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Edgar Co Excel Project Fa11 Part 1 NOVAK(1)

# Edgar Co Excel Project Fa11 Part 1 NOVAK(1) - Excel Project...

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Excel Project 1, Using the Horizonatal Model Accrual Accounting: Edgar Company Part 1 Instructions: Transactions for 2011: Edgar Company, Inc was formed on January 1, 2011 Year end is December 31. Events affecting the 2011 period 1. Acquired cash of \$175,000 from the issue of common stock. 2. Borrowed \$115,000 cash from the bank on May 1, 2011. 3. Incurred \$122,000 of operating expenses on account during the year. 4. Paid \$57,500 cash for other operating expense 5. Recognized revenue on account of \$223,700 6. Paid owners \$4,500 of dividends 7. Collected \$217,200 cash on the accounts receivable. 8. Paid \$185,000 to purchase land that cost \$50,000 cash and a building that cost \$135,000 9. Paid \$105,500 on the accounts payable during the year. Information for adjusting entries 10. Incurred salary expense of \$17,400 on December 31, 2011. 11. Accrued interest expense for loan in item # 2. Terms: interest rate 6%, due and payable in one year. (115,000)(.06)(8/12) = 4600 On this Excel workbook there are 4 tabs. The instruction tab you are currently reading. The second tab is the 2011 Horizontal Model Tab, the third tab is the 2011 Income Statement and Statement of

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Edgar Co Excel Project Fa11 Part 1 NOVAK(1) - Excel Project...

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