Create a formula to calculate the Credit Total.Į. Populate the cell for Purchase Returns in the Credit column. Populate the cell for Sales in the Credit column. Populate the cell for Retained Earnings in the Credit column. Populate the cell for Notes Payable in the Credit column. Populate the cell for Interest Payable in the Credit column. Populate the cell for Wages Payable in the Credit column. Populate the cell for Accounts Payable in the Credit column. Populate the cell for Accumulated Depreciation in the Credit column. Create a formula to calculate the Debit Total. Populate the cell for Depreciation Expense in the Debit column. Populate the cell for Interest Expense in the Debit column. Populate the cell for Rent Expense in the Debit column. Populate the cell for Wage Expense in the Debit column. Populate the cell for Cost of Goods Sold in the Debit column. Populate the cell for Purchases in the Debit column. Populate the cell for Sales Returns in the Debit column. Populate the cell for Equipment in the Debit column. Populate the cell for Merchandise Inventory in the Debit column. Populate the cell for Prepaid Rent in the Debit column. Populate the cell for Accounts Recelvable in the Debit column. Populate the cell for Cash in the Debit column. Populate the cells for the Debit and Credit columns. Remember, Debits = Credits and this is what you are graded on for this tab. Trial balance tab: Populate the trial balance by linking the respective (orange) cell from the Trial balance tab to the ending balance in the T-account tab. Populate cells for the Depreclation Expense section.ĭ. Populate cells for the Interest Expense section. Populate cells for the Rent Expense section. Populate cells for the Wage Expense section. Populate cells for the Cost of Goods Sold section. Populate cells for the Purchase Returns section. Populate cells for the Purchases section. Populate cells for the Sales Returns section. Populate cells for the Retained Earnings section. Populate cells for the Notes Payable section. Populate cells for the Interest Payable section. Populate cells for the Wages Payable section. Populate cells for the Accounts Payable section. Populate cells for the Accumulated Depreciation section. Populate cells for the Equipment section. Populate cells for the Merchandise Inventory section. Populate cells for the Prepaid Rent section. Populate cells for the Accounts Recelvable section. Populate the cells in the sections for the T-Accounts. Using the Excel sum formula (=SUM) calculate the ending balance for each t-account. T-accounts tab: Using the entries in the tabs "Transaction entries" and "Adjusting entries" populate all of the orange cells in the T-acounts tab. Reverse the Purchases account (as this is a temporary account) and the purchase returns account (also a temporary account) d. Reverse the 2020 ending inventory (Remember: Graphix uses a periodic FIFO inventory method) c. Record the dollar value of the ending inventory ( 13, 000 shirts × Cost of each shirt) b. To complete this entry, you will need to: a. The physical inventory count indicated 13, 000 t-shirts were on hand. Adjusting Entries tab: The following transactions provide information for 3 adjusting entry transactions that need to be performed as of December 31,2021 : 26. Enter the Credit Account and calculate the Credit $ amount. Enter the Debit Account and calculate the Debit $ amount. On Dec 3 1 st , Graphix pays wages for the quarter of $17, 280. Graphix Balance Sheet As of DecemAssets Cash Accounts Receivable Prepaid Rent Merchandise Inventory Total Current Assets Equipment Less: Accumulated Depreciation Net Equipment Total Assets Llabilities and Stockholders' Equity Accounts Payable Wages Payable Interest Payable Notes Payable Total Liabilities Retained Earnings Total Llabilities and Stockholders' EquityĢ5. Graphix Income Statement For the Year Ended DecemSales Minus: Sales Returns Net Sales Beginning Merchandise Inventory Plus: Purchases Minus: Purchase Returns Minus: Ending Merchandise Inventory Cost of Goods Sold Wage Expense Rent Expense Interest Expense Depreciation Expense Total Expenses Net Income
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