Académique Documents
Professionnel Documents
Culture Documents
A Financial Perspective
to the same screen that the project was downloaded from:
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Book
Blocks
of Accounting
- A Financial
Enter password,
DS7353.xls
or
Diana,
when you areThe
ready
to List,
haveBuilding
your work
graded
you will upload
this filePerspective,
Upload Your Excel File.
Keep two copies of your spreadsheet in two separate places in case one does not work.
You may find it easier to work on this project if you print a hard copy of all the pages.
NOTE:
If there are any questions about the project e-mail markfriedman@miami.edu or call 305.284.6296.
Grade will be based upon answers entered into the shaded boxes.
F311
150126
DS7353.xlsx,
Elf Village
Productions
50 Sheet
Legal Pad
FAQ
FAQ 01
Answer:
Sometimes we unknowing add items to a workbook that inhibits the upload process. The conversion to an earlier version
Somehow clean the files and they then upload without problem. If the problem continue simple send your file as an
attachment with your username and passwordfriedman@cybertext.com
Windows Operating System
Select File
Select Save As
Select Save As Type:
Select Microsoft 5.0/95 Workbook (*.xls)
Select Save
Select Continue or Yes if prompted or if it indicates that there is limited memory.
Select
Select
Select
Select
Select
Select
File Close
File Open and open the .xls file
Save As
Save As Type:
Excel Workbook (*.xlsx)
Save
MF1234.xlsx
File Close
File Open and open the .xls file
Save As
Format:
Excel Workbook (*.xlsx)
Save
Excel 5.0/95
Workbook (.xls)
Elf Village
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50 Sheet
Legal Pad
FAQ
FAQ 02
When I try to enter information in the General Journal why does an error appears indicating that the cell protected?
Answer:
The computer program is designed to save you time. Instead of requiring you to enter the description four
times the program automatically copies the description when you enter a new account number. This process
requires that the data entry is limited to those cells which contain unique information. The cells that you can
enter data into are the yellow filled cells.
FAQ 03
In the feedback section, what does it mean when I have points under reverse?
Answer:
100
Cash
100
If you debit cash and credit telephone expense you have reversed the whole entry.
Cash
100
Telephone Expense
100
If you debit cash and credit anything else you have reversed part of the entry.
Cash
100
Rent Expense
100
Elf Village
Productions
50 Sheet
Legal Pad
FAQ 04
Answer:
Every time you upload your grade is recorded in a table. Your instructor can look at the table whenever they
want to, although only the last grade counts. Keep a hard copy of your last upload for documentation.
FAQ 05
I have entered all the transactions and have completed the worksheet however I get following
message on the financial statements: "You must finish the worksheet before you can complete the ...."
Answer:
The worksheet demonstrates that the accounting system is working. If all of your journal entries are
in balance then the Unadjusted Trial Balance and the Adjusting Entry columns will balance. The
Adjusted Trial Balance columns net the Unadjusted Trial Balance and the Adjusting Entry columns.
There are four steps to completing the worksheet:
1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the
Balance Sheet columns, (debits remain debits and credits remain credits).
2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses.
3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and
the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet.
4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise
there is an error in the completion of the worksheet.
Page 3
FIRST
Diana
LAST
Sobrino
SS
7353
File
DS7353
Welcome to the worlds first ePractice case, an individualized, internet generated and graded case study that
focuses on the analytically portion of the accounting cycle while automating the repetitive posting cycle.
NOTE: If the program is not working e-mail markfriedman@miami.edu, 305.284.6296.
Step I - The Chart of Accounts
The chart of accounts includes all of the accounts that you can use to solve your case. You may want to print
the chart of accounts and use it as an easy reference guide.
Step II Journalizing the Transactions.
Using your unique transactions record the corresponding general journal entry, rounding to two decimal
places.
For example,
01
June 1: Joseph made an investment in Byte of Accounting, Inc. by purchasing 2,000 shares of its
common stock for $40,000 cash. The par value of the common stock was $20 per share.
01
Jun 01
Description
di
t
Cr
e
Name
D
eb
it
ou
nt
Ac
c
Da
te
Tr
an
sa
ct
io
n
In the date field enter the date of the transaction. If you do not enter a date value an error message will appear.
Cash
01
Jun 01
Description
di
t
Cr
e
Name
D
eb
it
ou
nt
Ac
c
Da
te
Tr
an
sa
ct
io
n
In the account field enter the account number that corresponds to the account in the chart of accounts.
You can also use the pull down list to find the appropriate account number. If you use a number that
is not on the chart of accounts an error message will appear.
1110 Cash
Land
The name of the account will automatically appear in the name column. If it is the wrong
account renter the correct account number.
Enter the description in the description field.
Description
01
01
Jun 01
Jun 01
1110 Cash
Joseph's investment
Advertising Joseph's investment
01
Jun 01
di
t
Cr
e
D
eb
it
ou
nt
Da
te
Ac
c
ct
io
n
Tr
an
sa
Name
Description
di
t
Cr
e
Name
D
eb
it
ou
nt
Ac
c
Da
te
Tr
an
sa
ct
io
n
01
Jun 01
1110 Cash
01
Jun 01
Cash
Joseph's investment
40,000.00
Joseph's investment
Description
di
t
Cr
e
Name
D
eb
it
ou
nt
Ac
c
Da
te
Tr
an
sa
ct
io
n
01
01
01
Jun 01
Jun 01
Jun 01
1110 Cash
40,000.00
Joseph's investment
3100 Capital Stock Joseph's investment
Cash
Joseph's investment
01
Jun 01
1110 Cash
3100 Capital Stock
Description
Joseph's investment
di
t
Cr
e
Name
D
eb
it
ou
nt
Ac
c
Da
te
Tr
an
sa
ct
io
n
40,000.00
Joseph's investment
40,000.00
Number Name
1110 Cash
1120 Accounts Receivable
1130 Prepaid Insurance
1140 Prepaid Rent
1150 Office Supplies
1211 Office Equip.
1212 Accum. Depr.-Office Equip.
1311 Computer Equip.
1312 Accum. Depr.-Computer Equip.
1411 Building Cost
1412 Accum. Depr.-Building
1510 Land
2101 Accounts Payable
2102 Advanced Payments
2103 Interest Payable
2105 Salaries Payable
2106 Income Taxes Payable
2201 Mortgage Payable
2202 Notes Payable
3100 Capital Stock
3200 Retained Earnings
3300 Dividends
3400 Income Summary
4100 Computer & Consulting Revenue
5010 Rent Expense
5020 Salary Expense
5030 Advertising Expense
5040 Repairs & Maint. Expense
5050 Oil & Gas Expense
5080 Supplies Expense
5090 Interest Expense
5100 Insurance Expense
5110 Depreciation Expense
5120 Income Tax Expense
Normal Balance
Debit
Debit
Debit
Debit
Debit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Credit
Credit
Credit
Credit
Credit
Credit
Credit
Credit
Debit
Credit
Credit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Error #
1
2
4
8
16
32
64
128
256
512
1024
Message
Debit And Credit On Same Line
Need a Description
Need a Date
08. June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for
$4,968 in cash. The effective date of the policy was June 16.
09. June 16: Computer consultation revenue of $6,000 was received.
10. June 16: Byte purchased a building and the land it is on for $137,000, to house its repair facilities
and to store computer equipment. The lot on which the building is located is valued at $22,000.
The balance of the cost is to be allocated to the building. Byte made a cash down payment of
$13,700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual
installments beginning July 1.
11. June 17: Cash of $4,000 was paid for rent for June and July. Put the total amount into the Prepaid
Rent account.
12. June 17: Received a bill of $325 from the local newspaper for advertising.
13. June 21: Billed various miscellaneous local customers $4,700 for consulting services performed.
14. June 21: A fax machine for the office was purchased for $700 cash.
Description
C
re
di
t
Name
D
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Ac
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D
at
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an
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io
n
Note: You can only enter data into the yellow filled cells.
01
01
01
Jun 01
Jun 01
Jun 01
1110 Cash
1311 Computer Equip.
3100 Capital Stock
30,240.00
41,850.00
30240
41850
72,090.00 (72090)
0
0
0
0
0
02
02
02
02
Jun 01
Jun 01
Jun 01
Jun 01
1110 Cash
1311 Computer Equip.
1211 Office Equip.
3100 Capital Stock
41,850.00
11,340.00
1,107.00
41850
11340
1107
54,297.00 (54297)
0
0
0
0
03
03
Jun 01
Jun 01
1110 Cash
3100 Capital Stock
81,000.00
81000
81,000.00 (81000)
0
0
0
0
0
0
04
04
04
Jun 02
Jun 02
Jun 02
165,000.00
165000
33,000.00 (33000)
132,000.00
###
0
0
0
0
0
05
05
Jun 04
Jun 04
300
(300)
0
0
0
0
0
0
06
06
Jun 08
Jun 08
return of equipment
return of equipment
60
(60)
0
0
0
0
0
0
07
07
Jun 10
Jun 10
25,250.00
25250
25,250.00 (25250)
0
0
0
0
0
0
08
08
Jun 14
Jun 14
4,968.00
4968
4,968.00 (4968)
0
0
0
0
0
0
09
09
Jun 16
Jun 16
1110 Cash
revenue for consultin
4100 Computer & Consultingrevenue for consultin
6,000.00
6000
6,000.00 (6000)
0
0
0
0
0
0
10
10
10
10
Jun 16
Jun 16
Jun 16
Jun 16
1510 Land
1411 Building Cost
1110 Cash
2201 Mortgage Payable
22,000.00
115,000.00
22000
115000
13,700.00 (13700)
123,300.00
###
0
0
0
0
11
11
Jun 17
Jun 17
4,000.00
4000
4,000.00 (4000)
0
0
0
0
0
0
12
12
Jun 17
Jun 17
325
(325)
0
0
0
0
0
0
13
13
Jun 21
Jun 21
4700
4,700.00 (4700)
0
0
0
0
0
0
14
14
Jun 21
Jun 21
700.00
700
(700)
0
0
0
0
0
0
15
15
Jun 21
Jun 21
paid obligation
paid obligation
240.00
240
(240)
0
0
0
0
0
0
16
16
Jun 22
Jun 22
325.00
325
(325)
0
0
0
0
0
0
17
17
Jun 22
Jun 22
5040 Repairs & Maint. ExpenBill from Comp Parts & Repair Co
2101 Accounts Payable
Bill from Comp Parts & Repair Co
1,315.00
1315
1,315.00 (1315)
0
0
0
0
0
0
300.00
300.00
60.00
60.00
325.00
325.00
4,700.00
700.00
240.00
325.00
18
18
Jun 22
Jun 22
19
19
Jun 23
Jun 23
1110 Cash
1120 Accounts Receivable
20
20
Jun 23
Jun 23
21
21
Jun 28
Jun 28
22
22
Jun 29
Jun 29
1110 Cash
1120 Accounts Receivable
23
23
Jun 29
Jun 29
24
24
To
ta
lB
al
an
c
Description
C
re
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t
Name
D
eb
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Ac
co
un
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D
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n
Note: You can only enter data into the yellow filled cells.
960.00
960
(960)
0
0
0
0
0
0
3765
3,765.00 (3765)
0
0
0
0
0
0
555
(555)
0
0
0
0
0
0
5,280.00
5280
5,280.00 (5280)
0
0
0
0
0
0
5,001.00
5001
5,001.00 (5001)
0
0
0
0
0
0
1315
1,315.00 (1315)
0
0
0
0
0
0
Jun 29
Jun 29
960.00
960
(960)
0
0
0
0
0
0
25
25
Jun 30
Jun 30
790.00
790
(790)
0
0
0
0
0
0
26
26
Jun 30
Jun 30
3300 Dividends
1110 Cash
1,152.15
1152
(1152)
0
0
0
0
0
0
27
27
Jun 30
Jun 30
2,000.00
2000
2,000.00 (2000)
0
0
0
0
0
0
28
28
Jun 30
Jun 30
330.00
330
(330)
0
0
0
0
0
0
29
29
Jun 30
Jun 30
449.53
450
(450)
0
0
0
0
0
0
30
30
Jun 30
Jun 30
207.00
207
(207)
0
0
0
0
0
0
31
31
Jun 30
Jun 30
5,375.00
5375
5,375.00 (5375)
0
0
0
0
0
0
32
32
32
32
Jun 30
Jun 30
Jun 30
Jun 30
3,939.05
3939
20.80
(21)
3,636.50 (3637)
281.75
(282)
0
0
0
0
33
33
Jun 30
Jun 30
576.00
576
(576)
0
0
0
0
0
0
34
34
Jun 30
Jun 30
1,063.67
1064
1,063.67 (1064)
0
0
0
0
0
0
960.00
3,765.00
555.00
555.00
960.00
790.00
1,152.15
330.00
449.53
207.00
576.00
35
35
Jun 30
Jun 30
36
36
Jun 30
Jun 30
21,355.00
37
37
37
37
37
37
37
37
37
37
37
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
15,025.19
38
38
Jun 30
Jun 30
6,329.81
39
39
Jun 30
Jun 30
3300 Dividends
3200 Retained Earnings
1,152.15
To
ta
lB
al
an
c
Description
C
re
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t
Name
D
eb
it
Ac
co
un
t
D
at
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io
n
Note: You can only enter data into the yellow filled cells.
2,109.94
2110
(2110)
0
0
0
0
0
0
21355
21,355.00 (21355)
0
0
0
0
0
0
15025
(2000)
(2496)
(325)
(1315)
(790)
(330)
(1513)
(207)
(3939)
(2110)
0
0
0
0
0
0
0
0
0
0
0
6330
6,329.81 (6330)
0
0
0
0
0
0
1152
(1152)
0
0
0
0
0
0
2,109.94
2,000.00
2,496.00
325.00
1,315.00
790.00
330.00
1,513.20
207.00
3,939.05
2,109.94
1,152.15
Account
Number Name
1110 Cash
1120 Accounts Receivable
1130 Prepaid Insurance
1140 Prepaid Rent
1150 Office Supplies
1211 Office Equip.
1212 Accum. Depr.-Office Equip.
1311 Computer Equip.
1312 Accum. Depr.-Computer Equip.
1411 Building Cost
1412 Accum. Depr.-Building
1510 Land
2101 Accounts Payable
2102 Advanced Payments
2103 Interest Payable
2105 Salaries Payable
2106 Income Taxes Payable
2201 Mortgage Payable
2202 Notes Payable
3100 Capital Stock
3200 Retained Earnings
3300 Dividends
4100 Computer & Consulting Revenue
5010 Rent Expense
5020 Salary Expense
5030 Advertising Expense
5040 Repairs & Maint. Expense
5050 Oil & Gas Expense
5080 Supplies Expense
5090 Interest Expense
5100 Insurance Expense
5110 Depreciation Expense
5120 Income Tax Expense
TOTAL
NET INCOME
Adjusting Entries
Debit
Credit
5,375.00
207.00
2,000.00
330.00
20.80
3,636.50
281.75
1,513.20
576.00
2,109.94
-
1,920.00
325.00
1,315.00
790.00
-
15,980.00
-
2,000.00
576.00
330.00
1,513.20
207.00
3,939.05
2,109.94
5,375.00
-
2,000.00
2,496.00
325.00
1,315.00
790.00
330.00
1,513.20
207.00
3,939.05
2,109.94
21,355.00
-
454,762.00
454,762.00
16,050.19
16,050.19
468,275.19
468,275.19
Income Statement
Debit
Credit
Balance Sheet
Debit
Credit
81,285.85
6,589.00
4,761.00
2,000.00
225.00
2,047.00
20.80
218,190.00
3,636.50
115,000.00
281.75
22,000.00
1,345.00
1,513.20
576.00
123,300.00
106,750.00
207,387.00
1,152.15
21,355.00
2,000.00
2,496.00
325.00
1,315.00
790.00
330.00
1,513.20
207.00
3,939.05
12,915.25
8,439.75
21,355.00
21,355.00
453,250.00
21,355.00
453,250.00
444,810.25
8,439.75
453,250.00
4100
5010
5020
5030
5040
5050
5080
5090
5100
5110
Revenues
Computer & Consulting Revenue
Expenses
Rent Expense
Salary Expense
Advertising Expense
Repairs & Maint. Expense
Oil & Gas Expense
Supplies Expense
Interest Expense
Insurance Expense
Depreciation Expense
Total
$ 21,355.00
2,000.00
2,496.00
325.00
1,315.00
790.00
330.00
1,513.20
207.00
3,939.05
12,915.25
$ 8,439.75
2,109.94
$ 6,329.81
1
1
0
You must finish the worksheet before you can complete the Income Statement, see FAQ 02.
6,329.81
1,152.15
5,177.66
1
You must finish the worksheet before you can complete the Changes in Retained Earnings, see FAQ 02.
Assets
1110
1120
1130
1140
1150
1211
1212
Current Assets
Cash
Accounts Receivable
Prepaid Insurance
Prepaid Rent
Office Supplies
Total
Long-Term Assets
Office Equip.
Accum. Depr.-Office Equip.
$
$
$
$
$
$
2,047.00
20.80 $
2,026.20
1311
1312
Computer Equip.
Accum. Depr.-Computer Equip.
$ 218,190.00
3,636.50 $ 214,553.50
1411
1412
Building Cost
Accum. Depr.-Building
$ 115,000.00
281.75 $ 114,718.25
1510
Land
Total
Total Assets
81,285.85
6,589.00
4,761.00
2,000.00
225.00
94,860.85
22,000.00
$ 353,297.95
$ 448,158.80
Liabilities
2101
2102
2103
2105
2106
2201
2202
Current Liabilities
Accounts Payable
Advanced Payment
Interest Payable
Salaries Payable
Income Taxes Payable
Total
Long-Term Liabilities
Mortgage Payable
Notes Payable
Total
Total Liabilities
$
$
$
$
$
1,345.00
1,513.20
576.00
2,109.94
$
5,544.14
$ 123,300.00
106,750.00
230,050.00
$ 235,594.14
Stockholder's Equity
3100
3200
Capital Stock
Retained Earnings
Total
Total Liabilities and Stockholder's Equity
$ 207,387.00
5,177.66
212,564.66
$ 448,158.80
1
You must finish the worksheet before you can complete the Balance Sheet, see FAQ 02.