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Preparation of Accounting Records using Spreadsheets

Complete the 3 questions given below. A total of 50 marks are allocated to the questions below, which will then be converted to a mark out of 20%.

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Added on  2023-01-09

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This document provides a detailed explanation of how to prepare accounting records using spreadsheets. It includes journal entries, T-accounts, unadjusted trial balance, types of adjusting entries, and a ten-column worksheet. The content is relevant to accounting and finance courses.

Preparation of Accounting Records using Spreadsheets

Complete the 3 questions given below. A total of 50 marks are allocated to the questions below, which will then be converted to a mark out of 20%.

   Added on 2023-01-09

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Assessment item 1
Assignment 1
Preparation of Accounting Records using Spreadsheets_1
Question 1:
Preparation of accounting records – using spreadsheets
1: Journal Entries
Flash Cleaning Services
Journal Entries
Date Particulars
July
01/07/2018 Cash at bank
Capital-Sally Flash
(being capital invested by owner in business)
01/07/2018 Cash at bank
Loan Payable
(being loan taken from bank at 12% interest pa)
01/07/2018 Motor Vehicle
Cash at Bank
(motor vehicle purchased)
01/07/2018 Prepaid Insurance
Cash at bank
(Being insurance taken)
01/07/2018 Cleaning Equipment
Cash at bank
(being equipment purhased)
09/07/2018 Cleaning Supplies
Account Payable
(being supplies purchased)
13/07/2018 Cash at bank
Service Revenue
(being service provided to rainbow childcare)
20/07/2018 Wages
Cash at bank
(Wages paid)
25/07/2018 Cash at bank
Preparation of Accounting Records using Spreadsheets_2
27/07/2018 Account Payable $ 2,000.00
Cash at bank
(Amount paid to supplier)
31/07/2018 Interest on loan $ 300.00
Cash at bank
(Interest paid)
31/07/2018 Advertising Expenses $ 1,600.00
Cash at bank
$ 90,300.00
(Damodaran, 2011)
Formula view:
Preparation of Accounting Records using Spreadsheets_3
### Cash at bank
Service Revenue
(being service provided to rainbow childc
Preparation of Accounting Records using Spreadsheets_4
2: T-Accounts
Debit Flash Cleaning Services
General Ledger for the period ending on July 2018
Cash at bank
01/07/18 Capital-Sally Flash $30,000 01/07/18 Motor Vehicle
01/07/18 Loan Payable $20,000 01/07/18 Prepaid Insurance
13/07/2018 Service Revenue $500 01/07/18 Cleaning Equipment
25/07/2018 $5,500 20/07/18 Wages
27/07/18 Account payable
31/07/18 Interest on loan
31/07/18 Advertising Expenses
31/07/18 Balance C/D
$56,000
Unearned service
revenue
31/07/18 Advertising Expenses
31/07/18 Balance C/D
$56,000
31/07/18 Balance C/D $24,100
( Damodaran, 2011)
31/07/18 Balance C/D $30,000
$30,000
31/07/18 Balance C/D
Preparation of Accounting Records using Spreadsheets_5
31/07/18 Balance C/D $20,000
$20,000
31/07/18 Balance C/D
01/07/18 Cash at bank $18,000
31/07/18 Balance C/D
$18,000
31/07/18 Balance C/D $18,000
31/07/18 Balance C/D
$3,600
31/07/18 Balance C/D $3,600
Cleaning Equipment
01/07/18 Cash at bank $4,800
31/07/18 Balance C/D
$4,800
31/07/18 Balance C/D $4,800
09/07/2018 Account Payable $2,400
31/07/18 Balance C/D
$2,400
31/07/18 Balance C/D $2,400
Preparation of Accounting Records using Spreadsheets_6
Account Payable
27/07/18 Cash at bank $2,000 09/07/2018 Cleaning Supplies
31/07/18 Balance C/D $400
$2,400
Service Revenue
13/07/2018 Cash at bank
31/07/18 Balance C/D $500
Wages
20/07/18 Cash at bank $1,600
31/07/18 Balance C/D
( Damodaran, 2011)
Unearned service revenue
25/07/18 Cash at bank
31/07/18 Balance C/D $5,500
$5,500
Preparation of Accounting Records using Spreadsheets_7
31/07/18 Balance C/D
$300
31/07/18 Balance C/D $300
( Damodaran, 2011)
Preparation of Accounting Records using Spreadsheets_8

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