There are two separate accounting questions. Each question is required to be solved separately using Excel. Acct 110

There are two separate accounting questions. Each question is required to be solved separately using Excel . From the three months transactions Prepare:

In excel – journal entry for the three months

In excel – post the journal entry to ledgers and calculate one balance (total) amount for each account.

In excel – Prepare trial balance at the end of March

In excel – Prepare adjusting entries at the end of March (You have to prepare adjusting entries for the three months period – refer to Module 4)

In excel, prepare income statements, balance sheet and statement of retained earnings

In excel, prepare closing entries and post-closing trial balance

Q1Date
Transaction
s
January 1
Shareholders invested 350,000 SR to start the business .
January 1
Borrow 200,000 SR from Al Riyadh bank and sign note payable 5%
interest rate .
Paid 48,000SR cash for one year rent in advance .
January 2
January 3
January 4
Purchase Facial Machine for 20,000 SR ,pay 10,000 SR and remainder
on account .
Salary prepaid to 1 massager for 4500 SR .
January 5
Purchase clinic supplies for 1200 SR .
February 1
Performing Glow Facial for 2 customers and received 460 cach .
February 2
Receive in advance 960 SR to provide Fiscal with pore cleaning
services in the next 3 months .
Paid 10,000 SR for supply purchase on jan-03 .
February 3
February 4
February 5
Received 680 SR cash advance from customer for services to be
performed later .
Paid Salary expenses to employees 87,500 SR (back to jan-04) .
March 1
Paying for advertising expenses 4000 SR .
March 2
paying for Business cards (2000 SR ) .
March 3
Received (1000 SR ) cash advance from customer for services .
March 4
Providing a service that has been paid for in advance (back to fep4) .
March 5
Paid Salary expenses to all employees 92,000 SR .
From the three months transactions in Q1- , Prepare
A. In excel – journal entry for the three months
B. In excel – post the journal entry to ledgers and calculate one
balance (total) amount for each account.
C. In excel – Prepare trial balance at the end of March
D. In excel – Prepare adjusting entries at the end of March (You have
to prepare adjusting entries for the three months period – refer to
Module 4)
E. In excel, prepare income statements, balance sheet and statement
of retained earnings
F. In excel, prepare closing entries and post-closing trial balance
Q2 Date
January 1
January 2
January 5
January 10
January 12
January 27
February 1
February 2
February 3
February 4
February 17
February 21
February 27
March 2
March 4
March 10
March 26
Transactions
Shareholders invested 150,000 SR
Shareholders invested 110,000 SR
Purchased cleaning equipment worth 35.000 SR cash
Purchase cleaning supplies worth 9,000 SR cash
Paid insurance for the coming year worth12,500 SR cash
Paid 55,000 SR cash for rent for the coming year
Borrow 350,000 SR cash from SNB Bank for 5 years and the
Interest Rate is 5.99% per year
Purchased transportation vehicles worth 60,000 SR cash
Paid salaries worth 42,500 SR cash
Received SR 1,100 advanced cash for carpet cleaning service to
be performed next month.
Received cash from customer for service provided, the amount is
SR 3,700.
Earned SR 7,200 for cleaning home service performed; received
cash of SR 4,000 and remainder on account.
Received SR 1,900 cash for services performed .
Received SR 3200 from customer on account.
Performed bedrooms furniture cleaning service for SR 3,200
,receive SR 1,800 cash and remainder on account.
Collected SR 1,800 from customer on account.
Paid salaries worth 42,000SR
Paid for advertising in local newspapers and online platforms 2,000
SR.
Received payment for February cleaning services 13,000 SR
Receive 13000 SR cash from client on account
Shareholders receive 20,000 SR as a dividend at end of the three
months.
March 27
Paid salaries worth 42,000SR
Paid an amount borrowed from the bank worth 20,965 SR
From the three months transactions in Q2- , Prepare
A. In excel – journal entry for the three months
B. In excel – post the journal entry to ledgers and calculate one
balance (total) amount for each account.
C. In excel – Prepare trial balance at the end of March
D. In excel – Prepare adjusting entries at the end of March (You have
to prepare adjusting entries for the three months period – refer to
Module 4)
E. In excel, prepare income statements, balance sheet and statement
of retained earnings
F. In excel, prepare closing entries and post-closing trial balance