Download Practice Workbook
You can download the Excel file here.
Problem Overview
There will be eight exercises related to Excel accounting practice problems. Each problem has a distinct dataset. The “Problem” sheet shows the exercises, and the “Solution” sheet the solved problems. The following image showcases the first problem.
- Exercise 1 – Formatting: Twenty one cash transactions are given in this first exercise. Your task is to change the formatting of the expenses to red and find the total value, double underlining it.
- Exercise 2 – Transaction Analysis: Ten transactions are given. You will use them to create a summary (distribute them into Assets, Liability and Owner’s Equity account) and solve the accounting equation.
- The Owner invests $13,000 cash on a business.
- Purchases equipment: $5,000 cash.
- Buys supplies: $1,400 credit.
- Service provided: $1,000 cash.
- Purchase of marketing advertisement: $200 credit.
- Service provided: $1,200 cash and $1,800 credit.
- Cash payment of office rent: $500, salaries and wages $800, utilities bill $100.
- Payment of accounts payable for the marketing advertisement: $200
- From the sixth transaction, the owner received $400.
- Owner’s withdrawal:$1,100.
- Exercise 3 – Complete Financial Statements: Information is provided for four financial statements. Calculate the missing information.
- The following GIF shows a partial solution to this exercise.
- Exercise 4 – Examine the Impact of the Transactions: There are seventeen statements. Your task is to determine if those increase or decrease the three accounts (assets, liabilities, and owner’s equity).
- Exercise 5 – Prepare Financial Statements from Transactions: Ross Geller opens his own firm on December 1,2022. During the first month of the operation, the following transactions took place.
- Ross invested $13,000 cash on the firm.
- Paid $1,000 for the office’s December rent.
- $5,000 worth of equipment was purchased with credit.
- Performed services for a customer: cash $1,700.
- On a note payable, borrowed $900 from a bank.
- Performed a second service for a fee of $4,000 on account.
- Paid the following monthly expenses: $700 for salaries and wages, $500 for utilities, and $300 for advertising.
- For personal use, Ross withdrew $3,000 from the account.
- Create an income statement, an owner’s equity statement, and a balance sheet.
- Exercise 6 – Debit Credit Rules & Use of Data Validation: There is a list of ten accounts. You will return whether it will be Debit or Credit when those accounts increase. Use data validation and a conditional formula in the Decrease column to return the opposite.
- Exercise 7 – Create a Journal and a Ledger: Your goal is to create a journal and a ledger using the following transaction data for a shop:
- December 1 – Owner invested $10,000 on the business. The owner purchased office equipment: $5,000 for a 3-month, 13%, $5,000 payable note.
- December 2 – Receives $1,200 cash in advance for a service that is expected to be completed within the month.
- December 3 – Paid rent expense: $900 cash.
- December 20 – The owner withdraws $4,000 for personal use.
- Exercise 8 – Prepare Income Statement from a Trial Balance: An adjusted trial balance is given. Your task is to create an income statement using those values.
The following image shows the solution to the first problem.
