Accounting Books Using Excel
Scenario
You have taken a position at KBS Company that wants a basic set of accounting books using Excel. This work will take you through the accounting process. You will classify accounts while maintaining journal entries and postings. Additionally, you will complete payroll entries, execute a bank statement, and adjust entries and balances. Lastly, you will close the entries and post the balance.
Requirements and Formatting
Your Portfolio Project must be formatted as follows:
- Use the Word templates provided for the Classification Exercise.
- Use the Excel templates provided for the remaining sections of project.
Deadline
- Deliverable items for the Portfolio Project will be required at different points during the course. Details for each submission are included below in the Deliverable Descriptions.
Deliverable Descriptions
Week 1: Classification Exercise
You must identify what accounts you are going to need and how to classify them. In order for you to comprehend what accounts you will need in the company, you will complete the classification exercise on the separate Word document provided. You will also do a trial balance to help with this classification process.
Week 2: Journalization, Posting, and Trial Balance
Using the information from the Classification Exercise, you now have figured out which accounts you will need. Put the transactions below in pro forma and complete the required journal entries, posting, and check your work with a trial balance. Use the Excel templates provided in Blackboard. with 1 trail balance and 1 general journal
- May 1 Owner invested $20,000 cash into the business.
- May 3 Purchased equipment on account for $10,000.
- May 5 Paid 12 months insurance in advance for $1,200.
- May 9 Paid $1,000 for supplies.
- May 11 Performed a service for $13,000 of which we collected $500 and the balance will be paid on account.
- May 15 Paid the telephone bill $200.
- May 22 The owner withdrew $400 for personal use.
- May 24 Paid $1,000 on account that we owed for May 3 purchase.
- May 29 Received $1,500 in advance for a service to be completed at a later date.
- May 31 Received $1,500 on account from a customer for work performed on May 11.