ACC502 GCU Mod 1 Transaction Analysis and Financial Statements Project Accounting spreadsheets Complete the following exercises and problems in Excel: • •

ACC502 GCU Mod 1 Transaction Analysis and Financial Statements Project Accounting spreadsheets Complete the following exercises and problems in Excel:

P1-41A Using the accounting equation for transaction analysisChristopher Turner started a new business,
Turner Gymnastics, and completed the following transactions during December:Dec. 1Christopher
contributed $21,000 cash in exchange for capital.2Received $3,500 cash from customers for services
performed.5Paid $200 cash for office supplies.9Performed services for a customer and billed the customer
for services rendered, $2,000.10Received $300 bill for utilities due in two weeks.15Paid for advertising in
the local paper, $325.20Paid utility bill received on Dec. 10.25Collected cash from customer billed on Dec.
9.28Paid rent for the month, $2,000.28Paid $1,250 to assistant for wages.30Received $1,800 cash from
customers for services performed.31Christopher withdrew $5,000 cash from the business.Analyze the
effects of the transactions on the accounting equation of Turner Gymnastics using a format similar to
Exhibit 1-4. Learning Objective 4Total Assets $19,425
P1-42APreparing financial statementsPresented here are the accounts of Gate City Answering Service for
the year ended December 31, 2014.Land$ 8,000Owner contribution, 2014$ 28,000Notes
Payable32,000Accounts Payable11,000Property Tax Expense2,600Accounts Receivable1,000Wayne,
Withdrawals30,000Advertising Expense15,000Rent Expense13,000Building145,200Salaries
Expense65,000Cash3,000Salaries Payable1,300Equipment16,000Service Revenue192,000Insurance
Expense2,500Office Supplies10,000Interest Expense7,000Wayne, Capital,
12/31/1354,000Requirements1.Prepare Gate City Answering Service’s income statement.2.Prepare the
statement of owner’s equity.3.Prepare the balance sheet.
P2-29A Journalizing transactions, posting journal entries to T-accounts, and preparing atrial balanceVernon
Yung practices medicine under the business title Vernon Yung, M.D. During July, the medical practice
completed the following transactions:Jul. 1Yung contributed $68,000 cash to the business in exchange for
capital.5Paid monthly rent on medical equipment, $560.9Paid $16,000 cash to purchase land to be used in
operations.10Purchased office supplies on account, $1,600.19Borrowed $23,000 from the bank for business
use. Yung signed a note payable to the bank in the name of the business.22Paid $1,300 on account.28The
business received a bill for advertising in the daily newspaper to be paid in August, $240.31Revenues
earned during the month included $6,500 cash and $5,800 on account.31Paid employees’ salaries $2,500,
office rent $1,000, and utilities, $400. Record as a compound entry.31The business received $1,140 for
medical screening services to be performed next month.31Yung withdrew cash of $7,000.The business uses
the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising
Payable; Unearned Revenue; Notes Payable; Yung, Capital; Yung, Withdrawals; Service Revenue; Salaries
Expense; Rent Expense; Utilities Expense; and Advertising Expense.Requirements1.Journalize each
transaction. Explanations are not required.2.Post the journal entries to the T-accounts, using transaction
dates as posting ref-erences in the ledger accounts. Label the balance of each account Bal.3.Prepare the trial
balance of Vernon Yung, M.D. as of July 31, 2015.

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