Introduction
Elf Village Productions 50 Sheet Legal Pad
Building Blocks of Accounting .. A Financial Perspective
Introduction
Ariel, when you are ready to have your work graded you will upload your file
AB8681.xls or AB8681.xlsx, to the same screen that the project was downloaded from:
www.cybertext.com, The Book List, Building Blocks of Accounting .. A Financial Perspective
Enter password, Upload Your Excel File.
Keep two copies of your spreadsheet in two separate places in case one does not work
You may find it easier to work on this project if you print a hard copy of all the pages
NOTE:
If there are any questions about the project e-mail [email protected] or call 305.284.6296
Your grade will be based upon answers entered into the shaded boxes
F1311 190827
FAQ
Elf Village Productions 50 Sheet Legal Pad
Building Blocks of Accounting .. A Financial Perspective
FAQ Page 1
FAQ 01 My file used to upload, why is it not uploading?
Answer: Sometimes we unknowingly add items to a workbook that inhibits the upload process. The conversion to a Excel Binary
Workbook (*.xlsb) version generally fixes the problem. If the problem continues simple send your BINARY file
as an attachment with your username and password…
[email protected] Windows Operating System
Select File
Select Save As
Select Save As Type:
Select Excel Binary Workbook (*.xlsb)
Select Save
Upload the binary file at cybertext.com
Apple Operating System
Select File
Select Save As
Select Format:
Select Excel Binary Workbook (*.xlsb)
Select Save
Upload the binary file at cybertext.com
Elf Village Productions 50 Sheet Legal Pad
Building Blocks of Accounting .. A Financial Perspective
FAQ Page 2
FAQ 02 When I try to enter information in the General Journal why does an error appears indicating that the cell protected?
Answer: The computer program is designed to save you time. Instead of requiring you to enter the description four
times the program automatically copies the description when you enter a new account number. This process
requires that the data entry is limited to those cells which contain unique information. The cells that you can
enter data into are the yellow filled cells.
FAQ 03 In the feedback section, what does it mean when I have points under reverse?
Answer: If you pay a telephone expense of $100.00
Telephone Expense 100
Cash 100
If you debit cash and credit telephone expense you have reversed the whole entry.
Cash 100
Telephone Expense 100
If you debit cash and credit anything else you have reversed part of the entry.
Cash 100
Rent Expense 100
Elf Village Productions 50 Sheet Legal Pad
Building Blocks of Accounting .. A Financial Perspective
FAQ Page 3
FAQ 04 How does my instructor get my grade?
Answer: Every time you upload your grade is recorded in a table. Your instructor can look at the table whenever they
want to, although only the last grade counts. Keep a hard copy of your last upload for documentation.
FAQ 05 I have entered all the transactions and have completed the worksheet however I get following
message on the financial statements: "You must finish the worksheet before you can complete the ...."
Answer: The worksheet demonstrates that the accounting system is working. If all of your journal entries are
in balance then the Unadjusted Trial Balance and the Adjusting Entry columns will balance. The
Adjusted Trial Balance columns net the Unadjusted Trial Balance and the Adjusting Entry columns.
There are four steps to completing the worksheet:
1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the
Balance Sheet columns, (debits remain debits and credits remain credits).
2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses.
3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and
the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet.
4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise
there is an error in the completion of the worksheet.
Excel Binary Workbook (.xlsb)
Welcome
Building Blocks of Accounting -- A Financial Perspective
The instructions start on row 28 of this page.
Version FIRST LAST SS File DATE
1311 Ariel Best 8681 AB8681 1/18/21 40909 3,306
Elf Village Productions 50 Sheet Legal Pad
Building Blocks of Accounting .. A Financial Perspective
Welcome Page 1
Welcome to the world's first ePractice case, an individualized, internet generated and
and graded case study that focuses on the analytically portion of the accounting cycle.
Step 1 The Chart of Accounts includes all of the accounts that you can use to solve your case.
You may want to print the chart of accounts and use it as an easy reference guide.
Step 2 Journalizing the Transactions
Using your unique transactions record the corresponding general journal entry, rounding to
two decimal places, =Round(value,2).
Step 3 Using the Worksheet for the Period Ending December 31st as a reference, prepare the
Income Statement, Statement of Changes in retained Earnings and the Balance Sheet.
Step 4 Record the closing entries to Retained Earnings in the general journal.
Step 5 Upload the File.
Whenever you want to have cybertext.com grade your work submit it to them on the bottom
of the screen that you downloaded the file. If you have a problem uploading see FAQ 01.
Step 6 You will be graded on the Journal Entries and the four financial statements and the ratio analysis. The
case will be computer graded, therefore make sure all numbers are in the appropriate cells. The
computer will evaluate your transactions when grading your financial statements.
Step 7 Note: Save and make backup copies regular
Step IV – Prepare the Financial Statements.
After you have entered all of the transactions and prepared the Worksheet, you are to prepare the Income Statement, Shareholder's Equity Statement and Balance Sheet using the forms provided.
Step III – Worksheet
Although not graded, you need to complete the Worksheet. If each of your journal entries are in balance then your Unadjusted Trial Balance and the Adjusting Entry columns will be in balance. Your Adjusted Trial Balance will balance when you place each of the account balances into the correct debit or credit position in the Adjusted Trial Balance section of the Worksheet. .
Grading:
You will be graded on the Journal Entries and the three financial statement. The case will be computer graded, therefore make sure all numbers are in the appropriate cells. The computer will evaluate your transactions when grading your financial statements.
Step VI – Upload the File.
Whenever you want to have cybertext.com grade your work submit it to them on the bottom of the screen that you downloaded the file.
Step V – Prepare the Closing Entries.
Based upon the information from your Worksheet or from your Financial Statements, prepare the closing entries.
Chart of Accounts
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Number Name Normal Balance Error # Message
1110 Cash Debit 1 Debit And Credit On Same Line
1120 Accounts Receivable Debit 2 Debit Before Credit
1130 Prepaid Insurance Debit 4 Need An Account Number
1140 Prepaid Rent Debit 8 Round To Two Decimal Places
1150 Office Supplies Debit 16 Need a Description
1211 Office Equip. Debit 32 Need a Date
1212 Accum. Depr.-Office Equip. Credit 64 Use account number once
1311 Computer Equip. Debit 128
1312 Accum. Depr.-Computer Equip. Credit 256
1411 Building Cost Debit 512
1412 Accum. Depr.-Building Credit 1024
1510 Land Debit
2101 Accounts Payable Credit
2102 Advanced Payments Credit
2103 Interest Payable Credit
2105 Salaries Payable Credit
2106 Income Taxes Payable Credit
2201 Mortgage Payable Credit
2202 Notes Payable Credit
3100 Capital Stock Credit
3200 Retained Earnings Credit
3300 Dividends Debit
3400 Income Summary Credit
4100 Computer & Consulting Revenue Credit
5010 Rent Expense Debit
5020 Salary Expense Debit
5030 Advertising Expense Debit
5040 Repairs & Maint. Expense Debit
5050 Oil & Gas Expense Debit
5080 Supplies Expense Debit
5090 Interest Expense Debit
5100 Insurance Expense Debit
5110 Depreciation Expense Debit
5120 Income Tax Expense Debit
Transactions
Ariel Best AB8681
Elf Village Productions 50 Sheet Legal Pad
Byte of Accounting
The Byte of Accounting Corporation (Byte) is a computer advisory consulting bussiess that works with small and midsize businesses.
Business Operations:
After an initial review of a new client's operations a proposal is developed by a team to improve the client's operations by the purchase of off the shelf software or more often the modification of off the shelf software.
Significant Accounting Policies:
The business has adopted the following accounting policies:
l Fixed assets that cost less than $500.00 are expensed.
...