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Preparing financial statements and evaluating business performance.

Assignment 4: Excel Problems

At the end of each module, you will apply the module’s 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.

By Wednesday, April 23, 2014 deliver your assignment to the M1: Assignment 4 Dropbox.




Preparing financial statements and evaluating business performance.


Accent Photography works weddings and prom-type parties. The balance of capital was $20,000 at December 31, 2010. At December 31, 2011, the business’ accounting records show these balances:


Insurance expense         $8,000


Cash                                      $31,000


Accounts payable            $6,000


Advertising Expense       $1,000


Service revenue                               $81,000


Owner withdrawal          $15,000


Accounts receivable       $10,000


Note payable                     $12,000


Owner equity                    ?


Salary expense                 $27,000


Equipment                          $60,000


Owner Investment         $33,000




Prepare the following statements for Accent Photography for the year end December 31, 2011:


  1. Income statement
  2. Statement of owner’s equity
  3. Balance sheet








Analyzing and journalizing transactions, posting, and preparing trial balance.


Warren Smith practices medicine under the business title Warren Smith, M.D. During April, the medical practice completed the following transactions:


Apr 1                                     Smith deposited $78,000 cash in the business bank account. The business gave capital to Smith.


Apr 5                                     Paid monthly rent on medical equipment, $780.


Apr 9                                     Paid $18,000 cash to purchase land for an office site.


Apr 10                                   Purchased supplies on account, $1,200.


Apr 19                                   Borrowed $20,000 from the bank for business use. Smith signed a note to the bank in the name of the business.


Apr 22                                   Paid $800 on the account.


Apr 30                                   Revenue earned during the month included $5,900 cash and $4,900 on account.


Apr 30                                   Paid employees’ salaries $2,000, office rent$1,800, and utilities $420. Make a single compound entry.


Apr 30                                   Owner withdrew $9,000.




The business uses the following accounts:


Cash; Accounts receivable; supplies; Land; Accounts payable; Notes payable; Warren Smith, capital; Warren Smith, withdrawals; Service revenue; Salary expense; rent expense; Utility expense.


  1. Journalize each transaction, as shown for April. Explanations are not required.


April 1                   Cash                                                      $78,000


Warren Smith, Capital                                    $78,000




  1. Post the transactions to the T-accounts, using transaction dates as posting reference in the ledger accounts. Label the balance of each account balance as shown in chapter
  2. Prepare the trial balance of Warren Smith, M.D., at April 30, 2010.

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