Record journal entries | Accounting homework help

In this exercise, you will record four journal entries in Excel. The four transactions you will use, all of which took place during 2016, are as follows: • February 4: Purchased $1,100 of supplies on account • February 12: Received $2,600 of Service Revenue • February 17: Paid $3,100 for Rent Expense

• February 27: Recorded an adjusting journal entry for Supplies Expense after determining that the value of remaining supplies is $350 (the company had no supplies prior to February)

1. Create a Blank Workbook and save the file in your Chapter 01 folder as: EA1-A2-JournalEntries-[YourName]

2. In row 1, for the first transaction enter the date (including the year) in column A, the debited account in column B, and the debited amount in column D.

3. Ensure that the format for the date in cell A1 is Short Date.

4. In row 2, for the first transaction enter the credited account in column C and its amount in column E

5. Enter an explanation for the first transaction in cell B3. 6. Record the second journal entry on rows 4–6 and the third on rows 7–9. 7. Enter the fourth transaction as described:

In this cell: Cell A10 Cell B10 Cell D10 Cell C11 Cell E11 Cell B12

Enter the data for the: Date of the fourth transaction Debited account Debited amount Credited account Credited amount

Explanation for the fourth transaction

8. Highlight all amounts within the four journal entries and apply the accounting number format with zero decimal places.

9. Adjust the width of columns A–E by double-clicking the right border of column E. 10. Adjust the column width of column B to equal 5.

11. Use a keyboard shortcut to italicize the explanations for the first and second journal entries and use the Ribbon to italicize the explanation for the third journal entry.

12. Copy the formatting in cell B9 and paste it to cell B12. 13. Set the print area to encompass only the first two journal entries. 14. Save and close the file.

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