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ACC 291T Apply Assignment Week 2 Connect Assignment (July 2019) (with Excel File)

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During March a firm purchased $22,790 of merchandise and paid freight charges of $1,860. If the net delivered cost of purchases for the March is $22,040, what is the total purchase returns for March? Multiple Choice • $0 • $1,110 • $2,610 • $3,720 A firm had purchases of $17,000, freight charges of $340, and purchases returns and allowances of $1,500 during one month. Its net delivered cost of purchases was: Multiple Choice • $15,160. • $18,840. • $17,000. • $15,840. Lewis Corporation engaged in the following transactions during June. DATE TRANSACTIONS 2019 June 4 Purchased merchandise on account from Salinas Company; Invoice 100 for $965; terms n/30. 15 Recorded purchases for cash, $1,450. 30 Paid amount due to Salinas Company for the purchase on June 4. Record these transactions in a general journal. Record the following transactions of Fronke’s Fashions in a general journal: DATE TRANSACTIONS 2019 April 1 Purchased merchandise for cash, $1,120. 2 Returned merchandise for cash purchased on April 1; received a cash refund of $127. 4 Purchased merchandise on credit from Breit Distributors, Invoice 125, $652, terms n/30; freight of $27. prepaid by Breit Distributors and added to the invoice. 7 Returned


damaged merchandise purchased on April 4 from Breit Distributors; received Credit Memorandum 202 for $34. 30 Paid the amount due to Breit Distributors for the purchase of April 4, less the return on April 7, Check 1458. On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,700 on Invoice 1001, terms 2/10, n/30. The cost of merchandise sold was $2,400. Payment was received in full from Fronke’s Franks, less discount, on April 10. Record the transactions for Moloney Meat Distributors on April 1 and April 10. The company uses the perpetual inventory system. Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 7 percent sales tax on all sales. The company uses the perpetual inventory system. (Round your intermediate calculations and final answers to the nearest whole dollar value.) DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $2,640 plus sales tax. The cost of merchandise sold was $1,640. 3 The customer purchasing merchandise for cash on April 2 returned $320 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $220. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,190 plus tax, terms n/30. The cost of the merchandise sold was $1,190. 6 Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $220 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $230. 30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6. Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places) DATE TRANSACTIONS 2019 March 8 Purchased merchandise on credit from Alenikov Designs, Invoice 1091, list price $5,000, trade discounts of 30% and 20%; terms 3/10,


n/30. 17 Paid the amount owed on the purchase of March 8 from Alenikov Designs, less the 3 percent discount, Check 185. Record the following transactions of J. Min Designs in a general journal. The company uses the perpetual inventory system. DATE TRANSACTIONS 2019 April 1 Purchased merchandise on credit from O’Rourke Fabricators, Invoice 885, $3,550, terms 1/10, n/30; freight of $75 prepaid by O’Rourke Fabricators and added to the invoice (total invoice amount, $3,625). 9 Paid amount due to O’Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457. 15 Purchased merchandise on credit from Kroll Company, Invoice 145, $1,800, terms 1/10, n/30; freight of $130 prepaid by Kroll and added to the invoice. 17 Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $105. 24 Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470. Record these transactions in a general journal. Tune Tones Instrument Tuning Company owes Mandy Lynn's Music Studio $5,016 as of November 1. During November, Tune Tones purchased merchandise from Mandy Lynn totaling $8,655 and made payments on account to Mandy Lynn in the amount of $7,410. The amount Tune Tones owes Mandy Lynn on November 30 is: Multiple Choice • $6,261. • $3,771. • $11,049. • $7,410. During the year, a firm purchased $257,500 of merchandise and paid freight charges of $41,850. If the total purchases returns and allowances were $16,440 and purchase discounts were $8,900 for the year, what is the net delivered cost of purchases? Multiple Choice • $299,350 • $274,010 • $324,690 •


$190,310=================================================== ==============================

ACC 291T Apply Assignment Week 2 Connect Assignment (June 2019) (with Excel File)

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During March a firm purchased $22,790 of merchandise and paid freight charges of $1,860. If the net delivered cost of purchases for the March is $22,040, what is the total purchase returns for March? Multiple Choice • $0 • $1,110 • $2,610 • $3,720 A firm had purchases of $17,000, freight charges of $340, and purchases returns and allowances of $1,500 during one month. Its net delivered cost of purchases was: Multiple Choice • $15,160. • $18,840. • $17,000. • $15,840. Lewis Corporation engaged in the following transactions during June. DATE TRANSACTIONS 2019 June 4 Purchased merchandise on account from Salinas Company; Invoice 100 for $965; terms n/30. 15 Recorded purchases for cash, $1,450. 30 Paid amount due to Salinas Company for the purchase on June 4. Record these transactions in a general journal. Record the following transactions of Fronke’s Fashions in a general journal: DATE TRANSACTIONS 2019 April 1 Purchased merchandise for cash, $1,120. 2 Returned merchandise for cash purchased on April 1;


received a cash refund of $127. 4 Purchased merchandise on credit from Breit Distributors, Invoice 125, $652, terms n/30; freight of $27. prepaid by Breit Distributors and added to the invoice. 7 Returned damaged merchandise purchased on April 4 from Breit Distributors; received Credit Memorandum 202 for $34. 30 Paid the amount due to Breit Distributors for the purchase of April 4, less the return on April 7, Check 1458. On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,700 on Invoice 1001, terms 2/10, n/30. The cost of merchandise sold was $2,400. Payment was received in full from Fronke’s Franks, less discount, on April 10. Record the transactions for Moloney Meat Distributors on April 1 and April 10. The company uses the perpetual inventory system. Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 7 percent sales tax on all sales. The company uses the perpetual inventory system. (Round your intermediate calculations and final answers to the nearest whole dollar value.) DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $2,640 plus sales tax. The cost of merchandise sold was $1,640. 3 The customer purchasing merchandise for cash on April 2 returned $320 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $220. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,190 plus tax, terms n/30. The cost of the merchandise sold was $1,190. 6 Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $220 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $230. 30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6. Record the following transactions of Allen Inc.: (Round your answers to


2 decimal places) DATE TRANSACTIONS 2019 March 8 Purchased merchandise on credit from Alenikov Designs, Invoice 1091, list price $5,000, trade discounts of 30% and 20%; terms 3/10, n/30. 17 Paid the amount owed on the purchase of March 8 from Alenikov Designs, less the 3 percent discount, Check 185. Record the following transactions of J. Min Designs in a general journal. The company uses the perpetual inventory system. DATE TRANSACTIONS 2019 April 1 Purchased merchandise on credit from O’Rourke Fabricators, Invoice 885, $3,550, terms 1/10, n/30; freight of $75 prepaid by O’Rourke Fabricators and added to the invoice (total invoice amount, $3,625). 9 Paid amount due to O’Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457. 15 Purchased merchandise on credit from Kroll Company, Invoice 145, $1,800, terms 1/10, n/30; freight of $130 prepaid by Kroll and added to the invoice. 17 Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $105. 24 Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470. Record these transactions in a general journal. Tune Tones Instrument Tuning Company owes Mandy Lynn's Music Studio $5,016 as of November 1. During November, Tune Tones purchased merchandise from Mandy Lynn totaling $8,655 and made payments on account to Mandy Lynn in the amount of $7,410. The amount Tune Tones owes Mandy Lynn on November 30 is: Multiple Choice • $6,261. • $3,771. • $11,049. • $7,410. During the year, a firm purchased $257,500 of merchandise and paid freight charges of $41,850. If the total purchases returns and allowances were $16,440 and purchase discounts were $8,900 for the year, what is the net


delivered cost of purchases? Multiple Choice • $299,350 • $274,010 • $324,690 • $190,310=================================================== ==============================

ACC 291T Apply Assignment Week 3 Connect Assignment (July 2019) (with Excel File)

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This Tutorial contains excel file which can be used in case the value changes 1) A firm’s bank reconciliation statement shows a book balance of $15.940,an NSF check of $460,and a service charge of $26.Its adjusted book balance is 2) On January 2,The Public Legal issued check 2108 for $260 to establish a petty cash fund.Indicate how this transaction would be recorded in a general journal 3) After returning from a three-day business trip,the accountant for southeast sales,JohannaEstrada,checked bank activity in the company’s checking account online.The activity for the last three days follows. After matching these transactions to the company’s cash account in the general ledger,Johanna noted the following unrecorded transactions: • The ATM withdrawal on 9/22/201 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 9/23/2019was 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.) 4) On January 2,Jasmine’s Beauty Supplies Inc,issued Check 3100 for $300 to establish a petty cash fund.On January 31, Check 3159 was issued to replenish the petty cash fund.An analysis of payments from the fund showed these totals: Supplies, $44; Delivery Expense,$85; and Miscellaneous Expense, $20. Indicate how these transactions would be recorded in a general journal. 5)Read each of the following transactions. A) The cash sales per a register tape were $579.The cash count is $552. B) The cash sales per a register tape were $8,700.The cash count is $8,280. Prepare the general journal entries to record the above transactions. 6) Teng Corporation received a bank statement showing a balance of $14,250 as of October 31,2019.The firm’s records showed a book balance of $13,893 on October 31. The difference between the two balances was caused by the following items. 1.A debit memorandum for an NSF check from Richard Wolf for $415. 2. Three outstanding checks:Check 7017 for $115, Check 7098 for $46,and Check 7107 for $1,470. 3. A bank service charge of $11. 4.A deposit in transit of $848. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconcillationstatement.Prepare the necessary journal entries for the year 2019. 7) Florence company received a bank statement showing a balance of $12,400 on November 30,2019.During the bank reconcillationprocess.Florence’s accountant noted the following bank


errors: A) A check for $147 issued by Florentine, Inc., was mistakenly charged to Florence company’s account. B) Check 2782 was written for $100 but was paid by the bank as $1,100. C) Check 2920 for $81 was paid by the bank twice. D) A deposit for $570 on November 22 was credited by the bank for $750. Assuming outstanding checks total $1,750, Prepare the adjusted bank balance section of the November 30,2019, bank reconciliation. 8) Northwest Gift Shop, a retail business, started business on April 29,2019.It keeps a $300 change fund in its cash register. The cash receipts for the period from April 29 to April 30,2019, are shown below. Record the cash receipts on April 29 and April 30, 2019, in a general journal. 9) On March 31,2019, Home Decorating Pavilion received a bank statement showing a balance of $9,690. The balance in the firm’s checkbook and cash account on the same date was $10,134.The difference between the two balances is caused by the items listed below, a) A $2,815 deposit made on March 30 does not appear on the bank statement. b) Check 358 for $455 issued on March 29 and check 359 for $1,590 issued on March 30 have not yet been paid by the bank. c) A credit memorandum shows that the bank has collected a $1,200 note receivable and interest of $210 for the firm. d) A service charge of $19 appears on the bank statement. e) A debit memorandum shows an NSF check for $495.(The check was issued by Dane jaris, a credit customer.) f) The firm’s records Indicate that check 341 of March 1 was issued for $800 to pay the month’s rent.However, the cancelled check and the listing on the bank statement show that the actual amount of the check was $750. g) The bank made an error by deducting a check for $530 issued by another business from the balance of Home Decorating Pavilion’s account. Required: 1.Prepare a bank reconciliation statement


for the firm as of March 31,2019. 2.Recordentires for any items on the bank reconciliation statement that must be journalized. 10) Read the following transactions. Lourdes LLC.keeps a $100 change fund in its cash register.At the end of the day, Cash sales per the register tape were $2,650.The cash count was $3,000. Calculate the amount over or Short. ========================================================== =======================

ACC 291T Apply Assignment Week 3 Connect Assignment (June 2019) (with Excel File)

FOR MORE CLASSES VISIT www.acc291guide.com

This Tutorial contains excel file which can be used in case the value changes 1) A firm’s bank reconciliation statement shows a book balance of $15.940,an NSF check of $460,and a service charge of $26.Its adjusted book balance is 2) On January 2,The Public Legal issued check 2108 for $260 to establish a petty cash fund.Indicate how this transaction would be recorded in a general journal 3) After returning from a three-day business trip,the accountant for southeast sales,JohannaEstrada,checked bank activity in the company’s checking account online.The activity for the last three days follows. After matching these transactions to the company’s cash account in the


general ledger,Johanna noted the following unrecorded transactions: • The ATM withdrawal on 9/22/201 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 9/23/2019was 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.) 4) On January 2,Jasmine’s Beauty Supplies Inc,issued Check 3100 for $300 to establish a petty cash fund.On January 31, Check 3159 was issued to replenish the petty cash fund.An analysis of payments from the fund showed these totals: Supplies, $44; Delivery Expense,$85; and Miscellaneous Expense, $20. Indicate how these transactions would be recorded in a general journal. 5)Read each of the following transactions. A) The cash sales per a register tape were $579.The cash count is $552. B) The cash sales per a register tape were $8,700.The cash count is $8,280. Prepare the general journal entries to record the above transactions. 6) Teng Corporation received a bank statement showing a balance of $14,250 as of October 31,2019.The firm’s records showed a book balance of $13,893 on October 31. The difference between the two balances was caused by the following items. 1.A debit memorandum for an NSF check from Richard Wolf for $415. 2. Three outstanding checks:Check 7017 for $115, Check 7098 for $46,and Check 7107 for $1,470. 3. A bank service charge of $11. 4.A deposit in transit of $848. Prepare the adjusted bank balance section and the adjusted book balance section of the bank


reconcillationstatement.Prepare the necessary journal entries for the year 2019. 7) Florence company received a bank statement showing a balance of $12,400 on November 30,2019.During the bank reconcillationprocess.Florence’s accountant noted the following bank errors: A) A check for $147 issued by Florentine, Inc., was mistakenly charged to Florence company’s account. B) Check 2782 was written for $100 but was paid by the bank as $1,100. C) Check 2920 for $81 was paid by the bank twice. D) A deposit for $570 on November 22 was credited by the bank for $750. Assuming outstanding checks total $1,750, Prepare the adjusted bank balance section of the November 30,2019, bank reconciliation. 8) Northwest Gift Shop, a retail business, started business on April 29,2019.It keeps a $300 change fund in its cash register. The cash receipts for the period from April 29 to April 30,2019, are shown below. Record the cash receipts on April 29 and April 30, 2019, in a general journal. 9) On March 31,2019, Home Decorating Pavilion received a bank statement showing a balance of $9,690. The balance in the firm’s checkbook and cash account on the same date was $10,134.The difference between the two balances is caused by the items listed below, a) A $2,815 deposit made on March 30 does not appear on the bank statement. b) Check 358 for $455 issued on March 29 and check 359 for $1,590 issued on March 30 have not yet been paid by the bank. c) A credit memorandum shows that the bank has collected a $1,200 note receivable and interest of $210 for the firm. d) A service charge of $19 appears on the bank statement. e) A debit memorandum shows an NSF check for $495.(The check was issued by Dane jaris, a credit customer.) f) The firm’s records Indicate that check 341 of March 1 was issued for $800 to pay the month’s rent.However, the cancelled check and the listing on


the bank statement show that the actual amount of the check was $750. g) The bank made an error by deducting a check for $530 issued by another business from the balance of Home Decorating Pavilion’s account. Required: 1.Prepare a bank reconciliation statement for the firm as of March 31,2019. 2.Recordentires for any items on the bank reconciliation statement that must be journalized. 10) Read the following transactions. Lourdes LLC.keeps a $100 change fund in its cash register.At the end of the day, Cash sales per the register tape were $2,650.The cash count was $3,000. Calculate the amount over or Short. ========================================================== =======================

ACC 291T Apply Assignment Week 5 Connect Assignment (July 2019) (with Excel File)

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This Tutorial contains excel file which can be used in case the value changes 1) The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31,2019.All accounts have normal balances. Cash $27,945 Accounts Receivable 46,200 Note Receivable 8,000 Merchandise inventory 34,200 Prepaid Insurance 2,200 Supplies 1,260 Equipment


42,000 Accumulated depreciation,equipment 22,000 Note payable to bank,due 2020 20,000 Accounts payable 28,700 Interest payable 200 Sales 522,500 Sales discounts 1,700 Cost of goods sold 388,025 Accounts Receivable at December 31,2018, was $56,300.Merchandise at December 31,2018, was $57,100.Based on the account balances above,Calculate the following: a. The gross profit percentage. b. Working capital. c. The current ratio. d. The inventory turnover. e. The accounts receivable turnover. All sales wer on credit 2) Solomon Company reports the following in its most recent year of operations: • Sales ,$1,040,400(all on account) • Cost of Goods sold ,$601,400 • Gross Profit,$439,000 • Accounts receivable,beginning of year,$92,000 • Accounts receivable,end of year,$112,000 • Merchandaise inventory,beginning of year,$57,000 • Merchandaise inventory,end of year.$67,000 Based on these balances,compute: a. The accounts receivable turnover. b. The inventory turnover. 3) The worksheet of Bridget’s Office Supplies contains the following revenue, cost and expenses account. The merchandise inventory amounted to $59,675 on January 1, 2019 and $52,625 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. 401 Sales $248,200 Cr. 451 Sales Returns and Allowances 4,340 Dr. 491 Miscellaneous Income 390 Cr. 501 Purchases 103,500 Dr. 502 Freight In 1,965 Dr. 503 Purchases Returns and Allowances 3,590 Cr. 504 Purchases Discounts 1,790 Cr. 611 Salaries Expense-Sales 45,200 Dr. 614 Store Supply Expense 2,300 Dr. 617 Depreciation Expense-Store Equipment 1,500 Dr. 631 Rent Expense 13,400 Dr. 634 Utilities Expense 2,990 Cr. 637 Salaries


Expense-Office 21,000 Cr. 640 Payroll Taxes Expense 5,900 Dr. 643 Depreciation Expense-Office Equipment 560 Dr. 646 Uncollectible Accounts Expense 710 Dr. 691 Interest expense 720 Dr. Prepare a classified income statement for this firm for the year ended December 31,2019. 4) The Worksheet of Bridger’s Office Supplies contains the following revenue,cost and expense accounts.The merchandise inventory amounted to $58.175 on January 1,2019,and$51,125 on December 31,2019. The expense accounts numbered 611 through 617 represent selling expenses,and those numbered 631 through 646 represent general and administrative expenses. 401 Sales $244,400 Cr. 451 Sales Returns and Allowances 4,190 Dr. 491 Miscellaneous Income 240 Cr. 501 Purchases 102,000 Dr. 502 Freight In 1,815 Dr. 503 Purchases Returns and Allowances 3,440 Cr. 504 Purchases Discounts 1,640 Cr. 611 Salaries Expenses-Sales 43,700 Dr. 614 Store Supplies Expense 2,150 Dr. 617 Depreciation Expense-Store Equipment 1,350 Dr. 631 Rent,Expense 11,900 Dr. 634 Utilities Expense 2,840 Dr. 637 Salaries Expense-Office 19,500 Dr. 640 Payroll Taxes Expense 4,400 Dr. 643 Depreciation ExpenseOffice Equipment 410 Dr. 646 Uncollectible Accounts Expense 560 Dr. 691 Interest Expense 420 Dr. The worksheet of Bridget’s Office Supplies contains the following owner’s equity accounts. 301 Bridget Swanson, Capital $62,160 Cr. 302 Bridget Swanson, Drawing 41,000 Dr. 5) The beginning capital balance shown on a statement of owner’s equity is $110,000.Net income for the period is $51,000. The owner withdrew $25,500 cash from the business and made no additional investments during the period. The owner’s capital balance at the end of the period is o 186,500 o $135,500 o $110,000


o $161,000 6) A Company reported gross profit of $93,000, total operating expenses of $49,500 and interest income of $3,800. What is the income from operations? o $43,500 o $35,900 o $39,700 o $47,300 7) 2019 Dec.31 (Adjustment a) Uncollectible Accounts Expense Allowance for Doubtful Accounts To record estimated loss from Uncollectible accounts based on 0.5% of net credit sales,$728,000 3,640.00 3,640.00 31 (Adjustment b) Supplies Expense To record supplies used during the year 5,000.00 5,000.00 31 (Adjustment c) Insurance Expenses Prepaid Insurance To record expired insurance on 1-year $5,760 policy purchased on oct.1 1,440.00 1,440.00 31 (Adjustment d) Depreciation. Exp- Store Equipment Accum. Depreciation-Store Equip. To record depreciation 14,600.00 14,600.00 31 (Adjustment e) Salaries Expense-office Salaries payable To record accrued salaries for Dec. 29-31 3,100.00 3,100.00 31 (Adjustment f) Payroll Taxes Expense Social Security Tax Payable Medicare Tax Payable TO record accrued payroll taxes on accrued salaries: social security, 6.2% * 3,100 = $192.20; Medicare, 1.45% * 3,100 = $44.95 237.15 192.20 44.95 31 (Adjustment g) Interest Expense Interest Payable To record accrued interest on a 4-month,6% trade note payable dated Nov. 1: $23,000 * 2/12 = $230.00230.00 230.00 8) The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows.The owner made no additional investments during the year. Accounts Debit Credit Cash $ 19,600 Accounts Receivable 60,000 Allowance for Doubtful Accounts $ 200 Merchandise Inventory 187,200 Supplies 7,240 Prepaid Insurance 3,160 Equipment 52,000 Accumulated Depreciation – Equipment 18,800 9) At the end of the year Stan Still Stationery Store had the following balances: Sales $690,000 ;Sales Dicounts $2,640 ;


Sales Returns and Allownces $15,6000 ; Sales Salaries Expense $75,000. The Net Sales for the year are: • $596,760 • $674,400 • $671,760 • $687,360 10) The worksheet of Bridget’s Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,375 on January 1, 2019 and $51,325 on December 31, 2019. The expense accounts numbered 611 through 617 represents selling expenses, and those numbered 631 through 646 represent general and administrative expenses. 401 Sales $ 244,800 Cr. 451 Sales Returns and Allowances 4,210 Dr. 491 Miscellaneous income 260 Cr. 501 Purchases 102,200 Dr. 502 Freight In 1,835 Dr. 503 Purchases Returns and Allowances 3,460 Cr. 504 Purchases Discounts 1,660 Cr. 611 Salaries Expense-Slaes 43,900 Dr. 614 Store Supplies Expense 2,170 Dr. 617 Deprediction Expense- Store Equipment 1,370 Dr. 631 Rent Expense 12,100 Dr. 634 Utilities Expense 2,860 Dr. 637 Salaries Expense-Office 19,700 Dr. 640 Payroll Taxes Expense 4,600 Dr. 643 Depreciation Expense- Office Equipment 430 Dr. 646 Uncollectible Accounts Expense 580 Dr. 691 Interest Expense 460 Dr. The Worksheet of Bridget’s Office Supplies Contains the following owner’s equity accounts. No additional investments were made during the period. 301 Bridget Swanson, Capital $ 62,630 Cr. 302 Bridget Swanson, Drawing 40,900 Dr. ========================================================== =======================

ACC 291T Apply Assignment Week 5 Connect Assignment (June 2019) (with Excel File)


FOR MORE CLASSES VISIT www.acc291guide.com

This Tutorial contains excel file which can be used in case the value changes 1) The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31,2019.All accounts have normal balances. Cash $27,945 Accounts Receivable 46,200 Note Receivable 8,000 Merchandise inventory 34,200 Prepaid Insurance 2,200 Supplies 1,260 Equipment 42,000 Accumulated depreciation,equipment 22,000 Note payable to bank,due 2020 20,000 Accounts payable 28,700 Interest payable 200 Sales 522,500 Sales discounts 1,700 Cost of goods sold 388,025 Accounts Receivable at December 31,2018, was $56,300.Merchandise at December 31,2018, was $57,100.Based on the account balances above,Calculate the following: a. The gross profit percentage. b. Working capital. c. The current ratio. d. The inventory turnover. e. The accounts receivable turnover. All sales wer on credit 2) Solomon Company reports the following in its most recent year of operations: • Sales ,$1,040,400(all on account) • Cost of Goods sold ,$601,400 • Gross Profit,$439,000 • Accounts receivable,beginning of year,$92,000 • Accounts receivable,end of year,$112,000 • Merchandaise inventory,beginning of year,$57,000 • Merchandaise inventory,end of year.$67,000 Based on these balances,compute: a. The accounts receivable turnover. b. The inventory turnover. 3) The worksheet of Bridget’s Office Supplies contains the following revenue, cost and expenses account. The merchandise inventory amounted to $59,675 on January 1, 2019 and


$52,625 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. 401 Sales $248,200 Cr. 451 Sales Returns and Allowances 4,340 Dr. 491 Miscellaneous Income 390 Cr. 501 Purchases 103,500 Dr. 502 Freight In 1,965 Dr. 503 Purchases Returns and Allowances 3,590 Cr. 504 Purchases Discounts 1,790 Cr. 611 Salaries Expense-Sales 45,200 Dr. 614 Store Supply Expense 2,300 Dr. 617 Depreciation Expense-Store Equipment 1,500 Dr. 631 Rent Expense 13,400 Dr. 634 Utilities Expense 2,990 Cr. 637 Salaries Expense-Office 21,000 Cr. 640 Payroll Taxes Expense 5,900 Dr. 643 Depreciation Expense-Office Equipment 560 Dr. 646 Uncollectible Accounts Expense 710 Dr. 691 Interest expense 720 Dr. Prepare a classified income statement for this firm for the year ended December 31,2019. 4) The Worksheet of Bridger’s Office Supplies contains the following revenue,cost and expense accounts.The merchandise inventory amounted to $58.175 on January 1,2019,and$51,125 on December 31,2019. The expense accounts numbered 611 through 617 represent selling expenses,and those numbered 631 through 646 represent general and administrative expenses. 401 Sales $244,400 Cr. 451 Sales Returns and Allowances 4,190 Dr. 491 Miscellaneous Income 240 Cr. 501 Purchases 102,000 Dr. 502 Freight In 1,815 Dr. 503 Purchases Returns and Allowances 3,440 Cr. 504 Purchases Discounts 1,640 Cr. 611 Salaries Expenses-Sales 43,700 Dr. 614 Store Supplies Expense 2,150 Dr. 617 Depreciation Expense-Store Equipment 1,350 Dr. 631 Rent,Expense 11,900 Dr. 634 Utilities Expense 2,840 Dr. 637 Salaries Expense-Office 19,500 Dr. 640


Payroll Taxes Expense 4,400 Dr. 643 Depreciation ExpenseOffice Equipment 410 Dr. 646 Uncollectible Accounts Expense 560 Dr. 691 Interest Expense 420 Dr. The worksheet of Bridget’s Office Supplies contains the following owner’s equity accounts. 301 Bridget Swanson, Capital $62,160 Cr. 302 Bridget Swanson, Drawing 41,000 Dr. 5) The beginning capital balance shown on a statement of owner’s equity is $110,000.Net income for the period is $51,000. The owner withdrew $25,500 cash from the business and made no additional investments during the period. The owner’s capital balance at the end of the period is o 186,500 o $135,500 o $110,000 o $161,000 6) A Company reported gross profit of $93,000, total operating expenses of $49,500 and interest income of $3,800. What is the income from operations? o $43,500 o $35,900 o $39,700 o $47,300 7) 2019 Dec.31 (Adjustment a) Uncollectible Accounts Expense Allowance for Doubtful Accounts To record estimated loss from Uncollectible accounts based on 0.5% of net credit sales,$728,000 3,640.00 3,640.00 31 (Adjustment b) Supplies Expense To record supplies used during the year 5,000.00 5,000.00 31 (Adjustment c) Insurance Expenses Prepaid Insurance To record expired insurance on 1-year $5,760 policy purchased on oct.1 1,440.00 1,440.00 31 (Adjustment d) Depreciation. Exp- Store Equipment Accum. Depreciation-Store Equip. To record depreciation 14,600.00 14,600.00 31 (Adjustment e) Salaries Expense-office Salaries payable To record accrued salaries for Dec. 29-31 3,100.00 3,100.00 31 (Adjustment f) Payroll Taxes Expense Social Security Tax Payable Medicare Tax Payable TO record accrued payroll taxes on accrued salaries: social security, 6.2% * 3,100 = $192.20; Medicare, 1.45% * 3,100 = $44.95 237.15 192.20 44.95 31 (Adjustment g) Interest Expense Interest Payable To


record accrued interest on a 4-month,6% trade note payable dated Nov. 1: $23,000 * 2/12 = $230.00230.00 230.00 8) The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows.The owner made no additional investments during the year. Accounts Debit Credit Cash $ 19,600 Accounts Receivable 60,000 Allowance for Doubtful Accounts $ 200 Merchandise Inventory 187,200 Supplies 7,240 Prepaid Insurance 3,160 Equipment 52,000 Accumulated Depreciation – Equipment 18,800 9) At the end of the year Stan Still Stationery Store had the following balances: Sales $690,000 ;Sales Dicounts $2,640 ; Sales Returns and Allownces $15,6000 ; Sales Salaries Expense $75,000. The Net Sales for the year are: • $596,760 • $674,400 • $671,760 • $687,360 10) The worksheet of Bridget’s Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,375 on January 1, 2019 and $51,325 on December 31, 2019. The expense accounts numbered 611 through 617 represents selling expenses, and those numbered 631 through 646 represent general and administrative expenses. 401 Sales $ 244,800 Cr. 451 Sales Returns and Allowances 4,210 Dr. 491 Miscellaneous income 260 Cr. 501 Purchases 102,200 Dr. 502 Freight In 1,835 Dr. 503 Purchases Returns and Allowances 3,460 Cr. 504 Purchases Discounts 1,660 Cr. 611 Salaries Expense-Slaes 43,900 Dr. 614 Store Supplies Expense 2,170 Dr. 617 Deprediction Expense- Store Equipment 1,370 Dr. 631 Rent Expense 12,100 Dr. 634 Utilities Expense 2,860 Dr. 637 Salaries Expense-Office 19,700 Dr. 640 Payroll Taxes Expense 4,600 Dr. 643 Depreciation Expense- Office Equipment 430 Dr. 646 Uncollectible Accounts Expense 580 Dr. 691 Interest


Expense 460 Dr. The Worksheet of Bridget’s Office Supplies Contains the following owner’s equity accounts. No additional investments were made during the period. 301 Bridget Swanson, Capital $ 62,630 Cr. 302 Bridget Swanson, Drawing 40,900 Dr. =================================================================================

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__This course provides a wide range of university students-centered service

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