a. update the journal entries worksheet with the transactions below. Transactions with an * represent a...

   

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a. update the journal entries worksheet with the transactions below. Transactions with an * represent a new accounting rule/principle. b. build the T-accounts in the second sheet c. update the T-accounts for the journal entries d. compute the ending balance of each T-account e. transfer (link) the ending balances to the 3rd sheet called "Trial Balance" under the UNADJUSTED TRIAL BALANCE columns f. Sum and balance your UNADJUSTED TRIAL BALANCE columns Remember all individual journal entries must balance (debits=credits). The journal must be summed and balanced (sum the totals of the Debit and Credit columns using Excel's "sum function". To bulld the T-accounts, go to the "font" tab, click the "borders" tab and Insert the appropriate vertical and horizontal line. Label each T-account and highlight in "yellow" that account's normal balance. Do this for EVERY T-account needed. After all journal entries have been transferred to the T-accounts, sum each T-account to obtain its ending balance. a. September 2nd - Start your own corporation, named the Baby-Boo Company Inc. by putting $25,000 in the bank and contributing a used truck provided with a fair value of $15,000 for 1,000 shares of common stock (with a par value of $1 per share).* b. September 3rd - Signed lease for $1,500 a month. Paid first month rent and a one month security deposit.* c. September 3rd - Purchased annual liability insurance for $6,000. Coverage begins in January. d. September 4th - Buy $4,150 of office furniture from Office Max on credit. Terms are 2% 10; net 30.* e. September 5th - Purchased $50,000 of equipment, 10% down and financing the remaining balance (which means you signed a promissory note). Interest rate is 5% annually, accrued monthly, interest to be paid quarterly (9/30, 12/31, 3/31 and 6/30), principal due in 48 months.* a. update the journal entries worksheet with the transactions below. Transactions with an * represent a new accounting rule/principle. b. build the T-accounts in the second sheet c. update the T-accounts for the journal entries d. compute the ending balance of each T-account e. transfer (link) the ending balances to the 3rd sheet called "Trial Balance" under the UNADJUSTED TRIAL BALANCE columns f. Sum and balance your UNADJUSTED TRIAL BALANCE columns Remember all individual journal entries must balance (debits=credits). The journal must be summed and balanced (sum the totals of the Debit and Credit columns using Excel's "sum function". To bulld the T-accounts, go to the "font" tab, click the "borders" tab and Insert the appropriate vertical and horizontal line. Label each T-account and highlight in "yellow" that account's normal balance. Do this for EVERY T-account needed. After all journal entries have been transferred to the T-accounts, sum each T-account to obtain its ending balance. a. September 2nd - Start your own corporation, named the Baby-Boo Company Inc. by putting $25,000 in the bank and contributing a used truck provided with a fair value of $15,000 for 1,000 shares of common stock (with a par value of $1 per share).* b. September 3rd - Signed lease for $1,500 a month. Paid first month rent and a one month security deposit.* c. September 3rd - Purchased annual liability insurance for $6,000. Coverage begins in January. d. September 4th - Buy $4,150 of office furniture from Office Max on credit. Terms are 2% 10; net 30.* e. September 5th - Purchased $50,000 of equipment, 10% down and financing the remaining balance (which means you signed a promissory note). Interest rate is 5% annually, accrued monthly, interest to be paid quarterly (9/30, 12/31, 3/31 and 6/30), principal due in 48 months.*

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Journal Entries Worksheet Create a new journal entries worksheet Record the transactions for September as follows a September 2nd To contribute 25000 ... View the full answer