Excel Applications for Accounting Principles 4th Edition by Gaylord Smith

Exercise 6

PROBLEM DATA
On June 1 of the current year, Wilson Wood opened Woody's Web Services. This sole proprietorship had the following transactions during June.
a. Opened a business checking account and made a deposit, $9,000.
b. Paid rent for June for office space and computer equipment, $3,000.
c. Purchased office supplies (stamps, pens, etc.) on account, $1,980.
d. Received cash for services rendered, $4,500.
e. Paid creditor for office supplies purchased on account, $1,400.
f. Purchased office supplies for cash, $420.
g. Billed clients for consultations performed on account, $4,600.
h. Paid monthly internet service bill of $360.
i. Paid the secretary's salary of $2,400.
j. Returned $300 of office supplies purchased in transaction f. Received a full refund.
k. Received cash from clients previously billed, $3,000.
l. Cash was withdrawn for owner's personal use, $2,000.
REQUIREMENT
It has been determined that the cost of the supplies used during the month was $600. Record the increase or decrease in the appropriate columns on the worksheet. This is transaction m. Enter your name in cell A1. Save the completed file as PTRANS3. Print the worksheet. Also print your formulas. Check figure: Ending cash balance (cell B21), $7,220.