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ACC 290 Week 1 Apply Connect Assignment (100% Correct) (With Excel File)

FOR MORE CLASSES VISIT www.acc290nerd.com 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 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 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 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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