At the end of each module, you will apply the moduleâ€™s concepts by completing a comprehensive assignment from the textbook.
Complete these problems from your text book: (P1-44B page 47 & P2-46B page 111) related to transaction analysis, journal entries for typical business transactions, adjusting entries and preparation of the trial balance and adjusted trial balance.
Present your analysis of the assigned problems in Excel format. Enter non-numerical responses in the same worksheet using textboxes.
Here is the INSTRUCTIONS:
Pl-44B (L. (fl1J. 9, W) Preparing financial statements and evaluating business
_x000D_ parforniance [20â€”30 mm)
_x000D_ Accent Photography wrwks wcddrng,s and P-YPC parties, the balance of capital
_x000D_ was $20,000 at [)eeember 31, 2010. At [)ecember 31, 2011, the businessâ€™s accounting
_x000D_ records show these balances:
_x000D_ 1. Prepare the following financial statements for Accent Photography for tite year
_x000D_ ended 1)ecember 31. 2011:
_x000D_ A. hiconie statement
_x000D_ b. Statement of ownerâ€™s equity
_x000D_ e. Balance sheet
P24-68 (L. OBj. 2, 3, 4. .5) Analyzing and journalizing transactions, posting, and
_x000D_ preparing a trial balance [45-60 minI
_x000D_ Warren Smith practices medicine under (he business title Warren Smith, MA).
_x000D_ During April, tIse medical practict câ€™nnplrted the following tran.sacti,mns:
_x000D_ Apr t Smmsh dqoaÃ‘ $79.OÃ›m) cadi . dir hosanna hank manant.
_x000D_ Â¡lic bimsiurpa gasr capiul to Simsab.
_x000D_ S lâ€™aid monthly rent on medical equipnene. $$Q
_x000D_ 9 lâ€™aid $1141x10 cash w purch.asn land tacan nuire
_x000D_ li) Iknltpcd -.nlâ€™t,lifl amaccount. $1,2011.
_x000D_ IS ticirrowed $20,1x10 Irons the bomb fur bosnia oir. Smith signrd
_x000D_ a miar payable w dar bank in clic name of dic busa,,ea
_x000D_ 22 lâ€™aid $144111 w, aISlaN.
_x000D_ Il) Krvnnucs earned dining che month included $5,903 cads and
_x000D_ $4,91x1 on account.
_x000D_ tIP) lâ€™aid cmpkiccn salants *2.0114). olber ri-np $I.14I*l, and
_x000D_ utilities $420. Mahc a single compound enny.
_x000D_ II) t)wnns withdrew Â£9,030.
_x000D_ The business uses the following accounts: Cash; Accounts ressivaNr, Supplies; Lsnd
_x000D_ Accounts payable; Notes payable; Warren Smith, Capital; Warren Seniih, Withdrawal%
_x000D_ Service revenue; Salary expense; Rent expense; Utilities expense.