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1. UOP ACC 290 Week 2 Practice Connect Practice
Assignment
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ACC 290 Week 2 Practice: Connect Practice
Assignment
Complete the Week 2 Practice in Connect.
Note: You have unlimited attempts available to
complete practice assignments

2. 1 The following T accounts show transactions that
were recorded by Residential Relocators, a firm
that specializes in local housing rentals. The
entries for the first transaction are labeled with
the letter (a), the entries for the second
transaction with the letter (b), and so on.
Cash
(a) 95,000 (b) 23,000
(d) 15,000 (e) 350
(g) 1,500 (h) 5,500
(i) 2,500
Equipment
(c) 40,000

3. Accounts Receivable
(f) 5,000 (g) 1,500
Accounts Payable
(c) 40,000
Supplies
(b) 23,000

4. Wade Wilson, Capital
(a) 95,000
Fees Income
(d) 15,000
(f) 5,000
Telephone Expense
(e) 350

5. Wade Wilson, Drawing
(i) 2,500
Salaries Expense
(h) 5,500
Determine the balance of each account.
2
Derrick Wells decided to start a dental practice.

6. The first five transactions for the business follow.
Derrick invested $45,000 cash in the business.
Paid $15,000 in cash for equipment.
Performed services for cash amounting to $4,500.
Paid $1,900 in cash for advertising expense.
Paid $1,500 in cash for supplies.
(1) Select which two accounts are affected in each
of the above transactions.
(2&3) Post the above transactions into the
appropriate T accounts.
3
The accountant for the firm owned by Randy
Guttery prepares financial statements at the end of

7. each month. The following transactions for Randy
Guttery, Landscape Consultant took place during
the month ended June 30, 2019. The following
transactions are for Randy Guttery, Landscape
Consultant.
Transactions:
Guttery invested $80,000 in cash to start the
business.
Paid $3,000 for the current month’s rent.
Bought office furniture for $8,360 in cash.
Performed services for $4,100 in cash.
Paid $625 for the monthly telephone bill.
Performed services for $7,000 on credit.
Purchased a computer and copier for $19,000;
paid $6,500 in cash immediately with the balance
due in 30 days.

8. Received $3,500 from credit clients.
Paid $2,000 in cash for office cleaning services for
the month.
Purchased additional office chairs for $2,900;
received credit terms of 30 days.
Purchased office equipment for $20,000 and paid
half of this amount in cash immediately; the
balance is due in 30 days.
Issued a check for $4,700 to pay salaries.
Performed services for $7,250 in cash.
Performed services for $8,000 on credit.
Collected $4,000 on accounts receivable from
charge customers.
Issued a check for $1,450 in partial payment of the
amount owed for office chairs.
Paid $350 to a duplicating company for photocopy
work performed during the month.
Paid $610 for the monthly electric bill.

9. Guttery withdrew $4,500 in cash for personal
expenses.
Post the above transactions into the appropriate T
accounts.
Analyze:
What liabilities does the business have after all
transactions have been recorded? T accounts
normally do not have any minus signs. Use minus
signs in this problem to demonstrate your
understanding of decreases to account balances.
4
The following T accounts show transactions that
were recorded by Residential Relocators, a firm

10. that specializes in local Housing rentals.
Cash
(a) 95,000 (b) 23,000
(d) 15,000 (e) 350
(g) 1,500 (h) 5,500
(i) 2,500
Equipment
(c) 40,000
Accounts Receivable
(f) 5,000 (g) 1,500

11. Accounts Payable
(c) 40,000
Supplies
(b) 23,000
Wade Wilson, Capital

12. (a) 95,000
Fees Income
(d) 15,000
(f) 5,000
Telephone Expense
(e) 350

13. Wade Wilson, Drawing
(i) 2,500
Salaries Expense
(h) 5,500
Required:
Prepare a statement of owner’s equity and a
balance sheet for Residential Relocators as of
December 31, 2019.

14. 5
The following T accounts show transactions that
were recorded by Residential Relocators, a firm
that specializes in local housing rentals.
Cash
(a) 95,000 (b) 23,000
(d) 15,000 (e) 350
(g) 1,500 (h) 5,500
(i) 2,500
Equipment
(c) 40,000

15. Accounts Receivable
(f) 5,000 (g) 1,500
Accounts Payable
(c) 40,000
Supplies
(b) 23,000

16. Wade Wilson, Capital
(a) 95,000
Fees Income
(d) 15,000
(f) 5,000
Telephone Expense
(e) 350

17. Wade Wilson, Drawing
(i) 2,500
Salaries Expense
(h) 5,500
Required:
Prepare a trial balance and an income statement
for Residential Relocators. The trial balance is for
December 31, 2019, and the income statement is

18. for the month ended December 31, 2019.
6
The accountant for the firm owned by Randy
Guttery prepares financial statements at the end of
each month. The following transactions for Randy
Guttery, Landscape Consultant took place during
the month ended June 30, 2019.
Transactions:
Guttery invested $80,000 in cash to start the
business.
Paid $3,000 for the current month’s rent.
Bought office furniture for $8,360 in cash.
Performed services for $4,100 in cash.

19. Paid $625 for the monthly telephone bill.
Performed services for $7,000 on credit.
Purchased a computer and copier for $19,000;
paid $6,500 in cash immediately with the balance
due in 30 days.
Received $3,500 from credit clients.
Paid $2,000 in cash for office cleaning services for
the month.
Purchased additional office chairs for $2,900;
received credit terms of 30 days.
Purchased office equipment for $20,000 and paid
half of this amount in cash immediately; the
balance is due in 30 days.
Issued a check for $4,700 to pay salaries.
Performed services for $7,250 in cash.
Performed services for $8,000 on credit.
Collected $4,000 on accounts receivable from
charge customers.

20. Issued a check for $1,450 in partial payment of the
amount owed for office chairs.
Paid $350 to a duplicating company for photocopy
work performed during the month.
Paid $610 for the monthly electric bill.
Guttery withdrew $4,500 in cash for personal
expenses.
Required:
Prepare a trial balance, an income statement, a
statement of owner’s equity, and a balance sheet.
Assume that the transactions took place during the
month ended June 30, 2019. Determine the
account balances before you start work on the
financial statements.
Analyze:

21. What is the change in owner’s equity for the month
of June?