Answer Happy

I need help putting all of these transactions in the accounting
equation. It would help if it was in Excel. Thanks!
Available accounts: Cash, Accounts Receivable, Inventory, Truck,
Equipment, Land, Building, Accumulated Depreciation, Dividend
Payable, Notes Payable, Wages Payable, Common Stock, APIC-Common
Stock, Preferred Stock, APIC-Preferred Stock, Retained Earnings,
Revenue, Expense, and Net Income
Beg balances as of Dec 31, Year 1 Cash: $1,757,000 Accts. Rec.:
$17,500 Inventory: $328,000 Land: $50,000 Building: $250,000
Accumulated Depreciation: $8,333 Acct. Pay: $418,000 Div Pay:
$42,000 Wages Pay: $215,000 Common Stock: $200,000 APIC-Cs $600,000
Preferred Stock: $400,000 APIC-PS: $100,000 Retained Earnings:
$419,167
For your inventory tracking tab and the events recorded to the
accounting equation, you can assume the following:
The company uses FIFO as the method to record/track
inventory
Beginning inventory for Year 2 of operations is made up of 41,000
units originally purchased at $8.00 per unit which equals Beginning
Inventory of $328,000.
1.Paid a $42,000 cash dividend previously declared for
stockholders
2. Paid wages payable accrued in previous month
3. Acquired $150,000 by signing a note payable with a local
bank
4. Sold 5,000 shares of $5 par Common Stock for $110,000
5. Sold 2,000 shares of $40 par, 3% cumulative preferred stock for
$120,000
6. Purchased a Truck and piece of Equipment for $128,000. The truck
has a market value of
65,000 and the equipment has a market value of 95,000.
7. Purchased 25,000 Units of Inventory on Account for $8.15 per
unit
8. Sold 45,000 units at $24.50 on Account
9. Record COGS for Sale of 45,000 units on Account (from previous
event)
10. Collect $570,000 on Account
11. Paid $540,250 of Accounts Payable
12. Purchased 70,000 Units of Inventory on Account for $8.50 per
unit
13. Sold 75,000 units at $24.50 on Account
14. Record COGS for Sales of 75,000 units on Account
15. Collect $1,472,500 on Account
16. Paid $438,500 of Accounts Payable
17. Purchased 115,000 Units of Inventory on Account for $9.35 per
unit
18. Sold 102,000 units at $24.50
19. Record COGS for Sale of 102,000 units
20. Collect $735,000 on Account
21. Paid $883,150 of Accounts Payable
22. Purchased 175,000 Units of Inventory on Account for $8.75 per
unit
23. Paid Sales & Marketing Expenses of $130,000
24. Paid Fixed Operating Expenses of $275,708
25. Paid Wages of $1,235,000
26. Record Wages Payable of $215,000
27. Paid Product Line Research & Development Expenses of
$450,000
28. Made the yearly required payment on the note payable. The note
carries a 6% interest rate
and requires payments of $15,000 plus interest each December 31.
(Record Principle &
Interest as one entry)
29. Record first year of depreciation expense on truck purchased in
Year 2 with salvage value of
$12,000 & useful life of 5 Years
30. Record first year of depreciation expense on equipment
purchased in Year 2 with salvage
value of $36,000 & useful life of 7 Years
31. Record 2nd year of depreciation expense on building purchased
in Year 1 with salvage value
of $58,000 & useful life of 30 Years
32. Declared a $2.00 per share cash dividend for common
stockholders
33. Declared a dividend on preferred shares outstanding