2. Answer the In-chapter questions in Chapter 8 Accounting. Take a screen shot of your answers and paste them in front of the exercise answers for Chapter 8. (1%) Answer the following Accounting exercise questions. (1.5%) A. Use Microsoft Excel to construct a Transactions Journal. Enter Transactions a to k in the Transactions Journal. Construct the Balance Sheet and Income Statement, shown in the chapter. Create links between the Transactions Journal and the financial statements to carry forward the accounting figures. B. Analyze the financial statements displayed by calculating the Current Ratio, Working Capital, Solvency, and Profitability. Is the business liquid, solvent, and profitable? a) Db Cash 150, Cr Equity (Paid-in Capital) 150 b) Db Inventory 20, Cr Cash 20 c) Db Cash 24, Cr Sales 24, Cr Inv 20, Db COGS 20 d) Db Cash 10, Cr Sales 10, Cr Wages Payable 8, Db COGS 8 e) Db Inventory 8, Cr A/P 8 f) Db Cash 12, Cr Sales 12, Cr Inventory 8, Db COGS 8 g) Db Equipment 15, Cr Cash 5, Cr Promissory Note 10 h) Cr Cash 5, Db Promissory Note 4, Db Interest 1 i) Db A/R 20, Cr Sales 20, Cr Wages Payable 16, Db COGS 16 j) Cr Cash 8, Db A/P 8 k) Db Cash 20, Cr A/R 20 a) Db Cash 150, Cr Equity (Paid-in Capital) 150 b) Db Inventory 20, Cr Cash 20 c) Db Cash 24, Cr Sales 24, Cr Inv 20, Db COGS 20 d) Db Cash 10, Cr Sales 10, Cr Wages Payable 8, Db COGS 8 e) Db Inventory 8, Cr A/P 8 f) Db Cash 12, Cr Sales 12, Cr Inventory 8, Db COGS 8 8) Db Equipment 15, Cr Cash 5, Cr Promissory Note 10 h) Cr Cash 5, Db Promissory Note 4, Db Interest 1 i) Db A/R 20, Cr Sales 20, Cr Wages Payable 16, Db COGS 16 j) Cr Cash 8, Db A/P 8 k) Db Cash 20, Cr A/R 20 Credit Debit Assets Liabilities Equity Revenue Expenses 1 1M BALANCE SHEET INCOME STATEMENT Liabilities d) 1 Wages Payable 8 i) Wages Payable 16 e) 1 A/P 8 j) A/P 8 g) Promissory Note 10 h) Promissory Note 4 REVENUE c) 1 Sales 24 d) 1 Sales 10 f) Sales 12 i) 1 Sales 20 Assets a) | Cash 150 b) Cash 20 c) 1 Cash 24 d) 1 Cash 10 f) 1 Cash 12 B) Cash 5 h) Cash 5 j) Cash 8 k) 1 Cash 20 K) A/R 20 b) 1 Inventory 20 c) Inventory 20 e) 1 Inventory 8 f) Inventory 8 B) 1 Equipment 15 EXPENSES c) 1 COGS 20 d) 1 COGS 8 f) 1 COGS 8 h) 1 Interest 1 i) 1 COGS 16 i) A/R 20 Equity a) 1 Paid-in Capital 150 c) 1 Retained Income 4 d) Retained Income 2 f) Retained Income 4 h) Retained Income 1 1) Retained Income 4 NET INCOME c) 14 d) 1 2 f) 1 4 h) 1 2. Answer the In-chapter questions in Chapter 8 Accounting. Take a screen shot of your answers and paste them in front of the exercise answers for Chapter 8. (1%) Answer the following Accounting exercise questions. (1.5%) A. Use Microsoft Excel to construct a Transactions Journal. Enter Transactions a to k in the Transactions Journal. Construct the Balance Sheet and Income Statement, shown in the chapter. Create links between the Transactions Journal and the financial statements to carry forward the accounting figures. B. Analyze the financial statements displayed by calculating the Current Ratio, Working Capital, Solvency, and Profitability. Is the business liquid, solvent, and profitable? a) Db Cash 150, Cr Equity (Paid-in Capital) 150 b) Db Inventory 20, Cr Cash 20 c) Db Cash 24, Cr Sales 24, Cr Inv 20, Db COGS 20 d) Db Cash 10, Cr Sales 10, Cr Wages Payable 8, Db COGS 8 e) Db Inventory 8, Cr A/P 8 f) Db Cash 12, Cr Sales 12, Cr Inventory 8, Db COGS 8 g) Db Equipment 15, Cr Cash 5, Cr Promissory Note 10 h) Cr Cash 5, Db Promissory Note 4, Db Interest 1 i) Db A/R 20, Cr Sales 20, Cr Wages Payable 16, Db COGS 16 j) Cr Cash 8, Db A/P 8 k) Db Cash 20, Cr A/R 20 a) Db Cash 150, Cr Equity (Paid-in Capital) 150 b) Db Inventory 20, Cr Cash 20 c) Db Cash 24, Cr Sales 24, Cr Inv 20, Db COGS 20 d) Db Cash 10, Cr Sales 10, Cr Wages Payable 8, Db COGS 8 e) Db Inventory 8, Cr A/P 8 f) Db Cash 12, Cr Sales 12, Cr Inventory 8, Db COGS 8 8) Db Equipment 15, Cr Cash 5, Cr Promissory Note 10 h) Cr Cash 5, Db Promissory Note 4, Db Interest 1 i) Db A/R 20, Cr Sales 20, Cr Wages Payable 16, Db COGS 16 j) Cr Cash 8, Db A/P 8 k) Db Cash 20, Cr A/R 20 Credit Debit Assets Liabilities Equity Revenue Expenses 1 1M BALANCE SHEET INCOME STATEMENT Liabilities d) 1 Wages Payable 8 i) Wages Payable 16 e) 1 A/P 8 j) A/P 8 g) Promissory Note 10 h) Promissory Note 4 REVENUE c) 1 Sales 24 d) 1 Sales 10 f) Sales 12 i) 1 Sales 20 Assets a) | Cash 150 b) Cash 20 c) 1 Cash 24 d) 1 Cash 10 f) 1 Cash 12 B) Cash 5 h) Cash 5 j) Cash 8 k) 1 Cash 20 K) A/R 20 b) 1 Inventory 20 c) Inventory 20 e) 1 Inventory 8 f) Inventory 8 B) 1 Equipment 15 EXPENSES c) 1 COGS 20 d) 1 COGS 8 f) 1 COGS 8 h) 1 Interest 1 i) 1 COGS 16 i) A/R 20 Equity a) 1 Paid-in Capital 150 c) 1 Retained Income 4 d) Retained Income 2 f) Retained Income 4 h) Retained Income 1 1) Retained Income 4 NET INCOME c) 14 d) 1 2 f) 1 4 h) 1