The Bates Computer Consulting Company started with the balances listed in each of the GL Accounts...

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The Bates Computer Consulting Company started with the balances listed in each of the GL Accounts which are set up on the related excel tabs. Bates uses a periodic inventory system (a purchases account, a purchases returns and allowances account, a purchases discounts account and a transportation in account are all used). During the year the following transactions took place: A. Bates invested additional $70,000 cash in the business. B. Received $125,000 in advance from the State of Wisconsin for services which will be performed at a later date. C. Received merchandise (will be resold to customers) purchased on account for $19,000. The terms were 2/10; n/30, FOB origination and the invoice included a $100 freight charge. Invoice is for $19,100. D. Paid a six-month insurance premium of $1,800. E. Purchased a $45,000 short-term certificate of deposit (CD) from Home Savings Bank. The CD is considered a short-term investment. F. Performed services for Dane County and immediately received $50,000. G. Made a $1,050 mortgage payment. $500 of the payment was for interest, the remainder was applied toward the loan principal. H. Returned $2,500 of the merchandise received in "C" above. I. J. Sold merchandise on account for $12,000; terms were 2/10, n/30; FOB origination. Received a return of $3,000 of the merchandise sold in "I" above. K. Gill Bates, the owner, withdrew $10,000 for personal use. L. Purchased $400 of office supplies by paying cash. M. Received payment for the merchandise sold in "I"; this payment properly took the discount and return into account. N. Paid the invoice related to "C"; this payment properly took the discount and return into account. O. Paid $7,775 in wages. 1234 Requirements Using the excel general journal provided, prepare "General Journal" entries for transactions A-O. Omit explanations. Using cross-referencing in Excel, post these journal entries to the "GL Accounts" provided. Use the account names which are provided on the Excel worksheet. Be certain to reference each entry with the proper letter. Calculate the balances of all accounts; properly show the balance in the "GL Accounts" tab using cross-referencing in Excel. Transfer your unadjusted trial balance amounts from the GL Accounts (use cross-referencing) onto the Unadjusted Trial Balance columns of the "GL to Worksheet" tab. Check figure unadjusted trial balance should be $588,280. - The Bates Computer Consulting Company started with the balances listed in each of the GL Accounts which are set up on the related excel tabs. Bates uses a periodic inventory system (a purchases account, a purchases returns and allowances account, a purchases discounts account and a transportation in account are all used). During the year the following transactions took place: A. Bates invested additional $70,000 cash in the business. B. Received $125,000 in advance from the State of Wisconsin for services which will be performed at a later date. C. Received merchandise (will be resold to customers) purchased on account for $19,000. The terms were 2/10; n/30, FOB origination and the invoice included a $100 freight charge. Invoice is for $19,100. D. Paid a six-month insurance premium of $1,800. E. Purchased a $45,000 short-term certificate of deposit (CD) from Home Savings Bank. The CD is considered a short-term investment. F. Performed services for Dane County and immediately received $50,000. G. Made a $1,050 mortgage payment. $500 of the payment was for interest, the remainder was applied toward the loan principal. H. Returned $2,500 of the merchandise received in "C" above. I. J. Sold merchandise on account for $12,000; terms were 2/10, n/30; FOB origination. Received a return of $3,000 of the merchandise sold in "I" above. K. Gill Bates, the owner, withdrew $10,000 for personal use. L. Purchased $400 of office supplies by paying cash. M. Received payment for the merchandise sold in "I"; this payment properly took the discount and return into account. N. Paid the invoice related to "C"; this payment properly took the discount and return into account. O. Paid $7,775 in wages. 1234 Requirements Using the excel general journal provided, prepare "General Journal" entries for transactions A-O. Omit explanations. Using cross-referencing in Excel, post these journal entries to the "GL Accounts" provided. Use the account names which are provided on the Excel worksheet. Be certain to reference each entry with the proper letter. Calculate the balances of all accounts; properly show the balance in the "GL Accounts" tab using cross-referencing in Excel. Transfer your unadjusted trial balance amounts from the GL Accounts (use cross-referencing) onto the Unadjusted Trial Balance columns of the "GL to Worksheet" tab. Check figure unadjusted trial balance should be $588,280. -

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Since I cant interact with files or Excel sheets directly Ill guide you through the journal entries and how to post them to the GL Accounts provided i... View the full answer