Cybertext financial accounting project answers

Introduction
Building Blocks of Accounting .. A Financial Perspective
Alexis, when you are ready to have your work graded you will upload this file AB1290.xls or AB1290.xlsx,
F310 180613
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 markfriedman@miami.edu or call 305.284.6296. Grade will be based upon answers entered into the yellow filled cells.
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…friedman@cybertext.com
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.
MF1234.xlsx
Excel Binary Workbook (.xlsb)
Welcome
Building Blocks of Accounting -- A Financial Perspective
The instructions start on row 22 of this page.
FIRST LAST SS File
Alexis Bell 1290 AB1290
For example,
01
In the date field enter the date of the transaction. If you do not enter a date value an error message will appear.
Transaction Date Account Name Description Debit Credit
0
01 Jun 01 0
00 Dec 31 0 0
00 Dec 31 0 0
00 Dec 31 0 0
In the account field enter the account number that corresponds to the account in the chart of accounts.
You can also use the pull down list to find the appropriate account number. If you use a number that
is not on the chart of accounts an error message will appear.
Transaction Date Account Name Description Debit Credit
0
01 Jun 01 1110 Cash
00 Dec 31 0 0
00 Dec 31 0 0
00 Dec 31 0 0
The name of the account will automatically appear in the name column. If it is the wrong
account renter the correct account number.
Enter the description in the description field.
Transaction Date Account Name Description Debit Credit
0
01 Jun 01 1110 Cash Joseph's investment
00 Dec 31 0 0
00 Dec 31 0 0
00 Dec 31 0 0
Enter the amount in the debit field.
Transaction Date Account Name Description Debit Credit
Transaction # 1 Not in Balance by $40,000.
01 Jun 01 1110 Cash Joseph's investment 40,000.00
00 Dec 31 0 0
00 Dec 31 0 0
00 Dec 31 0 0
Enter the second account number.
Transaction Date Account Name Description Debit Credit
Transaction # 1 Not in Balance by $40,000.
01 Jun 01 1110 Cash Joseph's investment 40,000.00
00 Dec 31 3100 Capital Stock Joseph's investment
00 Dec 31 0 0
00 Dec 31 0 0
Enter the amount in the credit field.
Transaction Date Account Name Description Debit Credit
0
01 Jun 01 1110 Cash Joseph's investment 40,000.00
00 Dec 31 3100 Capital Stock Joseph's investment 40,000.00
00 Dec 31 0 0
00 Dec 31 0 0
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.
Note:
Save and make backup copies regularly.
Welcome to the worlds first ePractice case, an individualized, internet generated and graded case study that focuses on the analytically portion of the accounting cycle while automating the repetitive posting cycle. NOTE: If the program is not working e-mail markfriedman@miami.edu, 305.284.6296.
Step I - The Chart of Accounts 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 II – Journalizing the Transactions. Using your unique transactions record the corresponding general journal entry, rounding to two decimal places.
June 1: Joseph made an investment in Byte of Accounting, Inc. by purchasing 2,000 shares of its common stock for $40,000 cash. The par value of the common stock was $20 per share.
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.
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 Cosing Entries. Based upon the information from your Worksheet or from your Financial Statements, prepare the closing entries.