EA1-A1: Display the Accounting Equation In this exercise, you will enter the beginning and ending accounting equations in Excel. The beginning assets equal $97,000 and the beginning liabilities equal $59,000. During the year, liabilities increased by $9,000 and equity decreased by $11,000. 1. Create a Blank Workbook and save the file in your Chapter 01 folder as: EA1-A1-AcctEquation-[YourName] 2. In the range A1:E1 type appropriate headers for the accounting equation. Ensure that you enter the equals sign and plus sign in the proper locations. 3. Apply bold formatting to and center all entries in row 1. 4. In row 2, enter the beginning accounting equation amounts and any necessary mathematical symbols in the appropriate locations. 5. In cell F2, enter an appropriate description of the figures displayed in row 2. 6. In row 3, enter the ending accounting equation amounts and any necessary mathematical symbols in the appropriate locations. 7. In cell F3, enter an appropriate description of the figures displayed within row 3. 8. In rows 2â€“3, format all dollar amounts in the accounting number format with zero decimal places; center all mathematical symbols. 9. Change the worksheet orientation to be landscape. 10. Review the print preview and then save and close the file.
EA1-A2 Record Journal Entries In this exercise, you will record four journal entries in Excel. The four transactions you will use, all of which took place during 2016, are as follows: â€¢ February 4: Purchased $1,100 of supplies on account â€¢ February 12: Received $2,600 of Service Revenue â€¢ February 17: Paid $3,100 for Rent Expense â€¢ February 27: Recorded an adjusting journal entry for Supplies Expense after determining that the value of remaining supplies is $350 (the company had no supplies prior to February) 1. Create a Blank Workbook and save the file in your Chapter 01 folder as: EA1-A2-JournalEntries-[YourName] 2. In row 1, for the first transaction enter the date (including the year) in column A, the debited account in column B, and the debited amount in column D. 3. Ensure that the format for the date in cell A1 is Short Date. 4. In row 2, for the first transaction enter the credited account in column C and its amount in column E. 5. Enter an explanation for the first transaction in cell B3.
6. Record the second journal entry on rows 4â€“6 and the third on rows 7â€“9.
7. Enter the fourth transaction as described:
In this cell: Enter the data for the:
Cell A10 Date of the fourth transaction
Cell B10 Debited account
Cell D10 Debited amount
Cell C11 Credited account
Cell E11 Credited amount
Cell B12 Explanation for the fourth transaction
8. Highlight all amounts within the four journal entries and apply the accounting number
format with zero decimal places.
9. Adjust the width of columns Aâ€“E by double-clicking the right border of column E.
10. Adjust the column width of column B to equal 5.
11. Use a keyboard shortcut to italicize the explanations for the first and second journal
entries and use the Ribbon to italicize the explanation for the third journal entry.
12. Copy the formatting in cell B9 and paste it to cell B12.
13. Set the print area to encompass only the first two journal entries.
14. Save and close the file.