Using Excel, create a workbook for your sole proprietorship.

Using Excel, create a workbook for your sole proprietorship. Include a separate sheet each for (1) Journal Entries, (2) T-Accounts, (3) Trial Balance, (4) Income Statement, (5) Balance Sheet, and (6) Statement of Cash Flow. You are encouraged to use the templates provided on Blackboard.

3) Record the following transactions that occurred during the first month in business, including the initial contribution of capital by the owner, some sales invoices, customer collections, a few vendor payments, and a suitable owner’s draw for the month. Include a one line description of the transaction.

a. The owner contributed and deposited $30,000 in the Owner’s Contributed Capital Account on December 1, 2016.

b. Three customers used the sole proprietorship’s services in December 2016 for a total of $22,150. You may break up the total into the three customer accounts any way you please, just make sure the total is $22,150. All services were rendered in December 2016 and two were on account. Make sure to specify dates, name the customers, and use specific revenue accounts.

c. Received cash from a customer on account, your choice of who, in the amount of $4,750. (It might make sense to match it up with the sales amounts above.) The payment was made in December 2016. Pay attention to the payment date you choose.

d. Wrote checks to pay vendors for the following operating expenses for the month. All checks should be dated during the month of December 2016.

i. Advertising Expense $1,250

ii. Insurance Expense $300

iii. Office Supplies Expense $1,550

e. On December 31, 2016 paid $7,500 in rent for January-March 2017.

f. Received bills from vendors for the following expense invoices received at the end of December 2016 that will not be paid until January 2017. These bills should be dated December 31, 2016.

i. Utilities $185

ii. Telephone $140

iii. State Sales Tax $200

g. Paid your first owner’s draw for $2,000. Check is dated December 31, 2016. Record the check directly to the Owner’s Capital Account.