ACC 290 NERD A Clearer Path to Student Success/acc290nerd.com

Page 1

ACC 290 Week 1 Apply Connect Assignment

FOR MORE CLASSES VISIT www.acc290nerd.com

ACC 290 Week 1 Apply Connect Assignment

Complete the Week 1 Assignment in Connect.

Note: You have only 1 attempt available to complete assignments.

1

Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm’s financial records showed the following assets, liabilities, and owner’s equity.

Cash $

60,200


Accounts Receivable

15,800

Office Furniture

35,000

Auto

22,700

Accounts Payable

10,400

Harold Joseph, Capital

Revenue

56,200

Expenses

23,600

90,700

TRANSACTIONS

Performed services for $6,600 on credit.


Paid $1,620 in cash for new office chairs. Received $10,400 in cash from credit clients. Paid $800 in cash for telephone service. Sent a check for $2,900 in partial payment of the amount due creditors. Paid salaries of $8,900 in cash. Sent a check for $1,040 to pay electric bill. Performed services for $9,700 in cash. Paid $2,270 in cash for auto repairs. Performed services for $11,700 on account. Enter the above transactions in to the following accounting equations.

Analyze:

What is the amount of total assets after all transactions have been recorded?

2

The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton.


Required:

Analyze each transaction carefully. Prepare an income statement and a statement of owner’s equity for the month. Prepare a balance sheet for May 31, 2019. ===============================================

ACC 290 Week 1 Practice Connect Practice Assignment

FOR MORE CLASSES VISIT www.acc290nerd.com

ACC 290 Week 1 Practice Connect Practice Assignment

Complete the Week 1 Practice in Connect.

Note: You have unlimited attempts available to complete practice assignments

1


On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings.

TRANSACTIONS

The owner invested $100,000 in cash to begin the business. Paid $20,250 in cash for the purchase of equipment. Purchased additional equipment for $15,200 on credit. Paid $12,500 in cash to creditors. The owner made an additional investment of $25,000 in cash. Performed services for $9,750 in cash. Performed services for $7,800 on account. Paid $6,000 for rent expense. Received $5,500 in cash from credit clients. Paid $7,550 in cash for office supplies. The owner withdrew $12,000 in cash for personal expenses. Record in equation form the changes that occur in assets, liabilities, and owner’s equity for the above transactions.

Analyze:


What is the ending balance of cash after all transactions have been recorded?

2

On December 1, Kate Holmes opened a speech and hearing clinic. During December, her firm had the following transactions involving revenue and expenses.

Paid $3,100 for advertising.

Provided services for $2,800 in cash.

Paid $800 for telephone service.

Paid salaries of $2,600 to employees.

Provided services for $3,000 on credit.

Paid $450 for office cleaning service.


Did the firm earn a net income or incur a net loss for the period? What was the amount?

3

At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information.

Prepare an income statement for the month of September 2019.

4

The fundamental accounting equations for several businesses follow. Supply the missing amounts.

5


At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information.

Required:

Prepare a statement of owner’s equity for the month of September and a balance sheet for Cantu Wealth Management Consulting as of September 30, 2019.

6

Taylor Equipment Repair Service is owned by Jason Taylor.

Use the above figures to prepare a balance sheet dated February 28, 2019.

Analyze:


What is the net worth, or owner’s equity, at February 28, 2019, for Taylor Equipment Repair Service? ===============================================

ACC 290 Week 2 Apply Connect Assignment

FOR MORE CLASSES VISIT www.acc290nerd.com

ACC 290 Week 2 Apply Connect Assignment

Complete the Week 2 Assignment in Connect.

Note: You have only 1 attempt available to complete assignments

1


The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant.

Transactions:

Guttery invested $156,000 in cash to start the business.

Paid $5,600 for the current month’s rent.

Bought office furniture for $16,320 in cash.

Performed services for $7,800 in cash.

Paid $1,210 for the monthly telephone bill.


Performed services for $13,600 on credit.

Purchased a computer and copier for $37,200; paid $12,600 in cash immediately with the balance due in 30 days.

Received $6,800 from credit clients.

Paid $3,600 in cash for office cleaning services for the month.

Purchased additional office chairs for $5,400; received credit terms of 30 days.

Purchased office equipment for $36,000 and paid half of this amount in cash immediately; the balance is due in 30 days.

Issued a check for $9,000 to pay salaries.

Performed services for $14,100 in cash.

Performed services for $15,600 on credit.


Collected $7,600 on accounts receivable from charge customers.

Issued a check for $2,700 in partial payment of the amount owed for office chairs.

Paid $660 to a duplicating company for photocopy work performed during the month.

Paid $1,180 for the monthly electric bill.

Guttery withdrew $8,600 in cash for personal expenses.

Post the above transactions into the appropriate T accounts.

Analyze:

What liabilities does the business have after all transactions have been recorded? T accounts normally do not have any minus signs. Use minus


signs in this problem to demonstrate your understanding of decreases to account balances.

2

The following occurred during June at Hicks Family Counseling.

Post the following transactions into the appropriate T accounts.

Transactions:


Purchased office supplies for $1,900 in cash.

Delivered monthly statements, collected fee income of $26,500.

Paid the current month’s office rent of $3,900.

Completed professional counseling, billed client for $4,100.

Client paid fee of $2,100 for weekly counseling, previously billed.

Paid office salaries of $3,500.

Paid telephone bill of $470.

Billed client for $3,100 fee for preparing a counseling evaluation.

Purchased office supplies of $990 on account.

Paid office salaries of $3,500.


Collected $3,100 from client who was billed.

Clients paid a total of $9,200 cash in fees.

Analyze:

How much cash did the business spend during the month? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances. ===============================================

ACC 290 Week 2 Practice Connect Practice Assignment

FOR MORE CLASSES VISIT www.acc290nerd.com

ACC 290 Week 2 Practice: Connect Practice Assignment


Complete the Week 2 Practice in Connect.

Note: You have unlimited attempts available to complete practice assignments

1

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on.

Cash

(a)

95,000 (b)

23,000


(d)

15,000 (e)

(g)

1,500 (h)

(i)

Equipment

(c)

40,000

350

5,500

2,500


Accounts Receivable

(f)

5,000 (g)

1,500

Accounts Payable

(c)

40,000


Supplies

(b)

23,000

Wade Wilson, Capital


(a)

95,000

(d)

15,000

(f)

5,000

Fees Income


Telephone Expense

(e)

350

Wade Wilson, Drawing

(i)

2,500


Salaries Expense

(h)

5,500

Determine the balance of each account.


2

Derrick Wells decided to start a dental practice. The first five transactions for the business follow.

Derrick invested $45,000 cash in the business.

Paid $15,000 in cash for equipment.

Performed services for cash amounting to $4,500.

Paid $1,900 in cash for advertising expense.

Paid $1,500 in cash for supplies.

(1) Select which two accounts are affected in each of the above transactions.


(2&3) Post the above transactions into the appropriate T accounts.

3

The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant.

Transactions:


Guttery invested $80,000 in cash to start the business.

Paid $3,000 for the current month’s rent.

Bought office furniture for $8,360 in cash.

Performed services for $4,100 in cash.

Paid $625 for the monthly telephone bill.

Performed services for $7,000 on credit.

Purchased a computer and copier for $19,000; paid $6,500 in cash immediately with the balance due in 30 days.

Received $3,500 from credit clients.

Paid $2,000 in cash for office cleaning services for the month.


Purchased additional office chairs for $2,900; received credit terms of 30 days.

Purchased office equipment for $20,000 and paid half of this amount in cash immediately; the balance is due in 30 days.

Issued a check for $4,700 to pay salaries.

Performed services for $7,250 in cash.

Performed services for $8,000 on credit.

Collected $4,000 on accounts receivable from charge customers.

Issued a check for $1,450 in partial payment of the amount owed for office chairs.

Paid $350 to a duplicating company for photocopy work performed during the month.

Paid $610 for the monthly electric bill.


Guttery withdrew $4,500 in cash for personal expenses.

Post the above transactions into the appropriate T accounts.

Analyze:

What liabilities does the business have after all transactions have been recorded? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.


4

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local Housing rentals.

Cash

(a)

95,000 (b)

23,000

(d)

15,000 (e)

350

(g)

1,500 (h)

(i)

5,500

2,500


Equipment

(c)

40,000

Accounts Receivable

(f)

5,000 (g)

1,500


Accounts Payable

(c)

Supplies

(b)

23,000

40,000


Wade Wilson, Capital

(a)

Fees Income

95,000


(d)

15,000

(f)

5,000

Telephone Expense

(e)

350


Wade Wilson, Drawing

(i)

2,500

Salaries Expense

(h)

5,500


Required:

Prepare a statement of owner’s equity and a balance sheet for Residential Relocators as of December 31, 2019.

5


The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals.

Cash

(a)

95,000 (b)

23,000

(d)

15,000 (e)

350

(g)

1,500 (h)

(i)

Equipment

5,500

2,500


(c)

40,000

Accounts Receivable

(f)

5,000 (g)

1,500


Accounts Payable

(c)

Supplies

(b)

23,000

40,000


Wade Wilson, Capital

(a)

95,000

(d)

15,000

Fees Income


(f)

Telephone Expense

(e)

350

5,000


Wade Wilson, Drawing

(i)

2,500

Salaries Expense

(h)

5,500


Required:

Prepare a trial balance and an income statement for Residential Relocators. The trial balance is for December 31, 2019, and the income statement is for the month ended December 31, 2019.

6

The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for


Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019.

Transactions:

Guttery invested $80,000 in cash to start the business.

Paid $3,000 for the current month’s rent.

Bought office furniture for $8,360 in cash.

Performed services for $4,100 in cash.

Paid $625 for the monthly telephone bill.

Performed services for $7,000 on credit.


Purchased a computer and copier for $19,000; paid $6,500 in cash immediately with the balance due in 30 days.

Received $3,500 from credit clients.

Paid $2,000 in cash for office cleaning services for the month.

Purchased additional office chairs for $2,900; received credit terms of 30 days.

Purchased office equipment for $20,000 and paid half of this amount in cash immediately; the balance is due in 30 days.

Issued a check for $4,700 to pay salaries.

Performed services for $7,250 in cash.

Performed services for $8,000 on credit.

Collected $4,000 on accounts receivable from charge customers.


Issued a check for $1,450 in partial payment of the amount owed for office chairs.

Paid $350 to a duplicating company for photocopy work performed during the month.

Paid $610 for the monthly electric bill.

Guttery withdrew $4,500 in cash for personal expenses.

Required:

Prepare a trial balance, an income statement, a statement of owner’s equity, and a balance sheet. Assume that the transactions took place during the month ended June 30, 2019. Determine the account balances before you start work on the financial statements.

Analyze:


What is the change in owner’s equity for the month of June? ===============================================

ACC 290 Week 3 Apply Connect Assignment

FOR MORE CLASSES VISIT www.acc290nerd.com

ACC 290 Week 3 Apply Connect Assignment

Complete the Week 3 Assignment in Connect.

Note: You have only 1 attempt available to complete assignments


1

On October 1, 2019, Helen Kennedy opened an advertising agency.

DATE

TRANSACTIONS

Oct. 1


Helen Kennedy invested $61,000 cash in the business.

2

Paid October office rent of $3,050; issued Check 1001.

5

Purchased desks and other office furniture for $13,900 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.


6

Issued Check 1002 for $3,250 to purchase art equipment.

7

Purchased supplies for $1,600; paid with Check 1003.

10


Issued Check 1004 for $490 for office cleaning service.

12

Performed services for $4,150 in cash and $1,950 on credit. (Use a compound entry.)

15

Returned damaged supplies for a cash refund of $290.


18

Purchased a computer for $3,050 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,775 down payment, with the balance payable in 30 days. (Use one compound entry.)

20

Issued Check 1006 for $6,950 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.

26


Performed services for $4,450 on credit.

27

Paid $270 for monthly telephone bill; issued Check 1007.

30

Received $3,750 in cash from credit customers.


30

Mailed Check 1008 to pay the monthly utility bill of $345.

30

Issued Checks 1009–1011 for $8,050 for salaries.

Required:


1.

Journalize the above transactions.

2.

Post the above transactions to the ledger accounts.

Analyze:

What is the balance of account 202 in the general ledger?


2

The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons.

DATE

TRANSACTIONS

Sept.


1

Issued Check 1169 for $1,200 to pay the September rent.

5

Performed services for $3,200 in cash.


6

Performed services for $2,050 on credit.

10

Paid $560 for monthly telephone bill; issued Check 1170.


11

Paid for equipment repairs of $800 with Check 1171.

12


Received $3,000 on account from credit clients.

15

Issued Checks 1172–1177 for $4,000 for salaries.


18

Issued Check 1178 for $1,800 to purchase supplies.

19

Purchased new tennis rackets for $2,050 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days.


20

Issued Check 1179 for $2,720 to purchase new nets. (Equip.)

21

Received $910 on account from credit clients.


21

Returned a damaged net and received a cash refund of $410.

22


Performed services for $3,400 in cash.

23

Performed services for $4,990 on credit.


26

Issued Check 1180 for $600 to purchase supplies.

28

Paid the monthly electric bill of $2,390 with Check 1181.


30

Issued Checks 1182–1187 for $4,000 for salaries.

30

Issued Check 1188 for $4,000 cash to Ellis Carter for personal expenses.


Required:

Record each of the above transactions in the general journal.

Analyze:

If the company paid a bill for supplies on October 1, what check number would be included in the journal entry description? ===============================================


ACC 290 Week 3 Practice Connect Practice Assignment

FOR MORE CLASSES VISIT www.acc290nerd.com

ACC 290 Week 3 Practice Connect Practice Assignment

Complete the Week3 Practice in Connect.

Note: You have unlimited attempts available to complete practice assignments

1

On October 1, 2019, Helen Kennedy opened an advertising agency.


DATE TRANSACTIONS

Oct. 1 Helen Kennedy invested $70,000 cash in the business.

2

Paid October office rent of $4,000; issued Check 1001.

5 Purchased desks and other office furniture for $18,000 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.

6

Issued Check 1002 for $4,100 to purchase art equipment.

7

Purchased supplies for $1,670; paid with Check 1003.

10

Issued Check 1004 for $800 for office cleaning service.

12 Performed services for $4,200 in cash and $1,800 on credit. (Use a compound entry.)

15

Returned damaged supplies for a cash refund of $300.


18 Purchased a computer for $3,000 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,750 down payment, with the balance payable in 30 days. (Use one compound entry.)

20 Issued Check 1006 for $9,500 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.

26

Performed services for $4,800 on credit.

27

Paid $375 for monthly telephone bill; issued Check 1007.

30

Received $4,200 in cash from credit customers.

30

Mailed Check 1008 to pay the monthly utility bill of $1,080.

30

Issued Checks 1009–1011 for $9,000 for salaries.

Required:


Journalize the above transactions.

Post the above transactions to the ledger accounts.

Analyze:

What is the balance of account 202 in the general ledger?

2


The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons.

DATE TRANSACTIONS

Sept. 1

Issued Check 1169 for $2,000 to pay the September rent.

5

Performed services for $4,000 in cash.

6

Performed services for $2,950 on credit.

10

Paid $900 for monthly telephone bill; issued Check 1170.

11

Paid for equipment repairs of $1,050 with Check 1171.

12

Received $1,500 on account from credit clients.


15

Issued Checks 1172–1177 for $5,200 for salaries.

18

Issued Check 1178 for $2,700 to purchase supplies.

19 Purchased new tennis rackets for $3,250 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days.

20 (Equip.)

Issued Check 1179 for $3,820 to purchase new nets.

21

Received $500 on account from credit clients.

21

Returned a damaged net and received a cash refund of

22

Performed services for $3,480 in cash.

23

Performed services for $5,050 on credit.

26

Issued Check 1180 for $620 to purchase supplies.

28

Paid the monthly electric bill of $2,500 with Check 1181.

$570.


30

Issued Checks 1182–1187 for $5,200 for salaries.

30 Issued Check 1188 for $5,000 cash to Ellis Carter for personal expenses.

Required:

Record each of the above transactions in the general journal.

Analyze:

If the company paid a bill for supplies on October 1, what check number would be included in the journal entry description?


3

Selected activity of Mason Consulting Services follow.

DATE TRANSACTIONS

2019

Sept. 1

Zack Mason invested $30,000 in cash to start the firm.


4 Purchased office equipment for $3,250 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.

16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $15,000 in full payment.

20 with Check 1002.

23

Purchased supplies for $260; paid immediately

Returned damaged supplies for a cash refund of

$85.

30 Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.

30

Withdrew $1,500 in cash for personal expenses.

30

Issued Check 1004 for $3,500 to pay the rent for

30

Performed services for $7,325 in cash.

October.


30

Paid $220 for monthly telephone bill, Check

1005.

Post the above transactions into the appropriate Ledger accounts.

4

The following transactions took place at the Cook Employment Agency during November 2019.

DATE

TRANSACTIONS


Nov. 5 Performed services for Job Search, Inc., for $20,000; received $9,500 in cash and the client promised to pay the balance in 60 days.

18 Purchased a graphing calculator for $450 and some supplies for $600 from Office Supply; issued Check 1008 for the total.

23 Received Invoice 1602 for $2,500 from Automotive Technicians Repair for repairs to the firm’s automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days.

Prepare journal entries for the above transactions.


5

Selected activity of the Ray Shipping Service follow.

TRANSACTIONS

Gave a cash refund of $750 to a customer because of a lost package. (The customer had previously paid in cash.)

Sent a check for $1,050 to the utility company to pay the monthly bill.

Provided services for $7,800 on credit.

Purchased new equipment for $4,600 and paid for it immediately by check.


Issued a check for $3,500 to pay a creditor on account.

Performed services for $15,250 in cash.

Collected $6,250 from credit customers.

The owner made an additional investment of $25,000 in cash.

Purchased supplies for $3,250 on credit.

Issued a check for $3,750 to pay the monthly rent.

Analyze the above transactions and record a journal entry for each transaction.


6

Selected activity of Mason Consulting Services follow.

DATE TRANSACTIONS

2019

Sept. 1

Zack Mason invested $30,000 in cash to start the firm.

4 Purchased office equipment for $3,250 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.


16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $15,000 in full payment.

20 with Check 1002.

23

Purchased supplies for $260; paid immediately

Returned damaged supplies for a cash refund of

$85.

30 Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.

30

Withdrew $1,500 in cash for personal expenses.

30

Issued Check 1004 for $3,500 to pay the rent for

30

Performed services for $7,325 in cash.

30

Paid $220 for monthly telephone bill, Check

October.

1005.


Prepare journal entries for the transactions incurred during September of 2019. ===============================================

ACC 290 Week 4 Apply Connect Assignment

FOR MORE CLASSES VISIT www.acc290nerd.com

ACC 290 Week 4 Apply Connect Assignment

Complete the Week 4 Assignment in Connect.

Note: You have only 1 attempt available to complete assignments

1


Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2019, the first month of operations, is shown below.

End-of-the-month adjustments must account for the following items:

a. Supplies were purchased on January 1, 2019; inventory of supplies on January 31, 2019, is $1,500.

b. The prepaid advertising contract was signed on January 1, 2019, and covers a four-month period.

c.

Rent of $2,000 expired during the month.


d. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value.

Required:

1.

Complete the worksheet for the month.

2. Prepare an income statement, statement of owner’s equity, and balance sheet. No additional investments were made by the owner during the month.


3.

Journalize and post the adjusting entries.

Analyze

If the adjusting entries had not been made for the month, would net income be overstated or understated?

2

The trial balance of Neal Company as of January 31, 2019, after the company completed the first month of operations, is shown in the partial worksheet below.


Required:

2. Complete the worksheet by making the following adjustments: supplies on hand at the end of the month, $7,000; expired insurance, $6,900; depreciation expense for the period, $3,000.

Analyze:

How does the insurance adjustment affect Prepaid Insurance? ===============================================


ACC 290 Week 4 Practice Connect Practice Assignment

FOR MORE CLASSES VISIT www.acc290nerd.com

ACC 290 Week 4 Practice Connect Practice Assignment

Complete the Week 4 Practice in Connect.

Note: You have unlimited attempts available to complete practice assignments.

attempt 1

1


On June 1, 2019, Cain Company, a new firm, paid $8,400 rent in advance for a seven-month period. The $8,400 was debited to thePrepaid Rent

On June 1, 2019, the firm bought supplies for $10,250. The $10,250 was debited to the Supplies An inventory of supplies at the end of June showed that items costing $5,960 were on hand.

On June 1, 2019, the firm bought equipment costing $72,900. The equipment has an expected useful life of 9 years and no salvage value. The firm will use the straight-line method of depreciation.

2

The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below.

CANTU CORPORATION

Worksheet


Month Ended December 31, 2019

Trial Balance Adjusted Trial Balance Balance Sheet

Account Name Debit Credit Credit

Cash 39,100 39,100

Adjustments Income Statement

Debit Credit Debit

Debit Credit

39,100

Accounts Receivable 6,500 6,500

Credit

6,500

Debit


Supplies 3,500 2,550

6,050 6,050

Prepaid Advertising 10,200 1,700 10,200 8,500

Equipment 42,500 42,500

42,500

Accumulated Depreciation—Equipment 850 850

850

Accounts Payable 6,500 6,500

6,500

Selena Cantu, Capital 54,500 54,500

54,500


Selena Cantu, Drawing 4,100 4,100

4,100

Fees Income 57,750

57,750 57,750

Supplies Expense 3,500 3,500

3,500

Advertising Expense 1,700 1,700

1,700

Depreciation Expense-Equipment 850 850

850

Salaries Expense 8,900

8,900

Utilities Expense 1,400

1,400

8,900

1,400


Totals 6,050 119,600 103,250

118,750 6,050 16,350 61,850

118,750 119,600 57,750

Net Income 41,400 41,400

57,750

57,750

&a

===============================================

ACC 290 Week 5 Apply Connect Assignment

FOR MORE CLASSES VISIT www.acc290nerd.com

ACC 290 Week 5 Apply Connect Assignment

Complete the Week 5 Assignment in Connect.


Note: You have only 1 attempt available to complete assignments

1

On December 31, after adjustments, Gonzalez Company’s ledger contains the following account balances:

101

Cash

$

30,200 Dr.

111

Accounts Receivable

121

Supplies

16,100 Dr.

2,300 Dr.


131

Prepaid Rent

38,900 Dr.

141

Equipment

47,000 Dr.

142

Accumulated Depreciation—Equip.

202

Accounts Payable

301

Emilio Gonzalez, Capital (12/1/2019)

302

Emilio Gonzalez, Drawing

6,500 Dr.

401

Fees Income

Cr.

511

Advertising Expense

514

Depreciation Expense—Equip.

517

Rent Expense

1,150 Cr.

6,800 Cr.

120,080

48,620 Cr.

4,100 Dr.

2,900 Dr.

830

Dr.


519

Salaries Expense

21,800 Dr.

523

Utilities Expense

6,020 Dr.

Required:

Journalize the closing entries in the general journal.

Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.

Analyze:

What is the balance of the Salaries Expense account after closing entries are posted?


2

A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.

Required:

Complete the worksheet.

Record the adjusting entries in the general journal (transactions 1-3).

Record the closing entries in the general journal (transactions 4-7).


Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.

Prepare a post-closing trial balance.

Analyze:

What total debits were posted to the general ledger to complete all closing entries for the month of December? ===============================================

ACC 290 Week 5 Practice Connect Practice Assignment

FOR MORE CLASSES VISIT www.acc290nerd.com

ACC 290 Week 5 Practice Connect Practice Assignment

Complete the Week 5 Practice in Connect.


Note: You have unlimited attempts available to complete practice assignments.

attempt 1

1

Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 2019, the firm’s worksheet showed the following adjustments data: (a) supplies used, $4,680; (b) expired rent, $26,000; and (c) depreciation on office equipment, $9,160. The balances of the revenue and expense accounts listed in the Income Statement section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are given below:


REVENUE AND EXPENSE ACCOUNTS

401

Fees Income

$

200,000

Cr.

511

Depr. Expense—Office Equipment

514

Rent Expense

517

Salaries Expense

99,000 Dr.

520

Supplies Expense

4,680 Dr.

523

Telephone Expense

2,700 Dr.

526

Travel Expense

20,780 Dr.

529

Utilities Expense

2,500 Dr.

26,000 Dr.

9,160 Dr.


DRAWING ACCOUNT

302

Gloria Johnson, Drawing

22,000 Dr.

Required:

Record the adjusting entries in the general journal (transactions 1-3).

Record the closing entries in the general journal (transactions 4-7).

2

A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.


Required:

Complete the worksheet.

Record the adjusting entries in the general journal (transactions 1-3).

Record the closing entries in the general journal (transactions 4-7).

Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.

Prepare a post-closing trial balance.

Analyze:


What total debits were posted to the general ledger to complete all closing entries for the month of December?

3

On December 31, 2019, the ledger of Lopez Company contained the following account balances:

Cash $

66,000 Maria Lopez, Drawing

$

52,000


Accounts Receivable

5,800 Fees Income

107,500

Supplies

4,200 Depreciation Expense

5,500

Equipment

52,000 Salaries Expense

34,000

Accumulated Depreciation 6,000

5,000 Supplies Expense

Accounts Payable 5,200

6,000 Telephone Expense

Maria Lopez, Capital 9,300

121,500

4

Utilities Expense


The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:

ACCOUNT NO.

ACCOUNT

101

Cash

40,000

111

Accounts Receivable

121

Supplies

131

Prepaid Insurance

141

Equipment

142

Accumulated Depreciation—Equipment

202

Accounts Payable

$

BALANCE

29,910

5,300

12,500

59,000

7,000

20,660


301

Aretha Hinkle, Capital

65,000

302

Aretha Hinkle, Drawing

6,500

401

Fees Income

510

Depreciation Expense—Equipment

511

Insurance Expense

514

Rent Expense

517

Salaries Expense

83,000

518

Supplies Expense

2,800

519

Telephone Expense

3,400

523

Utilities Expense

4,700

187,230

5,700

16,500

All accounts have normal balances.

10,580


Required:

Prepare the closing entries.

Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.

5

The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.


Income Summary

Account No. 399

Balance

Date Description

Debit Credit Debit Credit

2019

Dec. 31

Closing

134,000

31

Closing

71,800

62,200

31

Closing

62,200

0

Linda Carter, Capital Account No. 301

134,000


Balance

Date Description

Debit Credit Debit Credit

2019

Dec. 1

240,000

31

Closing

31

Closing

62,200

22,000

240,000

302,200

280,200

6

On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000.


Required:

Record the journal entries necessary to complete closing the accounts.

What is the new balance of Madison Wells, Capital?

attempt 2


1

The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:

ACCOUNT NO.

ACCOUNT

101

Cash

40,000

111

Accounts Receivable

121

Supplies

131

Prepaid Insurance

141

Equipment

$

BALANCE

29,910

5,300

12,500

59,000


142

Accumulated Depreciation—Equipment

202

Accounts Payable

301

Aretha Hinkle, Capital

65,000

302

Aretha Hinkle, Drawing

6,500

401

Fees Income

510

Depreciation Expense—Equipment

511

Insurance Expense

514

Rent Expense

517

Salaries Expense

83,000

518

Supplies Expense

2,800

519

Telephone Expense

3,400

20,660

7,000

187,230

5,700

16,500

10,580


523

Utilities Expense

4,700

All accounts have normal balances.

Required:

Prepare the closing entries.

Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.

2


A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.

Required:

Complete the worksheet.

Record the adjusting entries in the general journal (transactions 1-3).

Record the closing entries in the general journal (transactions 4-7).

Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.

Prepare a post-closing trial balance.


Analyze:

What total debits were posted to the general ledger to complete all closing entries for the month of December?

3

The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.

Income Summary

Account No. 399


Balance

Date Description

Debit Credit Debit Credit

2019

Dec. 31

Closing

134,000

31

Closing

71,800

62,200

31

Closing

62,200

0

Linda Carter, Capital Account No. 301

Balance

134,000


Date Description

Debit Credit Debit Credit

2019

Dec. 1

240,000

31

Closing

31

Closing

62,200

22,000

240,000

302,200

280,200

4

On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000.


Required:

Record the journal entries necessary to complete closing the accounts.

What is the new balance of Madison Wells, Capital?

5

Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 2019, the firm’s worksheet showed the following adjustments data: (a) supplies used, $4,680; (b) expired rent, $26,000; and (c) depreciation on office equipment, $9,160. The balances of the revenue and expense accounts listed in the Income Statement section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are given below:


REVENUE AND EXPENSE ACCOUNTS

401

Fees Income

$

200,000

Cr.

511

Depr. Expense—Office Equipment

514

Rent Expense

517

Salaries Expense

99,000 Dr.

520

Supplies Expense

4,680 Dr.

523

Telephone Expense

2,700 Dr.

526

Travel Expense

20,780 Dr.

529

Utilities Expense

2,500 Dr.

26,000 Dr.

9,160 Dr.


DRAWING ACCOUNT

302

Gloria Johnson, Drawing

22,000 Dr.

Required:

Record the adjusting entries in the general journal (transactions 1-3).

Record the closing entries in the general journal (transactions 4-7).

6

On December 31, 2019, the ledger of Lopez Company contained the following account balances:


Cash $

66,000 Maria Lopez, Drawing

Accounts Receivable

$

5,800 Fees Income

52,000

107,500

Supplies

4,200 Depreciation Expense

5,500

Equipment

52,000 Salaries Expense

34,000

Accumulated Depreciation 6,000

5,000 Supplies Expense

Accounts Payable 5,200

6,000 Telephone Expense

Maria Lopez, Capital 9,300

121,500

Utilities Expense

===============================================


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.