This document provides a list of assignments for the ACC 291 accounting course, including practice and applied assignments in Connect for each week of the course from December 2019. It also includes two sample applied assignment exercises with multiple choice questions to be completed in Connect.
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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
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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
Ac 499-unit-2-and-unit-3-assignments-newfirstsur123
ac 499,kaplan university ac 499,ac 499 entire course new,kaplan university ac 499 unit 2,kaplan university ac 499 unit 4,kaplan university ac 499 unit 5,kaplan university ac 499 unit 6,kaplan university ac 499 unit 7,kaplan university ac 499 unit 8,kaplan
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Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
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Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
Acc 291 t Motivated Minds/newtonhelp.comamaranthbeg41
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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
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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
Ac 499-unit-2-and-unit-3-assignments-newfirstsur123
ac 499,kaplan university ac 499,ac 499 entire course new,kaplan university ac 499 unit 2,kaplan university ac 499 unit 4,kaplan university ac 499 unit 5,kaplan university ac 499 unit 6,kaplan university ac 499 unit 7,kaplan university ac 499 unit 8,kaplan
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Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
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Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
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Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
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Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31. Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare
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Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
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Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
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Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31. Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $8,000 cash payment on Friday, January 2 Side Kicks has year-end account balances of Sales Revenue $808,900; Interest Revenue $13,500; Cost of Goods Sold $556,200; Administrative Expenses $189,000; Income Tax Expense $35,100; and Dividends $18,900. Prepare the year-end closing entrie To convert cash receipts from customers to revenue
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AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docxikirkton
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
6. Ratio computation. The financial statements of the Lone Pine Company follow.
LONE PINE COMPANY
Comparat ...
Exercise 44. Accounting for prepaid expenses and unearned revenu.docxSANSKAR20
Exercise 4
4. Accounting for prepaid expenses and unearned revenues. Hawaii-Blue began business on January 1 of the current year and offers deep-sea fishing trips to tourists. Tourists pay $125 in advance for an all-day outing off the coast of Maui. The company collected monies during January for 210 outings, with 30 of the tourists not planning to take their trips until early February.
Hawaii-Blue rents its fishing boat from Pacific Yacht Supply. An agreement was signed at the beginning of the year, and $72,000 was paid for the rights to use the boat for 2 full years.
1. Prepare journal entries to record (1) the collection of monies from tourists and (2) the revenue generated during January.
2. Calculate Hawaii-Blue's total obligation to tourists at the end of January. On what financial statement and in which section would this amount appear?
3. Prepare journal entries to record (1) the payment to Pacific Yacht Supply and (2) the subsequent adjustment on January 31.
4. On what financial statement would Hawaii-Blue's January boat rental cost appear?
Exercise 8
8. Closing entries. Gomez Company had the following adjusted trial balance on December 31:
Cash
$ 2,300
Accounts Receivable
16,500
Prepaid Insurance
1,200
Land
40,000
Accounts Payable
$ 1,800
Miguel Gomez, Capital
43,700
Miguel Gomez, Drawing
2,500
Service Revenue
38,000
Rent Expense
9,000
Insurance Expense
5,400
Advertising Expense
3,500
Utilities Expense
3,100
$83,500
$83,500
1. Prepare the closing entries that Gomez would record on December 31.
Problem 3
Adjusting entries. You have been retained to examine the records of Kathy's Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you discover the following:
1. On January 1, 20X3, the Supplies account had a balance of $2,350. During the year, $5,520 worth of supplies was purchased, and a balance of $1,620 remained unused on December 31.
2. Unrecorded interest owed to the center totaled $275 as of December 31.
3. All clients pay tuition in advance, and their payments are credited to the Unearned Tuition Revenue account. The account was credited for $75,500 on August 31. With the exception of $15,500, which represented prepayments for 10 months' tuition from several well-to-do families, all amounts were for the current semester ending on December 31.
4. Depreciation on the school's van was $3,000 for the year.
5. On August 1, the center began to pay rent in 6-month installments of $21,000. Kathy wrote a check to the owner of the building and recorded the check in Prepaid Rent, a new account.
6. Two salaried employees earn $400 each for a 5-day week. The employees are paid every Friday, and December 31 falls on a Thursday.
7. Kathy's Day Care paid insurance premiums as follows, each time debiting Prepaid Insurance:
Date Paid
Policy No.
Length of Policy
Amount
Feb. 1, 20X2
1033MCM19
1 year
$540
Jan. 1, 20X3
7952789HP
1 year
912
Aug. 1, 20X3
XQ943675ST
2 ...
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ACC 557 –
Homework 1: Chapters 1, 2, and 3
Due Week 2 and worth 95 points
Directions: Answer the following questions
in a separate Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
1-11
.
Two items are omitted from each of the following summaries of balance sheet and income
s
tatement data for two corporations for the year 2015, Plunkett Co. and Herring
Enterprises.
Instructions
Determine the missing amounts.
E
2-9
.
Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
Instructions
a)
Post the transactions to T-accounts.
b)
Prepare a trial balance at August 31, 2015.
E
2-11
.
Presented below is the ledger for Higgs Co.
Instructions
a)
Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
b)
Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E
3-7.
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1.
The equipment depreciates $400 per month.
2.
One-third of the unearned rent revenue was earned during the quarter.
3.
Interest totaling $500 is accrued on the notes payable for the quarter.
4.
Supplies on hand total $900.
5.
Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E
3-11
.
A partial adjusted trial balance of
Gehring
Company at January 31, 2015, shows the following.
Instructions
Answer the following questions, assuming the year begins January 1.
a)
If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
b)
If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
c)
If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?
Problems
P1-2A.
On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.
1.
Paid $2,900 cash for accounts payable due.
2.
Collected $1,300 of accounts receivable.
3.
Purchased additional equipment for $2,100, paying $800 in cash and the balance on account.
4.
Recogni.
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Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31. Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare
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Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
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Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
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Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31. Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $8,000 cash payment on Friday, January 2 Side Kicks has year-end account balances of Sales Revenue $808,900; Interest Revenue $13,500; Cost of Goods Sold $556,200; Administrative Expenses $189,000; Income Tax Expense $35,100; and Dividends $18,900. Prepare the year-end closing entrie To convert cash receipts from customers to revenue
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Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31.
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Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docxikirkton
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
6. Ratio computation. The financial statements of the Lone Pine Company follow.
LONE PINE COMPANY
Comparat ...
Exercise 44. Accounting for prepaid expenses and unearned revenu.docxSANSKAR20
Exercise 4
4. Accounting for prepaid expenses and unearned revenues. Hawaii-Blue began business on January 1 of the current year and offers deep-sea fishing trips to tourists. Tourists pay $125 in advance for an all-day outing off the coast of Maui. The company collected monies during January for 210 outings, with 30 of the tourists not planning to take their trips until early February.
Hawaii-Blue rents its fishing boat from Pacific Yacht Supply. An agreement was signed at the beginning of the year, and $72,000 was paid for the rights to use the boat for 2 full years.
1. Prepare journal entries to record (1) the collection of monies from tourists and (2) the revenue generated during January.
2. Calculate Hawaii-Blue's total obligation to tourists at the end of January. On what financial statement and in which section would this amount appear?
3. Prepare journal entries to record (1) the payment to Pacific Yacht Supply and (2) the subsequent adjustment on January 31.
4. On what financial statement would Hawaii-Blue's January boat rental cost appear?
Exercise 8
8. Closing entries. Gomez Company had the following adjusted trial balance on December 31:
Cash
$ 2,300
Accounts Receivable
16,500
Prepaid Insurance
1,200
Land
40,000
Accounts Payable
$ 1,800
Miguel Gomez, Capital
43,700
Miguel Gomez, Drawing
2,500
Service Revenue
38,000
Rent Expense
9,000
Insurance Expense
5,400
Advertising Expense
3,500
Utilities Expense
3,100
$83,500
$83,500
1. Prepare the closing entries that Gomez would record on December 31.
Problem 3
Adjusting entries. You have been retained to examine the records of Kathy's Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you discover the following:
1. On January 1, 20X3, the Supplies account had a balance of $2,350. During the year, $5,520 worth of supplies was purchased, and a balance of $1,620 remained unused on December 31.
2. Unrecorded interest owed to the center totaled $275 as of December 31.
3. All clients pay tuition in advance, and their payments are credited to the Unearned Tuition Revenue account. The account was credited for $75,500 on August 31. With the exception of $15,500, which represented prepayments for 10 months' tuition from several well-to-do families, all amounts were for the current semester ending on December 31.
4. Depreciation on the school's van was $3,000 for the year.
5. On August 1, the center began to pay rent in 6-month installments of $21,000. Kathy wrote a check to the owner of the building and recorded the check in Prepaid Rent, a new account.
6. Two salaried employees earn $400 each for a 5-day week. The employees are paid every Friday, and December 31 falls on a Thursday.
7. Kathy's Day Care paid insurance premiums as follows, each time debiting Prepaid Insurance:
Date Paid
Policy No.
Length of Policy
Amount
Feb. 1, 20X2
1033MCM19
1 year
$540
Jan. 1, 20X3
7952789HP
1 year
912
Aug. 1, 20X3
XQ943675ST
2 ...
http
ACC 557 –
Homework 1: Chapters 1, 2, and 3
Due Week 2 and worth 95 points
Directions: Answer the following questions
in a separate Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
1-11
.
Two items are omitted from each of the following summaries of balance sheet and income
s
tatement data for two corporations for the year 2015, Plunkett Co. and Herring
Enterprises.
Instructions
Determine the missing amounts.
E
2-9
.
Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
Instructions
a)
Post the transactions to T-accounts.
b)
Prepare a trial balance at August 31, 2015.
E
2-11
.
Presented below is the ledger for Higgs Co.
Instructions
a)
Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
b)
Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E
3-7.
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1.
The equipment depreciates $400 per month.
2.
One-third of the unearned rent revenue was earned during the quarter.
3.
Interest totaling $500 is accrued on the notes payable for the quarter.
4.
Supplies on hand total $900.
5.
Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E
3-11
.
A partial adjusted trial balance of
Gehring
Company at January 31, 2015, shows the following.
Instructions
Answer the following questions, assuming the year begins January 1.
a)
If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
b)
If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
c)
If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?
Problems
P1-2A.
On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.
1.
Paid $2,900 cash for accounts payable due.
2.
Collected $1,300 of accounts receivable.
3.
Purchased additional equipment for $2,100, paying $800 in cash and the balance on account.
4.
Recogni.
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Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
a. Determine Rossi's total assets as of December
Week Two Exercise AssignmentRevenue and Expenses1. Recognition.docxalanfhall8953
Week Two Exercise Assignment
Revenue and Expenses
1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
a. Amounts paid on June 30 for a 1-year insurance policy
b. Professional fees earned but not billed as of June 30
c. Repairs to the firm’s copy machine, incurred and paid in June
d. An advance payment from a client for a performance next month at a convention
e. The payment in part (d) from the client’s point of view
f. Interest owed on the company’s bank loan, to be paid in early July
g. The bank loan payable in part (f)
h. Office supplies on hand at year-end
2. Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:
Insurance expense
$4,350
Prepaid insurance, December 31, 20X2
1,900
Cash outlays for insurance during 20X2
6,200
Compute the balance in the Prepaid Insurance account on January 1, 20X2.
3. Understanding the closing process. Examine the following list of accounts:
Interest Payable
Accumulated Depreciation: Equipment
Alex Kenzy, Drawing
Accounts Payable
Service Revenue
Cash
Accounts Receivable
Supplies Expense
Interest Expense
Which of the preceding accounts
a. appear on a post-closing trial balance?
b. are commonly known as temporary, or nominal, accounts?
c. generate a debit to Income Summary in the closing process?
d. are closed to the capital account in the closing process?
4. Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
· The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
· Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
· Salaries owed to employees at year-end amounted to $1,650.
· The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
· The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
Instructions
Analyze the five preceding cases individually and determine the following:
a. The type of adjusting entry needed at year-end (Use the following codes: A, adjustment of a prepaid expense; B, adjustment of an unearned revenue; C, adjustment to record an accrued expense; or D, adjustment to record an accrued revenue.)
b. The year-end journal entry to adjust the accounts
c. The income statement impact of each adjustment (e.g., increases total revenues by $500)
5. Adjus.
AWeek One Exercise AssignmentBasic Accounting Equations1.Recog.docxikirkton
AWeek One Exercise Assignment
Basic Accounting Equations
1.Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company's viewpoint. Also indicate the normal account balance of each item.
a. The albums, tapes, and CDs held for sale to customers.
b. A long-term loan owed to Citizens Bank.
c. Promotional costs to publicize a concert.
d. Daily sales of merchandise sold,
e. Amounts due from customers,
f. Land held as an investment,
g. A new fax machine purchased for office use.
h. Amounts to be paid in 10 days to suppliers,
i. Amounts paid to a mall for rent.
2.Basic journal entries
The following April transactions pertain to the Jennifer Royall Company:
Apr. 1
Jennifer Royall invested cash of $15,000 and land valued at $10,000into the business.
Apr.5
Provided $1,200 of services to Jason Ratchford, a client, on account.
Apr.9
Paid $250 of salaries to an employee.
Apr.14
Acquired a new computer for $3,200, on account.
Apr.20
Collected $800 from Jason Ratchford for services provided on April 5.
Apr.24
Borrowed $7,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX:
Building $44,000 Accounts receivable $24,000
Cash 17,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?
Prepare a balance sheetas of December 31, 20XX. (See Exhibit 1.1 and 1.4)
4. Basic transaction processing. On November 1 of the current year, Richard Parker established a sole proprietorship. The following transactions occurred during the month:
1: Parker invested $19,000 into the business for $19,000 in common stock.
2: Paid $9,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Parker withdrew $600 from the business.
10: Received $250 in cash from clients for consulting services rendered.
Instructions
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Parker.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found? ...
Directions Answer the following questions in a separate Mic.docxtenoelrx
Directions: Answer the following questions
in a separate Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
1-11
.
Two items are omitted from each of the following summaries of balance sheet and income
s
tatement data for two corporations for the year 2015, Plunkett Co. and Herring
Enterprises.
Instructions
Determine the missing amounts.
E
2-9
.
Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
Instructions
a)
Post the transactions to T-accounts.
b)
Prepare a trial balance at August 31, 2015.
E
2-11
.
Presented below is the ledger for Higgs Co.
Instructions
a)
Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
b)
Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E
3-7.
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1.
The equipment depreciates $400 per month.
2.
One-third of the unearned rent revenue was earned during the quarter.
3.
Interest totaling $500 is accrued on the notes payable for the quarter.
4.
Supplies on hand total $900.
5.
Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E
3-11
.
A partial adjusted trial balance of
Gehring
Company at January 31, 2015, shows the following.
Instructions
Answer the following questions, assuming the year begins January 1.
a)
If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
b)
If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
c)
If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?
Problems
P1-2A.
On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.
1.
Paid $2,900 cash for accounts payable due.
2.
Collected $1,300 of accounts receivable.
3.
Purchased additional equipment for $2,100, paying $800 in cash and the balance on account.
4.
Recognized revenue of $7,300, of which $2,500 is collected in cash and the
balance
is .
ANSWER ALL QUESTIONS IN FIELD READ CAREFULLY PLEASE LABEL EACH QU.docxnolanalgernon
ANSWER ALL QUESTIONS IN FIELD: READ CAREFULLY PLEASE LABEL EACH QUESTION
Question 1
Classifying Accounts
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue, or expense.
1. Accounts Receivable
2. Equipment
3. Fees Earned
4. Insurance Expense
5. Land
6. Prepaid Rent
7. Rent Revenue
8. Salary Expense
9. Salary Payable
10. Supplies
11. Unearned Rent
12. Wages Payable
Question 2
Financial Statements from the End-of-Period Spreadsheet
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2019:
Elliptical Consulting
End-of-Period Spreadsheet
For the Year Ended June 30, 2019
Unadjusted
Adjusted
Trial Balance
Adjustments
Trial Balance
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
27,000
27,000
Accounts Receivable
53,500
53,500
Supplies
3,000
(a)
2,100
900
Office Equipment
30,500
30,500
Accumulated Depreciation
4,500
(b)
1,500
6,000
Accounts Payable
3,300
3,300
Salaries Payable
(c)
375
375
Jayson Neese, Capital
82,200
82,200
Jayson Neese, Drawing
2,000
2,000
Fees Earned
60,000
60,000
Salary Expense
32,000
(c)
375
32,375
Supplies Expense
(a)
2,100
2,100
Depreciation Expense
(b)
1,500
1,500
Miscellaneous Expense
2,000
2,000
150,000
150,000
3,975
3,975
151,875
151,875
Based on the preceding spreadsheet, prepare an income statement for Elliptical Consulting.
Elliptical Consulting
Income Statement
For the Year Ended June 30, 2019
$
Expenses:
$
Total expenses
$
Based on the preceding spreadsheet, prepare a statement of owner's equity for Elliptical Consulting.
Elliptical Consulting
Statement of Owner's Equity
For the Year Ended June 30, 2019
$
$
$
Based on the preceding spreadsheet, prepare a balance sheet for Elliptical Consulting.
Elliptical Consulting
Balance Sheet
June 30, 2019
Assets
Current assets:
$
Total current assets
$
Property, plant, and equipment:
$
Total property, plant, and equipment
Total assets
$
Liabilities
Current liabilities:
$
Total liabilities
$
Owner's Equity
Total liabilities and owner's equity
$
Question 3:
Income Statement; Net Loss
The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year:
Depreciation Expense
$7,500
Insurance Expense
3,000
Miscellaneous Expense
8,150
Rent Expense
54,000
Service Revenue
448,400
Supplies Expense
2,750
Utilities Expense
33,900
Wages Expense
360,000
Prepare an income statement. Use a minus sign to indicate a net loss.
Wholistic Health Services Co.
Income Statement
For the Year Ended February 28, 2019
$
Expenses:
$
Total expenses
Question 4:
Statement .
ProblemIssuance of stock organization costs. Snowbound Corporat.docxbriancrawford30935
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
Week Four Exercise AssignmentLiability1. Payroll accounting. A.docxalanfhall8953
Week Four Exercise Assignment
Liability
1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:
· Social Security taxes: 6% on the first $55,000 earned
· Medicare taxes: 1.5% on the first $130,000 earned
· Federal income taxes withheld from wages: $7,500
· State income taxes: 5% of gross earnings
· Insurance withholdings: 1% of gross earnings
· State unemployment taxes: 5.4% on the first $7,000 earned
· Federal unemployment taxes: 0.8% on the first $7,000 earned
The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.
a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:
· Social Security taxes
· Medicare taxes
· Federal income taxes withheld
· State income taxes
· Insurance withholdings
b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:
· Matching Social Security taxes
· Matching Medicare taxes
· State unemployment taxes
· Federal unemployment taxes
2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:
12/1
Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity.
2/10
Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit.
12/22
Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
12/26
Borrowed $5,000 from First City Bank; signed a note payable due in 60 days.
12/31
Repaired six XY-80s during the month at a total cost of $162.
12/31
Accrued 3 days of salaries at a total cost of $1,400.
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on October 31 to record accrued interest.
c. Prepare the Current Liability section of Red Bank’s balance sheet as of October 31. Assume that the Accounts Payable account totals $203,600 on this date.
3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:
8/2:
Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note.
8/20:
Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate.
9/10:
Purchased merchandise from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed.
9/11:
Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate.
10/10:
The note to Pans Enterprises was p.
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The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
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3. 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
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.
4. 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
===============================================
5. ACC 291T Apply Assignment Week 3 Connect Assignment
(December,, 2019) (with Excel File)
For more course tutorials visit
www.newtonhelp.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.
6. 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.
7. 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.
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 check for $147 issued by Florentine, Inc., was mistakenly charged to
Florence company’s account.
A. Check 2782 was written for $100 but was paid by the bank as
$1,100.
B. Check 2920 for $81 was paid by the bank twice.
C. A deposit for $570 on November 22 was credited by the bank for
$750.
8. 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:
9. 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
(December,, 2019) (with Excel File)
For more course tutorials visit
www.newtonhelp.com
This Tutorial contains excel file which can be used in case the value
changes
10. 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:
11. • 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.
12. 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.
===============================================
ACC 291T Assignment Week 1 Apply: Connect® Exercise
For more course tutorials visit
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ACC 291T ASSIGNMENT Week 1 Apply: Connect® Exercise
Review the Knowledge Check in preparation for this Assignment.
Complete the Week 1 Exercise in Connect®.
Note: You have only one attempt available to complete this Assignment.
13. Grades must be transferred manually to eCampus by your instructor.
Don’t worry, this might happen after your due date
If Lacy’s Department Store charges 8 percent sales tax, the amount of
sales tax collected on a $525 sale would be
Multiple Choice
$324.00
Kay Sadia sold merchandise for $7,200 subject to 8% sales tax. The
entry in the general journal to record the sale will include:
Multiple Choice
•
a debit to Sales Tax Payable for $576.00.
•
credit to Sales for $7,200.00.
•
a credit to Sales for $7,776.00.
•
a debit to Accounts Receivable for $7,200.00.
14. ===============================================
ACC 291T Assignment Week 1 Practice: Connect® Knowledge
Check
For more course tutorials visit
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ACC 291T ASSIGNMENT Week 1 Practice: Connect® Knowledge
Check
Complete the Week 1 Knowledge Check in Connect®.
Note: You have unlimited attempts available to complete this practice
Assignment. The highest scored attempt will be recorded.
have earlier due dates, so plan accordingly.
Grades must be transferred manually to eCampus by your instructor.
Don’t worry, this might happen after your due date
Hour Place Clock Shop sold a grandfather clock for $3,750 subject to a
7% sales tax. The entry in the general journal will include a debit to
Accounts Receivable for
15. Multiple Choice
$3,625.00.
$4,012.50.
$3,750.00.
$3,487.50.
The amount used by wholesalers to record sales in the general journal is
Multiple Choice
the retail price.
the list price.
the original price.
the net price.
Merchandise is sold on credit for $1,600 plus 6 percent sales tax. The
journal entry to record the sale will include a debit to Accounts
Receivable for
The balance due from an individual customer can be found in:
Multiple Choice
the general journal.
16. the Sales account in the general ledger.
the accounts receivable subsidiary ledger.
the Accounts Receivable account in the general ledger.
The entry to record a return by a credit customer of defective
merchandise on which no sales tax was charged includes
Multiple Choice
a debit to Sales and a credit to Accounts Receivable.
a debit to Accounts Receivable and a credit to Sales Returns and
Allowances.
a debit to Sales and a credit to Sales Returns and Allowances.
a debit to Sales Returns and Allowances and a credit to Accounts
Receivable.
17. On June 12, Music, Inc. sells $4,000 of goods on account to a credit
customer with credit terms of 1/10, n/30. If the customer pays on June
20, select the entry to record the receipt of the customer’s payment:
Multiple Choice
Cash 3,960
Sales Discounts 40
Accounts Receivable 4,000
________________________________________
•
Cash 4,000
Accounts Receivable 4,000
________________________________________
Cash 4,000
Sales Discounts 40
Accounts Receivable 3,960
________________________________________
Accounts Receivable 3,960
18. Sales Discounts 40
Cash 4,000
________________________________________
Which of the following describes the Sales Returns and Allowances
account?
Multiple Choice
A contra expense account with a normal debit balance.
An expense account with a normal debit balance.
A revenue account with a normal credit balance.
A contra revenue account with a normal debit balance.
The Sales Returns and Allowances account is reported
Multiple Choice
19. on the income statement as an addition to Sales.
on the balance sheet as a deduction from Capital.
on the income statement as a deduction from Sales.
on the balance sheet as a deduction from Accounts Receivable.
Which of the following is a common example of the distribution
channel?
Multiple Choice
Customer sells to Wholesaler who sells to Retailer who sells to
Wholesaler
Manufacturer sells to Wholesaler who sells to Retailer who sells to
Customer
Manufacturer sells to Customer who sells to Wholesaler who sells to
Retailer
Manufacturer sells to Retailer who sells to Wholesaler who sells to
Customer
Which of the following is not one of the three basic types of businesses?
Multiple Choice
21. Grades must be transferred manually to eCampus by your instructor.
Don’t worry, this might happen after your due date
Credit terms of 2/10, n/45 mean:
Multiple Choice
payment in full is due 2 days after date of the invoice.
•
if the invoice is paid within 10 days of its date, a 2% discount may be
taken; otherwise the total amount is due in 35 days.
•
if the invoice is paid within 10 days of its date, a 2% discount may be
taken; otherwise the total amount is due in 45 days.
•
payment in full is due 45 days after date of the invoice with no discount
offered.
Assuming a periodic inventory system is used, the entry to record a
return of merchandise purchased on credit would:
Multiple Choice
•
debit Purchases Returns and Allowances and credit Accounts
Receivable.
•
22. debit Purchases Returns and Allowances and credit Purchases.
•
debit Purchases and credit Purchases Returns and Allowances.
•
debit Accounts Payable and credit Purchases Returns and Allowances.
Assuming a periodic inventory system is used, freight charges on
merchandise purchases should be debited to:
Multiple Choice
•
the creditor’s account in the subsidiary ledger.
•
the Freight In account.
•
the Purchases account.
•
the Accounts Payable account.
Which of the following statements is ?
23. Multiple Choice
•
Purchases Discounts is a contra expense account with a normal credit
balance.
•
Purchases Discounts is a revenue account with a normal credit balance.
•
Purchases Discounts is an asset account with a normal credit balance.
•
Purchases Discounts is an expense account with a normal debit balance.
Which of the following statements is ?
Multiple Choice
•
The person who ordered the goods should also authorize payment.
•
Purchase requisitions do not need to be printed on pre-numbered forms.
•
Calculations on an invoice are assumed to be if computer generated.
24. •
Purchases should be made only after receiving proper written
authorization.
On Oct 1, Jerry’s Lighting purchased merchandise with a list price of
$5,000 with credit terms of 1/10, n/30. On Oct 3, Jerry’s returns $500 of
the merchandise. Assuming a periodic inventory system is used and
Jerry’s pays the remaining amount owed on the purchase within the
discount period, Jerry’s journal entry to record the payment, would
include:
Multiple Choice
•
a debit to Accounts Receivable for $4,500.
•
a debit to Purchase Discounts for $45.
•
25. inventory system, the journal entry on April 13, to record the payment of
the amount owed, would be:
DEBIT CREDIT
A) Accounts Payable 1,000
Cash 1,000
B) Accounts Reveivable 1,000
Sales Discounts 16
Cash 984
C) Accounts Payable 800
Merchandise Inventory 16
Cash 784
D) Accounts Payable 800
Purchase Discounts 16
Cash 784
________________________________________
Multiple Choice
•
26. Option D.
•
Option A.
•
Option B.
•
Option C.
===============================================
ACC 291T Assignment Week 2 Practice: Connect® Knowledge
Check
For more course tutorials visit
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ACC 291T ASSIGNMENT Week 2 Practice: Connect® Knowledge
Check
Complete the Week 2 Knowledge Check in Connect®.
27. Note: You have unlimited attempts available to complete this practice
Assignment. The highest scored attempt will be recorded.
These Assignments have earlier due dates, so plan accordingly.
Grades must be transferred manually to eCampus by your instructor.
Don’t worry, this might happen after your due date.
Assuming a periodic inventory system is used, freight charges on
merchandise purchases should be debited to:
Multiple Choice
the creditor’s account in the subsidiary ledger.
the Freight In account.
28. the Purchases account.
the Accounts Payable account.
Which of the following statements is ?
Multiple Choice
Purchases Discounts is a contra expense account with a normal credit
balance.
Purchases Discounts is a revenue account with a normal credit balance.
Purchases Discounts is an asset account with a normal credit balance.
Purchases Discounts is an expense account with a normal debit balance.
Which of the following statements is ?
29. Multiple Choice
The person who ordered the goods should also authorize payment.
Purchase requisitions do not need to be printed on pre-numbered forms.
Calculations on an invoice are assumed to be if computer generated.
Purchases should be made only after receiving proper written
authorization.
On Oct 1, Jerry’s Lighting purchased merchandise with a list price of
$5,000 with credit terms of 1/10, n/30. On Oct 3, Jerry’s returns $500 of
the merchandise. Assuming a periodic inventory system is used and
Jerry’s pays the remaining amount owed on the purchase within the
discount period, Jerry’s journal entry to record the payment, would
include:
Multiple Choice
30. a debit to Accounts Receivable for $4,500.
a debit to Purchase Discounts for $45.
a debit to Accounts Payable for $4,500.
a debit to Merchandise Inventory for $45.
When a payment is due is determined by the invoice date and the:
Multiple Choice
transportation schedule.
accounting cycle.
credit terms.
32. Option D.
Option A.
Option B.
Option C.
===============================================
ACC 291T Assignment Week 3 Apply: Connect® Exercise
For more course tutorials visit
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ACC 291T ASSIGNMENT Week 3 Apply: Connect® Exercise
Review the Knowledge Check in preparation for this Assignment.
33. Complete the Week 3 Exercise in Connect®.
Note: You have only one attempt available to complete this Assignment.
Grades must be transferred manually to eCampus by your instructor.
Don’t worry, this might happen after your due date
Which of the following statements is not correct?
Multiple Choice
•
In accounting, the term “cash” includes checks, money orders, and funds
on deposit in a bank as well as currency and coins.
•
In a well managed business, most bills are paid by cash.
•
34. The cash register proof is used to enter the cash sales and sales tax in the
journal.
•
The petty cash account balance is usually listed separately from the Cash
account on the Balance Sheet.
Most businesses use the petty cash fund to pay for
Multiple Choice
•
internal expenses.
•
accounts payable.
•
small expenditures.
•
merchandise purchases.
Which of the following statements is correct?
Multiple Choice
•
An endorsement is a written authorization that transfers ownership of a
check.
•
If a check is negotiable, it means that ownership cannot be transferred.
35. •
A check is a written order signed by an authorized person, the drawee.
•
Most businesses make one monthly deposit of cash receipts in order to
maintain better control over their cash.
The entry to replenish a petty cash fund typically includes
Multiple Choice
•
a debit to Cash and a credit to Petty Cash.
•
debits to various asset and expense accounts and a credit to Cash.
•
debits to various expense accounts and a credit to Petty Cash Fund.
•
a debit to Petty Cash Fund and a credit to Cash.
ABC Office Suppliers keeps a $200 change fund in its cash register. The
cash sales per the cash register tape on May 30 were $700. The cash
36. count was $908. Identify the correct journal entry below to record the
sales and cash overage (or shortage) for May 30.
DEBIT CREDIT
(A) Cash 700
Cash Short or Over 8
Sales 708
(B) Cash 700
Sales 700
(C) Cash 708
37. deducted from the book balance.
•
deducted from the bank statement balance.
•
added to the book balance.
The bank statement did not show a check for $630 that was written and
recorded by the company during the month. The journal entry needed for
this reconciling item includes:
Multiple Choice
•
a debit to cash.
•
a credit to Accounts Payable.
•
a credit to Cash.
•
no journal entry is required for the reconciling item.
===============================================
ACC 291T Assignment Week 3 Practice: Connect® Knowledge
Check
38. For more course tutorials visit
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ACC 291T ASSIGNMENT Week 3 Practice: Connect® Knowledge
Check
Complete the Week 3 Knowledge Check in Connect®.
Note: You have unlimited attempts available to complete this practice
Assignment. The highest scored attempt will be recorded.
These Assignments have earlier due dates, so plan accordingly.
Grades must be transferred manually to eCampus by your instructor.
Don’t worry, this might happen after your due date.
39. The bank statement did not show a check for $630 that was written and
recorded by the company during the month. The journal entry needed for
this reconciling item includes:
Multiple Choice
•
a credit to Accounts Payable.
•
no journal entry is required for the reconciling item.
•
a debit to cash.
•
a credit to Cash.
Included with its bank statement a firm may receive a credit
memorandum, which could indicate
Multiple Choice
•
40. a fee for printing new business checks.
•
a bank service charge deducted from the firm’s account balance.
•
an addition to the firm’s account balance because the bank collected the
amount due on a promissory note from a customer of the firm.
•
the bank’s return of a dishonored (NSF) check that was issued by a
credit customer of the firm.
A firm appropriately wrote a check for $78 but entered the amount as
payment of $87 in its records. On a bank reconciliation statement this
error would be shown as
Multiple Choice
•
a deduction of $9 from the book balance.
•
an addition of $9 to the book balance.
•
a deduction of $9 from the bank statement balance.
•
an addition of $9 to the bank statement balance.
41. Which of the following is not a reason why the book balance of cash
may not agree with the balance on the bank statement?
Multiple Choice
•
Outstanding checks
•
End of the month
•
Service charges and other deductions
•
Deposit in transit
The bank statement did not show a deposit of $850 that had been
recorded by the firm. The journal entry needed for this reconciling item
includes:
Multiple Choice
•
a credit to Accounts Receivable.
•
a credit to Cash.
•
no journal entry is required for the reconciling item.
•
42. a debit to cash.
The bank statement showed an NSF check from a customer, which the
company listed as a reconciling item on the bank reconciliation
statement. The journal entry needed for this reconciling item includes:
Multiple Choice
•
a debit to NSF Expense.
•
a debit to cash.
•
a credit to Cash.
•
a credit to Accounts Receivable.
To arrive at an accurate balance on a bank reconciliation statement, a
service charge should be
•
43. •
deducted from the book balance.
To arrive at an accurate balance on a bank reconciliation statement,
outstanding checks should be
Multiple Choice
•
added to the bank statement balance.
•
deducted from the book balance.
•
added to the book balance.
•
deducted from the bank statement balance.
The entry to replenish a petty cash fund typically includes
Multiple Choice
•
44. debits to various asset and expense accounts and a credit to Cash.
•
debits to various expense accounts and a credit to Petty Cash Fund.
•
a debit to Cash and a credit to Petty Cash.
•
a debit to Petty Cash Fund and a credit to Cash.
===============================================
ACC 291T Assignment Week 4 Apply: Connect® Exercise
For more course tutorials visit
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ACC 291T ASSIGNMENT Week 4 Apply: Connect® Exercise
Review the Knowledge Check in preparation for this Assignment.
45. Complete the Week 4 Exercise in Connect®.
Note: You have only one attempt available to complete this Assignment.
Grades must be transferred manually to eCampus by your instructor.
Don’t worry, this might happen after your due date.
Identify the statement below that is true regarding the Allowance for
Doubtful Accounts account.
Multiple Choice
•
The account has a normal credit balance and is reported on the balance
sheet.
•
The account has a normal debit balance and is reported on the balance
sheet.
•
The account has a normal credit balance and is reported on the income
statement.
•
The account has a normal debit balance and is reported on the income
statement.
46. On June 1, 2019, Mighty Fast Flooring issued a 10-month, 9 percent
note for $5,000. The note was recorded in the Notes Payable-Trade
account. The adjusting entry on December 31 to record the interest
accrued (owed) on the note is:
Multiple Choice
•
a debit to Interest Expense for $450.00 and a credit to Interest Payable
for $450.00.
•
a debit to Interest Income for $450.00 and a credit to Interest Receivable
for $450.00.
•
a debit to Interest Expense for $262.50 and a credit to Interest Payable
for $262.50.
Correct
•
a debit to Interest Expense for $262.50 and a credit to Notes Payable-
Trade for $262.50.
47. On January 1, 2019, a firm purchased machinery for $19,000.
Depreciation expense for the year ending December 31, 2019, given the
straight-line method, a 8-year useful life, and a salvage value of $2,000,
is
Multiple Choice
•
$2,125.
•
$2,000.
•
$2,375.
•
$2,400.
Which of the following statements is correct?
Multiple Choice
•
Income that has been earned but not yet received is called accrued
income.
•
Unearned Subscription Income is a liability account.
•
48. Under the accrual basis of accounting, revenue is recognized and
recorded in the period when it is earned regardless of when cash related
to the transaction is received.
•
All of these statements are correct.
On November 1, 2019, a firm accepted a 5-month, 10 percent note for
$1,200 from a customer with an overdue balance. The accrued interest
recorded for this note for the year ended December 31, 2019, is
Multiple Choice
•
$120.
•
$60.
49. •
$3,250
•
$8,125
Depreciation Expense has a debit balance in the Trial Balance section of
the worksheet of $2,200 and a debit of $200 in the adjustments section
of the worksheet, the balance of Depreciation Expense in the Adjusted
Trial Balance section of the worksheet is a
Multiple Choice
•
$2,400 credit.
•
$200 debit.
•
$2,000 debit.
•
$2,400 debit.
50. ===============================================
ACC 291T Assignment Week 4 Practice: Connect® Knowledge
Check
For more course tutorials visit
www.newtonhelp.com
ACC 291T ASSIGNMENT Week 4 Practice: Connect® Knowledge
Check
Complete the Week 4 Knowledge Check in Connect®.
Note: You have unlimited attempts available to complete this practice
Assignment. The highest scored attempt will be recorded.
These Assignments have earlier due dates, so plan accordingly.
Grades must be transferred manually to eCampus by your instructor.
Don’t worry, this might happen after your due date.
51. Rose Bush Nursery purchased a delivery truck for $40,000. The truck is
expected to have a useful life of 5 years and a residual value of $2,800.
The company uses the straight-line method of depreciation. If the truck
was purchased on June 1, 2019, what is the amount of depreciation
expense for the truck for the year ended December 31, 2019?
Multiple Choice
•
$2,800
•
$3,100
•
52. $7,440
•
$4,340
The ending merchandise inventory is recorded on the worksheet in the
Multiple Choice
•
Income Statement Debit column only.
•
Income Statement Credit column only.
•
Income Statement Credit and the Balance Sheet Debit columns.
•
Balance Sheet Debit column only.
After both of the entries for the inventory adjustment have been posted,
the debit in the Income Summary account represents:
Multiple Choice
•
Beginning Inventory
•
53. Net Income
•
Ending Inventory
•
Cost of Goods Sold
An adjusting entry is usually not required for a revenue item when it is
Multiple Choice
•
earned, recorded and paid for by the customer in one period.
•
paid for by the customer and recorded in one period but not fully earned
until a later period.
54. •
earned in one period but not paid for by the customer or recorded until a
later period.
•
budgeted, paid for, and partially earned in one period but not fully
earned until a later period.
On December 1, 2019, a firm accepted a 6-month, 12 percent note for
$10,000 from a customer. The adjusting entry on December 31 to record
the interest earned on the note is:
Multiple Choice
•
a debit to Interest Receivable for $600 and a credit to Interest Income for
$600.
•
a debit to Interest Income for $100 and a credit to Interest Receivable for
$100.
•
55. a debit to Interest Receivable for $1,200 and a credit to Interest Income
for $1,200.
•
a debit to Interest Receivable for $100 and a credit to Interest Income
for $100.
Which of the following statements is correct?
Multiple Choice
•
On the worksheet, the amount of the ending merchandise inventory is
shown in the Income Statement Credit column in the account Income
Summary and the Balance Sheet Debit column in the account
Merchandise Inventory.
•
All of these statements are correct.
•
On the worksheet, the totals of the Income Statement columns should
equal the totals of the Balance Sheet columns.
•
56. On the worksheet, if debits exceed credits in the Adjusted Trial Balance
section, the difference represents a net loss.
Allowance for Doubtful Accounts is reported in the
Multiple Choice
•
Assets section of the balance sheet.
•
Liabilities section of the balance sheet.
•
Cost of Goods Sold section of the income statement.
•
Operating Expenses section of the income statement.
57. During the year, Spirit Fun had net credit sales of $800,000. Past
experience shows that 1.5 percent of the firm’s net credit sales will be
uncollectible. Determine the adjusting entry needed to recognize the
estimated expense for these uncollectible accounts.
Multiple Choice
•
debit Allowance for Doubtful Accounts $12,000 and credit Accounts
Receivable $12,000.
•
debit Uncollectible Accounts Expense $12,000 and credit Allowance for
Doubtful Accounts $12,000.
•
58. debit Uncollectible Accounts Expense $12,000 and credit Accounts
Receivable $12,000.
•
debit Uncollectible Accounts Expense $120,000 and credit Allowance
for Doubtful Accounts $120,000.
On January 2, 2019, a firm purchased equipment for $10,000.
Depreciation expense for the year ending December 31, 2019, given the
straight-line method, a 5-year useful life, and a salvage value of $1,200,
is
Multiple Choice
•
Hugh Morris Company pays weekly wages of $15,000 every Friday for
a five day week ending on that day. If the last day of the year is on
Tuesday, the adjusting entry to record the accrued wages is:
Multiple Choice
59. •
debit Wages Expense $6,000; credit Drawing $6,000
•
debit Wages Expense $6,000; credit Wages Payable $6,000
•
debit Wages Expense $15,000; credit Cash $15,000
•
debit Wages Expense $9,000; credit Wages Payable $9,000
===============================================
ACC 291T Assignment Week 5 Apply: Connect® Exercise
For more course tutorials visit
www.newtonhelp.com
ACC 291T ASSIGNMENT Week 5 Apply: Connect® Exercise
Review the Knowledge Check in preparation for this Assignment.
Complete the Week 5 Exercise in Connect®.
60. Note: You have only one attempt available to complete this Assignment.
Grades must be transferred manually to eCampus by your instructor.
Don’t worry, this might happen after your due date
The beginning capital balance shown on a statement of owner’s equity is
$80,000. Net income for the period is $35,000. The owner withdrew
$18,000 cash from the business and made no additional investments
during the period. The owner’s capital balance at the end of the period is
Multiple Choice
$133,000.
•
$97,000.
•
$80,000.
•
$63,000.
61. The balance of the owner’s drawing account is reported
Multiple Choice
•
in the Other Expenses section of the income statement.
•
on the statement of owner’s equity.
•
in the Current Assets section of the balance sheet.
•
in the Operating Expenses section of the income statement.
Which of the following statements is not correct?
Multiple Choice
•
The gross profit percentage is calculated by dividing the gross profit for
the year by the net sales for the year.
•
62. The average inventory is calculated by adding the beginning inventory
to the ending inventory and dividing the sum by 2.
•
A current ratio of 3.5 to 1 means that a firm has $3.50 in current
liabilities for every $1 of current assets.
•
Working capital is the difference between total current assets and total
current liabilities.
On May 1, Brown’s Antiques paid $18,000 for 12 months of advance
rent on its store and immediately debited the asset account Prepaid Rent
for the full amount. Select the adjusting entry made on December 31, to
record the amount of rent that had expired.
Multiple Choice
•
Prepaid Rent 12,000
Rent Expense 12,000
________________________________________
•
Prepaid Rent 18,000
Rent Expense 18,000
63. ________________________________________
•
Rent Expense 10,500
Prepaid Rent 10,500
________________________________________
•
Payroll Tax Expense
The current ratio is calculated by
Multiple Choice
•
dividing total assets by total liabilities.
•
subracting current liabilities from current assets.
•
dividing current assets by current liabilities.
64. •
adding current assets to current liabilities.
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ACC 291T Assignment Week 5 Practice: Connect® Knowledge
Check
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ACC 291T ASSIGNMENT Week 5 Practice: Connect® Knowledge
Check
Complete the Week 5 Knowledge Check in Connect®.
Note: You have unlimited attempts available to complete this practice
Assignment. The highest scored attempt will be recorded.
These Assignments have earlier due dates, so plan accordingly.
65. Grades must be transferred manually to eCampus by your instructor.
Don’t worry, this might happen after your due date.
Interest Expense is classified as a(n):
Multiple Choice
•
Other Income
•
Administrative Expense
•
Other Expense
•
Selling Expense
Which of the following accounts would be closed at the end of the
accounting period?
Multiple Choice
66. •
Prepaid Rent
•
Accumulated Depreciation
•
Depreciation Expense
•
Capital
The Income Summary account, for Wise Tools appears below. Based on
the data contained in the account, determine which of the statements
below is correct.
Income Summary
12/31 beg inv. 4,000 12/31 ending inv. 9,000
12/31 expenses 51,000 12/31 revenues 45,000
Multiple Choice
67. Wise Tools will report a $6,000 net loss for the period ending 12/31
•
Wise Tools will report a $1,000 net loss for the period ending 12/31
•
multiple-step income statement.
For the current fiscal year, Purchases were $187,000,Purchase Returns
and Allowances were $4,200 and Freight In was $10,500. If the
beginning merchandise inventory was $98,000 and the ending
merchandise inventory was $103,000, the Cost of Goods Sold is:
Multiple Choice
•
$193,300
•
$167,300
•
$196,700
68. •
$188,300
Which of the following groups of accounts will have zero balances after
the closing process is completed?
Multiple Choice
•
Allowance for Doubtful Accounts and Uncollectible Accounts Expense
•
Depreciation Expense and Accumulated Depreciation—Equipment
•
Purchases and Purchases Returns and Allowances
•
Merchandise Inventory and Sales
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