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Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren. Echo Lake Corporation started operations on November 1, 2018. Nine transactions occur during November. Financial statements are prepared at the end of the month.
- Use Excel to prepare a transaction analysis of the nine transactions. Use the blue shaded areas for inputs.
- a. For each transaction, record the amount (either an increase or decrease) under the correct account. Enter only non-zero amounts. If an account is not affected by the transaction, leave the amount blank. Be sure to use a minus sign (-) if the amount is a decrease.
- b. The row totals will be calculated automatically.
- c. The accounting equation (Assets = Liabilities + Equity) should remain in balance after each transaction. The accounting equation is calculated automatically to the right of the transaction table.
- Prepare the income statement, statement of retained earnings, balance sheet, and statement of cash flows for the company. Each financial statement appears on a separate worksheet tab. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the Transaction Analysis tab.
While waiting to pay for his weekly groceries at the supermarket, Paul had to wait about 20 minutes in a long line at the checkout because only one cashier was on duty. When he was finally ready to pay, his debit card was declined because he did not have enough money left in his checking account. Because he had left his credit cards at home, he had to place the groceries back into the cart and head home to retrieve a credit card. While driving back to his home, traffic was backed up two miles due to an accident. These events that Paul had to endure are best characterized as a. chronic stressors b. acute stressors c. daily hassles d. readjustment occurrences