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Cat400
Feb 25, 2010, 03:43 AM
Hi Experts. I'm stuck on something and need some help! I need to create a 10 column accounting worksheet for the following:

Roger Miller started his own delivery service, RM Ltd, on 1 January 2010. The following transactions occurred during the month of January.

Jan
1 Roger Miller invested $15,000 cash in the business in exchange for shares.
2 Purchased a van from Kar Motors for deliveries for $10,000. RM Ltd paid $2,000 cash and the remaining balance was on credit.
3 Paid office rent of $500 for the month
4 Performed $1,000 of delivery service for Norman Harvey
5 Purchased Office Desk for $150 from Furniture Mart.
6 Received a cash payment of $750 from Norman Harvey.
7 Purchased petrol $100 on credit from LG Service Station
8 Received a cash payment of $1,500 for delivery services provided
9 Made a cash payment of $500 to Kar Motors
10 Paid Electricity $250
11 Paid the amount owing to LG Service Station
12 Paid Salaries to employees $500

Can anyone help?

morgaine300
Feb 26, 2010, 08:48 PM
You have nothing here that is related to doing a 10-column worksheet. The worksheet is where one does the adjusting entries and then re-balances all the accounts, then moves onto the financial statements. The first thing that goes onto it is an unadjusted trial balance.

You don't have an unadjusted trial balance so you don't have what you need to even start one. You have a bunch of regular old daily transactions that need done in a journal and then posted to the accounts. Once that is done, you can make your trial balance to begin the worksheet, but there is nothing here that actually has anything directly to do with the worksheet itself.

In order to do journal entries, you need to know your dr/cr rules and be able to interpret these and apply those rules. No one can simply explain all that in a post because there's a good two chapter's worth of junk tied up in that. (i.e. account types and interpretation is generally a first chapter, and getting into dr/cr rules is a second chapter.) Since all entries are different, it's also difficult to "get you started" cause knowing one won't help with the others. (And the worksheet, BTW, generally doesn't come until a 4th chapter.)

Do you know your rules? Did you start doing these in like an extended equation format? If so, would you have known how to do these that way?