50.1K

Verified Solution

Link Copied!

I need my journals double checked and help with T-Accounts and Trail Balance spread sheet

Adjusting Journat Entry information as of January 31: a ix A215 ZeAccensturty incritigate 6) 49F guntiy REQUIRE: ENIER IN CFU AI (UET) THE NUMLRIC PART OF YOUR SAP LOGON ID FOR THIS COURSE \begin{tabular}{|c|c|c|c|} \hline AES & 741500 Utilities Bupense & 2046 & \\ \hline 1/31/2023 & 100000 asnk Account & & 1,046 \\ \hline NHE & \multirow{2}{*}{\begin{tabular}{l} 210000 Prepaid sinsurance \\ 740600 insurance fopense \end{tabular}} & 15,000 & \multirow[b]{2}{*}{15,000} \\ \hline 1/31/202 & & & \\ \hline (2) & & 110,300 & \multirow[b]{2}{*}{110,300} \\ \hline 1/21/20213 & & & \\ \hline MIII & \multirow{3}{*}{\begin{tabular}{l} 215000 Piepaidifent \\ 720300 Aent Eopense \end{tabular}} & & \multirow[b]{3}{*}{4,500} \\ \hline 1/31/200 & & 4,300 & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Stirting Trial Balance Joumal Entries T.Accounts Trial Balance \begin{tabular}{|c|c|c|} \hline Fvent & Date & Description of Event \\ \hline 1 & Jantuary 3 & \\ \hline 2 & Jafican 3 & \\ \hline 3 & bnuary 1 & \\ \hline 4 & Larmary? & \\ \hline 5 & Anuiry 10 & \\ \hline \end{tabular} Manual Accounting Cycle Process 1. Record the 12/31/22 Post-closing Trial Balance as the 1/1/23 Beginning Trial Balance directly in the traccounts and in the trial balance worksheet. 2. Record the daily transactions if appropriate, (some events may not involve joumal entries), as general journal entries into Excel. Also, post these journal entries into t-accounts and then calculate account balances using cell formulas in Excel, Link the t-account balances into your Excel worksheet as a trial balance, You should create links between your spreadsheets to expedite this process and minimize the risk of an error in data entry. 3. The next step is to record the adjusting entries into the general journal and then post them into the t-accounts and trial balance. 4. Record closing entries in your trial balance as if this were a year-end close. (Do not enter the closing entries in your t-accounts.) Appropriately complete ali columns in the trial balance worksheet from the Beginning Trial Balance through the Ending Trial Balance. Parallel SAP Accounting Cycle Process 5. Record the 12/31/22 Post-close Trial Balance as the 1/1/23 geginning Trial Balance as a single journal entry in the SAP general ledger. Be sure to compare this to your Excel spreadsheet to make sure the entries are correct. Instructions for inputting journal entries into SAP follow later in this document. 6. Record the daily transactons for January 2023 in the SAP general ledger. It is best to do each journal entry separately with appropriate dates to maintain a good audit trail: 7. Record the adjusting entries as you did the entries in step 6. Module 01: Journal Entries Using SAP S/4Hana Page 19 of 38 \begin{tabular}{|c|c|c|} \hline 6 & Ansuary 10 & \\ \hline 7 & January 11 & \\ \hline 8 & Aatury 11 & \\ \hline 9 & Aanuary 11 & \\ \hline 10 & Ianuary 12 & \\ \hline 11 & Anuary 13 & \\ \hline 12 & Habuary 17 & \\ \hline \end{tabular} Generate financial statements (trial balance) and compare to your manual trial balance. If the trial balance does not match your manual entries, research che errors, and make necessary corrections See Section 1.7: Troubleshooting for help. Optional:simulate closing the books as of January 31 using SAP. Do not enter closing entries into the general ledger. These entries would be done automatically through the SAP monthend closing function: \begin{tabular}{|c|c|c|} \hline & & \begin{tabular}{l} buyers saw GBI's booth at a trade show. Because Beantown is a new customer, \\ they must either wait unnil their credit can be approved or pay for the order \\ before GBI will ship the bikes to them. \end{tabular} \\ \hline 20 & Ianuary 25 & \begin{tabular}{l} Gai has bees offered the opporturity to advertise in the Bicycle Times online \\ megazine for a reduced price if they pay for three months in advance. \\ Considering the upcoming Tour de France, the advertising is a great \\ opportunity for GBi to set additional recognition. The advertising will start in \\ February. GBI wrote a check for $15,000 for three months of advertising. \end{tabular} \\ \hline 22 & Lanuary 26 & \begin{tabular}{l} GBI received nothcabion from their bank that $27,450 had been transferred to \\ their account from Beantown Bikes, so G81's warehouse personnel shipped \\ Beantown's order. Beantown will be responsible for paving Fed-X 5360 for \\ shipping the order. \end{tabular} \\ \hline 22 & Lanuary 27 & \begin{tabular}{l} The county approved GBFs bulidine plans for their new warehouse. Estimated \\ bulding costs are $1,050,000 which will be funded via a morteage from Bank of \\ Americe. Gel plans to break ground on the new bulding April 18 of this vear. \end{tabular} \\ \hline 23 & Lanuary 27 & \begin{tabular}{l} G81 sent a $30,890 check to Night Rider Aluminum Products for an order of \\ bicycle parts G8I received December 30th. \end{tabular} \\ \hline 24 & Ianuary 27 & \\ \hline 25 & Ianuary 31 & Gal pays cales tax once a quarter via the stateb alectronic Flieg and perment \\ \hline \end{tabular} Prte 240+4 Adjusting Journat Entry information as of January 31: a ix A215 ZeAccensturty incritigate 6) 49F guntiy REQUIRE: ENIER IN CFU AI (UET) THE NUMLRIC PART OF YOUR SAP LOGON ID FOR THIS COURSE \begin{tabular}{|c|c|c|c|} \hline AES & 741500 Utilities Bupense & 2046 & \\ \hline 1/31/2023 & 100000 asnk Account & & 1,046 \\ \hline NHE & \multirow{2}{*}{\begin{tabular}{l} 210000 Prepaid sinsurance \\ 740600 insurance fopense \end{tabular}} & 15,000 & \multirow[b]{2}{*}{15,000} \\ \hline 1/31/202 & & & \\ \hline (2) & & 110,300 & \multirow[b]{2}{*}{110,300} \\ \hline 1/21/20213 & & & \\ \hline MIII & \multirow{3}{*}{\begin{tabular}{l} 215000 Piepaidifent \\ 720300 Aent Eopense \end{tabular}} & & \multirow[b]{3}{*}{4,500} \\ \hline 1/31/200 & & 4,300 & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Stirting Trial Balance Joumal Entries T.Accounts Trial Balance \begin{tabular}{|c|c|c|} \hline Fvent & Date & Description of Event \\ \hline 1 & Jantuary 3 & \\ \hline 2 & Jafican 3 & \\ \hline 3 & bnuary 1 & \\ \hline 4 & Larmary? & \\ \hline 5 & Anuiry 10 & \\ \hline \end{tabular} Manual Accounting Cycle Process 1. Record the 12/31/22 Post-closing Trial Balance as the 1/1/23 Beginning Trial Balance directly in the traccounts and in the trial balance worksheet. 2. Record the daily transactions if appropriate, (some events may not involve joumal entries), as general journal entries into Excel. Also, post these journal entries into t-accounts and then calculate account balances using cell formulas in Excel, Link the t-account balances into your Excel worksheet as a trial balance, You should create links between your spreadsheets to expedite this process and minimize the risk of an error in data entry. 3. The next step is to record the adjusting entries into the general journal and then post them into the t-accounts and trial balance. 4. Record closing entries in your trial balance as if this were a year-end close. (Do not enter the closing entries in your t-accounts.) Appropriately complete ali columns in the trial balance worksheet from the Beginning Trial Balance through the Ending Trial Balance. Parallel SAP Accounting Cycle Process 5. Record the 12/31/22 Post-close Trial Balance as the 1/1/23 geginning Trial Balance as a single journal entry in the SAP general ledger. Be sure to compare this to your Excel spreadsheet to make sure the entries are correct. Instructions for inputting journal entries into SAP follow later in this document. 6. Record the daily transactons for January 2023 in the SAP general ledger. It is best to do each journal entry separately with appropriate dates to maintain a good audit trail: 7. Record the adjusting entries as you did the entries in step 6. Module 01: Journal Entries Using SAP S/4Hana Page 19 of 38 \begin{tabular}{|c|c|c|} \hline 6 & Ansuary 10 & \\ \hline 7 & January 11 & \\ \hline 8 & Aatury 11 & \\ \hline 9 & Aanuary 11 & \\ \hline 10 & Ianuary 12 & \\ \hline 11 & Anuary 13 & \\ \hline 12 & Habuary 17 & \\ \hline \end{tabular} Generate financial statements (trial balance) and compare to your manual trial balance. If the trial balance does not match your manual entries, research che errors, and make necessary corrections See Section 1.7: Troubleshooting for help. Optional:simulate closing the books as of January 31 using SAP. Do not enter closing entries into the general ledger. These entries would be done automatically through the SAP monthend closing function: \begin{tabular}{|c|c|c|} \hline & & \begin{tabular}{l} buyers saw GBI's booth at a trade show. Because Beantown is a new customer, \\ they must either wait unnil their credit can be approved or pay for the order \\ before GBI will ship the bikes to them. \end{tabular} \\ \hline 20 & Ianuary 25 & \begin{tabular}{l} Gai has bees offered the opporturity to advertise in the Bicycle Times online \\ megazine for a reduced price if they pay for three months in advance. \\ Considering the upcoming Tour de France, the advertising is a great \\ opportunity for GBi to set additional recognition. The advertising will start in \\ February. GBI wrote a check for $15,000 for three months of advertising. \end{tabular} \\ \hline 22 & Lanuary 26 & \begin{tabular}{l} GBI received nothcabion from their bank that $27,450 had been transferred to \\ their account from Beantown Bikes, so G81's warehouse personnel shipped \\ Beantown's order. Beantown will be responsible for paving Fed-X 5360 for \\ shipping the order. \end{tabular} \\ \hline 22 & Lanuary 27 & \begin{tabular}{l} The county approved GBFs bulidine plans for their new warehouse. Estimated \\ bulding costs are $1,050,000 which will be funded via a morteage from Bank of \\ Americe. Gel plans to break ground on the new bulding April 18 of this vear. \end{tabular} \\ \hline 23 & Lanuary 27 & \begin{tabular}{l} G81 sent a $30,890 check to Night Rider Aluminum Products for an order of \\ bicycle parts G8I received December 30th. \end{tabular} \\ \hline 24 & Ianuary 27 & \\ \hline 25 & Ianuary 31 & Gal pays cales tax once a quarter via the stateb alectronic Flieg and perment \\ \hline \end{tabular} Prte 240+4

Answer & Explanation Solved by verified expert

See Answer