At the end of each module, you will apply the modules concepts by completing a comprehensive assignment from the textbook.
Complete these problems from your text book: (P1-44B page 47 & P2-46B page 111) related to transaction analysis, journal entries for typical business transactions, adjusting entries and preparation of the trial balance and adjusted trial balance.
Present your analysis of the assigned problems in Excel format. Enter non-numerical responses in the same worksheet using textboxes.
Here is the INSTRUCTIONS:
Pl-44B (L. (fl1J. 9, W) Preparing financial statements and evaluating business
parforniance [2030 mm)
Accent Photography wrwks wcddrng,s and P-YPC parties, the balance of capital
was $20,000 at [)eeember 31, 2010. At [)ecember 31, 2011, the businesss accounting
records show these balances:
1. Prepare the following financial statements for Accent Photography for tite year
ended 1)ecember 31. 2011:
A. hiconie statement
b. Statement of owners equity
e. Balance sheet
P24-68 (L. OBj. 2, 3, 4. .5) Analyzing and journalizing transactions, posting, and
preparing a trial balance [45-60 minI
Warren Smith practices medicine under (he business title Warren Smith, MA).
During April, tIse medical practict cnnplrted the following tran.sacti,mns:
Apr t Smmsh dqoaÑ $79.OÛm) cadi . dir hosanna hank manant.
¡lic bimsiurpa gasr capiul to Simsab.
S laid monthly rent on medical equipnene. $$Q
9 laid $1141x10 cash w purch.asn land tacan nuire
li) Iknltpcd -.nlt,lifl amaccount. $1,2011.
IS ticirrowed $20,1x10 Irons the bomb fur bosnia oir. Smith signrd
a miar payable w dar bank in clic name of dic busa,,ea
22 laid $144111 w, aISlaN.
Il) Krvnnucs earned dining che month included $5,903 cads and
$4,91x1 on account.
tIP) laid cmpkiccn salants *2.0114). olber ri-np $I.14I*l, and
utilities $420. Mahc a single compound enny.
II) t)wnns withdrew £9,030.
The business uses the following accounts: Cash; Accounts ressivaNr, Supplies; Lsnd
Accounts payable; Notes payable; Warren Smith, Capital; Warren Seniih, Withdrawal%
Service revenue; Salary expense; Rent expense; Utilities expense.
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