Manage Cash Transactions and Balances in December | Step-by-Step

School: American InterContinental University - Course: ACCT 205 - Subject: Accounting

Dec1Cash Randol Espy$80,000.00Student InstructionMajor StepsPicture A Common Stock$80,000.00Transaction December 1Step 1 2Soccer Equipment$20,000.00 Cash$20,000.00 2Prepaid Rent$30,000.00 Cash$30,000.00 Transaction December 2Step 2 3Office Supplies$500.00Cash$500.0010Prepaid Insurance$12,000.00 Cash$12,000.00 14Salary Expense$4,000.00Transaction December 2Step 3 Cash$4,000.0024Cash$85,000.00Soccer fee Revenue$85,000.0028Salary Expense$4,000.00 Cash$4,000.00 Transaction December 3Step 4 29Repair Expense$200.00Cash$200.0030Telephone Expense$150.00Cash$150.00 Transaction December 10 Step 5 30Dividends$1,000.00 Cash$1,000.00Transaction December 14Step 6 Transaction December 24Step 7 Transaction December 28Step 8 Transaction December 29Step 9 Transaction December 30Step 10 Transaction December 30Step 11 Step1:Read Transaction December 1 - Picture A Step 2:Enter the Account Name on Debit Side in the Column C Raw 2 Step 3:Enter the Account Name on Credit Side in the Column C Raw 3 Step 4: Enter the Amount on Debit Side in the Column E Raw 2 Step 6: Enter the Amount of Credit Side in the Column F Raw 3 Step1:Read Transaction December 1 - Picture A Step 2:Enter the Account Name on Debit Side in the Column C Raw 5 Step 3:Enter the Account Name on Credit Side in the Column C Raw 6 Step 4: Enter the Amount on Debit Side in the Column E Raw 5 Step 5: Enter the Amount of Credit Side in the Column F Raw 6 Step1:Read Transaction December 1 - Picture A Step 2:Enter the Account Name on Debit Side in the Column C Raw 8 Step 3:Enter the Account Name onCredit Side in the Column C Raw 9 Step 4: Enter the Amount on Debit Side in the Column E Raw 8 Step 5: Enter the Amount of Credit Side in the Column F Raw 9 Step1:Read Transaction December 1 - Picture A Step 2:Enter the Account Name on Debit Side in the Column C Raw 11 Step 3:Enter the Account Name onCredit Side in the Column C Raw 12 Step 4: Enter the Amount on Debit Side in the Column E Raw 11 Step 5: Enter the Amount of Credit Side in the Column F Raw 12 Step1:Read Transaction December 1 - Picture A Step 2:Enter the Account Name on Debit Side in the Column C Raw 14 Step 3:Enter the Account Name onCredit Side in the Column C Raw 15 Step 4: Enter the Amount on Debit Side in the Column E Raw 14 Once the journal entries have been completed, you'll need to transfer the balances (both Debit and Credit) to the "Unadjusted Trial Balance" tab.Step 5: Enter the Amount of Credit Side in the Column F Raw 15 Note: Because the Cash Account has so many transactions, you'll want to complete the Cash T-Account tab in order to derive the correct Cash balance. Step1:Read Transaction December 1 - Picture A Step 2:Enter the Account Name on Debit Side in the Column C Raw 17 Step 3:Enter the Account Name on Debit Side in the Column C Raw 18 Step 4: Enter the Amount on Debit Side in the Column E Raw 17 Step 5: Enter the Amount of Credit Side in the Column F Raw 18 Step1:Read Transaction December 1 - Picture A Step 2:Enter the Account Name on Debit Side in the Column C Raw 20 Step 3:Enter the Account Name on Credit Side in the Column C Raw 21 Step 4: Enter the Amount on Debit Side in the Column E Raw 20 Step 5: Enter the Amount of Credit Side in the Column F Raw 21 Step1:Read Transaction December 1 - Picture A Step 2:Enter the Account Name on Debit Side in the Column C Raw 23 Step 3:Enter the Account Name on Debit Side in the Column C Raw 24 Step 4: Enter the Amount on Debit Side in the Column E Raw 23 Step 5: Enter the Amount of Credit Side in the Column F Raw 24 Step1:Read Transaction December 1 - Picture A Step 2:Enter the Account Name on Debit Side in the Column C Raw 26 Step 3:Enter the Account Name onCredit Side in the Column C Raw 27 Step 4: Enter the Amount on Debit Side in the Column E Raw 26 Step 5: Enter the Amount of Credit Side in the Column F Raw 27 Step1:Read Transaction December 1 - Picture A Step 2:Enter the Account Name on Debit Side in the Column C Raw 29 Step 3:Enter the Account Name onCredit Side in the Column C Raw 30 Step 4: Enter the Amount on Debit Side in the Column E Raw 29 Step 5: Enter the Amount of Credit Side in the Column F Raw 30 Step1:Read Transaction December 1 - Picture A Step 2:Enter the Account Name on Debit Side in the Column C Raw 32 Step 3:Enter the Account Name onCredit Side in the Column C Raw 33 Step 4: Enter the Amount on Debit Side in the Column E Raw 32 Step 5: Enter the Amount of Credit Side in the Column F Raw 33

Cash 1-Dec$ 80,000.00 $20,000.001-Dec $30,000.002-Dec 3-Dec 10-Dec 14-Dec 24-Dec 28-Dec 29-Dec 30-Dec 31-Dec $ 30,000.00Ending cash (if done correctly) should equal $93,150.