Accounting Assignment - Questions and Answers
Added on 2019-10-30
26 Pages2627 Words148 Views
ACCOUNTING1Answer 1:The renaming of the cells would entail a better understanding of the data contained thereinthe excel sheet (Microsoft office, 2017).The following is the example:Answer 2:The negative numbers could be seen, hence, they are highlighted. The negative numbers areshown in the brackets and this is achieved by using the formatting function in excel.This could be done by following the following:For a single cell, click the cell and press the arrow keys in order to move to the statedcellFor a range of cells, click on the first cell and then drag to the last cell. Or hold downSHIFT while you press the arrow keys to extend the selection.One can also select the first cell in the range, and then press F8 to extend the selectionby using the arrow keys. To stop extending the selection, press F8 again (Office,2017).The following is the example:
ACCOUNTING2Sales 3,50,000.00 Less: Cost of goods sold 1,50,000.00 Rent -2,000.00 Printing and stationery 9,100.00 Office supplies 1,500.00 Depreciation 9,800.00 Net profit 1,81,600.00 Answer 3:
ACCOUNTING3This is done due to the fact that the reports serve as a powerful that provides immenseamount of information but then there are also many of the risks that are involved in the same.The creation of these spreadsheets enables the reduction in the risk which are associated withthe same (Reading, 2017).Answer 4:As and when there is any data which is attached with any condition, then “If” function is used(Able bits, 2017).Sales4,50,000.00Less:Cost of goods sold2,50,000.00Rent8,000.00Printing and stationery10,500.00Office supplies15,000.00Depreciation10,000.00Net profit1,56,500.00net profitNormal view:
ACCOUNTING4Sales450000Less:Cost of goods sold250000Rent8000Printing and stationery10500Office supplies15000Depreciation10000Net profit=S2-SUM(S4:S8)=IF(S2>S10,"net profit",ok)Formula view:Answer 5:The periodic inventory system is the system wherein each transaction is recorded and also isupdated at some regular intervals. The updation is done on the basis of the physicalverification and done at the end of the period of accounting (Accounting tools, 2017).The following is the example:On May 1, 2016: Purchased 1,000 units of merchandise at $30 per unit.UnderPeriodicinventory system5/1/2016DebitCreditPurchases30,000Accounts payable30,000(Accounting info, 2017).Answer 6:Part A:
ACCOUNTING5Ask the student to write down the following spreadsheet in part B on a piece of paper andclick its photo from camera and paste the same below:Part B:Normal view:AccountTitle Unadjusted TrialBalance Adjustments AdjustedTrialBalance Incomestatement Balancesheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 12,450.00 12,450.00 12,450.00 Accountsreceivables 17,650.00 17,650.00 17,650.00 Inventory 56,980.00 56,980.00 56,980.00 Supplies 7,560.00 2,400.00 5,160.00 5,160.00 Buildings 1,45,000.00 1,45,000.00 1,45,000.00 AccumulatedDepreciation 17,600.00 4,000.00 21,600.00 21,600.00
ACCOUNTING6 Furniture 23,780.00 23,780.00 23,780.00 AccumulatedDepreciation5,760.00 3,700.00 9,460.00 9,460.00 Accountspayable 17,400.00 17,400.00 17,400.00 Salarypayable 2,300.00 2,300.00 2,300.00 Interestpayable 1,400.00 1,400.00 1,400.00 Unearnedsalesrevenue 7,650.00 2,900.00 4,750.00 4,750.00 Notespayable 34,000.00 34,000.00 34,000.00 Capital 1,42,675.00 1,42,675.00 1,74,700.00 Drawings 4,590.00 4,590.00 4,590.00 Salesrevenue 1,66,000.00 2,900.00 1,68,900.00 1,68,900.00
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