Fill the Excel sheet attached to the question.

Corrected Journal Entries, Corrected Inventory, Ledger Accounts, Income Statement, and Balance Sheet. The Ledger Accounts, Income Statement, and Balance Sheet tabs should be based on the Corrected Journal Entries and Corrected Inventory tabs.?

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1. The following events occurred during the year. Book the entries necessary for the corresponding transactions that have occurred. August 1: The business owner loaned the company $10,000 at 4% interest annually to be paid in full in three years. August 15: A new one-year lease agreement was signed for a new sporting goods store. The rent is $1,350 per month for the year. The lease begins on September 1 and is effective through August 31 of the next year. A payment of the first month's rent plus a deposit payment of $2,000 was made. (Info only. The deposit remains in Prepaid Rent until the end of the lease) August 31: Paid $2,400 for a 12-month insurance policy. Policy effective dates are September 1 through August 31. September 1: Expense September rent paid in August. September 21: A part-time worker was hired at $15 per hour to work the customer service desk. One pay period is the 1st of the month through the 15th, and the other is the 16th through the end of the month. Paydays are the 20th for the first pay period and the 5th of the following month for the second pay period. (No entry required on this date-for informational purposes only.) September 30: Sold 15 bicycles on special at $150 each and 5 golf club sets at $350 each. The customer put 12% on account and paid cash for the rest. 1. The following events occurred during the year. Book the entries necessary for the corresponding transactions that have occurred. August 1: The business owner loaned the company $10,000 at 4% interest annually to be paid in full in three years. August 15: A new one-year lease agreement was signed for a new sporting goods store. The rent is $1,350 per month for the year. The lease begins on September 1 and is effective through August 31 of the next year. A payment of the first month's rent plus a deposit payment of $2,000 was made. (Info only. The deposit remains in Prepaid Rent until the end of the lease) August 31: Paid $2,400 for a 12-month insurance policy. Policy effective dates are September 1 through August 31. September 1: Expense September rent paid in August. September 21: A part-time worker was hired at $15 per hour to work the customer service desk. One pay period is the 1st of the month through the 15th, and the other is the 16th through the end of the month. Paydays are the 20th for the first pay period and the 5th of the following month for the second pay period. (No entry required on this date-for informational purposes only.) September 30: Sold 15 bicycles on special at $150 each and 5 golf club sets at $350 each. The customer put 12% on account and paid cash for the rest.

Answer rating: 100% (QA)

Here are the journal entries for the transactions 1 August 1 Debit Cash 10000 Credit Notes Payable 1... View the full answer