ACC 290 Final Exam Guide (New, 2018, 100% Score)
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Question 1
The best definition of assets is the
collections of resources belonging to the company and the claims on these resources.
cash owned by the company.
owners’ investment in the business.
resources belonging to a company that have future benefit to the company.
Question 2
Which of the following is not a liability?
Accounts Payable
Accounts Receivable
Interest Payable
Unearned Service Revenue
Question 3
Which of the following financial statements is divided into major categories of operating, investing, and financing activities?
The statement of cash flows.
The income statement.
The balance sheet.
The retained earnings statement.
Question 4
Ending retained earnings for a period is equal to beginning
Retained earnings + Net income – Dividends.
Retained earnings – Net income + Dividends
Retained earnings – Net income – Dividends.
Retained earnings + Net income + Dividends.
Question 5
Which of the following is not an advantage of the corporate form of business organization?
No personal liability
Easy to raise funds
Easy to transfer ownership
Favorable tax treatment
Question 6
An advantage of the corporate form of business is that
it is simple to establish.
it has limited life.
its owner’s personal resources are at stake.
its ownership is easily transferable via the sale of shares of stock
Question 7
A small neighborhood barber shop that is operated by its owner would likely be organized as a
proprietorship.
partnership.
joint venture.
corporation.
Question 8
If services are rendered for cash, then
stockholders’ equity will decrease.
liabilities will increase.
liabilities will decrease.
assets will increase.
Question 9
A revenue generally
increases assets and stockholders’ equity.
increases assets and liabilities.
increases assets and decreases stockholders’ equity.
leaves total assets unchanged.
Question 10
A revenue account
has a normal balance of a debit.
is decreased by credits.
is increased by credits.
is increased by debits.
Question 11
Which accounts normally have debit balances?
Assets, expenses, and dividends
Assets, expenses, and revenues
Assets, expense, and retained earnings
Assets, liabilities, and dividends
Question 12
In recording an accounting transaction in a double-entry system
the number of debit accounts must equal the number of credit accounts.
there must only be two accounts affected by any transaction.
there must always be entries made on both sides of the accounting equation.
the amount of the debits must equal the amount of the credits.
Question 13
The usual sequence of steps in the transaction recording process is
journalize, analyze, post to the ledger.
post to the ledger, journalize, analyze.
analyze, journalize, post to the ledger.
journalize, post to the ledger, analyze.
Question 14
Under the expense recognition principle expenses are recognized when
they contribute to the production of revenue.
they are billed by the supplier.
they are paid.
the invoice is received.
Question 15
The revenue recognition principle dictates that revenue should be recognized in the accounting records:
in the period that income taxes are paid.
when cash is received.
when the performance obligation is satisfied.
at the end of the month.
Question 16
Merchandising companies that sell to retailers are known as
brokers.
corporations.
wholesalers.
service firms.
Question 17
Gross profit equals the difference between
sales revenue and cost of goods sold.
sales revenue and operating expenses.
net income and operating expenses.
sales revenue and cost of goods sold plus operating expenses
Question 18
Net income will result if gross profit exceeds
purchases.
cost of goods sold.
operating expenses.
cost of goods sold plus operating expenses.
Question 19
Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account?
Freight-In
Inventory
Freight Expense
Freight-Out
Question 20
Financial information is presented below:
Operating expenses
Sales revenue
Cost of goods sold
$ 25000
175000
125000
The profit margin ratio would be
Question 21
Financial information is presented below:
Operating expenses
$ 31000
Sales returns and allowances 6000
Sales discounts
5000
Sales revenue 180000
Cost of goods sold
87000
The gross profit rate would be
Question 22
Financial information is presented below:
Operating expenses
$ 54000
Sales returns and allowances 5000
Sales discounts
5000
Sales revenue 206000
Cost of goods sold
109000
Gross Profit would be
$102000.
$92000.
$97000.
$87000
Question 23
The LIFO inventory method assumes that the cost of the latest units purchased are
not allocated to cost of goods sold or ending inventory.
the first to be allocated to cost of goods sold.
the last to be allocated to cost of goods sold.
the first to be allocated to ending inventory.
Question 24
Which of the following statements is correct with respect to inventories?
FIFO seldom coincides with the actual physical flow of inventory.
The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.
It is generally good business management to sell the most recently acquired goods first.
Under FIFO, the ending inventory is based on the latest units purchased.
Question 25
All of the following are examples of internal control procedures except
reconciling the bank statement.
customer satisfaction surveys.
insistence that employees take vacations.
using prenumbered documents.
Question 26
Each of the following is a feature of internal control except
recording of all transactions.
bonding of employees.
an extensive marketing plan.
separation of duties.
Question 27
For which of the following errors should the appropriate amount be subtracted from the balance per books on a bank reconciliation?
Check written for $95, but recorded by the company as $59
Deposit of $500 recorded by the bank as $50.
Check written for $53, but recorded by the company as $35.
A returned $200 check recorded by the bank as $20.
Question 28
A check written by the company for $126 is incorrectly recorded by a company as $162. On the bank reconciliation, the $36 error should be
deducted from the balance per books.
added to the balance per bank.
added to the balance per books.
deducted from the balance per bank.
Question 29
The following information was available for Blossom Company at December 31, 2017: beginning inventory $93000; ending inventory $146000; cost of goods sold $676000; and sales $824000. Blossom inventory turnover ratio (rounded) in 2017 was
7.3 times.
4.6 times.
6.9 times.
5.7 times.
Question 30
The following information was available for Sheridan Company at December 31, 2017: beginning inventory $80000; ending inventory $132000; cost of goods sold $644000; and sales $816000. Sheridan days in inventory (rounded) in 2017 was
47.4 days.
45.1 days.
59.8 days.
74.5 days. ==============================================
ACC 290 Week 1 Apply Connect Assignment
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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 90,700 Revenue 56,200 Expenses 23,600
TRANSACTIONS 1. Performed services for $6,600 on credit. 2. Paid $1,620 in cash for new office chairs.
3. Received $10,400 in cash from credit clients. 4. Paid $800 in cash for telephone service. 5. Sent a check for $2,900 in partial payment of the amount due creditors. 6. Paid salaries of $8,900 in cash. 7. Sent a check for $1,040 to pay electric bill. 8. Performed services for $9,700 in cash. 9. Paid $2,270 in cash for auto repairs. 10. 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.
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ACC 290 Week 1 Individual Assignment Financial Statements Paper
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Individual - Financial Statements Paper - Prepare a 700 -1,050 word paper in which you identify the four basic financial statements. Describe the purpose of each of the four financial statements. Discuss how the financial statements would be useful to internal users, such as to managers and employees. Discuss how the financial statements would be useful to external users, such as investors and creditors. Format paper according to APA standards. ==============================================
ACC 290 Week 1 Practice Connect Practice Assignment
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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 1. The owner invested $100,000 in cash to begin the business. 2. Paid $20,250 in cash for the purchase of equipment. 3. Purchased additional equipment for $15,200 on credit. 4. Paid $12,500 in cash to creditors. 5. The owner made an additional investment of $25,000 in cash. 6. Performed services for $9,750 in cash. 7. Performed services for $7,800 on account. 8. Paid $6,000 for rent expense.
9. Received $5,500 in cash from credit clients. 10. Paid $7,550 in cash for office supplies. 11. 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?
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ACC 290 Week 1 Practice Quiz(New)
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Question 1 Current assets are expected to be converted to cash or consumed within the next year or the normal operating cycle, whichever is longer. Current assets are economic resources that are expected to be converted to cash or used up by the business within one year or the normal operating cycle, whichever is shorter. Question 2
Land or a building which is currently not used in operation is considered to be a long-term investment. A company purchased a tract of land on which it expects to build a production plant on in approximately five years. During the five years before construction, the land will be idle. In what classification should the land be reported? Question 3 Common stock and retained earnings are both elements of stockholders’ equity. Common stock of $50,000 plus retained earnings of $70,000 equals $120,000 in stockholders’ equity. Current liabilities are $10,000, long-term liabilities are $20,000, common stock is $50,000, and retained earnings totals $70,000. How much is total stockholders' equity? Question 4 Net income ($24,000) divided by average shares outstanding (6,000) = $4.00/share. For 2014, Stoneland Corporation reported net income, $24,000; net sales, $400,000; and average shares outstanding, 6,000. There were no preferred stock dividends. How much was the 2014 earnings per share? Question 5 The beginning balance of retained earnings is the ending balance minus net income plus dividends. Working backwards, $X + $402,000 $34,000 = $2,184,000. Therefore, beginning retained earnings = $1,816,000. At December 31, 2014, Shorts Company had retained earnings of $2,184,000. During 2014, the company issued stock for $98,000, and paid dividends of $34,000. Net income for 2014 was $402,000. How much was the retained earnings balance at the beginning of 2014?
Question 6 The current ratio measures liquidity and higher means the company is more liquid. The debt to assets ratio measures solvency and higher is not always better. We don’t know how many outstanding shares each company has so we cannot compare profitability.
The following ratios are available for Leer Inc. and Stable Inc. Current Ratio Debt to Assets Ratio Earnings per Share Leer Inc. 2:1 75% $3.50 Stable Inc. 1.5:1 40% $2.75 Question 7 Solvency ratios are good indicators of a company’s ability to survive over an extended period of time. Which of the following ratios measures the ability of the company to survive over a long period of time? Question 8 Free cash flow can be used to pay dividends; acquire property, plant, and equipment; and pay off debts. Question 9 Generally accepted accounting principles, or ―GAAP‖ have substantial authoritative support, and are recognized as a general guide for financial reporting purposes. Question 10 Management can justify a new method of accounting if the financial information is more meaningful.
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ACC 290 Week 1 Vocabulary Activity (New)
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WileyPLUS Assignment: Week 1 Vocabulary Activity Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: • Chapter 1 WileyPLUS Crossword Puzzle 1 ==============================================
ACC 290 Week 1 WileyPlus Assignment DI1-3, E1-3,E1-4, E24, IFRS2-4 (New)
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WileyPLUS Assignment: Week 1 Assignment Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: • DO IT! 1-3 • Exercise 1-3 • Exercise 1-4 • Exercise Excel E 2-4 • IFRS 2-4
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ACC 290 Week 2 Apply Connect Assignment
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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.
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ACC 290 Week 2 Individual WileyPLUS Assignment
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we have another New set of week 2 Willeyplus assignment which could be found on this link WileyPLUS and Financial Accounting. Complete the following in WileyPLUS: Exercise E3-4, Exercise E39, Problem 3-5A, Problem 3-6A
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ACC 290 Week 2 LT Reflection Summary (New)
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Discuss the objectives for ACC 290 Week Two. What do you think will be the most important of the skills learned when you are in an accounting position? Differentiate between accrual basis and cash basis of accounting. Create Adjusting Entries. Prepare an adjusted trial balance. Write a 350 to 500 word summary of your Learning Team’s discussion. ==============================================
ACC 290 Week 2 Practice Connect Practice Assignment
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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) 350 (g) 1,500 (h) 5,500 (i) 2,500
Equipment (c) 40,000
Accounts Receivable (f) 5,000 (g) 1,500
Accounts Payable (c) 40,000
Supplies (b) 23,000
Wade Wilson, Capital (a) 95,000
Fees Income (d) 15,000 (f) 5,000
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) 5,500 (i) 2,500
Equipment (c) 40,000
Accounts Receivable (f) 5,000 (g) 1,500
Accounts Payable (c) 40,000
Supplies (b) 23,000
Wade Wilson, Capital (a) 95,000
Fees Income (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) 5,500 (i) 2,500
Equipment (c) 40,000
Accounts Receivable (f) 5,000 (g) 1,500
Accounts Payable (c) 40,000
Supplies (b) 23,000
Wade Wilson, Capital (a) 95,000
Fees Income (d) 15,000 (f) 5,000
Telephone Expense (e) 350
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 2 Practice Quiz (New)
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Question 1 Expenses decrease retained earnings. Question 2 During 2014, Gibson Company assets decreased $50,000 and its liabilities decreased $90,000. Its stockholders’ equity Question 3 Payment of a dividend Question 4 An account is a part of the financial information system and is described by all except which one of the following? Question 5 Which accounts normally have debit balances? Question 6 Which of the following is the correct sequence of events? Question 7 Where is the first place every transaction is recorded? Question 8 What type of account is unearned revenue? Question 9 Accounts are listed on the trial balance in Question 10 Which of the following is not one of the primary types of the financing activities in the statement of cash flows? ==============================================
ACC 290 Week 2 Vocabulary Activity (New)
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WileyPLUS Assignment: Week 2 Vocabulary Activity Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS: • Chapter 2 Wiley PLUS Crossword Puzzle 1 ==============================================
ACC 290 Week 2 WileyPlus Assignment BYP2-2, IFRS2-6, E34, E3-8, BYP 3-2, IFRS 3-2, P3-5, P3-6 (New)
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WileyPLUS Assignment: Week 2 Assignment
Resource: WileyPLUS
Complete the following Week 2 Assignment in WileyPLUS:
• BYP 2-2
• IFRS 2-6
• Exercise 3-4
• Exercise 3-8
• Exercise 3-10
• BYP 3-2
• IFRS 3-2
• Problem 3-5
• Problem 3-6 ==============================================
ACC 290 Week 3 - Individual WileyPLUS Assignment ACC 290 Week Three - Exercise BE4-1, Problem P4-2A and P4-3A
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we have another New set of week 3 Willeyplus assignment which could be found on this link Complete the following in WileyPLUS: Brief Exercise BE4-1, Problem P4-2A, and Problem P4-3A ==============================================
ACC 290 Week 3 Apply Connect Assignment
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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 LT Reflection Summary
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Discuss the objectives for ACC 290 Week Two. What do you think will be the most important of the skills learned when you are in an accounting position? Differentiate between accrual basis and cash basis of accounting. Create Adjusting Entries. Prepare an adjusted trial balance. Write a 350 to 500 word summary of your Learning Team’s discussion. ==============================================
ACC 290 Week 3 Practice Connect Practice Assignment
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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 Issued Check 1179 for $3,820 to purchase new nets. (Equip.) 21 Received $500 on account from credit clients. 21 Returned a damaged net and received a cash refund of $570. 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. 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 Purchased supplies for $260; paid immediately with Check 1002. 23 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 October. 30 Performed services for $7,325 in cash. 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 Purchased supplies for $260; paid immediately with Check 1002. 23 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 October. 30 Performed services for $7,325 in cash. 30 Paid $220 for monthly telephone bill, Check 1005. Prepare journal entries for the transactions incurred during September of 2019. ==============================================
ACC 290 Week 3 Practice Quiz (New)
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Question 1 The revenue recognition principle dictates that revenue is recognized in the period in which the cash is received. Question 2 The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied is the Question 3 Which statement is correct? Question 4 Book value is equal to cost minus accumulated depreciation. Question 5 Adjustments for unearned revenues: Question 6 At December 31, 2013, before any year-end adjustments, Macarty Company's Prepaid Insurance account had a balance of $2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be Question 7
Which of the following is not a typical example of an accrued expense?
Question 8 Saira works for a sports franchise which pays wages and salaries earned on a monthly basis. A new accountant was hired by the sports franchise in late May. Due to inexperience, the new accountant failed to accrue Saira’s salary for May. What is the impact on the May 31 financial statements of the sports franchise? Question 9 At the end of the accounting period, all balance sheet accounts are closed out. Question 10 Which is the correct order of steps in the accounting cycle? ==============================================
ACC 290 Week 3 Vocabulary Activity (New)
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WileyPLUS Assignment: Week 3 Practice Quiz Resource: WileyPLUS Complete the following Week 3 Assignment in WileyPLUS: • Chapter 4 Practice Quiz
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ACC 290 Week 3 WileyPlus Assignment BE4-1, P4-2A, P4-3A, BYP4-1, IFRS PQ-1, PQ-2, PQ-3, PQ-4 (New)
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Assignment: Week 3 Assignment Complete the following Week 3 Assignment • Brief Exercise 4-1 • Problem 4-2A • Problem 4-3A • BYP 4-1
• IFRS Practice Question 1 • IFRS Practice Question 2 • IFRS Practice Question 3 • IFRS Practice Question 4 ==============================================
ACC 290 Week 4 Apply Connect Assignment
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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 Individual WileyPLUS Assignment ACC 290 Week Four - Problem 4-8A
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we have another New set of week 4 Willeyplus assignment which could be found on this link Complete the following in WileyPLUS: Problem P4-8A
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ACC 290 Week 4 Learning Team Financial Reporting Problem, Part 1
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Financial Reporting Problem Part I
Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions:
What are the company’s total assets at the end of its most recent annual reporting period? Why is this important?
What are the total assets at the end of the previous annual reporting period?
How much cash and cash equivalents did the company have at the end of its most recent annual reporting period?
What amount of accounts payable did the company have at the end of its most recent annual reporting period?
What amount of accounts payable did the company have at the end of the previous annual reporting period?
What are the company’s net revenues for the last three annual reporting periods?
What is the change in dollars in the company’s net income from its most recent annual reporting period to the previous annual reporting period?
What are the company’s total current assets at the end of its most recent annual reporting period?
What are the total current assets at the end of the previous annual reporting period?
What in the information above would be important to a potential investor, employee, and so on?
Summarizethe analysis in a 1,050-1,400 word paper in a MicrosoftŽ Word document. Include a copy of the company’s balance sheet and income statement. Format your paper consistent with APA guidelines. ==============================================
ACC 290 Week 4 LT Reflection Summary
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Reflection and Financial Reporting Problem Part I. Discuss the objectives for ACC 290 Week Three. How do they relate to the practice of accounting and its uses in business? Prepare closing
entries, reversing entries, and a post closing trial balance. Prepare a financial statement work sheet. Prepare a classified income statement, retained earnings statement and balance sheet. Write a 350 to 500 word summary of your Learning Team’s discussion. ==============================================
ACC 290 Week 4 Practice Connect Practice Assignment
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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 Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 39,100 39,100 39,100 Accounts Receivable 6,500 6,500 6,500 Supplies 6,050 3,500 6,050 2,550 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 8,900 Utilities Expense 1,400 1,400 1,400
Totals 118,750 118,750 6,050 6,050 119,600 119,600 16,350 57,750 103,250 61,850 Net Income 41,400 41,400 57,750 57,750 103,250 103,250 Required: Prepare an income statement. Prepare a statement of owner’s equity. The owner made no additional investments during the month. Prepare a balance sheet. Analyze: If the adjustment to Prepaid Advertising had been $3,400 instead of $1,700, what net income would have resulted?
3 Assume that a firm reports net income of $45,000 prior to making adjusting entries for the following items: expired rent, $3,500; depreciation expense, $4,100; and supplies used, $1,800. Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income?
4 Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $5,500 (supplies totaling $9,000 were purchased on December 1, 2019, and debited to the Suppliesaccount).
Expired insurance, $4,100; on December 1, 2019, the firm paid $24,600 for six months’ insurance coverage in advance and debitedPrepaidInsurancefor this amount. Depreciation expense for equipment, $2,900. Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts
5 The adjusted trial balance of University Book Store as of November 30, 2019, after the firm’s first month of operations, appears below. Appropriate adjustments have been made for the following items: Supplies used during the month, $2,900. Expired rent for the month, $3,500. Depreciation expense for the month, $950. UNIVERSITY BOOK STORE Adjusted Trial Balance November 30, 2019 Account Name Debit Credit Cash $ 23,075 Accounts Receivable 3,812 Supplies 4,600 Prepaid Rent 21,000 Equipment 27,500 Accumulated Depreciation-Equipment $ 950 Accounts Payable 9,000 Ruby Darbandi, Capital 41,837 Ruby Darbandi, Drawing 4,000
Fees Income 48,550 Depreciation Expense-Equipment 950 Rent Expense 3,500 Salaries Expense 8,500 Supplies Expense 2,900 Utilities Expense 500 Totals $ 100,337 $ 100,337 Required: Record the adjusting entries in the Adjustments columns. Complete the Trial Balance columns of the worksheet prior to making the adjusting entries. Analyze: What was the balance of Prepaid Rent prior to the adjusting entry for expired rent?
6 On January 31, 2019, the general ledger of Palmer Company showed the following account balances. ACCOUNTS Cash 31,500 Accounts Receivable 11,250 Supplies 4,500 Prepaid Insurance 4,100 Equipment 45,750 Accum. Depr.—Equip. 0 Accounts Payable 8,350 Sadie Palmer, Capital 40,975 Fees Income 58,500 Depreciation Exp.—Equip. 0 Insurance Expense 0
Rent Expense 5,300 Salaries Expense 5,425 Supplies Expense 0 Additional information: Supplies used during January totaled $2,850. Expired insurance totaled $1,025. Depreciation expense for the month was $925. Complete the worksheet through the Adjusted Trial Balance section. Assume that every account has the normal debit or credit balance. The worksheet covers the month of January.
attempt 2 1 On January 31, 2019, the general ledger of Palmer Company showed the following account balances. ACCOUNTS Cash 31,500 Accounts Receivable 11,250 Supplies 4,500 Prepaid Insurance 4,100 Equipment 45,750 Accum. Depr.—Equip. 0 Accounts Payable 8,350 Sadie Palmer, Capital 40,975 Fees Income 58,500 Depreciation Exp.—Equip. 0 Insurance Expense 0 Rent Expense 5,300 Salaries Expense 5,425 Supplies Expense 0 Additional information:
Supplies used during January totaled $2,850. Expired insurance totaled $1,025. Depreciation expense for the month was $925. Complete the worksheet through the Adjusted Trial Balance section. Assume that every account has the normal debit or credit balance. The worksheet covers the month of January. 2 Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $5,500 (supplies totaling $9,000 were purchased on December 1, 2019, and debited to the Suppliesaccount). Expired insurance, $4,100; on December 1, 2019, the firm paid $24,600 for six months’ insurance coverage in advance and debitedPrepaidInsurancefor this amount. Depreciation expense for equipment, $2,900. Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts
3 Assume that a firm reports net income of $45,000 prior to making adjusting entries for the following items: expired rent, $3,500; depreciation expense, $4,100; and supplies used, $1,800. Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income? 4
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. Prepare end-of-June adjusting entries for Cain Company. 5 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 Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 39,100 39,100 39,100 Accounts Receivable 6,500 6,500 6,500 Supplies 6,050 3,500 6,050 2,550 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 8,900 Utilities Expense 1,400 1,400 1,400 Totals 118,750 118,750 6,050 6,050 119,600 119,600 16,350 57,750 103,250 61,850 Net Income 41,400 41,400 57,750 57,750 103,250 103,250 Required: Prepare an income statement. Prepare a statement of owner’s equity. The owner made no additional investments during the month. Prepare a balance sheet. Analyze: If the adjustment to Prepaid Advertising had been $3,400 instead of $1,700, what net income would have resulted?
6 The adjusted trial balance of University Book Store as of November 30, 2019, after the firm’s first month of operations, appears below. Appropriate adjustments have been made for the following items: Supplies used during the month, $2,900. Expired rent for the month, $3,500. Depreciation expense for the month, $950. UNIVERSITY BOOK STORE Adjusted Trial Balance
November 30, 2019 Account Name Debit Credit Cash $ 23,075 Accounts Receivable 3,812 Supplies 4,600 Prepaid Rent 21,000 Equipment 27,500 Accumulated Depreciation-Equipment $ 950 Accounts Payable 9,000 Ruby Darbandi, Capital 41,837 Ruby Darbandi, Drawing 4,000 Fees Income 48,550 Depreciation Expense-Equipment 950 Rent Expense 3,500 Salaries Expense 8,500 Supplies Expense 2,900 Utilities Expense 500 Totals $ 100,337 $ 100,337 Required: Record the adjusting entries in the Adjustments columns. Complete the Trial Balance columns of the worksheet prior to making the adjusting entries. Analyze: What was the balance of Prepaid Rent prior to the adjusting entry for expired rent? ==============================================
ACC 290 Week 4 Practice Quiz (New)
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Question 1 A service company's operating cycle is ordinarily shorter than that of a merchandising company. The operating cycle of a merchandising company is ordinarily shorter than that of a service company. Question 2 Due to the turnover time of inventory, merchandising companies have an operating cycle that is longer than a service company. The operating cycle of a merchandising company is ordinarily ___________________ that of a service firm. Question 3 The cost of having merchandise delivered to the store is part of the cost of getting the inventory ready to sell. All costs incurred to get inventory ready to sell are included as part of Inventory account with a debit. Jax Company uses a perpetual inventory system and on November 30 purchased merchandise for which it must pay the shipping charges.
Which of the following is one part of the required journal entry when Jax pays the shipping charges of $200?
Question 4 Sales Discounts is a contra account to Sales Revenue. It is reported on the income statement as a deduction from Sales Revenue. Question 5 Two entries are required. One will record the sale with a debit to cash and a credit to sales revenue. The second entry is to reduce the inventory; debit cost of goods sold and credit inventory. Which statement is true when recording the sale of goods for cash in a perpetual inventory system? Question 6 Sales less cost of goods sold equals gross profit. Subtracting operating expenses from gross profit equals net income. Net income is $15,000, operating expenses are $20,000, and net sales total $75,000. How much is cost of goods sold?
Question 7 Cost of goods sold is subtracted from net sales to calculate gross profit. Which one of the following will result in gross profit?
Question 8
Under the periodic inventory system, cost of goods sold for the period is calculated by adding purchases for the period to the beginning inventory balance and subtracting the ending inventory balance. Under what system is cost of goods sold determined at the end of an accounting period? Question 9 Net income ($15,000) divided by net sales ($75,000) equals profit margin of 20%. Net income is $15,000, operating expenses are $20,000, net sales total $75,000, and sales revenues total $95,000. How much is the profit margin? Question 10 Unlike the perpetual system, companies do not attempt to record the cost of merchandise sold on the date of the sale. At the end of the period, a physical inventory is taken to determine the cost of merchandise sold. In a periodic inventory system, when is the cost of the merchandise sold determined? ==============================================
ACC 290 Week 4 Vocabulary Activity (New)
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WileyPLUS Assignment: Week 4 Vocabulary Activity Resource: WileyPLUS Complete the following Week 4 Assignment in WileyPLUS: • Chapter 5 Crossword Puzzle 1
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ACC 290 Week 4 Wileyplus Assignment P4-8A, BYP5-1, BYP5-2, BE5-1, BE5-2, IFRS5-2, IFRS5-4, PQ-1, PQ-2, PQ-3 (New)
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Week 4 Assignment Complete the following Week 4 Assignment in
Problem 4-8A Brief Exercise 5-1 Brief Exercise 5-2
BYP 5-1 BYP 5-2 IFRS 5-2 IFRS 5-4 Practice Question 1 Practice Question 2 Practice Question 3
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ACC 290 Week 5 Apply Connect Assignment
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1 On December 31, after adjustments, Gonzalez Company’s ledger contains the following account balances:
101 Cash $ 30,200 Dr. 111 Accounts Receivable 16,100 Dr.
121 Supplies 2,300 Dr. 131 Prepaid Rent 38,900 Dr. 141 Equipment 47,000 Dr. 142 Accumulated Depreciation—Equip. 1,150 Cr. 202 Accounts Payable 6,800 Cr. 301 Emilio Gonzalez, Capital (12/1/2019) 48,620 Cr. 302 Emilio Gonzalez, Drawing 6,500 Dr. 401 Fees Income 120,080 Cr. 511 Advertising Expense 4,100 Dr. 514 Depreciation Expense—Equip. 830 Dr. 517 Rent Expense 2,900 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 Individual Assignment Financial Reporting Problem Part II
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Financial Reporting Problem Part II
Access the internet to acquire a copy of the most recent annual report for the public traded company used to complete the Financial Reporting Problem, Part 1 assignment due in ACC 290 Week Four. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions:
Are the assets included under the company’s current assets listed in the proper order? Explain your answer.
How are the company’s assets classified?
What are cash equivalents?
What are the company’s total current liabilities at the end of its most recent annual reporting period?
What are the company’s total current liabilities at the end of the previous annual reporting period?
Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees?
Summarizethe analysis in a 1,050-1,400 word paper in a MicrosoftŽ Word document. Include a copy of the company’s balance sheet and income statement. Format your paper and presentation consistent with APA guidelines. ==============================================
ACC 290 Week 5 Individual WileyPLUS Assignment
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we have another New set of week 5 Willeyplus assignment which could be found on this link Complete the following in WileyPLUS: Brief Exercise BE5-1, Brief Exercise BE5-2, Brief Exercise BE6-5, Brief Exercise BE6-7, Brief Exercise BE7-4, and Brief Exercise BE7-6 ==============================================
ACC 290 Week 5 Learning Team Reflection Summary (New)
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Reflection and Financial Reporting Problem Part II. Discuss the objectives for ACC 290 Week Four. In the wake of accounting scandals over the past several years, how has the SarbanesOxley Act (SOX) of 2002 affected the practice of accounting? What is the role of internal controls in complying with SOX (2002)? Write a 350 to 500 word summary of your Learning Team’s discussion. ==============================================
ACC 290 Week 5 Practice Connect Practice Assignment
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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 9,160 Dr. 514 Rent Expense 26,000 Dr. 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.
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 5,000 Supplies Expense 6,000 Accounts Payable 6,000 Telephone Expense 5,200 Maria Lopez, Capital 121,500 Utilities Expense 9,300
4 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 40,000 111 Accounts Receivable 29,910 121 Supplies 5,300 131 Prepaid Insurance 12,500 141 Equipment 59,000 142 Accumulated Depreciation—Equipment 20,660 202 Accounts Payable 7,000 301 Aretha Hinkle, Capital 65,000 302 Aretha Hinkle, Drawing 6,500 401 Fees Income 187,230 510 Depreciation Expense—Equipment 10,580 511 Insurance Expense 5,700 514 Rent Expense 16,500 517 Salaries Expense 83,000 518 Supplies Expense 2,800 519 Telephone Expense 3,400 523 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.
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 134,000 134,000 31 Closing 71,800 62,200 31 Closing 62,200 0
Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 240,000 240,000 31 Closing 62,200 302,200 31 Closing 22,000 280,200 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 BALANCE 101 Cash $ 40,000 111 Accounts Receivable 29,910 121 Supplies 5,300 131 Prepaid Insurance 12,500 141 Equipment 59,000 142 Accumulated Depreciation—Equipment 20,660 202 Accounts Payable 7,000 301 Aretha Hinkle, Capital 65,000 302 Aretha Hinkle, Drawing 6,500 401 Fees Income 187,230 510 Depreciation Expense—Equipment 10,580 511 Insurance Expense 5,700 514 Rent Expense 16,500 517 Salaries Expense 83,000 518 Supplies Expense 2,800 519 Telephone Expense 3,400 523 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 134,000 134,000 31 Closing 71,800 62,200 31 Closing 62,200 0
Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 240,000 240,000 31 Closing 62,200 302,200 31 Closing 22,000 280,200
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 9,160 Dr. 514 Rent Expense 26,000 Dr. 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.
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 $ 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 5,000 Supplies Expense 6,000 Accounts Payable 6,000 Telephone Expense 5,200 Maria Lopez, Capital 121,500 Utilities Expense 9,300 ==============================================