Name:

Instructor:
Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel
Primer on Using Excel in Accounting by Rex A Schildhouse
P1-1A, Analyze transactions and compute net income.
Threet’s Repair Shop was started on May 1 by Erica Threet. A summary of May transactions is presented below.
1. Invested cash to start the repair shop $10,000 7. Withdrew cash for personal use
2. Purchased equipment for cash $5,000 8. Paid part-time employee salarie
3. Paid cash for May office rent $400 9. Paid utilities bills
4. Paid cash for supplies $500 10. Provided repair services on ac
5. Incurred advertising costs in the Beacon News on account $250 11. Collected cash for services bil
6. Received cash from customers for repair services $6,100

Instructions:
(a) Prepare a tabular analysis of the transactions, using the following column headings: Cash, Accounts Receivable, Supplie
Revenues, and Expenses.
Assets = Liabilities
Transaction Accounts
Number: Cash + Receivable + Supplies + Equipment = Accounts Payable
1 + + + =
2 + + + =
Formula + Formula + Formula + Formula = Formula
3 + + + =
Formula + Formula + Formula + Formula = Formula
4 + + + =
Formula + Formula + Formula + Formula = Formula
5 + + + =
Formula + Formula + Formula + Formula = Formula
6 + + + =
Formula + Formula + Formula + Formula = Formula
7 + + + =
Formula + Formula + Formula + Formula = Formula
8 + + + =
Formula + Formula + Formula + Formula = Formula
9 + + + =
Formula + Formula + Formula + Formula = Formula
10 + + + =
Formula + Formula + Formula + Formula = Formula
11 + + + =
Formula + Formula + Formula + Formula = Formula

Formula
(b) From an analysis of the owner’s equity columns, compute the net income or net loss for May.

Account title Amount

Expenses
Account title Amount
Account title Amount
Account title Amount
Account title Amount Formula
Title Formula
 Date:
Course:

esented below.
drew cash for personal use $1,000
part-time employee salaries $2,000
utilities bills $170
vided repair services on account to customers $750
ected cash for services billed in transaction (10) $120

counts Receivable, Supplies, Equipment, Accounts Payable, Owner’s Capital, Owner’s Drawings,

+ Owner's Equity
Owner's
+ Owner's Capital - Drawings + Revenues - Expenses
+ - + -
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula

Formula
 Name:
Instructor:
Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel
Primer on Using Excel in Accounting by Rex A Schildhouse
P1-1B, Analyze transactions and compute net income.
On April 1, Vince Morelli established Vince’s Travel Agency. The following transactions were completed during the month.
1. Invested cash to start the agency. $15,000 7. Withdrew cash for personal use
2. Paid cash for April office rent $600 8. Paid Chicago Tribune of the am
3. Purchased office equipment for cash $3,000 9. Paid employee salaries
4. Incurred advertising costs in the Chicago Tribune on account $700 10. Received cash from customer
$800 billed in transaction (6).
5. Paid cash for office supplies
6. Earned $10,000 for services rendered: $10,000
Cash received from customers is $3,000
and the balance billed to customers on account. $7,000
Instructions:
(a) Prepare a tabular analysis of the transactions using the following column headings: Cash, Accounts Receivable, Supplie
Revenues, and Expenses.
Assets = Liabilities
Transaction Accounts
Number: Cash + Receivable + Supplies + Equipment = Accounts Payable
1 + + + =
2 + + + =
Formula + Formula + Formula + Formula = Formula
3 + + + =
Formula + Formula + Formula + Formula = Formula
4 + + + =
Formula + Formula + Formula + Formula = Formula
5 + + + =
Formula + Formula + Formula + Formula = Formula
6 + + + =
Formula + Formula + Formula + Formula = Formula
7 + + + =
Formula + Formula + Formula + Formula = Formula
8 + + + =
Formula + Formula + Formula + Formula = Formula
9 + + + =
Formula + Formula + Formula + Formula = Formula
11 + + + =
Formula + Formula + Formula + Formula = Formula

Formula
(b) From an analysis of the owner’s equity columns, compute the net income or net loss for April.

Account title Amount

Expenses
Account title Amount
Account title Amount
Account title Amount Formula
Title Formula
 Date:
Course:

pleted during the month.

drew cash for personal use $500
Chicago Tribune of the amount due in transaction (4). $500
employee salaries $2,500
eived cash from customers who have previously been
d in transaction (6). $4,000

ounts Receivable, Supplies, Equipment, Accounts Payable, Owner’s Capital, Owner’s Drawings,

+ Owner's Equity
Owner's
+ Owner's Capital - Drawings + Revenues - Expenses
+ - + -
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula
+ - + -
+ Formula - Formula + Formula - Formula

Formula
 Name:
Instructor:
Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel
Primer on Using Excel in Accounting by Rex A Schildhouse
P1-2B, Analyze transactions and prepare income statement, owner’s equity statement, and balance sheet.
Juanita Pierre opened a law office, on July 1, 2012. On July 31, the balance sheet showed:
Cash $5,000 Supplies $500
Accounts receivable $1,500 Equipment $6,000

During August the following transactions occurred:

1. Collected cash on accounts receivable $1,200
2. Paid cash on accounts payable $2,800
3. Earned revenues of $7,500
of this total amount, this amount was collected in cash $3,000
with the balance due in September

4. Purchased additional office equipment for $2,000

paying this amount in cash $400
and the balance on account.

Instructions:
(a) Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column headings should be
Payable + Owner’s Capital - Owner’s Drawings + Revenues - Expenses.
Assets = Liabilities
Transaction Accounts Notes
Number: Cash + Receivable + Supplies + Equipment = Payable
BB $5,000 + $1,500 + $500 + $6,000 = $0
1 + + + =
Formula + Formula + Formula + Formula = Formula
2 + + + =
Formula + Formula + Formula + Formula = Formula
3 + + + =
Formula + Formula + Formula + Formula = Formula
4 + + + =
Formula + Formula + Formula + Formula = Formula
5 + + + =
+ + + =
+ + + =
Formula + Formula + Formula + Formula = Formula
6 + + + =
Formula + Formula + Formula + Formula = Formula
7 + + + =
Formula + Formula + Formula + Formula = Formula
8 + + + =
 8
Formula + Formula + Formula + Formula = Formula

Formula

(b) Prepare an income statement for August, an owner's equity statement, for August and a balance sheet at August 31.

JUANITA PIERRE, ATTORNEY AT LAW JUANITA PIERRE, AT

Income Statement Balance S
For the Month Ended August 31, 2012 August 31
Revenues Asset
Account title Amount Account title
Expenses Account title
Account title Amount Account title
Account title Amount Account title
Account title Amount Total assets
Account title Amount
Total expenses Formula Liabilities and Ow
Net income Formula Liabilities
Account title
Account title
JUANITA PIERRE, ATTORNEY AT LAW Total liabilities
Owner’s Equity Statement Owner’s equity
For the Month Ended August 31, 2012 Account title
Owner's Capital, August 1 Amount Total liabilities and owner’s equit
Add: Title Amount
Formula
Less: Title Amount
Owner's Capital, August 31 Formula
 Date:
Course:

eet.

Accounts Payable $4,200

Owner's Capital $8,800

5. Paid salaries of
paid rent for August of
and paid advertising expense of
6. Withdrew cash for personal use
7. Received money borrowed from Standard Federal Bank on a note payable
8. Incurred utility expenses for the month on account of

column headings should be as follows: Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts

Liabilities + Owner's Equity

Owner's Owner's
+ Accounts Payable + Capital - Drawings + Revenues -
+ $4,200 + $8,800 - $0 + $0 -
+ + - + -
+ Formula + Formula - Formula + Formula -
+ + - + -
+ Formula + Formula - Formula + Formula -
+ + - + -
+ Formula + Formula - Formula + Formula -
+ + - + -
+ Formula + Formula - Formula + Formula -
+ + - + -
+ + - + -
+ + - + -
+ Formula + Formula - Formula + Formula -
+ + - + -
+ Formula + Formula - Formula + Formula -
+ + - + -
+ Formula + Formula - Formula + Formula -
+ + - + -
 + Formula + Formula - Formula + Formula -

Formula

lance sheet at August 31.

JUANITA PIERRE, ATTORNEY AT LAW

Balance Sheet
August 31, 2012
Assets
t title Amount
t title Amount
t title Amount
t title Amount
ts Formula

Liabilities and Owner’s Equity

t title Amount
t title Amount
l liabilities Formula
quity
t title Amount
l liabilities and owner’s equity Formula
 $2,500
$900
$400
$700
$2,000
$270

Notes Payable + Accounts

Expenses
$0

Formula

Formula

Formula

Formula

Formula

Formula

Formula
Formula