Baldy's Barber Shop
Instructions
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Basic Background
Baldy Jones after working for others for 10 years decided to open his own
barber shop called Baldy's Barber Shop. After meetings with Dave Marshall
from Bean Counter he learned about the necessary licenses and what is necessary
to open and run a successful business. He leased space for his shop  and 
December 1, xxxx invested $15,000 of his personal  funds and began setting up 
his business and acquiring some needed services.
He planned on beginning cutting hair about the middle of December.
Objective
To test your knowledge of how to properly record business transactions.
To illustrate the benefit of using accounting and bookkeeping software
After recording the journal entries, the entries are automatically posted to the
General Journal, General Ledger & Trial Balance Worksheet 
 and the formal financial statements are automatically prepared.
Instructions
Your Job
Record the transactions for December using General Journal Entries
At the bottom of the spreadsheets you'll see three sheets for recording these entries.
Transactions-Journal Entries
Transactions-Journal Entries-2
Transactions-Journal Entries-3
Transaction Listing
Transaction                      
Number GJ1  
Date 12/1/xxxx    
   
Baldy invested $15,000 of his personal funds into the business.  
Personal Check # 609   
   
   
                         
Input Area-Use this area to record the journal entry            
  Journal Entry                      
                       
  Input Data                  
  Amount       Date 12/1/xxxx  
  Debit Account     Reference GJ1  
  Credit Account            
  Description    
  Description 2    
                       
                     
Enter the transaction amount
Select the appropriate Debit Account from the Pull-Down Menu (Click on the arrow)
Select the appropriate Credit Account from the Pull-Down Menu (Click on the arrow)
Description: Enter a brief description of the transaction
Description 2:Enter any document reference here such as check numbers,receipt numbers, or invoice numbers
  Actual Journal Entry Automatically Recorded              
  General Journal                
  Date   Details   Ref   Debit   Credit  
  12/1/xxxx   GJ1          
                       
        GJ1          
                       
                       
                       
                       
Checks  To see if you correctly recorded the transaction
      Answer Check                      
                             
Debit Account Wrong-Cash In Bank  
Credit Account Wrong-Owners Equity  
Amount Wrong-15,000  
Description Wrong  
                         
   
                   
Sample Entry for Transaction Number 1
Transaction                      
Number GJ1  
Date 12/1/xxxx    
   
Baldy invested $15,000 of his personal funds into the business.  
Personal Check # 609   
   
   
                         
                         
  Journal Entry                      
                       
  Input Data                  
  Amount 15000.00     Date 12/1/xxxx  
  Debit Account Cash In Bank   Reference GJ1  
  Credit Account Owners Equity          
  Description Owner invested personal funds  
  Description 2 Check # 609  
                       
                     
                       
  General Journal                
  Date   Details   Ref   Debit   Credit  
  12/1/xxxx   Cash In Bank GJ1   15,000.00      
                       
      Owners Equity GJ1       15,000.00  
                       
                       
  Owner invested personal funds                  
  Check # 609                    
      Answer Check                      
                             
Debit Account Correct  
Credit Account Correct  
Amount Correct  
Description Correct  
                         
   
                   
Navigation
Click on the arrow keys at the bottom of the sheets to display other Spreadsheets
Click on the name of the Spreadsheet to open that sheet
Instructions Instructions for Completing the Exercise
Transactions-Journal Entries Used To Record Transactions
Transactions-Journal Enties-2 Used To Record Transactions
Transactions-Journal Enties-3 Used To Record Transactions
General Journal Displays The Complete General Journal
General Ledger Displays The General Ledger
Financial Statements Displays The Completed Financial Statements
In the Transaction Listing Pages you can click on the Reference to see the
Transaction posted to the Journal. Click on the Transaction Journal Entries Page
to return to the Transaction.
In the General Journal Page you can click on the GJ Reference Number to see the
transaction posted to the General Ledger. Click On the General Journal Page 
to return to the General Journal.
In the General Ledger Page you can click on the Ledger Account Name to see the
balance transferred to the Financial Statement Worksheet. Click on thr Ledger Page 
to return to the General Ledger.
Use the “Slide Bar” on the right side of the sheet to move Up and Down
Note:
Month End Adjusting Entries were prepared for you.