EPANDING THE CONTENT OF AN OUTLINE using notes.pptx
Argosy university acc 201
1. Argosy-University ACC-201 Homework
Help
Get help for Argosy-University ACC201 HomeworkHelp. We provide assignment, homework,
discussions and case studies help for all subject Argosy-University for Session 2015-2016
ACC 201 Week 2 P3-43 The problem Haupt Consulting situation
The problem continues the Haupt Consulting situation from problem 2-64 of chapter 2.
Start from the trial blance and the posted T accounts that Haupt Consulting prepared December 18
as follows:
Haupt Consulting
Trial Balance
December 18, 2010
Balance
Account Title Debit Credit
Cash 8,100
Accounts Receivable 1,700
Supplies 300
Equipment 2,000
Accumulated Depreciation - Equipment
Furniture 3,600
Accumulated Depreciation - Furniture
Accounts Payable 3,900
2. Salary Payable
Unearned Service Revenue
Carl Haupt, Capital 10,000
Carl Haupt, Withdrawals
Service Revenue 2,500
Rent Expense 500
Utilities Expense 200
Salary Expense
Depreciation Expense - Equipment
Depreciation Expense - Furniture
Supplies Expense
Total $16,400 $16,400
Later in December, the business completed these transactions as follows:
Dec 21 received $900 in advance for client service to be performed evenly over the next 30 days.
Dec 21 Hired secretary to be paid $1,500 on the 20th day of each month. The secretary begins
work immediately.
Dec 26 Paid $300 on account
Dec 28 Collected $600 on account
Dec 30 Owner withdrew $1,600
Required:
1. Open these additional T-accounts: Accumulated depreciation-equipment; Accumulated
depreciation-furniture; Salary payable; Unearned service revenue; Depreciation expense-equipment;
Depreciation expense-furniture; Supplies expense.
2. Journalize the transactions of Dec 21-30.
3. Post to the T-accounts, keying all items by date
4. Prepare a trial balance at December 31. Also set up columns for the adjustments and for the
adjusted trial balance.
3. 5. At December 31, the business gathers the following information for the adjusting entries:
a. Accrued service revenue, $400
b. Earned $300 of the service revenue collected in advance on December 21
c. Supplies on hand, $100
d. Depreciation expense-equipment, $33; furniture, $60
e. Accrued $700 expense for secretary’s salary
On your work sheet make these adjustments directly in the adjustments columns, and complete the
adjusted trial balance at December 31. Throughout the book, to avoid rounding errors, we base
adjusting entries on 30-day months and 360-day years.
6. Journalize and post the adjusted entries. In the T-accounts denote each adjusting amount as Adj
and an account balance as Bal.
7. Prepare the income statement and the statement of owner’s equity of Haupt Consulting for the
month ended December 31, 2010, and prepare the balance sheet at that date.
http://www.justquestionanswer.com/viewanswer_detail/ACC-201-Week-2-P3-43-The-problem-
Haupt-Consulting-situation-37108
ACC 201 Week 2 P4-38 The Problem Haupt Consulting Situation
Complete problems P3-43 (p. 185) and P4-38 (p. 252) in your text book.
Present your analysis of the assigned problems in Excel format. Enter non-numerical responses in
the same worksheet using textboxes.
P3-43
Trial balance and the posted T-Accounts that Haupt Consulting prepared at December 18, as
follows:
6. Rent expense $500
Utilities expense $200
Salary expense
Depreciation expense-equip.
Depreciation expense-furniture
Supplies expense
Total $16,400 $16,400
Later in December, the business completed these transactions, as follows:
Dec21 Received $900 in advance for client services to be performed evenly over 30
days
7. Dec 21 Hired a secretary to be paid $1,500 on the 20th day of Each month, begins
immediately
Dec26 Paid $300 on account
Dec 28 Collected $600 on account
Dec 30 Owner withdrew $1,600
Requirements:
Open these additional T-Accounts: Accumulated Depreciation-equipment; Accumulated
depreciation-furniture; Salary payable; Unearned service revenue; Depreciation expense-equipment;
Depreciation expense-furniture; Supplies expense.
Journalize the transactions of December 21-30
Post to the T-accounts by keying all items by date
Prepare a trail balance at December 31. Also set up columns for the adjustments and for the
adjusted trial balance
At December 31, the business gathers the following information for the adjustment entries
Accrued service revenue, $400
Earned $300 of the service revenue collected in advance on Dec 21
Supplies on hand $100
Depreciation expense-equipment, $33; furniture, $60
Accrued $700 expense for secretaries salary
8. On your worksheet make these adjustments directly in the adjustments columns, and complete the
adjusted trial balance at December 31. Base adjusting entries on 30 day months and 360 day years.
Journalize and post the adjusting entries. In the T-accounts denote each adjusting amount as adj
and an account balance as bal.
PREPARE the income statement and the statement of owner’s equity of Haupt Consulting for the
month ended Dec31,2010, and prepare the balance sheet.
http://www.justquestionanswer.com/viewanswer_detail/ACC-201-Week-2-P4-38-The-Problem-
Haupt-Consulting-Situation-37114
ACC 201 Week 3 Problem P1-44B
Preparing financial statements and evaluating business performance.
Accent Photography works weddings and prom-type parties. The balance of capital was $20,000 at
December 31, 2010. At December 31, 2011, the business’ accounting records show these balances:
Insurance expense $8,000
Cash $31,000
Accounts payable $6,000
Advertising Expense $1,000
Service revenue $81,000
9. Owner withdrawal $15,000
Accounts receivable $10,000
Note payable $12,000
Owner equity?
Salary expense $27,000
Equipment $60,000
Owner Investment $33,000
Prepare the following statements for Accent Photography for the year end December 31, 2011:
Income statement
Statement of owner’s equity
Balance sheet
http://www.justquestionanswer.com/viewanswer_detail/ACC-201-Week-3-Problem-P1-44B-
Preparing-financial-statement-37116
10. ACC 201 Week 3 Problem P2-46B
Analyzing and journalizing transactions, posting, and preparing trial balance.
Warren Smith practices medicine under the business title Warren Smith, M.D. During April, the
medical practice completed the following transactions:
Apr 1 Smith deposited $78,000 cash in the business bank account. The business gave capital to
Smith.
Apr 5 Paid monthly rent on medical equipment, $780.
Apr 9 Paid $18,000 cash to purchase land for an office site.
Apr 10 Purchased supplies on account, $1,200.
Apr 19 Borrowed $20,000 from the bank for business use. Smith signed a note to the bank in the
name of the business.
Apr 22 Paid $800 on the account.
Apr 30 Revenue earned during the month included $5,900 cash and $4,900 on account.
Apr 30 Paid employees’ salaries $2,000, office rent$1,800, and utilities $420. Make a single
compound entry.
Apr 30 Owner withdrew $9,000.
The business uses the following accounts:
11. Cash; Accounts receivable; supplies; Land; Accounts payable; Notes payable; Warren Smith,
capital; Warren Smith, withdrawals; Service revenue; Salary expense; rent expense; Utility expense.
1. Journalize each transaction, as shown for April. Explanations are not required.
April 1 Cash $78,000
Warren Smith, Capital $78,000
1. Post the transactions to the T-accounts, using transaction dates as posting reference in the ledger
accounts. Label the balance of each account balance as shown in chapter
2. Prepare the trial balance of Warren Smith, M.D., at April 30, 2010.
http://www.justquestionanswer.com/viewanswer_detail/ACC-201-Week-3-Problem-P2-46B-
Analyzing-and-journalizing-37118