The partnership was formed by Mr. and Mrs. Henry Antoine and Mrs. Sandra Landers, who had become acquainted while working in a Portland, Oregon, restaurant. On November 1, 2009, each of the three partners contributed $16,000 cash to the partnership and agreed to share in the profits proportionally to their contributed capital (i.e., one-third each). The Antoine's’ contribution represented practically all of their saving. Mrs. Landers’ payment was the proceeds of her late husband’s insurance policy.
The partnership was formed by Mr. and Mrs. Henry Antoine and Mrs. Sandra Landers, who had become acquainted while working in a Portland, Oregon, restaurant. On November 1, 2009, each of the three partners contributed $16,000 cash to the partnership and agreed to share in the profits proportionally to their contributed capital (i.e., one-third each). The Antoine's’ contribution represented practically all of their saving. Mrs. Landers’ payment was the proceeds of her late husband’s insurance policy.
This presentation shows a sample problem that needs journalizing. Preparing journal entries and determining the effects of debit and credit on the business. At the end of the slides, the summary of the journal entries is prepared and shows the balances of debit and credit account.
Read our monthly updates at http://stillwater.org/news/view/id/194
A monthly report on sales, use and hotel/motel tax collections, projections and comparisons from the City of Stillwater.
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
Read our monthly updates at http://stillwater.org/news/view/id/194
A monthly report on sales, use and hotel/motel tax collections, projections and comparisons from the City of Stillwater.
Read our monthly updates at http://stillwater.org/news/view/id/194
A monthly report on sales, use and hotel/motel tax collections, projections and comparisons from the City of Stillwater.
Read our monthly updates at http://stillwater.org/news/view/id/194
A monthly report on sales, use and hotel/motel tax collections, projections and comparisons from the City of Stillwater.
For more course tutorials visit
www.acc291.com
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
Acc 291 t Motivated Minds/newtonhelp.comamaranthbeg41
For more course tutorials visit
www.newtonhelp.com
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
Exercise 8-6 Petty cash fund accounting L.O. P2[The following info.docxrhetttrevannion
Exercise 8-6 Petty cash fund accounting L.O. P2
[The following information applies to the questions displayed below.]
NetPerks Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $28 in cash along with receipts for the following expenditures: postage, $64; transportation-in, $19; delivery expenses, $36; and miscellaneous expenses, $53. NetPerks uses the perpetual system in accounting for merchandise inventory.
references
1.
value:
2.00 points
Exercise 8-6 Part 1
(1)
Prepare journal entry to establish the fund on January 1.
(Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Jan. 1
[removed]
[removed]
check my work
eBook Link
View Hint #1
references
2.
value:
2.00 points
Exercise 8-6 Part 2
(2)
Prepare journal entry to reimburse it on January 8.
(Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Jan. 8
[removed]
[removed]
[removed]
[removed]
[removed]
check my work
eBook Link
View Hint #1
references
3.
value:
2.00 points
Exercise 8-6 Part 3
(3)
Prepare journal entries to both reimburse the fund and increase it to $500 on January 8, assuming no entry in part 2.
(Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Jan. 8
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
4.
value:
6.00 points
Exercise 8-7 Bank reconciliation and adjusting entries L.O. P3
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or deducted from the book or bank balance, or whether it should not appear on the reconciliation.
(Select the answers in the appropriate cells and Leave no cells blank be certain to select "NA" in fields which are not applicable.)
Bank Balance
Book Balance
Shown/Not Shown
1.
Bank service charge for September.
2.
Checks written and mailed to payees on October 2.
3.
Checks written by another depositor but charged against this company’s account.
4.
Principal and interest on a note receivable to this company is collected by the bank but not yet recorded by the company.
5.
Special bank charge for collection of note in part 4 on this company's behalf.
6.
Check written against the company's account and cleared by the bank; erroneously not recorded by the company's recordkeeper.
7.
Interest earned on the September cash balance in the bank.
8.
Night deposit made on September 30 after the bank closed.
9.
Checks outstanding on August 31 that cleared the bank in September.
10.
NSF check from customer is returned on September 25 but not yet recorded by this company.
11.
Checks written by the company and mailed to payees on September 30.
12.
Deposit made on September 5 and processed by the bank on September 6.
5.
value:
6.00 points
Problem 8-2A Establish, reimburse, and adjust petty cash L.O. P2
Shawnee Co. .
This presentation shows a sample problem that needs journalizing. Preparing journal entries and determining the effects of debit and credit on the business. At the end of the slides, the summary of the journal entries is prepared and shows the balances of debit and credit account.
Read our monthly updates at http://stillwater.org/news/view/id/194
A monthly report on sales, use and hotel/motel tax collections, projections and comparisons from the City of Stillwater.
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
Read our monthly updates at http://stillwater.org/news/view/id/194
A monthly report on sales, use and hotel/motel tax collections, projections and comparisons from the City of Stillwater.
Read our monthly updates at http://stillwater.org/news/view/id/194
A monthly report on sales, use and hotel/motel tax collections, projections and comparisons from the City of Stillwater.
Read our monthly updates at http://stillwater.org/news/view/id/194
A monthly report on sales, use and hotel/motel tax collections, projections and comparisons from the City of Stillwater.
For more course tutorials visit
www.acc291.com
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
Acc 291 t Motivated Minds/newtonhelp.comamaranthbeg41
For more course tutorials visit
www.newtonhelp.com
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
Exercise 8-6 Petty cash fund accounting L.O. P2[The following info.docxrhetttrevannion
Exercise 8-6 Petty cash fund accounting L.O. P2
[The following information applies to the questions displayed below.]
NetPerks Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $28 in cash along with receipts for the following expenditures: postage, $64; transportation-in, $19; delivery expenses, $36; and miscellaneous expenses, $53. NetPerks uses the perpetual system in accounting for merchandise inventory.
references
1.
value:
2.00 points
Exercise 8-6 Part 1
(1)
Prepare journal entry to establish the fund on January 1.
(Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Jan. 1
[removed]
[removed]
check my work
eBook Link
View Hint #1
references
2.
value:
2.00 points
Exercise 8-6 Part 2
(2)
Prepare journal entry to reimburse it on January 8.
(Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Jan. 8
[removed]
[removed]
[removed]
[removed]
[removed]
check my work
eBook Link
View Hint #1
references
3.
value:
2.00 points
Exercise 8-6 Part 3
(3)
Prepare journal entries to both reimburse the fund and increase it to $500 on January 8, assuming no entry in part 2.
(Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Jan. 8
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
4.
value:
6.00 points
Exercise 8-7 Bank reconciliation and adjusting entries L.O. P3
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or deducted from the book or bank balance, or whether it should not appear on the reconciliation.
(Select the answers in the appropriate cells and Leave no cells blank be certain to select "NA" in fields which are not applicable.)
Bank Balance
Book Balance
Shown/Not Shown
1.
Bank service charge for September.
2.
Checks written and mailed to payees on October 2.
3.
Checks written by another depositor but charged against this company’s account.
4.
Principal and interest on a note receivable to this company is collected by the bank but not yet recorded by the company.
5.
Special bank charge for collection of note in part 4 on this company's behalf.
6.
Check written against the company's account and cleared by the bank; erroneously not recorded by the company's recordkeeper.
7.
Interest earned on the September cash balance in the bank.
8.
Night deposit made on September 30 after the bank closed.
9.
Checks outstanding on August 31 that cleared the bank in September.
10.
NSF check from customer is returned on September 25 but not yet recorded by this company.
11.
Checks written by the company and mailed to payees on September 30.
12.
Deposit made on September 5 and processed by the bank on September 6.
5.
value:
6.00 points
Problem 8-2A Establish, reimburse, and adjust petty cash L.O. P2
Shawnee Co. .
PART II APPLICATIONDirections Please answer each of the foll.docxdewhirstichabod
PART II: APPLICATION
Directions:
Please answer each of the following questions. Show your work as necessary.
1. The following bank reconciliation contains several errors.
Bank Reconciliation
July 31, 20--
Bank Statement Balance
$ 9,057.00
Add: Note collected by bank
1,200.00
$10,257.00
Deduct: Outstanding checks
$596.00
Error in recording Ck. No. 462 (recorded
check for $546 rather than $456)
90.00
686.00
Adjusted Bank Statement Balance
$ 9,571.00
Ledger Balance of Cash
$ 8,366.00
Add: NSF check from customer
$ 60.00
Deposit in transit
941.00
1,001.00
$ 9,367.00
Deduct: Bank service and collection charges
14.00
Adjusted Ledger Balance of Cash
$ 9,353.00
Instructions:
Prepare a corrected bank reconciliation.
Bank Reconciliation
July 31, 20--
Bank Statement Balance
Add: Deposit in transit
Deduct: Outstanding checks
Adjusted Bank Statement Balance
Ledger Balance of Cash
Add: Note collected from customer
Deduct: Bank service and collection charges
Error in recording Ck. No. 462 (recorded
check for $546 rather than $456)
NSF check from customer
Adjusted Ledger Balance of Cash
2. Capable Cleaners deposits all receipts in the bank each evening and makes all payments by check. On March 31 its ledger balance of cash is $983.40. The bank statement balance of cash as of March 31 is $1,176.53. You are given the following information with which to reconcile the bank statement:
a.
A bank debit memo for service charges, $5.
b.
A deposit of $198.50 was placed in the night depository on March 31 and did not appear on the bank statement.
c.
The reconciliation for February, the previous month, showed two checks outstanding on February 28: Ck. No. 332 for $18 and Ck. No. 333 for $138.60. Ck. No. 333 was returned with the March statement; however, Ck. No. 332 was not returned.
d.
A bank debit memo for a $4.17 NSF check written by L. Long.
e.
Checks no. 352 for $141.15, no. 355 for $17.50, and no. 356 for $215.15 were written during March but were not returned by the bank.
f.
The canceled checks were compared with the entries in the check register, and it was observed that Ck. No. 348 for $56 was written correctly, payable to Glyn Company, a creditor, but was recorded in the checkbook as $65.
Instructions:
1.
Prepare a bank reconciliation as of March 31, assuming that the debit and credit memos have not been recorded.
2.
Record the necessary entries in general journal form using page 41.
1.)
Capable Cleaners
Bank Reconciliation
March 31, 20—
Bank Statement Balance
Add: Deposit in transit
Deduct: Outstanding checks
No. 332
No. 352
No. 355
No. 356
Adjusted Bank Statement Balance
Ledger Balance of Cash
Add: Error in recording Ck. No. 348 payable to
Glyn Company (recorded check for $9 too
much)
Deduct: Bank servic.
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 ...
1.value3.34 pointsFollowing are selected transactions Des.docxhyacinthshackley2629
1.
value:
3.34 points
Following are selected transactions Deshawn Company for 2010 and 2011.
2010
Dec.
13
Accepted a $28,000, 45-day, 7% note dated December 13 in granting Latisha Clark a time extension on her past-due account receivable.
31
Prepared an adjusting entry to record the accrued interest on the Clark note.
2011
Jan.
27
Received Clark’s payment for principal and interest on the note dated December 13.
Mar.
3
Accepted a $22,000, 10%, 90-day note dated March 3 in granting a time extension on the pastdue account receivable of Shandi Company.
17
Accepted a $20,000, 30-day, 8% note dated March 17 in granting Juan Torres a time extension on his past-due account receivable.
Apr.
16
Torres dishonors his note when presented for payment.
May
1
Wrote off the Torres account against the Allowance for Doubtful Accounts.
June
1
Received the Shandi payment for principal and interest on the note dated March 3.
Prepare journal entries for the above transactions for 2011. (Use 360 days a year. Do not round intermediate calculations and round your final answers to nearest dollar amount. Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
2011
Jan.
27
Mar.
3
17
Apr.
16
May
1
June
1
2.
value:
3.33 points
Hawk Company establishes a $360 petty cash fund on September 9. On September 30, the fund shows $89 in cash along with receipts for the following expenditures: transportation-in, $53; postage expenses, $54; and miscellaneous expenses, $153. The petty cashier could not account for a $11 shortage in the fund. Hawk uses the perpetual system in accounting for merchandise inventory.
(1)
Prepare the September 9 entry to establish the fund. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Sept. 9
(2)
Prepare the September 30 entry to reimburse the fund. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Sept. 30
(3)
Prepare an October 1 entry to decrease the fund to $315. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
Oct. 1
3.
value:
3.33 points
Frederick Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2011, its Cash account shows a $14,853 debit balance. Frederick Clinic's June 30 bank statement shows $14,746 on deposit in the bank.
a.
Outstanding checks as of June 30 total $2,295.
b.
The June 30 bank statement included a $65 debit memorandum for bank services.
c.
Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Frederick Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398.
d.
The June 30 cash receipts of $2,346 were placed in the bank's night deposito.
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 ...
ACC 291 GENIUS NEW Knowledge Specialist--acc291genius.comchrysanthemu76
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1. The term “receivables” refers to cash to be paid to debtors. merchandise to be collected from individuals or companies. cash to be paid to creditors. amounts due from individuals or companies. 2. Three accounting issues associated with accounts receivable are depreciating, valuing, and collecting. depreciating, returns, and valuing. accrual, bad debts, and accelerating collections. recognizing, valuing, and accelerating collections. 3. When the
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.
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.
AC1220 ACCOUNTING I Lab 4.2
AC1220 Lab 4.2
Introduction
Jake’s Computer Sales and Repair has an accounts receivable balance of $6,520 as of May 31, 20x1. Jake maintains an aging-of-accounts schedule listing a time outstanding (or “age”) of the invoice amounts that make up each customer’s receivable balance.
Requirement 1
a. Compute the estimated uncollectible amount for each customer in the aging schedule. Enter amounts in the appropriate cells, rounding to the nearest dollar.
b. Compute the total estimated allowance for the uncollectible account balance. Enter the amount in the appropriate cell.
Uncollectible Accounts Schedule at May 31, 20x1
Customer Name
Account Number
1-30 Days
31-60 Days
61-90 Days
Over 90 Days
Totals
Atterbury
1001
$850
$250
-
-
$1,100
Smith
1002
1,320
2,900
$480
-
$4,700
Walten
1003
-
-
50
40
$90
Total
$2,170
$3,150
$530
$40
$6,520
Estimated percent uncollectible
x 2%
x 5%
x 10%
x 90%
Estimated allowance for uncollectible accounts
Requirement 2
a. Make the necessary journal entry to establish an allowance for the uncollectible accounts account. Use the target allowance for the uncollectible accounts balance computed in Requirement 1.
DATE
DETAILS
DEBIT
CREDIT
5/31/x1
b. Post the entry from Requirement 2a and account receivable balance to the following T-Accounts:
Uncollectible Account Expense
Allowance for Uncollectible Accounts
Accounts Receivable
c. Show the disclosure of net accounts receivable in the following partial balance sheet:
In the current assets section of the balance sheet:
Accounts Receivable, Net
Requirement 3
Jake is informed in writing that a customer, Walten, has filed for bankruptcy and will be unable to settle an account receivable of $90.
Make the journal entry necessary to write off this amount.
DATE
DETAILS
DEBIT
CREDIT
5/31/x1
Requirement 4
Jake receives notice from Walten’s attorney that Jake’s Computer Sales and Repair will receive $0.50 on the dollar of the $90 account receivable previously written off. A check for that amount is included.
Journalize the partial reinstatement and recovery of Walten’s account receivable.
DATE
DETAILS
DEBIT
CREDIT
5/31/x1
Requirement 5
Customer Smith’s account receivable balance of $480 is more than 60 days old. Jake and Smith agree to reclassify this amount as a note payable with a six-month maturity and a 15 percent annual interest rate.
Jake makes the following journal entry:
DATE
DETAILS
DEBIT
CREDIT
5/31/x1
Note Receivable
$480
Accounts Receivable
$480
To record 15% note receivable
Compute the interest and principle components of the payment that Smith will make on June 30, 20x1, on the note payable.
Hint: Principal x Interest Rate x Days/365 = Amount of Interest
Requirement 6
Requirement 6
Jake considers using the direct write-off method to account for uncollectible accounts. He would debit the uncollectible account expense a.
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1. ACC 291 Week 3 Practice Connect Practice
Assignment NEW
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attempt 1
1
Florence Company received a bank statement
showing a balance of $13,550 on November 30,
2019. During the bank reconciliation process,
Florence's accountant noted the following bank
errors:
2. A check for $265 issued by Florentine, Inc., was
mistakenly charged to Florence Company's
account.
Check 2782 was written for $200 but was paid by
the bank as $1,200.
Check 2920 for $85 was paid by the bank twice.
A deposit for $580 on November 22 was credited
by the bank for $850.
Assuming outstanding checks total $2,450,
prepare the adjusted bank balance section of the
November 30, 2019, bank reconciliation.
2
On January 2, The Public Legal Clinic issued Check
2108 for $450 to establish a petty cash fund.
Indicate how this transaction would be recorded
in a general journal.
3
Di Stefano Office Supply Company received a bank
statement showing a balance of $70,005 as of
March 31, 2019. The firm's records showed a book
3. balance of $71,487 on March 31. The difference
between the two balances was caused by the
following items.
A debit memorandum for $40, which covers the
bank's collection fee for the note (item 6).
A deposit in transit of $4,700.
A check for $348 issued by another firm that was
mistakenly charged to Di Stefano's account.
A debit memorandum for an NSF check of $6,145
issued by Wozniak Construction Company, a credit
customer.
Outstanding checks: Check 3782 for $2,200; Check
3840 for $251.
A credit memorandum for a $7,300
noninterestbearing note receivable that the bank
collected for the firm.
Prepare a bank reconciliation statement for the
firm as of March 31. Prepare the necessary journal
entries for March 31, 2019 from the statement.
4
4. After returning from a three-day business trip, the
accountant for Southeast Sales, Johanna Estrada,
checked bank activity in the company's checking
account online. The activity for the last three days
follows.
Business Checking Account #123456-987
Date Type Description Additions Payments Balance
09/24/2019
XXXX
Loan Payment Online Transfer to CM $
3,500.00 $ 15,675.06
09/24/2019
8888 $
Deposit DEPOSIT ID NUMBER 2,269.60 $ 19,175.06
09/23/2019
(view)
Check CHECK #1554
$ 3,500.00 $ 16,905.46
09/23/2019
Payment
Bill Payment Online
$ 36.05 $ 20,405.46
09/22/2019
(view)
Check CHECK #1553
$ 240.00
$ 20,441.51
09/22/2019
(view)
Check CHECK #1551
$ 1,750.00
$ 20,681.51
09/22/2019
PAYMENT
51
ACH Credit Edwards UK AP $
8,900.00
$ 22,431.
09/22/2019
WITHDRAWAL
ATM ATM
$ 240.00 $ 13,531.51
5. After matching these transactions to the
company's Cash account in the general ledger,
Johanna noted the following unrecorded
transactions:
The ATM withdrawal on 9/22/2019 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 9/23/2019 was 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.)
5
6. Teng Corporation received a bank statement
showing a balance of $15,700 as of October 31,
2019. The firm's records showed a book balance of
$15,262 on October 31. The difference between
the two balances was caused by the following
items.
A debit memorandum for an NSF check from
Richard Wolf for $332.
Three outstanding checks: Check 7017 for $124,
Check 7098 for $55, and Check 7107 for $1,560.
A bank service charge of $12.
A deposit in transit of $957.
Prepare the adjusted bank balance section and the
adjusted book balance section of the bank
reconciliation statement. Prepare the necessary
journal entries for the year 2019.
7. Teng Corporation received a bank statement
showing a balance of $15,700 as of October 31,
2019. The firm's records showed a book balance of
$15,262 on October 31. The difference between
the two balances was caused by the following
items.
A debit memorandum for an NSF check from
Richard Wolf for $332.
Three outstanding checks: Check 7017 for $124,
Check 7098 for $55, and Check 7107 for $1,560.
A bank service charge of $12.
A deposit in transit of $957.
Prepare the adjusted bank balance section and the
adjusted book balance section of the bank
reconciliation statement. Prepare the necessary
journal entries for the year 2019.
