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Building Blocks of Accounting .. A Financial Perspective
A SOLE PROPRIETORSHIP

mary, when you are ready to have your work graded you will upload this file MS1221.xls
to the same screen that the project was downloaded from:
www.cybertext.com, The Book List, Building Blocks of Accounting .. A Financial Perspective, Enter
password, Upload Your Excel File.
Keep two copies of your spreadsheet in two separate places in case one does not work.
You may find it easier to work on this project if you print a hard copy of all the pages.

NOTE:
If there are any questions about the project e-mail [email protected].edu or call 305.284.6296.
Grade will be based upon answers entered into the shaded boxes.

Gudwriter Essay Writing

F111

150123

or MS1221.xlsx,

Elf Village
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Building Blocks of Accounting .. A Financial Perspective
FAQ

Page 1

FAQ 01

My file used to upload, why is it not uploading?

Answer:

Sometimes we unknowing add items to a workbook that inhibits the upload process. The conversion to an earlier version
Somehow clean the files and they then upload without problem. If the problem continue simple send your file as an
attachment with your username and [email protected].com
Windows Operating System
Select File
Select Save As
Select Save As Type:
Select Microsoft 5.0/95 Workbook (*.xls)
Select Save
Select Continue or Yes if prompted or if it indicates that there is limited memory.
Select
Select
Select
Select
Select
Select

File Close
File Open and open the .xls file
Save As
Save As Type:
Excel Workbook (*.xlsx)
Save

Upload the file at cybertext.com

Apple Operating System
Select File
Select Save As
Select Format:
Select Microsoft 5.0/95 Workbook (*.xls)
Select Save
Select Continue or Yes if prompted or if it indicates that there is limited memory.
Select
Select
Select
Select
Select
Select

File Close
File Open and open the .xls file
Save As
Format:
Excel Workbook (*.xlsx)
Save

Excel 5.0/95
Workbook (.xls)

Upload the file at cybertext.com

Elf Village
Productions

MF1234.xlsx

50 Sheet

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Building Blocks of Accounting .. A Financial Perspective
FAQ

FAQ 02

When I try to enter information in the General Journal why does an error appears indicating that the cell protected?

Page 2

Answer:

The computer program is designed to save you time. Instead of requiring you to enter the description four
times the program automatically copies the description when you enter a new account number. This process
requires that the data entry is limited to those cells which contain unique information. The cells that you can
enter data into are the yellow filled cells.

FAQ 03

In the feedback section, what does it mean when I have points under reverse?

Answer:

If you pay a telephone expense of $100.00
Telephone Expense

100

Cash

100

If you debit cash and credit telephone expense you have reversed the whole entry.
Cash

100

Telephone Expense

100

If you debit cash and credit anything else you have reversed part of the entry.
Cash

100

Rent Expense

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Building Blocks of Accounting .. A Financial Perspective
FAQ

FAQ 04

How does my instructor get my grade?

Answer:

Every time you upload your grade is recorded in a table. Your instructor can look at the table whenever they
want to, although only the last grade counts. Keep a hard copy of your last upload for documentation.

FAQ 05

I have entered all the transactions and have completed the worksheet however I get following
message on the financial statements: "You must finish the worksheet before you can complete the …."

Answer:

The worksheet demonstrates that the accounting system is working. If all of your journal entries are
in balance then the Unadjusted Trial Balance and the Adjusting Entry columns will balance. The
Adjusted Trial Balance columns net the Unadjusted Trial Balance and the Adjusting Entry columns.
There are four steps to completing the worksheet:
1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the
Balance Sheet columns, (debits remain debits and credits remain credits).
2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses.
3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and
the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet.
4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise
there is an error in the completion of the worksheet.

Page 3

Building Blocks of Accounting — A Financial Perspective
The instructions start on row 22 of this page.

FIRST
mary

LAST
spencer

SS
1221

File
MS1221

Welcome to the world’s first ePractice case, an individualized, internet generated and graded case study that focuses on
the analytically portion of the accounting cycle while automating the repetitive posting cycle.
NOTE: If the program is not working e-mail [email protected].edu, 305.284.6296.
Step I – The Chart of Accounts
The chart of accounts includes all of the accounts that you can use to solve your case. You may want to print the chart
of accounts and use it as an easy reference guide.
Step II Journalizing the Transactions.
Using your unique transactions record the corresponding general journal entry, rounding to two decimal places.
For example,

01

June 1: Hudson Bloom made a $40,000 cash investment in his business, Byte of Accounting.

01

Jun 01

Description

C
re
di
t

Name

D
eb
it

ou
nt
A
cc

D
at
e

Tr
a

ns
ac
tio
n

In the date field enter the date of the transaction. If you do not enter a date value an error message will appear.

Cash

01

Jun 01

Description

C
re
di
t

Name

D
eb
it

ou
nt
A
cc

D
at
e

Tr
a

ns
ac
tio
n

In the account field enter the account number that corresponds to the account in the chart of accounts.
You can also use the pull down list to find the appropriate account number. If you use a number that
is not on the chart of accounts an error message will appear.

1110 Cash

The name of the account will automatically appear in the name column. If it is the wrong
account renter the correct account number.

C
re
di
t
C
re
di
t

1110 Cash
Advertising Expense
Accounts Payable

Description

D
eb
it

ou
nt
A
cc

Jun 01
Jun 01
Jun 01

Name

D
eb
it

01
01
01

D
at
e

Tr
a

ns
ac
tio
n

Enter the description in the description field.

Hudson’s investment
Hudson’s investment
Hudson’s investment

ou
nt
A
cc

D
at
e

Tr
a

ns
ac
tio
n

Enter the amount in the debit field.

Name

Description

Transaction # 1 Not in Balance by $40,000.

01
01

Jun 01
Jun 01

1110 Cash
Cash

Hudson’s investment
Hudson’s investment

40,000.00

Description

C
re
di
t

Name

D
eb
it

ou
nt
A
cc

D
at
e

Tr
a

ns
ac
tio
n

Enter the second account number.

Transaction # 1 Not in Balance by $40,000.

01
01

Jun 01
Jun 01

1110 Cash
3100 Hudson Bloom, Capital

Hudson’s investment

40,000.00

Hudson’s investment

01

Jun 01

1110 Cash
3100 Hudson Bloom, Capital

Description
Hudson’s investment
Hudson’s investment

C
re
di
t

Name

D
eb
it

ou
nt
A
cc

D
at
e

Tr
a

ns
ac
tio
n

Enter the amount in the credit field.

40,000.00
40,000.00

Step III Worksheet
Although not graded, you should complete the Worksheet. If each of your journal entries are in balance
then your Unadjusted Trial Balance, Adjusting Entry and Adjusted Trial Balance columns will be in
balance.
1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the
Balance Sheet columns, (debits remain debits and credits remain credits).
2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses.
3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and
the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet.
4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise
there is an error in the completion of the worksheet.

Step IV Prepare the Financial Statements.
After you have entered all of the transactions and prepared the Worksheet, you are to prepare the Income
Statement, Changes in Owners’ Equity Statement and the Balance Sheet using the forms provided.

Step V Prepare the Closing Entries.
Based upon the information from your Worksheet or from your Financial Statements, prepare the closing
entries.
Step VI Upload the File.
Whenever you want to have cybertext.com grade your work submit it to them on the bottom of the screen
that you downloaded the file.
Grading:
You will be graded on the Journal Entries and the three financial statement. The case will be computer
graded, therefore make sure all numbers are in the appropriate cells. The computer will evaluate your
transactions when grading your financial statements.
Note:
Save and make backup copies regularly.

Number Name
1110 Cash
1120 Accounts Receivable
1130 Prepaid Insurance
1140 Prepaid Rent
1150 Office Supplies
1211 Office Equip.
1212 Accum. Depr.-Office Equip.
1311 Computer Equip.
1312 Accum. Depr.-Computer Equip.
1411 Building
1412 Accum. Depr.-Building
1510 Land
2101 Accounts Payable
2102 Advanced Payments
2103 Interest Payable
2105 Salaries Payable
2106 Income Taxes Payable
2201 Mortgage Payable
2202 Notes Payable
3100 Hudson Bloom, Capital
3300 Hudson Bloom, Withdrawals
3400 Income Summary
4100 Computer & Consulting Revenue
5010 Rent Expense
5020 Salary Expense
5030 Advertising Expense
5040 Repairs & Maint. Expense
5050 Oil & Gas Expense
5080 Supplies Expense
5090 Interest Expense
5100 Insurance Expense
5110 Depreciation Expense

Normal Balance
Debit
Debit
Debit
Debit
Debit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Credit
Credit
Credit
Credit
Credit
Credit
Credit
Debit
Credit
Credit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit

Error #
1
2
4
8
16
32
64
128
256
512
1024

Transaction

Description of transaction

01.

June 1: Lauryn made an investment in Byte of Accounting, Inc. by purchasing 4,650 shares of its common stock for $120,900 cash. The par value of the common stock was $22 per share.

02.

June 1: Nathalie Homsy made an investment in Byte of Accounting, Inc., by purchasing 2,620 shares of its common stock paying $28,860 in cash and by contributing computer equipment with a fair market value of $39,260. The par value of the common stock was $22 per share.

03.

June 1: Courtney made an investment in Byte of Accounting, Inc., by purchasing 490 shares of its common stock by contributing computer equipment with a fair market value of $11,440 and office equipment with a fair value of $1,300. The par value of the common stock was $22 per share.

04.

June 2: Check # 5002 was used to make a down payment of $27,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $135,000.00. A five-year note was executed by Byte for the balance.

05.

June 4: Additional office equipment costing $400.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432.

06.

June 8: Unsatisfactory office equipment costing $80.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte.

07.

June 8: Purchased office supplies for $1,600.00 from Staples on account. The invoice number was 61298. Included in the purchase was 10 units of Super RoutePro at a cost of $30.00 each.

08.

June 10: Check # 5003 was used to make a $20,750.00 payment reducing the prinicpal owed on the June 2 purchase of computer equipment from Royce Computers.

09.

June 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer equipment for $5,136.00 from Seth’s Insurance. The effective date of the policy was June 16 and the invoice number was 2387.

10.

June 16: Checks in the amount of $6,750.00 were received for services performed for cash customers.

11.

June 16: Byte purchased a building and the land it is on for $113,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $18,000.00. The balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $11,300.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance.

12.

June 17: Check # 5006 for$8,400.00 was paid for rent of the office space for June, July, August and September.

13.

June 17: Received invoice number 26354 in the amount of $300.00 from the local newspaper for advertising.

14.

June 21: Accounts payable in the amount of $320.00 were paid with Check # 5007.

15.

June 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for $850.00. The invoice number was 975-328.

16.

June 21: Billed various miscellaneous local customers $4,400.00 for consulting services performed.

17.

June 22: Check # 5009 was used to pay salaries of $810.00 to equipment operators for the week ending June 18. Ignore payroll taxes.

18.

June 22: Received a bill for $1,315.00 from Computer Parts and Repair Co. for repairs to the computer equipment. The invoice number was 43254.

19.

June 22: Check # 5010 was used to pay the advertising bill that was received on June 17.

20.

June 23: Purchased office supplies for $800.00 from Staples on account. The invoice number was 65498. Included in the purchase was 10 units of Super RoutePro at a cost of $40.00 each.

21.

June 23: Cash in the amount of $3,525.00 was received on billings.

22.

June 28: Billed $5,490.00 to miscellaneous customers for services performed to June 25.

23.

June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co with Check # 5011.

24.

June 29: Cash in the amount of $5,201.00 was received for billings.

25.

June 29: Check # 5012 was used to pay salaries of $810.00 to equipment operators for the week ending June 25. Ignore payroll taxes.

26.

June 30: Received a bill for the amount of $865.00 from O & G Oil and Gas Co. The invoice number was 784537.

27.

June 30: Check # 5013 was used to pay for a cash dividend of $0.17 per share to Lauryn, a shareholder of Byte.

28.

June 30: Check # 5014 was used to pay for a cash dividend of $0.17 per share to Nathalie Homsy a shareholder of Byte.

29.

June 30: Check # 5015 was used to pay for a cash dividend of $0.17 per share to Courtney, a shareholder of Byte.

Adjusting Entries – Round to two decimal places.

30.

The rent payment made on June 17 was for June, July, August and September. Expense the amount associated with one month’s rent.

31.

A physical inventory showed that only $335.00 worth of general office supplies remained on hand as of June 30. This did not include any of the Super RoutePro. There were 5 units of Super RoutePro on hand. We use FIFO to determine the valuation of the supplies.

32.

The annual interest rate on the mortgage payable was 8.25 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16.

33.

Record a journal entry to reflect that one half month’s insurance has expired.

34.

A review of Byte’s job worksheets show that there are unbilled revenues in the amount of $15,000.00 for the period of June 28-30.

The Building and the Office Equipment have the following estimated useful lives:

Building – 31.5 years

35.

Office Equipment – 7.0 years

Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building’s salvage value is $7,500.00. The office equipment has a salvage value of $350.00. Calculate the depreciation for one month using the straight-line method of depreciation.

The Computer Equipment has an estimated useful life of 5.00 years.

36.

Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The computer equipment’s scrap value is $20,000.00. Calculate the depreciation for one month using the double declining method of depreciation.

37.

A review of the payroll records show that unpaid salaries in the amount of $486.00 are owed by Byte for three days, June 28 – 30. Ignore payroll taxes.

The note payable to Royce Computers (transactions 04 and 08) is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year.

38.

[IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $108,000.00. On June 10, eight days later, $20,750.00 was repaid. Interest expense must be

calculated on the $108,000.00 for eight days. In addition, interest expense on the $87,250.00 balance of the loan ($108,000.00 less $20,750.00 = $87,250.00) must be calculated for the 20 days remaining in the month of June.]

39.

Our CPA has informed us to estimate that 3.00% of Computer & Consulting Revenue will be uncollectable.

40.

Based on the information on the “Bank Reconciliation” sheet prepare the journal entry required to increases cash.

41.

Based on the information on the “Bank Reconciliation” sheet prepare the journal entry required to decreases cash.

42.

Income taxes are to be computed at the rate of 25 percent of net income before taxes.

[IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.]

Closing Entries

43.

Close the revenue accounts.

44.

Close the expense accounts.

45.

Close the income summary account.

46.

Close the dividends account.

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