Assignment 4 Excel ProblemsAt the end of each module, you will ap.docx

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Assignment 4: Excel Problems At the end of each module, you will apply the module’s concepts by completing a comprehensive assignment from the textbook. Complete these problems from your text book: ( P1-44B page 47 & P2-46B page 111 ) related to transaction analysis, journal entries for typical business transactions, adjusting entries and preparation of the trial balance and adjusted trial balance. Present your analysis of the assigned problems in Excel format. Enter non-numerical responses in the same worksheet using textboxes. By Wednesday, April 23, 2014 deliver your assignment to the M1: Assignment 4 Dropbox. 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 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 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: Cash; Accounts receivable; supplies; Land; Accounts payable; Notes payable; Warren Smith, capital; Warren Smith, withdrawals; Service revenue; Salary expense; rent expense; Utility expense. Journalize each transaction, as shown for April. Explanations are not required. April 1 Cash $78,000 Warren Smith, Capital $78,000 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 Prepare the trial balance of Warren Smith, M.D., at April 30, 2010. .

Education

$31,000
Accounts payable
$6,000
Advertising Expense
$1,000
Service revenue
$81,000
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
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:

Cash; Accounts receivable; supplies; Land; Accounts payable;
Notes payable; Warren Smith, capital; Warren Smith,
withdrawals; Service revenue; Salary expense; rent expense;
Utility expense.
Journalize each transaction, as shown for April. Explanations
are not required.
April 1
Cash
$78,000
Warren Smith, Capital
$78,000
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
Prepare the trial balance of Warren Smith, M.D., at April 30,
2010.

Assignment 4 Excel ProblemsAt the end of each module, you will ap.docx

SOS Please please please help on this problem!!!!!!!!!!!!!!!!!!!!!! :) Closing Entries and the Postclosing Trial Balance 192 CHAPTER 6 Mini-Practice Set 1 Service Business Accounting Cycle Eli\'s Consulting Services ing principles and This project will give you an opportunity to apply your knowledge of accounting principles and procedures by handling all the accounting work of Eli\'s Consulting Services for the month o January 2020. Assume that you are the chief accountant for Eli\'s Consulting Services, During January, the busi ness will use the same types of records and procedures that you learned about in Chapters 1 through 6. The chart of accounts for Eli\'s Consulting Services has been expanded to include a few new accounts. Follow the instructions to complete the accounting records for the month of January. INTRODUCTION Eli\'s Consulting Services Chart of Accounts Revenue 401 Fees Income Assets 101 Cash 111 Accounts Receivable 121 Supplies 134 Prepaid Insurance 137 Prepaid Rent 141 Equipment 142 Accumulated Depreciation Equipment Liabilities 202 Accounts Payable Expenses 511 Salaries Expense 514 Utilities Expense 517 Supplies Expense 520 Rent Expense 523 Depreciation Expense-Equipment 526 Advertising Expense 529 Maintenance Expense 532 Telephone Expense 535 Insurance Expense Owner\'s Equity 301 Trayton Eli, Capital 302 Trayton Eli, Drawing 309 Income Summary INSTRUCTIONS 1. Open the general ledger accounts and enter the balances for January 1, 2020. Obtain the necessary figures from the postclosing trial balance prepared on December 31, 2019, which appears in Figure 6.3. 2. Analyze each transaction and record it in the general journal. Use page 3 to begin January\'s transactions. 3. Post the transactions to the general ledger accounts. 4. Prepare the Trial Balance section of the worksheet. 5. Prepare the Adjustments section of the worksheet. a. Compute and record the adjustment for supplies used during the month. An inventory taken on January 31 showed supplies of $5,200 on hand. b. Compute and record the adjustment for expired insurance for the month. c. Record the adjustment for one month of expired rent of $4,000. d. Record the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new equipment will be recorded in February, 6. Complete the worksheet. 7. Prepare an income statement for the month. 8. Prepare a statement of owner\'s equity. Solution Journal Entries Date Account Title Debit Credit 2-Jan Supplies 7000 Cash 7000 7-Jan Cash 20000 Accounts receivable 5000 Fees Income 25000 2-Jan Insurance expense 8400 Cash 8400 12-Jan Cash 4000 Accounts receivable 4000 Advertising expense 3600 Cash 3600 Cash 20700 Accounts receivable 2300 Fees Income 23000 13-Jan Cash 4500 Accounts receivable 4500 14-Jan Cash 750 Supplies 750 20-Jan Supplies 5000 Accounts Payable 5000 20-Jan Cash 12500 Accounts receivable 3500 Fees Income 16000 20-Jan Cash 5600 Accounts receivable 5600 21-Jan Ma.

Portfolio Project Option 1 Student TemplateOption #1 Venture .docx

ChantellPantoja184

Portfolio Project Option 1 Student Template Option #1: Venture Consultants, Power and Demolition Company, and Warnerwood Accounting Cases PART 1: Venture Consultants The month of March transactions Date Account Names Debit Credit 1-Mar 2-Mar 3-Mar 6-Mar 9-Mar 12-Mar 19-Mar 22-Mar 25-Mar 29-Mar 30-Mar 30-Apr $221,000 $221,000 PART 2A Power and Demolition Co, Adjustment April 30, 2015 Adjust # Account Names Debit Credit 1 2 3 4 5 6 7 8 PART 2B Power and Demolition Co, Adjustment April 30, 2015 Continued UTB ADJUSTMENT Acct # Account Names Debit Credit Debit Credit Debit 101 Cash $7,000 $7,000 126 Supplies $16,000 128 Pre-paid insurance $12,600 167 Equipment $200,000 Accumulated. Depreciation $14,000 201 Account payable $6,800 Utilities payable Wages payable Rent Payable PropertyTxPayable Interest payable 251 Long-term notes payable $30,000 301 Bonn, Equity $86,900 302 Bonn, Withdrawals $12,000 401 Demolition fees earned $187,000 623 Wage expense $41,400 633 Interest expense $3,300 640 Rent expense $13,200 683 Property tax expense $9,700 684 Repairs expense $4,700 690 Utilities expense $4,800 Supply expense Insurance expense Depreciation expense TOTALS $324,700 $324,700 PART 3 Warnerwood Company Column-> A B C D E F G Date Activities # Units Buy Cost/unit #Units Sold Price/unit Cost GAS Sales 1-Mar BI 5-Mar TI 9-Mar TO 18-Mar TI 25-Mar TI 29-Mar TO TOTAL Q1. Units in Available for Sales is BI + TI (Column B)= Units (BI + TI) = Q2. BI + TI - TO = EI= 820 minus 580 equals 240 Q3. FIFO Q3. LIFO Q3. Weighted Average Weighted cost/unit= Cost EI= Q.4 Sales COGS/Method Gross Profit Q4. FIFO Q4. LIFO Q4. WtAvg Portfolio Project Option 1 Student Template Option #1 : Venture Consultants, Power and Demolition Company, and Warnerwood Accounting Cases PART 1: Venture Consultants The month of March transactions Date Account Names Debit Credit 1 - Mar 2 - Mar 3 - Mar 6 - Mar 9 - Mar 12 - Mar 19 - Mar 22 - Mar 25 - Mar 29 - Mar 30 - Mar .

Accounting Books Journal and Ledger.ppt

marvinrosel4

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? ...

This project will give you an opportunity to apply your knowledge of.pdf

anasmukerji

This project will give you an opportunity to apply your knowledge of accounting principles and procedures by handling all the accounting work of Wells’ Consulting Services for the month of January 2015. Assume that you are the chief accountant for Wells’ Consulting Services. During January, the business will use the same types of records and procedures that you learned about in Chapters 2 – 6. The chart of accounts for Wells’ Consulting Services has been expanded to include a few new accounts. Follow all the instructions to complete the accounting records for the month of January 2015. Well\'s Consulting Services Chart of Accounts ASSETS (100-199) REVENUE (400-499) 101 Cash 401 Service Fee Income 111 Accounts Receivable 121 Supplies EXPENSES (500-599) 134 Prepaid Insurance 137 Prepaid Rent 511 Salaries Expense 141 Equipment 514 Utilities Expense 142 Accumulated Depreciation, Equipment 517 Supplies Expense 520 Rent Expense LIABILITIES (200-299) 523 Depreciation Expense, Equipment 526 Advertising Expense 202 Accounts Payable 529 Maintenance Expense 532 Telephone Expense OWNER\'S EQUITY (300-399) 535 Insurance Expense 301 Carolyn Wells, Capital 302 Carolyn Wells, Drawing 309 Income Summary Instructions continued: Set-up a General Ledger Account for each account listed in the Chart of Accounts. Copy in “opening balance” figures for January 1, 2015 into the proper General Ledger. (Hint: the necessary figures are from the Post-closing Trial Balance prepared on December 31, 2014, which appears below. (Only include an opening balance figure for the accounts listed with a balance, otherwise, there is no opening balance). Analyze each business transaction, which appear on the next page and then journalize the transactions into the General Journal. Number the General Journal as “Page 1” to begin journalizing the January 2015 transactions into the General Journal. Post the transactions into the General Ledger accounts.(check figures for Cash & A/R are on page 4) Prepare the “Unadjusted” Trial Balance Section of the Worksheet (AF-12A & 12B). Prepare the “Adjustments” Section of the Worksheet (AF-12A & 12B). Number the General Journal as “Page 4” to record the adjustments in the General Journal and post the adjustments to the General Ledger accounts. Compute and record the adjustment for supplies used during the month. An inventory taken on January 31st showed supplies of $2,000 on hand. Compute and record the adjustment for expired insurance for the month. Record the adjustment for expired rent of $4,000 for the month. Record the monthly depreciation adjustment of $183 on the existing (old) equipment. The depreciation adjustment on the new equipment purchased in January will not begin until February. Complete the Worksheet. Prepare the “Adjusted” Trial Balance Section of the Worksheet as well as extend the figures to the Income Statement & Balance Sheet Sections of the Worksheet. Prepare the Income Statement and the Statement of Owner’s Equity for the mon.

Argosy university acc 201

leesa marteen

New accountingbasicspart2

David Marshall

Part 3-4 Posting and Trial Balance Preparation

Michael Alonzo

Income statement presentation @ DOMS

Babasab Patil

1. From the following trial balance, identify which statement .docx

ambersalomon88660

1. From the following trial balance, identify which statement each title will appear on: a. Income statement (IS) b. Statement of owner’s equity (OE) c. Balance sheet (BS) Bradford Co. Trial Balance Nov. 30, 201X Debits Credits A. Cash 600 B. Computer 100 C. Computer Equipment 1,000 D. Accounts Payable 800 E. L. Bradford, Capital 200 F. L. Bradford, Withdrawals 500 G. Legal Fees Earned 1,500 H. Consulting Fees Earned 300 I. Wage Expense 200 J. Supplies Expense 250 K. Internet Advertising Expense 150 Totals 2,800 2,800 2. SANCHEZ COMPUTER CENTER The Sanchez Computer Center created its chart of accounts as follows: Chart of Accounts as of July 1, 201X Assets Revenue 1000 Cash 4000 Service Revenue 1020 Accounts Receivable Expenses 1030 Supplies 5010 Advertising Expense 1080 Computer Shop Equipment 5020 Rent Expense 1090 Office Equipment 5030 Utilities Expense Liabilities 5040 Phone Expense 2000 Accounts Payable 5050 Supplies Expense Owner’s Equity 5060 Insurance Expense 3000 Freedman, Capital 5070 Postage Expense 3010 Freedman, Withdrawals You will use this chart of accounts to complete the continuing problem. The following problem continues. The balances as of July 31 have been brought forward in the working papers that accompany this text. Tasks a. Set up T accounts in a ledger. b. Record transactions k through s in the appropriate T accounts. c. Foot and take the balances of the T accounts where appropriate. d. Prepare a trial balance at the end of August. e. Prepare from the trial balance an income statement, statement of owner’s equity, and a balance sheet for the two months ending with August 31, 201X. o Received the phone bill for the month of July, $155. o Paid $150 (check #8099) for insurance for the month. o Paid $200 (check #8100) of the amount due from transaction d in Chapter 1. o Paid advertising expense for the month, $1,400 (check #8101). o Billed a client (Jeannine Sparks) for services rendered, $850. o Collected $900 for services rendered. o Paid the electric bill in full for the.

httpACC 557 – Homework 1 Chapters 1, 2, and 3Due Week 2 and.docx

maple8qvlisbey

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.

Assignment Week 2Question 11. Baseball stadiums vary in age, s.docx

ssuser562afc1

Assignment Week 2 Question 1 1. Baseball stadiums vary in age, style, size, and in many other ways. Fans might think of the size of the stadium in terms of the number of seats; while the player might measure the size of the stadium by the distance from the homplate to the centerfield fence. Note: CF = distance from homeplate to centerfield fence. Using the Excel add-in construct your scatter diagram with the data set provide below. Seats CF 38805 420 41118 400 56000 400 45030 400 34077 400 40793 400 56144 408 50516 400 40615 400 48190 406 36331 434 43405 405 48911 400 50449 415 50091 400 43772 404 49033 407 47447 405 40120 422 41503 404 40950 435 38496 400 41900 400 42271 404 43647 401 42600 396 46200 400 41222 403 52355 408 45000 408 Is there a relationship between these two measurements for the “size” of the 30 Major League Baseball stadiums? a. Before you run your scatter diagram answer the following: What do you think you will find? Bigger fields have more seats? Smaller fields have more seats? No relationship exists between field size and number of seats? A strong relationship exists between field size and number of seats? Explain. b. Construct a scatter diagram and include it in your answer. c. Describe what the scatter diagram tells you, including a reaction to your answer in (a). Question 2 2. Place a pair of dice in a cup, shake and dump them out. Observe the sum of dots. Record 2, 3, 4, _ , 12. Repeat the process 25 times. Using your results, find the relative frequency for each of the values: 2, 3, 4, 5, _ , 12. BUAD 212: Financial Accounting II Homework Assignment 2 Financial Accounting II Homework Assignment 2 1. Draw a diagram of the first three steps in the accounting cycle. Then, explain to me the meaning of the three steps, and why they are important? 2. Selected accounts from the general ledger of the Express Lawnmower Service follow. Analyze the following transactions and indicate by number what accounts should be debited and credited for each transaction. 101 Cash 111 Accounts Receivable 121 Supplies 131 Equipment 202 Accounts Payable 301 Thomas Jefferson, Capital 401 Fees Income 511 Rent Expense 514 Salaries Expense 517 Utilities Expense Transactions: 1. Issued a check for $1,700 to pay the monthly rent. 2. Purchased supplies for $1,000 on credit. 3. Collected $4,800 from credit customers. 4. Collected services for $3,900 in cash. 5. Performed services for $3,900 in cash. 6. Issued a check for $1,500 to pay a creditor on account. 7. Purchased new equipment for $2,150 and paid for it immediately by check. 8. Provided services for $5,600 on credit. 9. Sent a check for $600 to the utility company to pay the monthly bill. 10. Gave a cash refund of $180 to a customer because of a lost package (customer had previously paid in cash.) Attach additional paper if necessary to the examination for completion of problem. 3. Tell me why it is important to ...

Week One Exercise AssignmentBasic Accounting Equations1. Basic.docx

alanfhall8953

Week One Exercise Assignment Basic Accounting Equations 1. Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint. a. The inventory of boating supplies owned by the company. b. Monthly rental charges paid for store space. c. A loan owed to Citizens Bank. d. New computer equipment purchased to handle daily record keeping. e. Daily sales made to customers. f. Amounts due from customers. g. Land owned by the company to be used as a future store site. h. Weekly salaries paid to salespeople. 2. Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3: Accounts Payable $3,200 Interest Expense $2,500 Accounts Receivable 14,800 Land 18,000 Auto Expense 1,900 Loan Payable 40,000 Building 30,000 Tax Expense 3,300 Cash 7,400 Utilities Expense 4,100 Fee Revenue 56,900 Wage Expense 37,500 a. Determine Rossi’s total assets as of December 31. b. Determine the company’s total liabilities as of December 31. c. Compute 20X3 net income or loss. 3. Balance sheet preparation. The following data relate to Preston Company as of December 31, 19XX: Building $44,000 Accounts receivable $24,000 Cash 17,000 Loan payable 30,000 J. Preston, Owners Equity 65,000 Land 21,000 Accounts payable ? Prepare a balance sheet as of December 31, 19XX. (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. 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, Investments/Withdrawals, and Revenues/Expenses. (See Exhibit 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? (2) Did the company have a “good” month from an accounting viewpoint? Briefly explain. 5. Transaction analysis and statement.

accounting exam (1).docx

ELECTRICEGYPT

accounting exam (2).docx

ELECTRICEGYPT

Week 2 Homework TemplateProblem 3-2B (a) Show the effects of.docx

melbruce90096

Week 2 Homework Template Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year. REMEMBER: each transaction affects TWO accounts! Use the + or – signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity. Put each transaction on a separate line. Remember the accounting equation: assets = liabilities + equity. Note any changes in Retained Earnings on the page below the worksheet. (a)WALZ SERVICE INC. Assets=Liabilities +Stockholders’ Equity Date Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts Payable + Common Stock + Retained Earnings Revenues – Expenses – Dividends June 1 Totals $ $ Total of All Columns under Assets Total of All columns under Liabilities & Stockholder’s Equity (a) Continued Changes in Retained Earnings: (b) Prepare an Income Statement for June WALZ SERVICE INC. Income Statement For the Month Ended June, 30, 2014 Revenues Account title Amount Expenses Account title Amount Account title Amount Account title Amount Account title Amount Total expenses Amount Net income Amount (Part C is on the next page) (c) Prepare a Classified balance sheet at June 30, 2014 (Remember, assets and liabilities + equity MUST equal). If it doesn’t, there is an error somewhere). WALZ SERVICE Inc. Balance Sheet June 30, 2014 Assets Current assets Account title Amount Account title Amount Account title Amount Total current assets Amount Account title Amount Total assets Amount Liabilities and Stockholders’ Equity Current liabilities Account title Amount Account title Amount Total current liabilities Amount Stockholders’ equity Account title Amount Account title Amount Amount Total liabilities and stockholders’ equity Amount Problem 3-5B is on the next page. (a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). Remember that every transaction affects TWO accounts! Date Account Titles and Explanation Debit Credit May1 2 3 7 11 12 17 31 31 Part B is on the next page. PROBLEM 3-5B (Continued) 3-62Copyright © 2011 John Wiley & Sons, Inc. Kimmel, Financial Accounting, 6/e, Solution s Manual (For Instructor Use Only) (b) Post the transactions to the ledger.

ASSIGNMENT 3 POWER, POLITICS, AND CULTURE Due Week 9 and .docx

Assignment 4 Excel ProblemsAt the end of each module, you will ap.docx

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