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Accounting

I need an explanation for this Accounting question to help me study.

Option #1: Using the Accounting Equation to Analyze Transactions

Second National Bank just approved a loan for Joey John’s Inc. to start a home gym design business. Joey John’s Inc. is ready to start the business by renting a small office facility, purchasing equipment, hiring sales, design, and administrative help, and beginning to provide services. During March, Joey John’s first month of business, the following transactions occurred:

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  1. Joey John’s, Inc. signed a promissory note at the bank and received $50,000 cash.
  2. Joey John’s issued shares of capital stock to its shareholders to raise another $75,000 cash.
  3. Joey John’s purchased training and design equipment in the amount of $35,000 cash.
  4. Joey John’s purchased supplies worth $500 on account. These supplies are expected to last 6 months.
  5. Joey John’s hired Joshua Ramirez to assist with design and sales on a part-time basis. He will be paid a salary of $1,000 per month for his work.
  6. During the first month, Joey John’s completed design work on its first two facilities, one for P. Christopher, and the other for Josephine Johnson.
  7. Joey John’s completed the design work for P. Christopher and sent him a bill for $1,250.
  8. Joey John’s completed the design work for Ms. Johnson and sent her a bill for $750.
  9. Joey John’s collected half of the money ($625) in cash from P. Christopher, with a promise to pay the additional amount next month.
  10. Joey John’s paid Joshua $1,000 cash for his first month of service.
  11. Joey John’s received $500 cash in advance to work on a design project for a local gym. Work on the site will not begin until August.
  12. Joey John’s paid rent of $500 in cash.

Required: Using the Excel template, complete the following activities:

  1. Analyze each transaction’s effect using the accounting equation, if needed.
  2. Provide a written explanation (one sentence) on the effect of the transaction on the accounting equation.

Review the grading rubric to understand how you will be graded on this assignment. Review Module 1 Part 3 Lecture: The Accounting Equation, 4.1 (Accounting Cycle) & 4.2 (Preparing Financial Statements) for examples related to your Critical Thinking assignment for this week. Reach out to your instructor if you have questions about the assignment.

Accounting

In this assignment you will be creating an Excel macro. Macros are a set of storedprocedures that a computer program, such as Excel, can execute when called upon. Macros, sometimesreferred to as Bots, are very useful when you have to perform the same set of tasks on a regular basis. For example, when you have to format data is the same way on a regular or repeated basis. In some regards

Macros can be written using a programing language called Visual Basic for Applications (VBA) or they can be created by recording your keystrokes or functions. In this regard macros are similar to the scripts that can be written within IDEA or other computer programs. Macros can be stored within a specific workbook, within your Personal Macro Workbook or within a new workbook.

In this assignment assume that you are working at MassYork Banking Corp. The software development team is still developing the full version of the CTR automated preparation system you requested. However, it will be some time before they are able to finish the project. In the meantime they have been able to produce a summary report that shows every transaction or combination of transactions that require the filing of a CTR. However, it does not identify which group at the bank should complete the CTR, nor does it provide all of the data necessary for completing Parts I, II and III the CTR. However, it is better than nothing, as it performs the tedious task of identifying when a CTR needs to be filed.

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The report comes to you on a daily basis. Some days the report is rather short, only a few lines, other days it is long, up to a hundred lines. Thus far you have been manually formatting the report each day, however, that is getting old. As a result, you decide to create a macro that will format the data for you.

The source data file for this assignment is the “CTR Data Extract” file. You are to create an Excel macro that will perform the 15 tasks listed below. Please name the macro “CTR_Extract_Review” and save it within the CTR Data Extract Excel file. When recording the Macro, please provide a brief description of it. You do not need to set-up a short-cut key for the macro. You may write the macro using VBA if you like, or you may record the macro using the Record Macro function within the Macros dropdown of the View tab.

The steps your macro should perform are:

 

1)

Start your marco with Cell A1 of the “Starting   Point data” worksheet, as the active cell.

 

2)

Rename Sheet 3 as “CTR Data Extract   Review”

 

3)

Copy data from Starting Point Data into the “CTR   Data Extract Review” tab.

 

4)

Use Text to Columns on the data so that each   field is in its own column.

 

5)

Insert two new columns between the fields, SSN_State and Trans_Total. Name one of the new columnsSSN and the other State.

 

6)

Use the LEFT function to populate the SSN column with the Social Security   Number for each line of data, and the RIGHT function to populate the Statecolumn with the two-letter   abbreviation of the state for each line of data.

 

7)

Format the Trans_Total   field as currency, with 0 decimal places.

 

8)

Format the Trans_Date   field as a date in the format of MM/DD/YY, so that each line has the same   number of characters.

 

9)

Insert two new columns between the Trans_Date and Multi_Trans columns, Name the first new column CTR_Due_Date and the second Days_til_CTR_Due. Populate the CTR_Due_Date as the Trans_Date plus 25 days. Populate the Days_til_CTR_Due as the difference   between the CTR_Due_Date and   today’s date.

 

10)

Create a new field between the Multi_Trans and Own_Behalf fields. Name the new field Single_Trans.

 

11)

Using the IF function, populate the Single_Trans field to contain a 1 if   the Multi_Trans field contains a Nand   a 0 if it does not contain the letter N.

 

12)

Create a new column, and call it NCCG_Responsible.

 

13)

Sum Single   Trans” and Own_Behalf. If the   value is 2, make column NCCG_Responsiblebe   1, if not make it 0.

 

14)

Sort the data descending based on the NCCG_Responsible and Days_til_CTR_Duefields, so the ones   that are your group is responsible are shown first, and are listed with the   oldest transaction date appearing at the top.

 

15)

Set a filter so that only the transactions for   which, your group is responsible for completing a CTR are showing. However,   don’t delete the other items, simply set it so they are not visible. .

Once you stop recording the macro, save the file as a Macro Enabled Project, using the following naming convention: Excel_Macro_Lastname_Firstname.

A few tips and hints:

1) It is hard to record a macro correctly the very first time. It may take multiple attempts, that is fine keep trying until you get it right. If you do have multiple macros, please delete all except for the one that you are submitting to be graded.

2) I highly recommend that after recording your macro you run it to make sure it does what you want it to do. In order to do this, you will need to insert a new tab into the Excel Workbook and call it Sheet3, as that is the sheet the macro will attempt to use. You will also need to either delete or rename any tab named “CTR Data Extract Review” that you might have already created, otherwise Excel will freak out. It doesn’t allow for two tabs to have the same name.

3) The macro will do what you tell it to, in the order you tell it. That being said your macro doesn’t have to be perfect, and you can actually correct minor errors later within the same macro. For example, if you want the macro to put the term “Customer Name” into cell B1, but you accidentally type “Customer Number” in the cell, and then realize it prior to stopping your macro recording, you can go to B1 and change it to “Customer Name” and the output of the macro will be correct. It will take an extra step, and if this is something that you’d be giving to a client you’d want to go into the source code and clean up, but for the purposes of this course that sort of quick fix will be fine.

4) Make sure to save any Workbook that includes a macro as a Macro Enabled Excel file.

5) It won’t be an issue for this course, but be aware of the fact that your macro will only do what you tell it on the range you tell it. So, for example if you create a macro to format data using a tab that contains data in the first 20 rows, and then run that macro on a tab with data in the first 50 rows, the macro will only format the data in first 20 rows, because that is what you told it to do. So, build your macros based on the size of the data you think you might use, not necessarily the size of the data you are currently using.

6) Macro names cannot contain spaces.