MS EXCEL ASSIGNMENT- BRAND NEW COMPANY ACCOUNTING SYSTEM SETUP ACCOUNTING INFORMATION SYSTEMS (ACTY 3130) Objective: Create an accounting system model in MS Excel to gather and record transactions and determine account balances at the end of the period. Narrative: It’s Monday, January 15, 2018 and you have just been hired as the accountant/bookkeeper for a brand new company. The company provides automoblie repair services and just opened last month. The owner was the only one fixing cars last month as the company’s first employee didn’t start work until January 2, 2018. You ask the owner what software he uses to keep the accounting records and he tells you that he hasn’t setup his records yet – he has only opened a business checking account at the local bank. He also doesn’t want to purchase accounting software right now, and asks you to use Excel until he figures out what software to buy. After thinking about it for a few seconds you tell the owner that yes, you can setup his accounting records in Excel. It’s a little more work than using accounting software, but it can be done. The first thing you need to do is gather information about the business transactions that have occured, then create an accrual-bases Chart of Accounts and determine the journal entries to record each transaction. Once you have all the transactions recorded and the journals updated, you can prepare the Trial Balance report that shows the balances in all the account journals. The owner is happy you know what to do and asks you to have it completed by the end of the week so he can send the Trial Balance report to his CPA to prepare the 2017 tax return. (Note: the CPA will calculate depreciation when preparing the tax return and give you that journal entry, so you can ignore depreciation now.) Source data: The only source data to be used to create this accounting system is the data provided within this workbook. Instructions: 1. Download this Excel file and complete your work on this file. Do not delete any tabs from this file, or the instructions on each requirement tab. 2. Follow the instructions on each requirement tab to do the following: 1) Create a chart of accounts, 2) Record the journal entries, 3) Prepare the account journals, 4) Prepare the Accounts Payable subledgers, and 5) Prepare the Trial Balance report. 3. Before submitting your completed assignment, PRINT PREVIEW each worksheet and adjust the page breaks as necessary to fit your work on ONE PAGE WIDE (multiple pages long is ok). 4. Submit this Excel file (readable by PC) with each tab completed, file name BRANDNEWCO.XLSX. Grading: Requirement 1- Create Chart of Accounts 1 Requirement 2- Record Journal Entries 1 Requirement 3- Account Journals 1 Requirement 4- Accounts Payable Subledgers 1 Requirement 5- Trial Balance 1 Total points available 5
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