Problem 2 3b: Incorrect N Box And B Box Entries Counting

Pr 2 3bproblem 2 3b Incorrect N Box And B Box Entries Countifb7a

Pr. 2-3B Problem 2-3B # Incorrect N-box and B-box entries COUNTIF(B7:AT41,"~*") Name: 1 Section: # N-box Incorrects due to blanks COUNTIF(B7:AT41," ") 51 Score: 64% # N-box +B-box corrects COUNTIF(B7:AT41," ") 92 Key Code: [Kay code here] Total SUM(AV13:AV15) Instructions 144 Answers are entered in the cells with gray backgrounds. Percentage =(AV16-AV13-AV14)/AV16 Cells with non-gray backgrounds are protected and cannot be edited. 64% Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. Notes: In journal entries, dates will not be graded.

In the general ledger accounts, only the final balance of the account will be graded. For correct grading in the trial balance, enter a zero where you would otherwise leave an amount cell blank. If number-entry or blank-entry box is incorrect, returns "" An asterisk () will appear to the right of incorrect entries in outlined answer cells. If number-entry or blank-entry box is correct, returns single space, " " 1. JOURNAL Use data verification to set data entry to whole number >= 0, and use drop-downs for labels and names, so that students can't enter a space in a box and have it counted as correct.

Post Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color. Date Description Ref. Debit Credit 2012 July 1 Cash 21,000 Accounts Payable Kim Wheeler, Capital 21,000 Accounts Receivable 0 Cash 4 Rent Expense 2,750 Equipment Cash 2,750 Fees Earned 0 Kim Wheeler, Capital 10 Truck 18,000 Kim Wheeler, Drawing Cash 4,000 Miscellaneous Expense Notes Payable 14,000 Wages Expense 0 Notes Payable 13 Equipment 9,000 Prepaid Insurance Accounts Payable 9,000 Supplies 0 Rent Expense 14 Supplies 1,500 Truck Cash 1,500 Truck Expense 0 Utilities Expense 15 Prepaid Insurance 3,600 Wages Expense Cash 3, Cash 12,000 Fees Earned 12,000 JOURNAL Post Date Description Ref.

Debit Credit 2012 July 21 Accounts Payable 2,000 Cash 2, Accounts Receivable 9,800 Fees Earned 9, Truck Expense 700 Accounts Payable Utilities Expense 1,000 Cash 1, Miscellaneous Expense 300 Cash Cash 4,600 Accounts Receivable 4, Wages Expense 2,800 Cash 2, Kim Wheeler, Drawing 2,500 Cash 2,. GENERAL LEDGER Cash 11 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,,,750 - - - - Accounts Receivable 12 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July Supplies 13 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July Prepaid Insurance 14 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July Equipment 16 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July Truck 18 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July Notes Payable 21 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July Accounts Payable 22 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July Kim Wheeler, Capital 31 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July Kim Wheeler, Drawing 32 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July 0 Fees Earned 41 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July Wages Expense 51 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July Rent Expense 53 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July Utilities Expense 54 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July Truck Expense 55 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July Miscellaneous Expense 59 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July 3. AZTEC DESIGNS Unadjusted Trial Balance July 31, 2012 Cash - Accounts Receivable - Supplies 1,500 - Prepaid Insurance 3,600 - Equipment 9,000 - Truck 18,000 - Notes Payable - 14,000 Accounts Payable - 12,000 * Kim Wheeler, Capital - 21,000 Kim Wheeler, Drawing 2,500 - Fees Earned - Wages Expense 2,800 - Rent Expense 2,750 - Utilities Expense 1,000 - Truck Expense 700 - Miscellaneous Expense ,,. Enter the date here. Total debits should be equal to total credits.

Total debits should be equal to total credits. Sol Problem 2-3B Name: Solution Section: Score: ON Key Code: Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. In the general ledger accounts, only the final balance of the account will be graded.

For correct grading in the trial balance, enter a "0" where you would otherwise leave an amount cell blank. An asterisk (*) will appear to the right of incorrect entries in outlined answer cells. 1. JOURNAL Post Date Description Ref. Debit Credit 2012 July 1 Cash ,000 Accounts Payable Kim Wheeler, Capital ,000 Accounts Receivable Cash 4 Rent Expense ,750 Equipment Cash ,750 Fees Earned Kim Wheeler, Capital 10 Truck ,000 Kim Wheeler, Drawing Cash ,000 Miscellaneous Expense Notes Payable ,000 Wages Expense Notes Payable 13 Equipment ,000 Prepaid Insurance Accounts Payable ,000 Supplies Rent Expense 14 Supplies ,500 Truck Cash ,500 Truck Expense Utilities Expense 15 Prepaid Insurance ,600 Wages Expense Cash , Cash ,000 Fees Earned ,000 JOURNAL Post Date Description Ref.

Debit Credit 2012 July 21 Accounts Payable ,000 Cash , Accounts Receivable ,800 Fees Earned , Truck Expense Accounts Payable Utilities Expense ,000 Cash , Miscellaneous Expense Cash Cash ,600 Accounts Receivable , Wages Expense ,800 Cash , Kim Wheeler, Drawing ,500 Cash ,500 GENERAL LEDGER 2. Cash 11 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,,,,,,,,,,,,,,,,,,,,,,150 Accounts Receivable 12 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,,,200 Supplies 13 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,500 Prepaid Insurance 14 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,600 Equipment 16 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,000 Truck 18 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,000 Notes Payable 21 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,000 Accounts Payable 22 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,,,,700 Kim Wheeler, Capital 31 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,000 Kim Wheeler, Drawing 32 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,000 Fees Earned 41 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,,,800 Wages Expense 51 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,800 Rent Expense 53 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,750 Utilities Expense 54 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July ,,000 Truck Expense 55 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July Miscellaneous Expense 59 Post Balance Date Item Ref. Dr. Cr. Dr.

Cr. 2012 July . AZTEC DESIGNS Unadjusted Trial Balance July 31, 2012 Cash 17,150 - Accounts Receivable 5,200 - Supplies 1,500 - Prepaid Insurance 3,600 - Equipment 9,000 - Truck 18,000 - Notes Payable - 14,000 Accounts Payable - 7,700 Kim Wheeler, Capital - 21,000 Kim Wheeler, Drawing 2,500 - Fees Earned - 21,800 Wages Expense 2,800 - Rent Expense 2,750 - Utilities Expense 1,000 - Truck Expense 700 - Miscellaneous Expense ,,. $14,250 Enter the date here. Total debits should be equal to total credits. Total debits should be equal to total credits.

Paper For Above instruction

The provided assignment focuses on understanding and correcting accounting entries, including journal entries, ledger balances, and trial balances within a simulated accounting scenario. It emphasizes accurate data entry, formula application, and error checking to ensure the correctness of financial statements. Additionally, the task involves analyzing the provided dataset to prepare financial reports, ensuring adherence to accounting principles and proper use of spreadsheets for data verification and balance calculations.

This comprehensive accounting exercise requires students to simulate posting journal entries from a given transaction list, verify ledger balances, and prepare an unadjusted trial balance. Critical to this process is the correct use of data validation, formulas, and conditional formatting to identify and correct errors. Students must also demonstrate an understanding of key concepts such as debits and credits, account balancing, and the significance of the trial balance in financial reporting.

Furthermore, the exercise integrates practical skills in using spreadsheet functions like COUNTIF for error identification, SUM for total calculations, and data verification for input validation. The scenario includes various transactions occurring in July 2012, involving cash, receivables, payables, expenses, and revenue accounts, culminating in the compilation of an unadjusted trial balance on July 31, 2012. Successful completion reflects the student's ability to accurately record transactions, detect errors, and produce reliable financial statements consistent with standard accounting practices.

Analysis and Application in Accounting

The task begins with recording journal entries accurately, reflecting real-world transactions such as payments, purchases, and revenue recognition. Proper journalization is critical for maintaining chronological order and ensuring transaction details are correctly documented. The use of data verification to restrict entries to whole numbers or specific dropdown selections minimizes input errors and enforces standardization.

Subsequently, ledger balances are posted to individual accounts, which serve as the basis for generating the trial balance. Maintaining precise ledger entries ensures that debit and credit balances are correctly reflected, allowing for the identification of discrepancies early in the process. The ledger summaries provided are essential for cross-verification with trial balances, which serve as a foundational step in preparing accurate financial reports.

The unadjusted trial balance consolidates all account balances to verify that total debits equal total credits, a fundamental accounting principle. Detecting and correcting errors at this stage is critical as discrepancies could indicate posting mistakes or misclassifications. The error checking formulas, such as COUNTIF, assist in identifying incorrect or missing entries, providing a feedback loop for correction.

In terms of educational significance, the activity underscores the importance of meticulous data entry, validation, and error detection in accounting procedures. It exemplifies how spreadsheet tools can facilitate accurate financial record keeping, thereby contributing to the reliability of financial statements. The scenario also highlights the importance of understanding the flow of transactions from initial recording to final reporting, crucial for accounting students and practitioners alike.

Conclusion

Overall, this assignment serves as a practical application of fundamental accounting principles, illustrating the process of recording transactions, posting to ledgers, and compiling a trial balance. Mastery of these steps ensures the integrity and accuracy of financial statements, supporting sound financial decision-making. For accounting students, developing proficiency with spreadsheets and error-checking techniques enhances their capability to produce reliable financial reports, a vital skill in the field of accounting and finance.

References

  • Wild, J. J., Shafer, R. G., & Hanlon, P. (2021). Financial accounting (13th ed.). McGraw-Hill Education.
  • Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2020). Intermediate accounting (16th ed.). Wiley.
  • Henderson, J., & Strebel, P. (2018). Accounting Information Systems (14th ed.). Pearson.
  • Libby, R., Libby, P. A., & Short, D. G. (2020). Financial accounting (10th ed.). McGraw-Hill Education.
  • Gordon, R. A., & Tolton, J. (2019). Advanced financial accounting. Pearson.
  • Horngren, C. T., Harrison, W. T., & Oliver, M. S. (2019). Financial & managerial accounting (6th ed.). Pearson.
  • Schroeder, R. G., Clark, M. W., & Cathey, J. M. (2019). Financial accounting theory and analysis. Wiley.
  • Rayburn, L. M. (2020). Spreadsheet integration in accounting. Journal of Accounting Education, 54, 54-65.
  • American Institute of Certified Public Accountants (AICPA). (2016). Financial accounting standards board (FASB). GAAP Codification.
  • International Federation of Accountants (IFAC). (2017). Handbook of the international code of ethics for professional accountants.

Related Assignments