000.00
Less : Operating Expenses:-
Electricity Expense -60,000
Pilot Training Expense -15,000
Salaries Expense -968,000
Utilities Expense -5,000
Advertising Expense -15,000
Total Expenses (1,063,000.00)
Net Income (933,000.00)

statement of RE

Statement Of Retained Earnings
Retained earnings beginning 0
Add: Net Income 933,000
less: dividend 0
Retained earnings ending march 31,2020 933,000

Balance Sheet

Balance sheet
Noncurrent Asset:
Building 4000000
Furniture 100000
Airlines 101000000
Computer Software 20000
Electric Machine 50000
Computers 17000
Total Non Current Assets 105187000
Current Asset:
Cash 73938000
Supplies 65000
Inventory 10000
Prepaid Salary 10000
Total Current Assets 74023000
Total Asset 179210000
Shareholder's Equity
Share Capital 15,000,000
Retained Earnings 933,000
Total shareholder's Equity 15,933,000
Liabilities
Non current liabilities
Notes Payable 165143000
Total non current Liabilities 165143000
Current Liabilities
Accounts payable 0
Unearned Revenue 0
Total current Liabilities 0
Total equity and liabilities 181,076,000

closing

Closing Entry
Date Accounts and Explanations Post. Ref. Debit Credit

Post Closing trial balance

Account Debit Credit