Instructions for Creating Worksheets for Assignment 2 Essay.

Balance in Supplies account is $125.
Performed Consulting Services for customers worth $2,750 for December, but had not yet billed customers.
Recognize the comprehensive insurance policy used amount for the December.
Recognize rent used up for the month of December.
Recognize land rental income from retailer for a parking lot for use in December.
Recognize 4 days of wages owed to the receptionist and part-time assistant at $95 each per day.
On December 31^st received $4,500 worth of Programming Fees for programming to be performed in January of 2018.
On December 31^st, received a bill for Utilities owed for the month of December.
Recognize the depreciation on the Computer Equipment for the month of December, if the equipment has a 3 year life and no residual value.

Instructions:

Using the corrected spreadsheet from Assignment 1, add the following worksheets for Assignment 2:

Fifth Worksheet: General Journal for Adjusting Entries 20 Marks

Post back to Third Worksheet, T-Accounts. 5 Marks

Sixth Worksheet: Adjusted Trial Balance. 4 Marks

Seventh Worksheet: Income Statement 7 Marks

Eighth Worksheet: Statement of Owner’s Equity. 3 Marks

Ninth Worksheet: Statement of Changes in Financial Position (Balance Sheet). 10 Marks

Tenth Worksheet: General Journal for Closing Entries. 5 Marks

Eleventh Worksheet: Statement of Cash Flows for December 31, 2017 6 Marks

Use of Excel functions in the above requirements 5 Marks

Total Marks 65 Marks

Submit your Excel spreadsheet file to me via the Assignment 2 folder in Blackboard by Monday April 16th at 11:30 p.m. (Email submissions will not be excepted and Deleted)

Please name your spreadsheet file in the following manner: BAB140_Assign2_YourLastName_YourInitials.



Company Name	Web Solutions
BAB140 Section


Name of Programmer		Due Date

	Chart of Accounts

1000	Assets
1010	Cash (Web's Solution's Bank Account)
1100	Accounts Receivable
1500	Supplies
1550	Prepaid Insurance
2000	Equipment
2100	Land
3000	Liabilities
3100	Accounts payable
3300	Unearned Revenue
3400	Unearned Rent
4000	Equity
4100	Owner's Capital
4200	Withdrawals
5000	Revenues
5100	Revenues
7000	Expenses
7050	Rent Expense
7100	Phone Expenses
7150	Electric Expeneses
7200	Salary Expenses
7250	Internet Expenses
7300	Advertising Expense
7350	Interest Expenses

General Journal Web Solutions
For December 2017
Date		Account		Dr	Cr
Dec. 1	1010	Cash (Web's Solution's Bank Account)		$ 25,000.00
	4100	Owner's Capital			$ 25,000.00
		(owner deposits cash into bank account)

Dec. 1	2100	Land		$ 20,000.00
	1010	Cash (Web's Solution's Bank Account)			$ 20,000.00
		(owner used cash to buy land)

Dec. 1	1500	Supplies		$ 1,350.00
	3100	Accounts payable			$ 1,350.00
		(owner charged account to buy supplies)

Dec. 2	1010	Cash (Web's Solution's Bank Account)		$ 7,500.00
	3300	Unearned Revenue			$ 7,500.00
		(owner received revenue for consulting services not yet performed)

Dec. 2	1550	Prepaid Insurance		$ 2,400.00
	1010	Cash (Web's Solution's Bank Account)			$ 2,400.00
		(insurance policy was paid)

Dec. 2	7050	Rent Expense		$ 800.00
	1010	Cash (Web's Solution's Bank Account)			$ 800.00
		(owner paid off rent)

Dec. 3	1010	Cash (Web's Solution's Bank Account)		$ 360.00
	3400	Unearned Rent			$ 360.00
		(unearned for renting land $120/mth)

Dec. 4	2000	Equipment		$ 1,800.00
	3100	Accounts payable			$ 1,800.00
		(owner charged account for computers)

Dec. 6	7300	Advertising Expense		$ 180.00
	1010	Cash (Web's Solution's Bank Account)			$ 180.00
		(owner paid for advertisement)

Dec. 11	3100	Accounts payable		$ 400.00
	1010	Cash (Web's Solution's Bank Account)			$ 400.00
		(paid Dec 1st supplies purchase)

Dec. 15	7200	Salary Expenses		$ 1,900.00
	1010	Cash (Web's Solution's Bank Account)			$ 1,900.00
		(paid employees' salaries for 2 weeks)

Dec. 16	1010	Cash (Web's Solution's Bank Account)		$ 3,100.00
	5100	Revenues			$ 3,100.00
		(received payment for progamming service)

Dec. 16	3300	Unearned Revenue		$ 7,500.00
	5100	Revenues			$ 7,500.00
		(performed services for payment received in advance from Dec. 2)

Dec. 20	3100	Accounts payable		$ 1,800.00
	1010	Cash (Web's Solution's Bank Account)			$ 1,800.00
		(paid off computer equipment purchase on Dec. 4)

Dec. 21	1010	Cash (Web's Solution's Bank Account)		$ 650.00
	5100	Revenues			$ 650.00
		(received payment for consulting service)

Dec. 23	1500	Supplies		$ 1,450.00
	1010	Cash (Web's Solution's Bank Account)	Cash		$ 550.00
	3100	Accounts payable			$ 900.00
		(paid portion of supplies in cash, charged remainder on account)

Dec. 27	7200	Salary Expenses		$ 1,200.00
	1010	Cash (Web's Solution's Bank Account)			$ 1,200.00
		(paid employees' salary for 2 weeks)

Dec. 31	7100	Phone Expenses		$ 310.00
	1010	Cash (Web's Solution's Bank Account)			$ 310.00
		(paid phone bill)

Dec. 31	7150	Electric Expeneses		$ 225.00
	1010	Cash (Web's Solution's Bank Account)	Cash		$ 225.00
		(paid electricity bill)

Dec. 31	1010	Cash (Web's Solution's Bank Account)		$ 2,870.00
	5100	Revenues			$ 2,870.00
		(received payment for consulting service)

Dec. 31	3100	Accounts payable		$ 1,120.00
	5100	Revenues			$ 1,120.00
		(outstanding payments for consulting services)

Dec. 31	4200	Withdrawals		$ 2,000.00
	1010	Cash (Web's Solution's Bank Account)	Cash		$ 2,000.00
		(owner withdrew funds from company account)

Dec. 31	7350	Interest Expenses		$ 150.00
	1010	Cash (Web's Solution's Bank Account)	Cash		$ 150.00
		(owner paid internet bill)

Dec. 31	1100	Debtor a/c		2650
	1500	Supplies a/c			2650
		(Supplies have been sold.)

Dec. 31	1100	Debtor a/c		2750
	5100	Revenue a/c			2750
		(Consulting services have been provided on credit.)

Dec. 31	1550	Insurance a/c		$ 2,400.00
	1550	Prepaid insurance			$ 2,400.00
		(Insurance amount has been recognized.)

Dec. 31	3400	Unearned rent		$ 120.00
	3400	Rent			$ 120.00
		(Rent amount has been recognized.)

Dec. 31	7200	Salary Expenses		$ 760.00
	1010	Accrued salary			$ 760.00
		(paid receptionsit and part time employee' salary for 2 weeks)

Dec. 31	1010	Cash (Web's Solution's Bank Account)		$ 4,500.00
	3300	Unearned Reveneue			$ 4,500.00
		(Revenue has been generated before delivering the services.)

Dec. 31	7000	Depreciation		450.00
	2000	Equipment			450.00
		(Depreciation has been charged.)




Web Solutions
General Ledger

1010	Cash				3100	Account Payable
Date	DR	CR			Date	DR	CR
Dec. 1	$ 25,000.00				Dec. 1		$ 1,350.00
Dec. 1		$ 20,000.00			Dec. 4		$ 1,800.00
Dec. 2	$ 7,500.00				Dec. 11	$ 400.00
Dec. 2		$ 2,400.00
Dec. 2		$ 800.00			Dec. 20	$ 1,800.00
Dec. 3	$ 360.00				Dec. 23		$ 900.00
Dec. 6		$ 180.00
Dec. 11		$ 400.00			Total	$ 2,200.00	$ 4,050.00
Dec. 15		$ 1,900.00			Balance		$ 1,850.00
Dec. 16	$ 3,100.00
Dec. 20		$ 1,800.00
Dec. 21	$ 650.00
Dec. 23		$ 550.00
Dec. 27		$ 1,200.00
Dec. 31		$ 310.00
Dec. 31		$ 225.00			3400	Unearned Rent Revenue
Dec. 31	$ 2,870.00						$ 360.00
Dec. 31		$ 2,000.00			Dec.31	$ 120.00
Dec. 31		$ 150.00			Total	$ 240.00
Dec.31	$ 4,500.00


Total	$ 43,980.00	$ 31,915.00
Balance	$ 12,065.00
					3300	Unearned Revenue
					Date	DR	CR
1100	Accounts Receivable				Dec. 2		$ 7,500.00
Date	DR	CR			Dec. 16	$ 7,500.00
Dec. 31	$ 1,120.00
Dec. 31	$ 2,750.00				Dec. 31		$ 4,500.00
Dec. 31	$ 2,650.00				Total	$ 7,500.00	$ 12,000.00
Total	$ 6,520.00				Balance	$ 4,500.00
Balance	$ 6,520.00


					4100	Owner's Capital
					Date	DR	CR
2100	Land				Dec. 1		$ 25,000.00
Date	DR	CR
Dec. 1	$ 20,000.00				Total		$ 25,000.00
Total	$ 20,000.00				Balance		25000
Balance	$ 20,000.00




					5100	Service Revenue
					Date	DR	CR
1500	Supplies				Dec. 3		$ -
Date	DR	CR			Dec. 16		$ 3,100.00
Dec. 1	$ 1,350.00				Dec. 16		$ 7,500.00
Dec. 23	$ 1,450.00				Dec. 21		$ 650.00
Dec. 31		2,650.00			Dec. 31		$ 2,870.00
					Dec. 31		$ 1,120.00
Total	$ 2,800.00	2,650.00			Dec.31		$ 2,750.00
Balance	$ 150.00				Total		$ 17,990.00
					Balance		$ 17,990.00	Account

								7050	Rent Expense
					7000	Expense		7300	Advertising Expense
					Date	DR	CR	7200	Salary Expenses
					Dec. 2	$ 800.00		7200	Salary Expenses
1550	Prepaid Insurance				Dec. 6	$ 180.00		7100	Phone Expenses
Date	DR	CR			Dec. 15	$ 1,900.00		7150	Electric Expeneses
Dec. 2	$ 2,400.00				Dec. 27	$ 1,200.00		7250	Internet Expenses
Dec. 31		$ 2,400.00			Dec. 31	$ 310.00
Total	$ 2,400.00	2400			Dec. 31	$ 225.00
Balance	$ -				Dec. 31	$ 150.00
					Dec. 31	$ 2,400.00
					Dec. 31	$ 760.00
					Dec. 31	$ 450.00			7050 Rent Expense		Accrued Salary
					Total	$ 8,375.00		Date	DR	CR	Date	DR	CR
					Balance	$ 8,375.00		Dec. 2	$ 800.00		Dec. 31		760
								Dec. 31		120
								Total	$ 800.00	120	Total		760
								Balance	$ 680.00		Balance	$ 760.00
						Withdrawals
	Equipment				Date	DR	CR
Date	DR	CR			Dec. 31	$ 2,000.00			7200 Salary Expense
Dec. 4	$ 1,800.00				Total	$ 2,000.00		Date	DR	CR
Dec. 31					Balance	$ 2,000.00		Dec. 15	########
Total	$ 1,800.00							Dec. 27	########
Balance	$ 1,800.00							Dec. 31	$ 760.00
						7150 Electric Expense		Total	########
					Date	DR	CR	Balance	########
	7100 Phone Expense				Dec. 31	$ 225.00
Date	DR	CR			Total	$ 225.00			7350 Insurance Expense
Dec. 31	$ 310.00				Balance	$ 225.00		Date	DR	CR
Total	$ 310.00							Dec. 31	2400
Balance	$ 310.00
						7300 Advertising Expense
					Date	DR	CR
	7250 Internet Expense				Dec. 6	$ 180.00
Date	DR	CR			Total	$ 180.00	$ -
Dec. 31	$ 150.00				Total	$ 180.00


(Web's Solution's Bank Account)
		DR	CR
1000	Assets
1010	Cash (Web's Solution's Bank Account)	$ 12,065.00
1100	Accounts Receivable	$ 6,520.00
1500	Supplies	$ 150.00
1550	Prepaid Insurance	-
2000	Equipment	$ 1,800.00
2100	Land	$ 20,000.00
3000	Liabilities
3100	Accounts payable		$ 1,850.00
3300	Unearned Revenue		$ 4,500.00
3400	Unearned Rent		$ 240.00
4000	Equity
4100	Owner's Capital		25000
4200	Withdrawals	2000
5000	Revenues
5100	Service Revenue		17990
7000	Expenses
7050	Rent Expense	$ 680.00
7100	Phone Expenses	$ 310.00
7150	Electric Expeneses	$ 225.00
7200	Salary Expenses	$ 3,100.00
7250	Internet Expenses	$ 150.00
7300	Advertising Expense	$ 180.00
7350	Insurance Expenses	$ 2,400.00


		$ 49,580.00	$ 49,580.00


(Web's Solution's)
Income Statement

Sales Revenue		17990
Less: Expenses
Rent Expense		680
Phone Expenses		310
Electric Expeneses		225
Salary Expenses		3100
Internet Expenses		150
Advertising Expense		180
Insurance Expenses		2400

Net profit		10945


(Web's Solution's)
Balance Sheet

Assets		Liabilities & Equity capital

Cash (Web's Solution's Bank Account)	12065	Accounts payable	1850
Accounts Receivable	6520	Unearned Revenue	4500
Supplies	150	Unearned Rent	240
Prepaid Insurance	-	Equity	33945
Equipment	1800
Land	20000


	40535		40535


(Web's Solution's)
Cash flow statement

Cash receipts from customers		15520
Cash paid for:
Supplies		950
General operating and administrating expenses		7015
Interest		150

Net cash flow from opeartions			7405

Investing activities
cash paid for
Equipment		1800

Net cash flow from investing activities			-1800

Net cash flow from financing activities
Cash received from owner		20000
Less: Withdrawals		-2000

Net cash flow from financing activities			18000
Net increase in cash			23605

	Statement of chnages in equity

	Owner's capital	25000
	Less: Withdrawl	-2000
		23000
	Add: profit	10945
	Equity	33945


Closing Journal Web Solutions
For December 2017
Date		Account		Dr	Cr
Dec. 31
		Profit and loss a/c		$ 17,990.00
		Sales			$ 17,990.00
		(sales amount has been adjusted.)

Dec. 31		Rent Expense		680
		Phone Expenses		310
		Electric Expeneses		225
		Salary Expenses		3100
		Internet Expenses		150
		Advertising Expense		180
		Insurance Expenses		2400
		Profit and loss a/c			7045
		(Expenses have been adjusted.)

Dec. 31		Accounts payable		1850
		Unearned Revenue		4500
		Unearned Rent		240
		Balance sheet			6590
		(liabilities have been adjusted.)

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