Accounting Project (Excel)

Students are required to prepare Excel Spreadsheets with tabs for Journal Entries, T Accounts, Trial Balances, and Financial Statements.

Record all transactions and prepare financial statements within the Excel Spreadsheet

Requirements:

1) Using the Balance Sheet information, enter the beginning balances in the T-Accounts.

2) On the following sheet, use the Transaction Information to journalize entries, 1 – 10.

3) Post each entry into the T-Accounts. When finished journalizing, calculate the account balance for each T-Account.

4) Create an Unadjusted Trial Balance.

5) Journalize adjusting journal entries 1 – 4

6) Post Adjusting Journal entries to T-accounts

7) Prepare Adjusted Trial Balance

8) Prepare:

a. Income Statement

b. Statement of Owner’s Equity

c. Balance Sheet

9) Write the four closing entries, post them to the T-Accounts and determine the ending balance for each account.

10) Create the Post Closing Trial Balance from the T-accounts.

Transaction Information

Entry #

1. Supplies are purchased on account for $1,000.

2. One year of insurance is purchased for cash, costing $3,600.

3. Paid rent expense of $2,000 for current month.

4. The receivables from the prior month are collected.

5. The account payables from the prior month are paid.

6. Paid $750 of wage expenses to employees, of which $50 is accrued from the prior month.

7. Received $1,500 from a customer in advance of providing the services.

8. A $450 utility bill for the current month is received. Payment is due next month on the 15th.

9. Services are performed for customers on account. Invoices totaling $5,600 are mailed to the customers.

10. The owner withdrew $750 for personal use.

Additional information for adjusting entries (to be used after unadjusted trial balance is prepared):

1. Supplies on hand at the end of the month are $400.

2. Record one month of insurance expense.

3. Accrue $100 wages

4. The December 31 balance in Unearned Revenue is $1,000

Speedy Delivery Company

Balance Sheet

November 30, 2017

Assets Liabilities

Cash 7,000 Accounts Payable 290

Accounts Rec 3,000 Wages Payable 50

Supplies 100 Owner’s Equity

Speedy, Capital 9,760

Total Assets 10,100 Total Liab. & O.E. 10,100

The behavioral management point of view placed an emphasis on procedures that would maximize productivity.

The regulation of behavior in the classroom is crucial. It goes beyond merely penalizing undesirable behavior or even praising desirable behavior. Instead, it involves putting methods in place to encourage kids to act in ways that help them get the most out of their education. Because it emphasizes the human aspect of work, the behavioral management theory is also referred to as the human relations movement. Behavioral theorists thought that increased productivity resulted from a greater knowledge of factors like motivation, conflict, expectations, and group dynamics that affect human behavior at work. A less-intensive kind of behavior therapy is behavior management, which is comparable to behavior modification. Behavior management, as opposed to behavior modification, which focuses on altering behavior, emphasizes preserving beneficial habits and behaviors while minimizing negative ones.

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Yes, people can own any property however as a secondary ownership whereas the first possession is for the common welfare.

A political and theory of social system that advocates that the suggests that of production, distribution, and exchange ought to be in hand or regulated by the community as an entire.

In socialism the properly is predicated on collective, common or public possession of production. in an exceedingly strictly socialist system, all production and distribution choices are created by the collective, directed by a central planner or government body. Employee cooperatives, however, are a sort of socialized production. The government determines the output and evaluation levels of those product and services.

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Mortgage bonds are bonds that are secured by real estate.

A mortgage bond is secured by a mortgage or group of mortgages, which are frequently backed by real estate holdings and material possessions like equipment.

A mortgage bond is a bond that is secured by real estate or other types of real estate. Mortgage bondholders may opt to liquidate the underlying property backing a bond in order to make up for a default situation. Because they are generally safer than corporate bonds, mortgage bonds frequently offer a lower rate of return. Investor protection is provided by mortgage bonds because the principal is backed by a valuable asset.

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A lobby is a collection of people who come together and work to sway politicians and public officials.

Lobbying is the direct approach taken by a lobbyist to convince elected officials to support the policies that their interest group supports. The National Rifle Association is a prominent lobbying example. Interest groups are associations of people who band together to influence the government and share shared objectives.

A special interest group (SIG) is a community within a larger organization with a shared interest in advancing a particular field of knowledge, learning, or technology. Members work together to influence or produce solutions in their particular field and may communicate, gather, and plan conferences.

A lobby is a collection of people who come together and work to sway politicians and public officials. The phrase may also refer to the act of influencing public opinion.

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A work center can be a machine, group of machines, department and facility.

work center are non-profit, community-based mediation organisations that help and organise groups of low-wage employees who aren't already members of a CBO or who are otherwise prohibited from its protection under US labour laws. Immigrant and low-wage employees in industries including agricultural, construction, day labour, and restaurants are the main focus of many worker centres in the US. Low-wage employees receive assistance from worker centres, which are nonprofit organisations rooted in the neighbourhood and run by their worker members. The National Labor Relations Act (NLRA) and the Labor Management and Reporting Disclosure Acts, which oversee conventional unions, do not apply to worker's centres because they are not considered labour organisations and as a result are not subject to the same restrictions.

the complete question is:

A work center can be a ___________.

A. machine

B. group of machines

C. department

D. facility

E. all of the above

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The United States is an open economy, because it interacts with other economies worldwide.

An open economy has no barriers or restrictions on the exit and entry into the market. A closed economy does not participate in international trade, which means it does not export or import services and goods from other countries. In a situation like this, all the services and goods are produced within the single economy’s boundaries.

Because the U.S. has become a nation involved in global trade, the economy is open. Being an open economy has helped the U.S. become a superpower globally. It can also be noted that many economies are more open than closed. In other words, the closed economy seems to be nonexistent.

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There are four reasons for organizations to focus their efforts on performance: It creates a way for organizations, departments, and individuals to plan activities.

In a nutshell, sustainability in business refers to the impact that businesses have on the environment or society. A sustainable business strategy seeks to positively impact one or both of these areas, thereby contributing to the resolution of some of the world's most pressing issues.

Sustainability initiatives, in addition to driving social and environmental change, can contribute to an organization's overall success. Spending more money on sustainable business practises may appear counterintuitive to increasing a company's profitability, but studies show that the most sustainable companies are also the most profitable.

Environmental, social, and governance (ESG) metrics are frequently used to assess an organization's ethical and sustainable practises. Companies with high ESG ratings consistently outperform the market, according to McKinsey.

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Shoe leather cost refers to c) "resources used to maintain lower money holdings when inflation is high".

Inflation refers to a measure of how much more expensive goods and services have become over a certain time period, usually over a year. In simple words, inflation is the rate of increase in prices of goods and services over a given period of time. When inflation is high, it is considered an important step to maintain lower costs for some of the resources used in production processes.

For example, in shoe manufacturing cases when inflation is high, leather cost refers to those resources being used to maintain lower money holdings.

"

Complete question is:

Shoe leather cost refers to:

a) the tendency to expend more effort searching for the lowest price when inflation is high.

b) the cost of more frequent price changes induced by higher inflation.

c) resources used to maintain lower money holdings when inflation is high.

d) the distortion in resource allocation created by distortions in relative prices due to inflation.

"

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The closed-economy identity for complete spending implies I + G = Y – C, and the identification for saving implies S + T = Y – C, so that I + G = S + T. This yields the equilibrium condition: I(r) = SFE + T – G = full-employment national saving.

Assumptions: In a closed economy, the willpower of profits in a two-sector model is calculated the usage of the following assumptions: It is a two-sector economy, with totally consumption and funding spending. As a result, the economy's total manufacturing is equal to the sum of consumption and investment expenditure.

There are three members in the circular drift of a closed financial system are households, agencies and government. When there is no trading with foreign countries, we name it a closed economy. The two flows in the round flow model are actual flows and cash flows.

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Balance of Kevin after 1 quarter will be 1.0055(x). The interest earned on savings that's reckoned using both the original star and the interest accrued over time is known as compound interest.

It's said that Italy in the 17th century is where the conception of "interest on interest" or compound interest first appeared. It'll accelerate the growth of a aggregate more snappily than simple interest, which is solely calculated on the top sum. Money multiplies more rapidly thanks to compounding, and the further compounding times there are, the advanced the compound interest will be. The monthly interest rate is raised to the number of compound periods minus one, and the starting top amount is multiplied by both of these factors. The performing value is also reduced by the full original loan amount.

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The statement that If the Trial Balance columns are not equal and the difference can be evenly divided by 9, then the error most likely is a transposed number.is true.

A corrective entry can be made in one of two ways: by reversing the faulty entry and then recording the transaction correctly in a second journal entry, or by creating a single journal entry that, when combined with the original but incorrect entry, corrects the problem.

Retracing the trial balance stages is the most straightforward approach to get started. Compare the ledger balances to the amount recorded in the trial balance by looking at the ledger balances. Add the debit and credit columns once more if these figures match. Try the transposition trick if the numbers stay the same.

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A trading rule known as the 10 a.m. rule states that you should never purchase or sell stocks at that time.

A trading rule states that you should never place a trade at ten in the morning. This is because prices are more likely to fluctuate in one direction or the other at that time due to the markets' typically higher volatility. As a result, it's frequently seen to be a horrible moment to make any trades.

The 10 a.m. rule is crucial because it can prevent you from making costly trading errors. You might not have enough time to think things through before buying or selling stocks at 10am. You'll have a better understanding of what the stock prices are truly doing and be less likely to make a mistake if you hold off until later in the day.

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Settlement of litigation, in excess of the previously recorded liability require an adjustment to the financial statements before they could be issued.

The defense or resolution of legal issues between businesses and other parties falls under the category of business litigation. It frequently refers to defending businesses that are being sued or accused of wrongdoing for a range of reasons.

Generally speaking, if the respondent and the attorneys for their insurance company are willing to pay the full amount of damages you are requesting, settling is preferable. When you are entitled significant damages, that is almost never the case. In a trial, there are never any assurances

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You ought to separate waste materials into distinct types (paper and cardboard, plastics, metals, etc) for storage, transport and recycling. You need to save your waste securely in sealed, labelled containers geared up for recycling or disposal.

Possible waste disposal strategies are recycling, composting, incineration, landfills, bioremediation, waste to energy, and waste minimization. As for waste management, it is the measures utilized to manage waste in its entire lifestyles cycle, from waste technology to disposal or recovery.

Definition. Temporary maintaining of waste pending remedy or disposal. Storage methods consist of containers, tanks, waste piles, and floor impoundments.

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Business owners do The initial phase in their approach is idea generation.

An entrepreneurship is somebody who has a idea and tries to develop a good service or item that others will purchase, together with a business to help them in their endeavor. An entrepreneur is regarded as a vision or an innovator since they take on the majority of risk and responsibility for their new company.

An entrepreneur is a person who decides to embark on the challenge and risk of establishing a new company. These enterprises might start as part-time projects or full-time careers. Entrepreneurs not only launch their own companies, but also expand and grow them to be successful.

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The type of machine learning algorithms that can be used for self-driving cars are Bayesian regression, neural network regression and decision forest regression, among others.

The development of self-driving cars now faces a number of obstacles that can be solved using machine learning techniques. Enhancing the use of machine learning to complete new jobs is crucial with the integration of sensor data processing in an ECU (Electronic Control Unit) in an automobile. Potential uses include classification of driving scenarios or evaluation of driver condition using data fusion from various internal and external sensors, such as lidar, radar, cameras, or the Internet of Things (Internet of Things).Applications that control a car's infotainment system can use information from sensor data fusion systems to, for instance, direct the vehicle to a hospital if it detects that the driver is not feeling well.

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When exposed to a chemical the first action you must take is Get medical attention promptly.

Wash the substance from your skin as soon as possible with soap and water if it comes in contact with it. Take off your clothing immediately if this chemical gets on it, and then wash your skin with soap and water. Wash it off with water if this chemical comes in contact with your skin. If there are indications of skin irritation, get medical attention.

If this product gets on your skin, wash it off right away with water. Take off your clothing as soon as possible if this chemical gets on it, and then promptly wash your skin with water. After cleansing, if the soreness persists, get medical help. Several short-term and long-term health infections, including as poisoning, skin rashes, and lung, kidney, and liver conditions.

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The statement that is true about revenue bonds is c) revenue bonds are considered safer than general obligation bonds

Revenue bonds are a type of municipal bond which are issued by state and local governments to finance specific projects.

These bonds are generally considered to be a safer option than general obligation bonds, as they are backed by the revenue generated from the project they were issued to fund, rather than the creditworthiness of the issuer.  Hence, option c is true.

This makes them an attractive option for investors looking for a secure financial product. As a result, investors have a greater assurance that the bonds will be paid back in full.

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The Traditional Communication Model was primarily one-way, with advertisements speaking to customers and sometimes receiving feedback. Thus, the correct answer is the Traditional Communication Model.

What is the Traditional Communication Model?

The Traditional Communication Model was primarily one-way, with advertisements speaking to customers and sometimes receiving feedback.

This is how it worked:-

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Alland has an absolute advantage in producing food and will trade with george, is the true statement regarding the given situation. Option A is correct.

The movement of commodities and services from one person or entity to another, frequently in return for money, is referred to as trade. Economists define a market as a structure or network that permits commerce.

Trading is also referring to the buying and selling of securities or other assets, because transactions are voluntary, commerce is often thought to benefit both sides.

Therefore, option A is correct, Alland will trade with george because each unit of food carries an opportunity cost of 0.5 units of clothes (i.e., 16/32 and 16/32) for both enterprises.

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Contractionary fiscal measures often limit economic development. Reduced government expenditure, as well as increased tax income, both impede the economy.

Fiscal policy is the employment of government expenditure and taxation to alter the economic path through time. Automatic stabilizers, which we learnt about in the previous part, are a sort of passive fiscal policy since once the system is in place, Congress does not need to take any additional action. Discretionary fiscal policy, on the other hand, is an active fiscal policy that employs expansionary or contractionary policies to accelerate or slow the economy.Expansionary fiscal policy is when Congress moves to lower tax rates or boost government expenditure, causing the aggregate demand curve to shift to the right. Contractionary fiscal policy is when Congress raises tax rates or reduces government expenditure, causing aggregate demand to move to the left.

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The steps of a data analysis process are defining the question, collecting the data, cleaning the data, analyzing the data, sharing your results, embracing failure and summary.

To find relevant information, aid inference, and in decision making, data analytics is the process of analyzing, cleaning, manipulating, and modeling data. Data analytics is used in several areas of business, science, and the social sciences and has many facets and methodologies. It includes many different techniques and has many different names.

Data mining is a specific type of data analysis that focuses on knowledge discovery and statistical modeling for predictive rather than purely descriptive purposes. Business intelligence refers to data analysis that is mainly based on aggregation and is mainly concerned with business information.

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Plan, Meaningfully engages customers, Impact the other components in a cascading manner, Connection, Promote greater levels of client satisfaction and Market-driven are choosen option.

Thus option E, A, E, A, C, and B is correct.

The process of developing, communicating, supplying, and trading services that are important to customers, companies, partnerships, and society at large collectively is known as marketing.

The idea of managing supply chains is seen as a component of the marketing mix.

People are meaningfully engaged via purpose marketing, also known as pro-social advertising, which is used by the well-known Tom's shoe firm.

Any alteration to one of the marketing mix's components will ripple through the other components.

In this instance, Clean-O has chosen to focus on relationships.

The main goal of customer relationship management (CRM) is to focus on customer satisfaction.

Businesses need to develop brand marketing plans (Big M) to flourish.

Therefore, option E, A, E, A, C, and B is the correct option.

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Kingdom, Phylum, and the other six tiers make up the seven classifications. Class, Order, Family, Genus, and Species are the several types of classification.

Products are categorized using a system of economic taxonomies called product taxonomy or product categorization. However, in a standardized way, not only items but also sales techniques in the form of "Incoterms" and industries that may be broken down into subcategories can be referred to. Products are categorized using a system of economic taxonomies called product taxonomy or product categorization. However, in a standardized way, not only items but also sales techniques in the form of "Incoterms" and industries that may be broken down into subcategories can be referred to. The Classification of Types of Construction (CC) nomenclature is used to group constructions (i.e., buildings) into different categories based on their kind.

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A restriction placed on potential solutions to a problem is referred to as a constraint in a decision. Rules for the allowable values of decision variables are outlined by decision constraints.

When a fresh set of decision variables is being tested at the start of a simulation run, they are checked. A limitation might, for instance, state that a minimum of three units of stock must be kept on hand, ten persons can at most receive subpar service, or that 100% of a manufactured good must be dispersed among shipments. You can choose the spreadsheet location for the decision constraint by opening a dialog by clicking the upper Add button on the Decision Constraints tab. After that, this is typed into the Address field, which can later be modified by double-clicking it.

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The four methods based on machine learning and artificial intelligence are natural language processing, heuristics, support vector machines, neural networks, and the markov decision process.

Artificial intelligence simulates how the human brain makes the decisions & solves problems using computers and other technology. Artificial intelligence, in contrast to human and animal intelligence, describes the perception, synthesis, & inference of information displayed by robots. Users can utilize these digital assistants to check their schedules, perform web searches, and even give instructions to another software.

The amount of data produced today, by both humans and machines, considerably exceeds the capacity of humans to comprehend, understand, and base complex decisions on that data.

ML-based financial fraud detection, picture recognition for face unlock in smartphones, and voice assistants are a few examples of AI software already being used in daily life. Typically, all that is needed is to download AI software from an online retailer without using any additional equipment.

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All the questions have been covered under a single question for goal and aspirations of a human i.e person.

1. Being honest is one of my core beliefs because it demonstrates that you are being true to yourself and others, even if doing so would offend some people. Honesty, however, results from a commitment to and loyalty to oneself before others, especially those who are close to and precious to one. My drive and goals stem from being successful, living a healthy lifestyle, and being content both inside and externally.

2. My daily growth is what I want to strive for in order to feel good about myself and be inspired as a person. While going through this process, I sincerely wish to assist others in developing and producing. My academic objectives are to obtain a specialized degree in mass communication so that I can one day work as a journalist.

My professional objective is to gain journalistic experience so that I may learn more and develop into an goals expert.

3. I take pride in the fact that I am dependable, which is one of my areas of strength. I work hard to never betray someone's confidence. I'm committed to achieving goals my objectives, and I'm always upbeat and motivated to be successful.

The top 2 qualities I would highlight about myself are my commitment to leading a healthy lifestyle aspirations and my capacity for simultaneous productivity. Others approach me for suggestions on how to maintain a healthy mental and physical state.

4. Mental fitness and a focus on personal growth are two areas I'd want to see you develop since they both become better as much as a person wants them to. A person aspirations can learn something new about goals their own personal development regions and mental development that will make them a better person. Even a modest amount of personal development knowledge may make it easier to accomplish goals.

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By standard measures of gross domestic product (GDP),contractionary fiscal policy appears to reduce total output.

Taxes tend to reduce private consumption just as spending cuts reduce government consumption.Tight monetary policy is driven by increases in the various base interest rates controlled by modern central banks or other growth-producing means.Reducing the money supply generally slows economic growth.As the money supply in the economy declines, individuals and businesses typically stop investing and major capital spending,and businesses slow down their production.Contractionary fiscal policy is used to slow down economic growth,such as when inflation grows too fast.Contrary to expansionary fiscal policy, contractionary fiscal policy increases taxes to reduce spending. As consumers pay more in taxes,they have less money to spend and economic stimulation and growth slows.

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As Mario brings together buyers and sellers of used farm implement equipment and helps them negotiate the terms of the sale but never takes title to any of the equipment himself, he is acting as a broker.

Generally, a broker is an entity that arranges transactions between a buyer and a seller for a commission when the deal is executed. It also acts as a seller or as a buyer becomes a principal party to the deal

In finance, a broker means an individual or company that acts as an intermediary between an investor and a securities exchange. Because securities exchanges only accept orders from an individuals or firms who are members of that exchange, the individual traders and investors need the services of exchange members.

They helps to provide such service and are compensated in various ways, either through commissions, fees or through being paid by the exchange itself.

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E2OPEN, SAP SCM and LOGILITY  are the three OSCM software packages from different companies.

There are several reasons why every firm needs to have a solid supply chain systems in place. The program helps to guarantee that supplies are uninterrupted and that merchandise is coming into the company continuously. The program likewise makes sure that perhaps the practices are cost-free and the best source is chosen. OSCM software comes in a variety of versions.

1) E2OPEN - E2Open is a web application for managing the supply chain that aims to provide a supply chain that is more agile and regulation.

2) SAP Supply Chain makes use of modern advancements like ai technology or the internet of things to provide do that and cutting-edge analytics to assist users in organizing, locating, and providing the ideal materials and products at the right time.

3) LOGILITY - In order to acquire a competitive advantage, we can use the supply chain management program Logility, which offers us predictive analysis plus plan.

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