ACC 291 Week 4 Apply Connect Assignment (With Excel file)
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This Tutorial contains an Excel File which can be used for any change in values (CONTAINS ALL QUESTIONS, SCROLL DOWN TO CHECK) Assignment 1 a.-b. Merchandise Inventory, before adjustment, has a balance of $6,600. The newly counted inventory balance is $7,100. 1. Unearned Seminar Fees has a balance of $5,100, representing prepayment by customers for five seminars to be conducted in June, July, and August 2019. Two seminars had been conducted by June 30, 2019. 2. Prepaid Insurance has a balance of $6,600 for six months’ insurance paid in advance on May 1, 2019. 3. Store equipment costing $12,890 was purchased on March 31, 2019. It has a salvage value of $410 and a useful life of four years. 4. Employees have earned $160 that has not been paid at June 30, 2019. 5. The employer owes the following taxes on wages not paid at June 30, 2019: SUTA, $4.80; FUTA, $0.96; Medicare, $2.32; and social security, $9.92. 6. Management estimates uncollectible accounts expense at 1 percent of sales. This year’s sales were $1,100,000. 7. Prepaid Rent has a balance of $5,250 for six months’ rent paid in advance on March 1, 2019. 8. The Supplies account in the general ledger has a balance of $310. A count of supplies on hand at June 30, 2019, indicated $105 of supplies remain. 9. The company borrowed $13,700 from First Bank
on June 1, 2019, and issued a four-month note. The note bears interest at 12 percent. Required: Based on the information above, record the adjusting journal entries that must be made for Sufen Consulting on June 30, 2019. The company has a June 30 fiscal year-end. Analyze: After all adjusting entries have been journalized and posted, what is the balance of the Prepaid Rent account? Assignment 1 The Green Thumb Gardener Merchandise inventory on December 31, 2019, is $11,521. During 2019, the firm had net credit sales of $27,000; the firm estimates that 0.6 percent of these sales will result in uncollectible accounts. On December 31, 2019, an inventory of the supplies showed that items costing $235 were on hand. On October 1, 2019, the firm signed a six-month advertising contract for $960 with a local newspaper and paid the full amount in advance. On January 2, 2018, the firm purchased store equipment for $7,620. At that time, the equipment was estimated to have a useful life of five years and a salvage value of $520. On January 2, 2018, the firm purchased office equipment for $1,120. At that time, the equipment was estimated to have a useful life of five years and a salvage value of $120. On December 31, 2019, the firm owed salaries of $1,750 that will not be paid until 2020. On December 31, 2019, the firm owed the employerâ€™s social security tax (assume 6.2 percent) and Medicare tax (assume 1.45 percent) on the entire $1,750 of accrued wages. On December 31, 2019, the firm owed federal unemployment tax (assume 0.6 percent) and state unemployment tax (assume 5.4 percent) on the entire $1,750 of accrued wages. Assignment 2 TRANSACTIONS Signed a lease for an office and issued Check 101 for $14,100 to pay the rent in advance for six months. Borrowed money from Second National Bank by issuing a four-month, 12 percent note for $32,800; received $31,488 because
the bank deducted the interest in advance. Signed an agreement with Carter Corp. to provide accounting and tax services for one year at $6,600 per month; received the entire fee of $79,200 in advance. Purchased office equipment for $26,400 from Office Outfitters; issued a two-month, 6 percent note in payment. The equipment is estimated to have a useful life of six years and a $1,920 salvage value. The equipment will be depreciated using the straight-line method. Purchased a one-year insurance policy and issued Check 102 for $1,692 to pay the entire premium. Purchased office furniture for $18,400 from Furniture Warehouse; issued Check 103 for $10,400 and agreed to pay the balance in 60 days. The equipment has an estimated useful life of five years and a $1,000 salvage value. The office furniture will be depreciated using the straight-line method. Purchased office supplies for $1,930 with Check 104. Assume $860 of supplies are on hand July 31, 2019.
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