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Instructions and Grading Rubric For the purpose of grading the project you are required to perform the following tasks: Step Instructions This assignment is to analyze the provided transactions, record the journal entries, post the entries to the T-accounts, and create an adjusted trial balance. A beginning trial balance has been provided and you should begin this project by posting the beginning balances to the T-accounts that have also been provided. You will not need to create any new T-accounts; those you need are provided for you on the Excel Gen Ledger tab. To help you determine if you have some of the correct transactions recorded, here are some check figures for ending balances in the adjusted trial balance after all entries have been made and posted: Cash: $75,500 Accounts Receivable: $37,700 Service Revenue: $117,400 Prepaid insurance: $3,750 Accounts payable: $5,200 Total debits and total credits: $325,675 On the Gen Ledger tab: Post the beginning balances to the T-accounts from the opening trial balance. All of the T-accounts that you will need have already been created on the Gen Ledger tab. Using a cell reference populate the T-accounts with their beginning balances from the opening Trial Balance. The easiest way to complete this task is to use the cell reference. Do not manually retype any number. On the Gen Journal tab: Record the following external transactions. Use column B for the names of the accounts to be debited and column C for the accounts to be credited. Record the debits first and the credits second. Some transactions may require more than two accounts to record the transaction correctly. Columns E and G are for entering the dollar amounts. a. Provided health services for cash, $28,000, and on account, $83,000 b. Collected on accounts receivable, $56,000 c. Issued shares of common stock in exchange for $100,000 cash d. Paid salaries for the year through December 23, $36,000 cash e. Paid $13,000 cash for utilities, of which $5,500 represents costs previously recorded for the previous year (look at the utilities payable account), and $7,500 is for the current year utility usage f. Received $12,000 cash in advance from customers for services to be provided in the future g. April 1, the company paid $15,000 cash for a one-year insurance policy to cover possible injury to workers. The insurance coverage extends through March 31 of next year h. On August 1 the company borrowed $50,000 from a local bank and signed a note. The note requires interest to be paid annually on July 31 at 9%. The principal is due in four years i. Purchased $5,000 of Supplies on account j. Paid $3,000 on account for the Supplies purchased in (i) k. Purchased $100,000 equipment, all for cash l. Paid $8,000 cash dividends to stockholders. 

          Instructions and Grading Rubric
For the purpose of grading the project you are required to perform the following tasks:
Step
Instructions
This assignment is to analyze the provided transactions, record the journal entries, post the entries to the T-accounts, and create an adjusted trial balance. A beginning trial balance has been provided and you should begin this project by posting the beginning balances to the T-accounts that have also been provided. You will not need to create any new T-accounts; those you need are provided for you on the Excel Gen Ledger tab.
To help you determine if you have some of the correct transactions recorded, here are some check figures for ending balances in the adjusted trial balance after all entries have been made and posted: Cash: $75,500 Accounts Receivable: $37,700 Service Revenue: $117,400 Prepaid insurance: $3,750 Accounts payable: $5,200 Total debits and total credits: $325,675 On the Gen Ledger tab: Post the beginning balances to the T-accounts from the opening trial balance. All of the T-accounts that you will need have already been created on the Gen Ledger tab.
Using a cell reference populate the T-accounts with their beginning balances from the opening Trial Balance. The easiest way to complete this task is to use the cell reference. Do not manually retype any number.
On the Gen Journal tab: Record the following external transactions. Use column B for the names of the accounts to be debited and column C for the accounts to be credited. Record the debits first and the credits second. Some transactions may require more than two accounts to record the transaction correctly. Columns E and G are for entering the dollar amounts.
a. Provided health services for cash, $28,000, and on account, $83,000 b. Collected on accounts receivable, $56,000 c. Issued shares of common stock in exchange for $100,000 cash d. Paid salaries for the year through December 23, $36,000 cash e. Paid $13,000 cash for utilities, of which $5,500 represents costs previously recorded for the previous year (look at the utilities payable account), and $7,500 is for the current year utility usage f. Received $12,000 cash in advance from customers for services to be provided in the future g. April 1, the company paid $15,000 cash for a one-year insurance policy to cover possible injury to workers. The insurance coverage extends through March 31 of next year h. On August 1 the company borrowed $50,000 from a local bank and signed a note. The note requires interest to be paid annually on July 31 at 9%. The principal is due in four years i. Purchased $5,000 of Supplies on account j. Paid $3,000 on account for the Supplies purchased in (i) k. Purchased $100,000 equipment, all for cash l. Paid $8,000 cash dividends to stockholders.
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instructions and grading rubric for the purpose of grading the project you are required to perform the following tasks step instructions this assignment is to analyze the provided transactio 90031

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Horngren’s Cost Accounting
Horngren’s Cost Accounting
Srikant M. Datar, Madhav V. Rajan 16th Edition
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Instructions and Grading Rubric For the purpose of grading the project you are required to perform the following tasks: Step Instructions This assignment is to analyze the provided transactions, record the journal entries, post the entries to the T-accounts, and create an adjusted trial balance. A beginning trial balance has been provided and you should begin this project by posting the beginning balances to the T-accounts that have also been provided. You will not need to create any new T-accounts; those you need are provided for you on the Excel Gen Ledger tab. To help you determine if you have some of the correct transactions recorded, here are some check figures for ending balances in the adjusted trial balance after all entries have been made and posted: Cash: $75,500 Accounts Receivable: $37,700 Service Revenue: $117,400 Prepaid insurance: $3,750 Accounts payable: $5,200 Total debits and total credits: $325,675 On the Gen Ledger tab: Post the beginning balances to the T-accounts from the opening trial balance. All of the T-accounts that you will need have already been created on the Gen Ledger tab. Using a cell reference populate the T-accounts with their beginning balances from the opening Trial Balance. The easiest way to complete this task is to use the cell reference. Do not manually retype any number. On the Gen Journal tab: Record the following external transactions. Use column B for the names of the accounts to be debited and column C for the accounts to be credited. Record the debits first and the credits second. Some transactions may require more than two accounts to record the transaction correctly. Columns E and G are for entering the dollar amounts. a. Provided health services for cash, $28,000, and on account, $83,000 b. Collected on accounts receivable, $56,000 c. Issued shares of common stock in exchange for $100,000 cash d. Paid salaries for the year through December 23, $36,000 cash e. Paid $13,000 cash for utilities, of which $5,500 represents costs previously recorded for the previous year (look at the utilities payable account), and $7,500 is for the current year utility usage f. Received $12,000 cash in advance from customers for services to be provided in the future g. April 1, the company paid $15,000 cash for a one-year insurance policy to cover possible injury to workers. The insurance coverage extends through March 31 of next year h. On August 1 the company borrowed $50,000 from a local bank and signed a note. The note requires interest to be paid annually on July 31 at 9%. The principal is due in four years i. Purchased $5,000 of Supplies on account j. Paid $3,000 on account for the Supplies purchased in (i) k. Purchased $100,000 equipment, all for cash l. Paid $8,000 cash dividends to stockholders.
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Henry Corporation prepares its master budget on a quarterly basis. The following data have been assembled to assist in the preparation of the master budget for the second quarter of 2019: The company's gross profit rate is 40 percent of sales. Actual sales for March and budgeted sales for the next four months are as follows: March 2019: $170,000 April 2019: $200,000 May 2019: $250,000 June 2019: $190,000 July 2020: $150,000 Sales are 20 percent for cash and the rest on account. All sales on account are collected the month following sale. The accounts receivable on March 31 are a result of March credit sales. At the end of each month, inventory is to be on hand equal to 30 percent of the following month's sales needs, stated at cost. Thirty-five percent of a month's inventory purchases are paid for in the month of purchase; the rest is paid for in the following month. Monthly expenses are budgeted as follows: property taxes, $8,000 per month; salaries and wages, $18,000 per month; depreciation, $17,000 per month; advertising, 4 percent of sales; utilities, $12,000 per month; other expenses, 5 percent of sales. The company will declare and pay $20,000 in cash dividends per month. During April, the company will purchase a new computer for $12,000 in cash. During May, other equipment will be purchased for cash at a cost of $10,000. During June, another computer will be purchased for $12,000. As of March 31, 2019 (the end of the prior quarter), the company's general ledger showed the following account balances: Debits: Cash: $10,000 Accounts Receivable: $43,000 Inventory: $45,000 Plant and Equipment (net): $117,000 Credits: Accounts Payable: $46,000 Short-term Notes Payable: $15,000 Capital Stock: $95,000 Retained Earnings: $59,000 Total: $215,000 The company must maintain a minimum cash balance of $8,000. An open line of credit is available at a local bank for any borrowing that may be needed during the quarter. All borrowing is done at the beginning of a month, and all repayments are made at the end. Borrowings and repayments of principal must be in multiples of $1,000. Interest is paid at the end of each month. The interest rate is 12 percent per annum. (Figure interest in whole months, e.g., 1/12, 2/12.) Required: Prepare an interactive budgeting spreadsheet. It should automatically update when changes are made to the input data, such as changes in sales forecasts, equipment purchases, etc. Spreadsheet Hints: - Create a worksheet for inputs that includes all potential variables that can be changed. Label the worksheet tab as "inputs." - Create a worksheet for each of the different budgets. Label the tabs appropriately. The following budgets should be included: - Sales Budget - Inventory Purchases Budget - Selling and Administrative Budget - Cash Collections from Customers Schedule - Cash Paid for Inventory Purchases Schedule - Cash Budget - Budgeted Income Statement - Budgeted Balance Sheet Each budget should: - Be on a separate worksheet - Have a heading centered over the rest of the budget that includes the following: - Name of Company - Name of Budget - Date: "June 30, 2019" or "For the Quarter ended June 30, 2019" - Be prepared on a monthly basis with a total column for the quarter. The budgeted income statement and budgeted balance sheet should be quarterly (not monthly). All worksheets should be interactive (i.e. all worksheet pages except the Input worksheet should be formula-driven). We will use the following to grade the project: - You will lose 10 points if you do not have separate worksheets for each budget. - You will lose 15 points if the project is late. - You will lose up to 20 points if your worksheets are not interactive. - You will lose up to 20 points on the layout. - You will lose 15 points for not doing a cash budget. - You will lose 15 points for not doing a budgeted income statement. - You will lose 10 points for not balancing your budgeted balance sheet. - You will lose points based on accuracy also. Submit your file in Canvas. Label it using your last name followed by your first name. For example, my file would be named "terryglenn". Hints for Creating Interactive Cash Budget: - To calculate borrowings to the nearest thousands, you may use the ROUNDUP function. - To calculate repayments, you may use the ROUNDDOWN function.

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next step in the practice set. RECORD KEEPING STEP ONE: MANUAL RECORD KEEPING Use information provided on the following pages to manually complete the record keeping for this practice set. This practice set will require you to use your financial accounting skills to: 1. Analyze each transaction shown below for the month of September 2. Refer to the chart of accounts for the appropriate account titles 3. Use detailed descriptions when recording transactions in journals and ledgers. 4. Leave a space after each entry in General Journal, Cash Receipts Journal and the Cash Payments Journals 5. Manually record (by hand using #2 lead pencil), and post each transaction in the appropriate journal (special and general); ledger (general and subsidiary); and financial report using the templates found in the Appendices of this manual. WEEK 2 TRANSACTIONS Sep-13 Paid balance owed on accounts payable to Pixley Grocery Store Outlet, Inv. 520 Sep-15 Secured a bank loan to purchase the building and land for $80,000. The building was valued at $65,000 and the land was valued at $15,000. It was financed by making a $20,000 down-payment and obtaining a mortgage for the balance at 5% for 20 years. The company estimates that the building will have a 25-year useful life and at the end of the 25 years, the building will have a $5,000 residual value. Sep-15 Purchased used delivery van, $20,000 cash. Estimated life for the delivery van was 6 years with no salvage value. Straight line depreciation was used for recording depreciation. Sep-15 Paid $600 cash for two grand opening advertisements in the local paper at $300 each. One ad will run this week and the other will run the first week of October. Sep-15 Collected payment from Faith IGA for Inv. 1, sold Sept 5. Sep-16 Paid cash for semi-monthly payroll (Day 1 through Day 15), $1,808.75 (total payroll, $2,500.00, less deductions: employee income tax, $500.00; social security tax, $155.00; Medicare tax, $36.25). Sep-16 Purchased merchandise on account from Super Food Co. for $3,500, Inv. 707 Sep-18 Sales on account to Dee's Ice Creams, for $1,750, Inv. 4. Sep-19 Week 2 (Sept 13-18) cash sales totaled $6,456.

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You review the account balances and make additional adjusting journal entries for February (dated 2/29) as needed, carefully considering the following: Your last loan payment to Martin's parents was made on 2/27 and covered interest through 2/29. Martin borrowed the $2,500 from the bank on 2/28. You don't worry about accruing interest for one day. You review your revenue and unearned revenue accounts to make sure all earned revenue (and only earned revenue) is recognized. All the income billed in February was earned in February, so you don't need to defer any revenue. For Unearned revenue, you review the entries made in January. The unearned revenue for Annie Wang at the end of January was for sessions held in February. The unearned revenue for Teacher's College was for a workshop held in February. You make the appropriate entry to properly recognize any February revenue. You make adjusting journal entries, dated 2/29, for other current assets, depreciation, and other current liabilities, as needed. TIP: For depreciation, you will need to add depreciation for the shelving placed in service on 2/1. The cost was $649. You think the shelving will have a $49 salvage value. You depreciate it over the lease term (24 months). Don't forget to depreciate all the fixed assets purchased in prior months. The depreciation amount for those items will be the same as the entry in January. TIP: Look at all the current asset and liability accounts on the balance sheet. Should any of them be adjusted? Look at the profit and loss statement. Are there expenses recorded that shouldn't be recognized in February? Are there expenses that should have been recorded but haven't been? It's often very helpful to be able to compare months when doing month-end work. Consider customizing the profit and loss report by changing the dates to 1/1 to 2/29 and selecting Months in the Display columns by dropdown menu. You realize you forgot to pay yourself for work done in February. You create an account called "Accrued Expenses" (Account #221) and record the $300 due you for your accounting work. (TIP: Use other current liabilities as the detail type.) You review your chart of accounts. You aren't using the Exam Proctoring account (Account #410) so you delete the account (make it inactive). You decide to move the $950 paid to Les & Schmidt for the marketing study out of Account and consulting fees and into a new Marketing expenses account. You use account #632.

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Transcript

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00:04 The steps to be followed for creating an interactive budgeting spreadsheet will be as follows.
00:12 First, setup input section.
00:21 Create a section where you input the data that can be changed such as sales, forecast, equipment purchases etc.
00:41 This section should have the sales for each relevant data point and these sales should be linked to the appropriate formulas throughout the spreadsheet.
00:49 Second, calculate sales.
00:56 Use the sales for forecast data and gross profit of 40 % to calculate the budgeted sales and their corresponding cost of goods sold.
01:16 Deduct cost of goods sold from sales to calculate gross profit.
01:35 Third step will be project expenses.
01:47 Calculate the monthly expenses based on the provided budgeted amounts and the formulas given and project expenses will be like property, tax, salaries, wages, advertising, utilities, depreciation, other expenses and rent.
02:29 These formulas should be linked to the sales data and update accordingly.
02:32 Fourth will be determine inventory.
02:41 Based on the sales forecast, calculate the required inventory for each month using the given information that inventory should be 30 % of following month sales needs.
03:05 Apply the cost of inventory to determine the cost of goods sold and ending inventory.
03:12 Fifth, compute purchases and payments...
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