Instructions for the Microsoft Excel Templates

Be advised, the worksheet and workbooks are not protected.

Extensive detail and information is contained within the manual.

You should enter your name, course ID, and date name into the cells at the top of the page.

Each worksheet contains the identification of the problem or exercise.

There should be no need to insert columns or rows into the workbooks.

If more than one page is required by the problem, the page breaks are preset.

In general, the yellow highlighted cells are the cells which work and effort should be presented.

Place the proper account title in the cell where the word "Account title" appears on the template.

Place the explanation for the entry in the cell where the word "Text Explanation" appears on the template.

Insert the account number where "Acct Nbr" appears on the template during posting.

Insert the journal reference where "JOURN #" appears on the template during posting.

Insert the title in the cell where "TITLE" appears on the template.

The print area is defined to fit onto 8 1/2" X 11" sheets in portrait or landscape mode as required.

The gray filled cells define the perimeter of the problem and the print area.

The problem is formatted for whole dollars with comma separations (no cents) except where required.

The display may have "Freeze Pane" invoked so column titles remain visible during data entry.

Negative values may be shown as ($400) or -$400.

Consider using "Split" panes to assist in copy and paste of data.

Striking the "F1" key or following the path "Windows>Excel Help" will invoke the Office Assistant and bring up one of several help menus.

Each page contains a page footer with a Page # of Page ## as well as time and date to assist in assembly of multiple pages.

All formatting should have been accomplished to provide satisfactory presentation. See the text for additional assistance in formatting.

Place the value in the cell where the word "Value" or "Amount" appears on the template. A formula may be placed in some of these cells.

Write a formula into cells where the word "Formula" appears. In these cells, an amount calculated can be entered. An amount can be placed in these cells.

Much of the exercises and problems can have data entered by the "look to" or "=A34" type formula where cell A34 contains the data to be entered. This precludes typing and data entry errors.

Exercise 7-5, Page 2 of 2, 04/22/2023, 00:02:30

Name:Exercise: Exercise E7-5, Record Sales Gross and NetCourse:Date:

On June 3, Bolton Company sold to Arquette Company merchandise having a sale price of $2,000 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $90

terms n/30, was received by Arquette on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Arquette Company.

Instructions:

Jun 3 Account TitleAccount TitleAccount Title

Jun 12 Account TitleAccount Title

Account Title

Jun 3 Account TitleAccount TitleAccount Title

Jun 12 Account TitleAccount TitleAccount Title

Jul 29 Account TitleAccount TitleAccount Title

(a) Prepare journal entries on the Bolton Company books to record all the events noted above under each of the following bases: (1) Sales and receivables are entered at gross selling price.

(2) Sales and receivables are entered at net cash discounts.

(b) Prepare the journal entry under basis 2, assuming that Arquette Company did not remit payment until July 29.