Using the âM1 Continuing Problemâ Excel template, complete the requirements for problem P1-48 in the textbook.Save your template using the filename LastnameFirstinitial.ACC250.#. For example, John Doeâs module #1 assignment would be named DoeJ.ACC250.1.
ACC250 Module 1 Template
P1-48
Student Name:
Requirement
3:
Prepare the
statement of owners’ equity for the month ended December 31, 2012.
Requirement 1:
Analyze the effects of Draper Consulting’s transactions on
the accounting equation. Use the format of Exhibit 1-6 and include these
headings: Cash; Accounts receivable; Supplies; Equipment, Furniture; Accounts
payable, and Draper, capital.
Requirement 2:
Prepare the
income statement of Draper Consulting for the month ended December 31, 2012.
Requirement 3:
Prepare the
statement of owners’ equity for the month ended December 31, 2012.
Requirement 4:
Prepare the
balance sheet at December 31, 2012.
Details:Complete practice problems P1-34A and P1-36A in the textbook using the âM1 Practice Problemsâ Excel template.After completing the practice problems, go to the Assignments section of the classroom and submit your completed Excel document to the appropriate assignment drop box.ACC250 Module 1 Practice Problems Template P1-34A Student Name: Requirement 1: Analyze the effects of the preceding transactions on the
accounting equation. Use the format of Exhibit 1-6 and include these headings:
Cash; Accounts receivable; Supplies; Land; Accounts payable, and Crone capital. Date Assets Liabilities Owners’ Equity Cash + Accounts
receivable + Supplies + Land + = Accounts payable + Crone, capital Type
of OE TransactionBeg a Bal b Bal c Bal d Bal e Bal f Bal g Bal h-1 h-2 Bal i Bal j Bal Total
Assets: Total
Liabilities + Equity: Hint:
See Exhibit 1-6 on page 19. ACC250 Module 1 Practic Problems Template a P1-36A Student Name: Requirement 1a: Prepare the financial statements for Studio Photography for
the year ended December 31, 2012. Studio Photography Income Statement For the year ended December 31, 2012 Revenues: List
revenues here Expenses: List
expenses here List
expenses here List
expenses here Total
Expenses Net income Note to student: Fill in the highlighted cells above to
complete the income statement.
Hint: See page 22 for an example of the income statement.
ACC250 Module 1 Practice Problems Template P1-36A Student Name: Requirement 1b: Prepare the statement of owners’ equity for the year ended
December 31, 2012. Studio Photography Statement of Owners’ Equity For the month ended December 31, 2012 Studio Photography, capital, December 1, 2012 Owner investment Net income for the month Drawing Studio Photography, capital, December 31, 2012 Note to student: Fill in the highlighted cells above to
complete the statement of owners’ equity. Hint: See page 22 for an example of the statement of owners’
equity. ACC250 Module 1 Pracitice Problems Template P1-36A Student Name: Requirement 1c: Prepare the balance sheet at December 31, 2012. Studio Photography Balance Sheet December 31, 2012 Assets Liabilities List asset accounts
here List liability accounts here List asset accounts
here List liability accounts here List asset accounts
here List liability accounts here Total liabilities Total Assets Owners’ Equity List equity accounts here Total liabilities and owners’ equity Note to student: Fill in the highlighted cells above to
complete the balance sheet.
Hint: See page 22 for an example of the balance sheet.
