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ACC 291 Week 3 Apply Connect Assignment (Score 10/10) (With Excel File)

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This Tutorial contains an Excel File which can be used for any change in values ACC 291 Week 3 Apply Connect Assignment 1. On August 1, 2019, the accountant for Western Imports downloaded the company's July 31, 2019, bank statement from the bank's Website. The balance shown on the bank statement was $28,710. The July 31, 2019, balance in the Cash account in the general ledger was $14,537. Jenny Irvine, the accountant for Western Imports, noted the following differences between the bank's records and the company's Cash account in the general ledger: a. An electronic funds transfer for $13,900 from FoncierRicard, a customer located in France, was received by the bank on July 31. b. Check 1422 was correctly written and recorded for $1,200. The bank mistakenly paid the check for $1,270. c. The accounting records indicate that Check 1425 was issued for $60 to make a purchase of supplies. However, examination of the check online showed that the actual amount of the check was for $90. d. A deposit of $750 made after banking hours on July 31 did not appear on the July 31 bank statement. e. The following checks were outstanding: Check 1429 for $1,244, and Check 1430 for $136. f. An automatic debit of $257 on July 31 from CentralComm for telephone service appeared on


the bank statement but had not been recorded in the company's accounting records. Required: 1. Prepare a bank reconciliation for the firm as of July 31. 2. Record general journal entries for the items on the bank reconiliation that must be journalized. Analyze: What effect on total expenses occurred as a result of the general journal entries recorded? 2. On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,362. The balance shown on the bank statement on the same date was $13,242. Notes a. The firm’s records indicate that a $1,540 deposit dated August 30 and a $710 deposit dated August 31 do not appear on the bank statement. b. A service charge of $8 and a debit memorandum of $365 covering an NSF check have not yet been entered in the firm’s records. (The check was issued by Art Corts, a credit customer.) c. The following checks were issued but have not yet been paid by the bank: Check 712, $ 119 Check 713, $ 134 Check 716, $ 247 Check 736, $ 586 Check 739, $ 87 Check 741, $ 129 ________________________________________ d. A credit memorandum shows that the bank collected a $2,129 note receivable and interest of $72 for the firm. These amounts have not yet been entered in the firm’s records. Required: 1. Prepare a bank reconciliation statement for the firm as of August 31. 2. Record general journal entries for items on the bank reconciliation statement that must be journalized. Analyze: What effect did the journal entries recorded as a result of the bank reconciliation have on the fundamental accounting equation? Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $300 change fund in its cash register. The cash receipts for the period from June 25 to June 30, 2019 are below. DATE TRANSACTIONS June 25 Cash sales per the cash register tape,


$1,226. Cash count, $1,518. 26 Cash sales per the cash register tape, $1,336. Cash count, $1,629. 27 Cash sales per the cash register tape, $1,347. Cash count, $1,650. 28 Cash sales per the cash register tape, $1,278. Cash count, $1,571. 29 Cash sales per the cash register tape, $1,123. Cash count, $1,428. 30 Cash sales per the cash register tape, $1,364. Cash count, $1,657. Required: Record the cash receipts from June 25 to June 30, 2019, in a general journal. Post the amounts for Cash Short or Over in the journal entries to the general ledger. Analyze: How will the balance in Cash Short or Over on June 30 be reported in the financial statements? ==============================================

ACC 291 Week 3 Practice Connect Practice Assignment (100% Score)

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ACC 291 Week 3 Practice Connect Practice Assignment attempt 1 1 Florence Company received a bank statement showing a balance of $13,550 on November 30, 2019. During the bank reconciliation process, Florence’s accountant noted the following bank errors: A check for $265 issued by Florentine, Inc., was mistakenly charged to Florence Company’s account. Check 2782 was written for $200 but was paid by


the bank as $1,200. Check 2920 for $85 was paid by the bank twice. A deposit for $580 on November 22 was credited by the bank for $850. Assuming outstanding checks total $2,450, prepare the adjusted bank balance section of the November 30, 2019, bank reconciliation. 2 On January 2, The Public Legal Clinic issued Check 2108 for $450 to establish a petty cash fund. Indicate how this transaction would be recorded in a general journal. 3 Di Stefano Office Supply Company received a bank statement showing a balance of $70,005 as of March 31, 2019. The firm’s records showed a book balance of $71,487 on March 31. The difference between the two balances was caused by the following items. A debit memorandum for $40, which covers the bank’s collection fee for the note (item 6). A deposit in transit of $4,700. A check for $348 issued by another firm that was mistakenly charged to Di Stefano’s account. A debit memorandum for an NSF check of $6,145 issued by Wozniak Construction Company, a credit customer. Outstanding checks: Check 3782 for $2,200; Check 3840 for $251. A credit memorandum for a $7,300 noninterest-bearing note receivable that the bank collected for the firm. Prepare a bank reconciliation statement for the firm as of March 31. Prepare the necessary journal entries for March 31, 2019 from the statement. 4 After returning from a three-day business trip, the accountant for Southeast Sales, Johanna Estrada, checked bank activity in the company’s checking account online. The activity for the last three days follows. Business Checking Account #123456-987 Date Type Description Additions Payments Balance 09/24/2019 Loan Payment Online Transfer to CM XXXX $ 3,500.00 $ 15,675.06 09/24/2019 Deposit DEPOSIT ID NUMBER 8888 $ 2,269.60 $ 19,175.06 09/23/2019 Check CHECK #1554 (view) $


3,500.00 $ 16,905.46 09/23/2019 Bill Payment Online Payment $ 36.05 $ 20,405.46 09/22/2019 Check CHECK #1553 (view) $ 240.00 $ 20,441.51 09/22/2019 Check CHECK #1551 (view) $ 1,750.00 $ 20,681.51 09/22/2019 ACH Credit Edwards UK AP PAYMENT $ 8,900.00 $ 22,431.51 09/22/2019 ATM ATM WITHDRAWAL $ 240.00 $ 13,531.51 After matching these transactions to the company’s Cash account in the general ledger, Johanna noted the following unrecorded transactions: The ATM withdrawal on 9/22/2019 was for personal use by the owner, Robert Savage. The ACH credit on 9/22/2019 was an electronic funds payment received on account from Edwards UK, a credit customer located in Great Britain. The bill payment made 9/23/2019 was to Waste Control Trash Services (utilities). The loan payment on 9/24/2019 was an automatic debit by Central Motors for the company’s monthly payment on a loan for its automobiles. The loan does not bear interest. Prepare the journal entries in a general journal to record the four transactions above. (Round your answers to 2 decimal places.) 5 Teng Corporation received a bank statement showing a balance of $15,700 as of October 31, 2019. The firm’s records showed a book balance of $15,262 on October 31. The difference between the two balances was caused by the following items. A debit memorandum for an NSF check from Richard Wolf for $332. Three outstanding checks: Check 7017 for $124, Check 7098 for $55, and Check 7107 for $1,560. A bank service charge of $12. A deposit in transit of $957. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Prepare the necessary journal entries for the year 2019.


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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 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 employer’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. ==============================================

ACC 291 Week 4 Practice Connect Assignment (100% Score)


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ACC 291 Week 4 Practice Connect Practice Assignment attempt 1 1 1. During the year 2019, Sampson Company had net credit sales of $1,950,000. Past experience shows that 1.5 percent of the firm’s net credit sales result in uncollectible accounts. 2. Equipment purchased by Park Consultancy for $38,220 on January 2, 2019, has an estimated useful life of 10 years and an estimated salvage value of $2,700. What adjustment for depreciation should be recorded on the firm’s worksheet for the year ended December 31, 2019? 3. On December 31, 2019, Giant Plumbing Supply owed wages of $11,400 to its factory employees, who are paid weekly. 4. On December 31, 2019, Giant Plumbing Supply owed the employer’s social security (6.2 percent) and Medicare (1.45 percent) taxes on the entire $11,400 of accrued wages for its factory employees. 5. On December 31, 2019, Giant Plumbing Supply owed federal (0.6 percent) and state (5.4 percent) unemployment taxes on the entire $11,400 of accrued wages for its factory employees. 2 On December 1, 2019, Jim’s Java Joint borrowed $50,000 from its bank in order to expand its operations. The firm issued a four-month, 6 percent note for $50,000 to the bank and received $49,000 in cash because the bank deducted the interest for the entire period in advance. In general journal form, show the entry that would be made to record this transaction and the adjustment for prepaid interest that should be recorded on the firm’s worksheet for the year ended December 31, 2019. 3 1. On December 31, 2019, the Notes Payableaccount at Northwood Manufacturing Company had a balance


of $16,000. This balance represented a three-month, 7.5 percent note issued on November 1. 2. On January 2, 2019, Hitech Computer Consultants purchased flash drives, paper, and other supplies for $5,230 in cash. On December 31, 2019, an inventory of supplies showed that items costing $1,590 were on hand. The Suppliesaccount has a balance of $5,230. 3. On September 1, 2019, North Dakota Manufacturing paid a premium of $14,640 in cash for a one-year insurance policy. On December 31, 2019, an examination of the insurance records showed that coverage for a period of four months had expired. 4. On May 1, 2019, Headcase Beauty Salon signed a oneyear advertising contract with a local radio station and issued a check for $10,800 to pay the total amount owed. On December 31, 2019, the Prepaid Advertisingaccount has a balance of $10,800. For each of the above independent situations, prepare the adjusting entries that must be made on the December 31, 2019, worksheet assuming no previous adjusting entries have been made during the year. 4 The Income Statement section of the Johnson Company worksheet for the year ended December 31, 2019, has $199,000 recorded in the Debit column and $215,345 in the Credit column on the line for the Income Summary account. What were the beginning and ending balances for Merchandise Inventory? 5 On December 31, 2019, the Notes Payable account at Vanessa’s Boutique Shop had a balance of $90,000. This amount represented funds borrowed on a six-month, 8 percent note from the firm’s bank on December 1. Record the journal entry for interest expense on this note that should be recorded on the firm’s worksheet for the year ended December 31, 2019. ==============================================


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