Question

On January 1, 2020, Mr. Wild formed a corporation to provide services to clients. Information about the first year of operation follows: Jan. 1 Investors provided $1,500,000 in cash in exchange for stock of The Wild Corporation. Jan. 1 Purchased equipment in exchange for $100,000 cash and a $1,900,000 note payable at an annual rate of 5%, payable every 6 months. Jan. 1 Purchased $45,000 of insurance that will cover the next 3 years. This was recorded as prepaid insurance. Feb. 1 Purchased $5,000 of office supplies on account that will be needed during the upcoming year. Mar. 15 Paid Salaries of $20,000. Mar. 31 Billed customers for services in the amount of $500,000. Apr. 15 Paid the vendor who sold Wild the office supplies on Feb. 1. Apr. 30 Collected $400,000 on accounts receivable. June 15 Paid salaries of $40,000. June 30 Paid $4,000 for employee travel costs. June 30 Paid $10,000 for a company party. June 30 Paid the interest due and $400,000 to reduce the balance of the note payable. July 1 Billed customers for services provided in the amount of $750,000. Aug 1 Collected $200,000 on accounts receivable. Aug. 15 Purchased $15,000 of office supplies on account. Sept. 15 Paid salaries of $40,000. Sept. 30 Paid $25,000 for a customer appreciation event. Sept. 30 Paid $40,000 for employee travel costs incurred by staff. Dec. 1 Collected $300,000 as deposits from customers who contracted for 2021. Dec. 31 Declared and paid a $50,000 dividend to shareholders. The Wild Corporation uses the following accounts in it's Chart of Accounts: Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Unearned Revenue Notes Payable Capital Stock Retained Earnings Dividends Service Revenue Salaries Expense Meals & Entertainment Expense Travel Expense Insurance Expense Office Supplies Expense Interest Expense Depreciation Expense Income Summary

(a)	Journalize the listed transactions.
(b)	Post the transactions to the appropriate general ledger accounts.
(c)	Prepare a trial balance as of December 31.

It needs to be done in excel. I need help in posting it to the ledger accounts.

Answer 1

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Account	Date	Debit	Credit	Balalnce
Accounts Payable	01-02-2020		$           5,000	$           5,000
	15-04-2020	$           5,000		$                  -
	15-08-2020		$         15,000	$         15,000
Accounts Receivable	31-03-2020	$       500,000		$       500,000
	30-04-2020		$       400,000	$       100,000
	01-07-2020	$       750,000		$       850,000
	01-08-2020		$       200,000	$       650,000
Capital Stock	01-01-2020		$   1,500,000	$   1,500,000
Cash	01-01-2020	$   1,500,000	$       145,000	$   1,355,000
	15-03-2020		$         20,000	$   1,335,000
	15-04-2020		$           5,000	$   1,330,000
	30-04-2020	$       400,000		$   1,730,000
	15-06-2020		$         40,000	$   1,690,000
	30-06-2020		$       604,000	$   1,086,000
	01-08-2020	$       200,000		$   1,286,000
	15-09-2020		$         40,000	$   1,246,000
	30-09-2020		$         65,000	$   1,181,000
	01-12-2020	$       300,000		$   1,481,000
	31-12-2020		$         50,000	$   1,431,000
Dividend	31-12-2020	$         50,000		$         50,000
Equipment	01-01-2020	$   2,000,000		$   2,000,000
Interest Expense	30-06-2020	$       190,000		$       190,000
Meals and Entertainment Expense	30-06-2020	$         10,000		$         10,000
	30-09-2020	$         25,000		$         35,000
Note Payable	01-01-2020		$   1,900,000	$   1,900,000
	30-06-2020	$       400,000		$   1,500,000
Office Supplies	01-02-2020	$           5,000		$           5,000
	15-08-2020	$         15,000		$         20,000
Prepaid Insurance	01-01-2020	$         45,000		$         45,000
Salaries Expense	15-03-2020	$         20,000		$         20,000
	15-06-2020	$         40,000		$         60,000
	15-09-2020	$         40,000		$       100,000
Service Revenue	31-03-2020		$       500,000	$       500,000
	01-07-2020		$       750,000	$   1,250,000
Travel Expense	30-06-2020	$           4,000		$           4,000
	30-09-2020	$         40,000		$         44,000
Unearned Revenue	01-12-2020		$       300,000	$       300,000