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1. Uop ACC 290 Week 5 Practice Connect
Practice
Assignment
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Complete the Week 5 Practice in Connect.
Note: You have unlimited attempts available to
complete practice assignments.
attempt 1 1

2. Consumer Research Associates, owned by
Gloria Johnson, is retained by large
companies to test consumer reaction to
new products. On January 31, 2019, the
firm's worksheet showed the following
adjustments data: (a) supplies used,
$4,680; (b) expired rent, $26,000; and (c)
depreciation on office equipment, $9,160.
The balances of the revenue and expense
accounts listed in the Income Statement
section of the worksheet and the drawing
account listed in the Balance Sheet section
of the worksheet are given below:
REVENUE AND EXPENSE ACCOUNTS 401
Fees Income $ 200,000 Cr.
511 Depr. Expense—Office Equipment
9,160 Dr.
514 Rent Expense 26,000 Dr.
517 Salaries Expense 99,000 Dr.
520 Supplies Expense 4,680 Dr.
523 Telephone Expense 2,700 Dr.
526 Travel Expense 20,780 Dr.
529 Utilities Expense 2,500 Dr.
DRAWING ACCOUNT

3. 302 Gloria Johnson, Drawing 22,000 Dr.
Required:
Record the adjusting entries in the general
journal (transactions 1-3).
Record the closing entries in the general
journal (transactions 4-7).
2
A partially completed worksheet for At
Home Pet Grooming Service, a firm that
grooms pets at the owner's home, follows.
wwv Required:
Complete the worksheet.
Record the adjusting entries in the general
journal (transactions 1-3).
Record the closing entries in the general
journal (transactions 4-7).
Post the adjusting entries and the closing
entries to the general ledger accounts.
Hint: Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:

4. What total debits were posted to the
general ledger to complete all closing
entries for the month of December?
3
On December 31, 2019, the ledger of Lopez
Company contained the following account
balances:
Cash $ 66,000 Maria Lopez, Drawing $
wwv52000
Accounts Receivable 5,800 Fees Income
107.500
Supplies 4,200 Depreciation Expense
5.500
Equipment 52,000 Salaries Expense
34,000
Accumulated Depreciation 5,000
Supplies Expense 6,000
Accounts Payable 6,000 Telephone
Expense 5,200
Maria Lopez, Capital 121,500 Utilities
Expense 9,300

5. 4
The ledger accounts of AXX Internet
Company appear as follows on March
31, 2019:
ACCOUNT NO. ACCOUNT BALANCE
101 Cash $ 40,000
111 Accounts Receivable 29,910
121 Supplies 5,300
131 Prepaid Insurance 12,500
141 Equipment 59,000
142 Accumulated Depreciation—
Equipment 20,660
202 Accounts Payable 7,000
301 Aretha Hinkle, Capital 65,000
302 Aretha Hinkle, Drawing 6,500 401
Fees Income 187,230
510 Depreciation Expense—
Equipment 10,580
511 Insurance Expense 5,700 514 Rent
Expense 16,500
517 Salaries Expense 83,000
518 Supplies Expense 2,800
519 Telephone Expense 3,400 523
Utilities Expense 4,700
All accounts have normal balances.

6. Required:
Prepare the closing entries.
Post the transactions in to the appropriate
ledger accounts. Hint: Be sure to enter
beginning balances.
5
The Income Summary and Linda Carter,
Capital accounts for Carter Production
Company at the end of its accounting
follow.
Income Summary Account No. 399
Balance
Date Description Debit Credit Debit Credit
2019
Dec. 31 Closing 134,000 134,000 31
Closing 71,800 62,200 31 Closing 62,200
0
Linda Carter, Capital Account No. 301
Balance
Date Description Debit Credit Debit Credit

7. 2019
Dec. 1 240,000 240,000 31 Closing 62,200
302,200 31 Closing 22,000 280,200 6
On December 31, the Income Summary
account of Madison Company has a debit
balance of $111,000 after revenue of
$117,000 and expenses of $228,000 were
closed to the account. Madison Wells,
Drawing has a debit balance of $12,000
and Madison Wells, Capital has a credit
WWVbalance of $174,000.
Required:
Record the journal entries necessary to
complete closing the accounts.
What is the new balance of Madison
Wells, Capital?
attempt 2

8. 1
The ledger accounts of AXX Internet
Company appear as follows on March 31,
2019:
ACCOUNT NO. ACCOUNT BALANCE
101 Cash $ 40,000
111 Accounts Receivable 29,910
121 Supplies 5,300
131 Prepaid Insurance 12,500
141 Equipment 59,000
142 Accumulated Depreciation—
Equipment 20,660
202 Accounts Payable 7,000
301 Aretha Hinkle, Capital 65,000
302 Aretha Hinkle, Drawing 6,500
401 Fees Income 187,230
510 Depreciation Expense—
Equipment 10,580
511 Insurance Expense 5,700 514
Rent Expense 16,500
517 Salaries Expense 83,000
518 Supplies Expense 2,800
519 Telephone Expense 3,400 523
Utilities Expense 4,700
All accounts have normal balances.

9. Required:
Prepare the closing entries.
Post the transactions in to the appropriate
ledger accounts. Hint: Be sure to enter
beginning balances.
2
A partially completed worksheet for At
Home Pet Grooming Service, a firm that
grooms pets at the owner's home, follows.
Re
quired:
Complete the worksheet.
Record the adjusting entries in the
general journal (transactions 1-3).
Record the closing entries in the general
journal (transactions 4-7).
Post the adjusting entries and the closing
entries to the general ledger accounts.
Hint: Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:
What total debits were posted to the

10. general ledger to complete all closing
entries for the month of December?
3
The Income Summary and Linda Carter,
Capital accounts for Carter Production
Company at the end of its accounting
period follow.
Income Summary Account No. 399
Balance
Date Description Debit Credit Debit Credit
2019
Dec. 31 Closing 134,000 134,000
31 Closing 71,800 62,200 31
Closing 62,200 0
Linda Carter, Capital Account No. 301
Balance
Date Description Debit Credit Debit Credit
2019
Dec. 1 240,000 240,000 31 Closing 62,200
302,200 31 Closing 22,000 280,200

11. 4
On December 31, the Income Summary
account of Madison Company has a debit
balance of $111,000 after revenue of
$117,000 and expenses of $228,000 were
closed to the account. Madison Wells,
Drawing has a debit balance of $12,000
and Madison Wells, Capital has a credit
balance of $174,000.
Required:
Record the journal entries necessary to
complete closing the accounts.
What is the new balance of Madison Wells,
Capital?
5
Consumer Research Associates, owned by
Gloria Johnson, is retained by large
companies to test consumer reaction to
new products. On January 31, 2019, the
firm's worksheet showed the following
adjustments data: (a) supplies used,
$4,680; (b) expired rent, $26,000; and (c)

12. depreciation on office equipment, $9,160.
The balances of the revenue and expense
accounts listed in the Income Statement
section of the worksheet and the drawing
account listed in the Balance Sheet section
of the worksheet are given below:
REVENUE AND EXPENSE ACCOUNTS
401 Fees Income $ 200,000 Cr.
511 Depr. Expense—Office Equipment
9,160 Dr.
514 Rent Expense 26,000 Dr.
517 Salaries Expense 99,000 Dr.
520 Supplies Expense 4,680 Dr.
523 Telephone Expense 2,700 Dr.
526 Travel Expense 20,780 Dr.
529 Utilities Expense 2,500 Dr.
DRAWING ACCOUNT
302 Gloria Johnson, Drawing 22,000 Dr.
Required:
Record the adjusting entries in the general
journal (transactions 1-3).
Record the closing entries in the general
journal (transactions 4-7).

13. 6
On December 31, 2019, the ledger of Lopez
Company contained the following account
balances:
Cash $ 66,000 Maria Lopez, Drawing $
52,000
Accounts Receivable 5,800 Fees Income
107.500
Supplies 4,200 Depreciation Expense
5.500
Equipment 52,000 Salaries Expense
wwv34,000
Accumulated Depreciation 5,000
Supplies Expense 6,000
Accounts Payable 6,000 Telephone
Expense 5,200
Maria Lopez, Capital 121,500 Utilities
Expense 9,300

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