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1. ACCT 550 Week 1 Homework Assignment
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E3-1 (Transaction Analysis—Service
Company) Christine Ewing is a licensed CPA.
During the first month of operations of her
business (a sole proprietorship), the following
events and transactions occurred.
April 2
Invested $30,000 cash and equipment
valued at $14,000 in the business.
2
Hired a secretary-receptionist at a salary
of $290 per week payable monthly.
3 Purchased supplies on account $700.

2. (debit an asset account.)
7 Paid office rent of $600 for the month.
11
Completed a tax assignment and billed
client $1,100 for services rendered. (Use
Service Revenue account.)
12
Received $3,200 advance on a
management consulting engagement.
17
Received cash of $2,300 for services
completed for Ferengi Co.
21 Paid insurance expense $110.
30
Paid secretary-receptionist $1,160 for the
month.
30
A count of supplies indicated that $120 of
supplies had been used.
30
Purchased a new computer for $5,100 with
personal funds. (The computer will be
used exclusively for business purposes.)
E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year includes
the following selected accounts before adjusting entries have been prepared.
Debit Credit
Prepaid Insurance $ 3,600
Supplies 2,800
Equipment 25,000
Accumulated Depreciation—
Equipment
$ 8,400
Notes Payable 20,000
Unearned Rent Revenue 6,300

3. Rent Revenue 60,000
Interest Expense
Salaries and Wages Expense 14,000
An analysis of the accounts shows the following.
• The equipment depreciates $250 per month.
• One-third of the unearned rent was earned
during the quarter.
• Interest of $500 is accrued on the notes
payable.
• Supplies on hand total $650.
• Insurance expires at the rate of $300 per
month.
most directly related to measuring the
performance and financial status of an enterprise
are provided below.
Assets
Distributions to
owners
Expenses
Liabilities
Comprehensive
income
Gains
Equity Revenues Losses
Investments by
owners
Identify the element or elements associated with
the 12 items below.

4. CA1-3 (Financial Reporting and Accounting
Standards) Answer the following multiple-choice
questions.