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ACT 300 MODULE 3 THE BENTLEY HUGE CONSTRUCTION

ACT 300 MODULE 3 THE BENTLEY HUGE CONSTRUCTION

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ACT 300 MODULE 3 THE BENTLEY HUGE CONSTRUCTION 

1st of month: Beginning cash is $200,000; beginning equity is $200,000.

o 9th of month: Accounts receivable increase $90,000; corresponding account construction income (Quick add: XYZ, customer).

o 11th of month: Construction in progress increase $100,000; corresponding accounts payable due in 10 days (Quick add: ABC Company, vendor).

o 12th of month: Furniture and equipment increase $50,000; corresponding account cash (ABC Company, vendor).

o 15th of month: Construction income increase $800,000; corresponding account accounts receivables (XYZ, customer).

o 20th of month: Loan from MNO Bank $60,000; corresponding cash account (Quick add: MNO Bank, other).

o 30th of month: Make individual cash entries (for each amount to corresponding expense items) for payroll expense $10,000; rent expense $1,000; telephone expense $300; and utilities expense $500 (Quick add and use for all: Misc., other).

Instructions:

In an Excel worksheet, submit to the assignment area the standard balance for the end of last month for the Bentley Huge Construction Company:

? Go to the top ribbon called “Reports” from Company and Financial and Balance Sheet Standard.

? To export the chart of accounts to Excel, select the Excel tab and then select “create a new worksheet.”

? Save the file as your last name_ first name.

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