Question

Read the scenario attached below and provide the following using Microsoft Excel:

- chart of accounts
- general journal
- general ledger
- trial balance
- income statement
balance sheet

Blue & Gray Photo Services completed the following transactions during its first month of operations. Use current month and current year.

Blue & Gray Photo Services, a sole proprietorship, began operations by receiving from the owner $12,000 cash; office equipment valued at $23,000; photographic equipment valued at $45,000; and a vehicle valued at $17,500. The business gave Dallas Cowboys, the owner, capital in the business on the 1st.

Received a check for $12,000 from Tom Landry Country Club to photograph events held at the club over the next 12 months

Purchased insurance from Emmitt Smith Insurance, Inc.—$3,600 for 12 months

Paid $3,600 rent to Tony Dorsett Realty for 3 months rent

Purchased photographic supplies from Drew Pearson Camera Suppliers for $564 on account terms net 30

Received $1,635 cash for performing photography services

Purchased office equipment from Terrell Owens Equipment Co. for $3,500 on account

Paid miscellaneous expense for $18

Performed photography services on account for Ed "Too Tall" Jones; $1,500, due in 30 days

Received $1,828 cash for performing photography services

Paid Roger Staubach Oil Company $500

Borrowed $25,000 from Randy White National Bank as a 60-day, 10% note

Placed an ad in the Cowboys News Journal $450

Performed photography services on account—$4,200 for Aikman Energy Group

Received $4,978 cash for performing photography services

Purchased office supplies on account from Herschel Walker Inc. for $585

Jay Novacek Janitorial Co. provided services for $300.Paid cash

Purchased photographic camera equipment for $2,800, photographic supplies for $900 on account from Michael Irvin Camera Suppliers

Cowboys withdrew $3,500 for personal use

Purchased land from Deion Sanders Developers, Inc. for a tract of land for $9,500. Paid with check

Received $6,475 cash for performing photography services

Paid employee salaries of $4,200

Paid $822 toDallas Water Works & Power

Paid $564 to Drew Pearson Camera Supplies in payment of transaction #4

Use the transaction number as the date.For example, in transaction #5, the date should be the 5th of the current month.

Blue & Gray Photo Services Chart of Accounts

*Acct. No.

Assets

10100 cash
10200 accounts receivable
10300 prepaid rent
10400 prepaid insurance
10500 photographic supplies
10600 office supplies
10700 land
10800 photographic equipment
10900 accumulated depreciation–photographic equipment
11000 office equipment
11100 accumulated depreciation–office equipment
11200 vehicle
11300 accumulated depreciation–vehicle


Liabilities

20100 accounts payable
20200 note payable
20300 salary payable
20400 interest payable
20500 unearned photographic service revenue


Owner's Equity

30100 Dallas Cowboys, capital
30200 Dallas Cowboys, withdrawals
30300 income summary


Revenue

40100 photographic service revenue


Expenses

50100 salary expense
50200 rent expense
50300 utilities expense
50400 photographic supplies expense
50500 office supplies expense
50600 insurance expense
50700 depreciation expense–photographic equipment
50800 depreciation expense–office equipment
50900 depreciation expense–vehicle
51000 gas and oil expense
51100 janitorial expense
51200 advertising expense
51300 interest expense
51400 miscellaneous expense
*The account numbers do not have to be changed, but missing accounts must be added using any account number. The account names are required.

Adjust entries, last day of month.

Adjust unearned photographic service revenue for the month. Assume photographic revenue is earned evenly over the entire month (refer to transaction #1).
Expired insurance (refer to transaction #2)
Expired rent (refer to transaction #3)
Photographic supplies on hand at month end, $420
Office supplies on hand at month end, $200
Depreciation on photographic equipment for the month, $700
Depreciation on office equipment for the month, $500
Depreciation on vehicle for the month, $650
Salaries accrued at month end, $950
Accrue interest on note payable (refer to transaction #11, use a 360-day year).

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Accounting Questions Using Microsoft Excel

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