Instructions for the Microsoft Excel Templates

Be advised, the worksheet and workbooks are not protected.

Extensive detail and information is contained within the manual.

Striking the "F1" key or following the path "Windows>Excel Help" will invoke the Office Assistant and bring up one of
several help menus.

You should enter your name, course ID, and date name into the cells at the top of the page.

Each page contains a page footer with a Page # of Page ## as well as time and date to assist in assembly of multiple
pages.

Each worksheet contains the identification of the problem or exercise.

All formatting should have been accomplished to provide satisfactory presentation. See the text for additional assistance
in formatting.

There should be no need to insert columns or rows into the workbooks.

If more than one page is required by the problem, the page breaks are preset.

In general, the yellow highlighted cells are the cells which work and effort should be presented.

Place the proper account title in the cell where the word "Account title" appears on the template.

Place the value in the cell where the word "Value" or "Amount" appears on the template. A formula may be placed in
some of these cells.

Write a formula into cells where the word "Formula" appears. In these cells, an amount calculated can be entered. An
amount can be placed in these cells.

Place the explanation for the entry in the cell where the word "Text Explanation" appears on the template.

Insert the account number where "Acct Nbr" appears on the template during posting.

Insert the journal reference where "JOURN #" appears on the template during posting.

Insert the title in the cell where "TITLE" appears on the template.

The print area is defined to fit onto 8 1/2" X 11" sheets in portrait or landscape mode as required.

The gray filled cells define the perimeter of the problem and the print area.

The problem is formatted for whole dollars with comma separations (no cents) except where required.

The display may have "Freeze Pane" invoked so column titles remain visible during data entry.

Negative values may be shown as ($400) or -$400.

Consider using "Split" panes to assist in copy and paste of data.

Much of the exercises and problems can have data entered by the "look to" or "=A34" type formula where cell A34
contains the data to be entered. This precludes typing and data entry errors.
 Chart Title
700

600

500

400

300

200

100

0
1 2 3 4 5 6 7

An analysis of the accounts shows the following: 1. The equipment depreciation per month is:
2. One-third of the unearned rent was earned during the quarter. 3. Interest accrued for the month on notes payable is:
4. Supplies on hand total: 5. The monthly insurance expiration rate is:
 Chart Title
700

600

500

400

300

200

100

0
1 2 3 4 5 6 7

An analysis of the accounts shows the following: 1. The equipment depreciation per month is:
2. One-third of the unearned rent was earned during the quarter. 3. Interest accrued for the month on notes payable is:
4. Supplies on hand total: 5. The monthly insurance expiration rate is:
Name: Jenny G. Hermosado
Exercise: P1 Adjusting Entries, (10-20 minutes)
Course: ACTY-1101
Date:
The ledger of Chopin Rental Agency on March 31 of the current year includes
the following selected accounts before adjusting entries have been prepared.
Debit Credit
Prepaid Insurance $3,600
Supplies 2,800
Equipment 25,000
Accumulated Depreciation - Equipment $8,400
Notes Payable 20,000
Unearned Rent Revenue 6,300
Rent Revenue 60,000
Interest Expense 0
Wage Expense $14,000
Totals: $45,400 $94,700

An analysis of the accounts shows the following:

1. The equipment depreciation per month is: $250
2. One-third of the unearned rent was earned during the quarter.
3. Interest accrued for the month on notes payable is: $500
4. Supplies on hand total: $650
5. The monthly insurance expiration rate is: $300

Instructions:
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts
are: (Omit explanations if desired.)
Depreciation Expense Interest Payable
Insurance Expense Supplies Expense

1 Depreciation Expense 750

Accumulated Depreciation-equipment 750
to record quarterly depreciation (250 X 3)

2 Unearned Rent Revenue 2,100

Rent Revenue 2,100
To record quarterly depreciation (6300/3)

3 Interest Expense 500

Interest Payable 500
To record quarterly accrued interest on notes payable

4 Supplies Expense 2,150

Supplies 2,150
To record supplies used (2800-650)

5 Insurance Expense 900

Prepaid Insurance 900
to record insurance expired quarterly(300*3)

Exercise 3-5, Page 5 of 5, 06/14/2020, 04:51:31