During November, the first month of operations, the followingtransactions occurred: Date Event 1-Nov

During November, the first month of operations, the followingtransactions occurred: Date Event 1-Nov

During November, the first month of operations, the followingtransactions occurred: Date Event 1-Nov Paid $7,200 for 12 monthsrent on office space 2-Nov Purchased office furniture for $8,950.3-Nov Purchased $11,354 of additional office supplies on account.8-Nov Borrowed 20,000 from the bank for operating cash. The notehas a 3% interest rate (simple interest) and is to be paid back in4 years 15-Nov Received $10,800 from Fortuna Inc. for work to beperformed over the next 12 months. 20-Nov Paid $1,560 forutilities. 21-Nov Performed services for various customers for$13,200 cash and another $18,100 on account. 25-Nov Paid $8,650 forpurchases of supplies previously made on account. 27-Nov Paidsalaries to employees totaling $5,200 for 1 week. 30-Nov Collected$12,300 as payment for amounts previously billed. 30-Nov Dividendsof $3,000 were declared and paid. At the end of November, thefollowing additional information is available to help determinewhat adjustments are needed: 30-Nov One month of the prepaid renthas been used up 30-Nov Supplies on hand are $8,150. 30-Nov Onemonth of interest has accrued on the note payable for the bankloan. 30-Nov One month of the services for the Fortuna Inc. hasbeen performed (see above). 30-Nov Salaries of $5,200 are paidevery Friday (for a 5 day work week). November 30, 2017 was aThursday. 30-Nov Additional work for customers of $9,580 has beenperformed during the last week of November but not yet billed30-Nov Depreciation expense for the computer equipment is $140 andfor the office furniture is $120 SUGGESTED STEPS FOR COMPLETION OFTHE PROJECT: 1 Prepare journal entries to record the Novembertransactions given. Please refer to the Worksheet tab for AccountTitles you may need. 2 Add the November journal entry informationto the Worksheet in the November columns. You can do this in one of2 ways – (1) Post the journal entries to ledger accounts usingT-accounts to represent ledger accounts and then use those totalsto post to the worksheet or (2) use excel to add all entries for aparticular account into the correct column in the worksheet (ie.,add all cash debits from the journal entries into the cash debitcolumn for November entries). There is a tab to use for T Accountsif you want but they are NOT required 3 Prepare an unadjusted trialbalance as of November 30, 2017. This will be part of the Worksheetyou prepare. There is a tab in this file that you will use forthis. Excel formulas must be used throughout the project to obtainfull credit. 4 Prepare adjusting entries for the month of Novembergiven the information provided. 5 Post the adjusting entries to theAdjusting entries columns on the worksheet 6 Prepare an adjustedtrial balance as of November 30, 2017. This will be part of theWorksheet you prepare. There is a tab in this file that you willuse for this. 7 Prepare financial statements for the month endingNovember 30, 2017. (Income Statement, Statement of RetainedEarnings, Classified Balance Sheet ). Formatting is important andwill be graded so be sure you use dollar signs and underlines asappropriate. Also be sure you have headings and proper column usagefor all statements. There is a tab for these statements. Headingare PARTIALLY completed for the 3 statements. 8 Prepare closingentries for the end of the period 9 Copy the Worksheet from theWorksheet tab to the Worksheet formulas tab and the FinancialStatements from the Financial Statements tab to the FinancialStatements tab. Highlight the entire worksheet/financial statementsarea respecively and press the “ctrl” key and the “~” key. Thiswill cause the formulas used to display instead of the numbers.Save your file with the formulas displayed.

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