nstructions

Please note that these instructions and transactions are not the same as the Comprehensive Problem in your textbook

at the end of Chapter $4.$ I will be monitoring online sites and I will know if any of my students attempt to submit this

assignment to any online $$help$$ site. I$$m cautioning you in advance to complete this problem ON YOUR OWN. This is for

both your short and long$-$term benefit to make sure you understand the material in this course. If you have questions or

get stuck, please email me immediately for help. I will guide and help you.

$1.$ Record journal entries for the May transactions in the Journal in the pre$-$formatted Excel

spreadsheet. Note that the May $2-15$ transactions are journalized on Page $5$ of the Journal. The May $17-31$

transactions are journalized on Page $6$ of the Journal. Use the drop$-$down menus for the accounts in the pre$-$

formatted spreadsheet $$ do NOT type the name of the accounts. Do not put a $ in front of the numbers. See

examples of how the April journal entries were recorded in Exhibit $13$ on pages $181-182$ in the textbook.

$2.$ Post the journal entries to the Ledger in the Excel spreadsheet. In the Journal, put the account

number in the Posting Reference column that you posted to$.$ For example, Cash is account $11.$ For any

journal entries with Cash, you put $11$ in the Posting Reference column. In the Ledger, you will put the page

number of the Journal where the information came from. You will enter $5$ for transactions May $2-15$ and $6$ for

transactions May $17-31.$ In the Ledger, in the first Debit and Credit column, you will enter exactly the same

thing you did in the journal entry. In the second Debit and Credit column you update the running balance of

the account. For Asset, Drawing, and Expense accounts, you will ONLY show balances in the Debit column.

For these accounts, add to the balance when the journal entry was a debit and subtract when it was a credit.

For Liability, Capital, and Revenue accounts, you will ONLY show balances in the Credit column. For these

accounts, add when the journal entry was a credit and subtract when it was a debit. The $$Notes $-$ Part $7$

video in the Chapter $2$ Lesson Videos goes over how to post to the accounts in the Ledger. Do not put a $ in

front of the numbers. Leave the lines that have $$adjusting$$ and $$closing$$ on them blank for now. You

will come back to those later in the problem when you do the adjusting and closing entries. See examples of

how the April journal entries were posted in Exhibit $18$ on pages $185-187$ in the textbook.

$3.$ Prepare an Unadjusted Trial Balance in the Excel spreadsheet. You will put the balances from the

Ledger before the adjusting entries on the Unadjusted Trial Balance. If your total debits do not equal total

credits, do not continue with the problem. If you can$$t figure out where you$$re off, email me and I will help you.

See example of the Unadjusted Trial Balance for April in Exhibit $11$ on page $180$ in the textbook.

$4.$ At the end of May, the following adjustment data were assembled. Analyze and use these data to

complete parts $(5)$ and $(6).$

a$.$ Accrued part$-$time receptionist salary on May $31$ is $$240.$

b$.$ Unearned Fees on May $31$ are $$3,850.$ HINT: This is the balance you want in Unearned Fees

AFTER this adjusting entry. It is not the amount of the entry.

c$.$ Insurance expired during May is $$300.$

d$.$ Rent expired during May is $$1,600.$

e$.$ Supplies on hand on May $31$ are $$860.$ HINT: This is the balance you want in Supplies

AFTER this adjusting entry. It is not the amount of the entry.

f$.$ Depreciation of Office Equipment for May is $$330.$

$5.$ Enter the Unadjusted Trial Balance on the End$-$of$-$Period Spreadsheet and complete the

spreadsheet on the pre$-$formatted Excel spreadsheet. On the small cell blank in column $$I$$ and $$L$$ on the

spreadsheet, enter the letter from $4.$ above where the adjusting information came from. For example on

Column I, Row $302$ and Column L$,$ Row $297$ you will enter an a$.$ The April End$-$of$-$Period Spreadsheet is

partially completed as an example in Exhibit $12$ on page $181$ in your textbook. A full explanation of how to

complete an End$-$of$-$Period Spreadsheet is in Appendix $1$ starting on page $188$ in your textbook. The first

video in the Chapter $4$ Lesson Videos also goes over how to complete an End$-$of$-$Period Spreadsheet.