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ACC 290 Week 1 Individual Financial Statements Paper
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-1-Individual-Financial-Statements-Paper
ACC 290 Week 1 Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-1-Summary
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ACC 290 Week 1 Individual Financial Statements Paper
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-1-Individual-Financial-Statements-Paper
ACC 290 Week 1 Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-1-Summary
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ACC 290 Week 2 Latest Exercises
Question 1
A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.
Question 2
This information relates to Pickert Real Estate Agency.
Oct. 1 Stockholders invested $30,000 in exchange for common stock of the corporation.
Oct. 2 Hires an administrative assistant at an annual salary of $42,000.
Oct. 3 Buys office furniture for $4,600, on account.
Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).
Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment.
Oct. 27 Pays $700 on account for the office furniture purchased on October 3.
Oct. 30 Pays the administrative assistant $3,500 in salary for October.
Post the transactions to T-accounts and complete the following trial balance. (If answer is zero, please enter 0, do not leave any fields blank.)
Question 3
Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred:
April 1 Stockholders invested $15,000 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $375 per week, payable monthly.
2 Paid office rent for the month $900.
3 Purchased architectural supplies on account from Spring Green Company $1,000.
10 Completed blueprints on a carport and billed client $1,500 for services.
11 Received $500 cash advance from J. Madison to design a new home.
20 Received $2,300 cash for services completed and delivered to M. Svetlana.
30 Paid secretary-receptionist for the month $1,500.
30 Paid $300 to Spring Green Company for accounts payable due.
Journalize the transactions. (If no entry is required type No entry for the account and 0 for the amount.)
Complete the following trial balance. (Hint: Post the above transactions to the ledger T-accounts and use the balances to complete the trial balance.) (If answer is zero please enter 0, do not leave any fields blank.)
Question 4
This is the trial balance of Slocombe Company on September 30.
The October transactions were as follows.
Oct. 5 Received $1,300 in cash from customers for accounts receivable due.
10 Billed customers for services performed $5,100.
15 Paid employee salaries $1,400.
17 Performed $600 of services for customers who paid in advance in August.
20 Paid $1,500 to creditors for accounts payable due.
29 Paid a $300 cash dividend.
31 Paid utilities $500.
Journalize the transactions.
Post to ledger accounts and then complete the following trial balance. (If answer is zero please enter 0, do not leave any fields blank.)
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-2-Individual-Exercise
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ACC 290 Week 2 Latest Exercises
Question 1
A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.
Question 2
This information relates to Pickert Real Estate Agency.
Oct. 1 Stockholders invested $30,000 in exchange for common stock of the corporation.
Oct. 2 Hires an administrative assistant at an annual salary of $42,000.
Oct. 3 Buys office furniture for $4,600, on account.
Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).
Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment.
Oct. 27 Pays $700 on account for the office furniture purchased on October 3.
Oct. 30 Pays the administrative assistant $3,500 in salary for October.
Post the transactions to T-accounts and complete the following trial balance. (If answer is zero, please enter 0, do not leave any fields blank.)
Question 3
Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred:
April 1 Stockholders invested $15,000 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $375 per week, payable monthly.
2 Paid office rent for the month $900.
3 Purchased architectural supplies on account from Spring Green Company $1,000.
10 Completed blueprints on a carport and billed client $1,500 for services.
11 Received $500 cash advance from J. Madison to design a new home.
20 Received $2,300 cash for services completed and delivered to M. Svetlana.
30 Paid secretary-receptionist for the month $1,500.
30 Paid $300 to Spring Green Company for accounts payable due.
Journalize the transactions. (If no entry is required type No entry for the account and 0 for the amount.)
Complete the following trial balance. (Hint: Post the above transactions to the ledger T-accounts and use the balances to complete the trial balance.) (If answer is zero please enter 0, do not leave any fields blank.)
Question 4
This is the trial balance of Slocombe Company on September 30.
The October transactions were as follows.
Oct. 5 Received $1,300 in cash from customers for accounts receivable due.
10 Billed customers for services performed $5,100.
15 Paid employee salaries $1,400.
17 Performed $600 of services for customers who paid in advance in August.
20 Paid $1,500 to creditors for accounts payable due.
29 Paid a $300 cash dividend.
31 Paid utilities $500.
Journalize the transactions.
Post to ledger accounts and then complete the following trial balance. (If answer is zero please enter 0, do not leave any fields blank.)
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-2-Individual-Exercise
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ACC 290 Week 2 Individual Exercise
Question 1
A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.
Determine how much stockholders' equity increased for the month.
Compute the net income for the month.
Question 2
This information relates to Pickert Real Estate Agency.
Oct. 1 Stockholders invested $30,000 in exchange for common stock of the corporation.
Oct. 2 Hires an administrative assistant at an annual salary of $42,000.
Oct. 3 Buys office furniture for $4,600, on account.
Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).
Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment.
Oct. 27 Pays $700 on account for the office furniture purchased on October 3.
Oct. 30 Pays the administrative assistant $3,500 in salary for October.
Post the transactions to T-accounts and complete the following trial balance. (If answer is zero, please enter 0, do not leave any fields blank.)
Question 3
Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred:
April 1 Stockholders invested $15,000 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $375 per week, payable monthly.
2 Paid office rent for the month $900.
3 Purchased architectural supplies on account from Spring Green Company $1,000.
10 Completed blueprints on a carport and billed client $1,500 for services.
11 Received $500 cash advance from J. Madison to design a new home.
20 Received $2,300 cash for services completed and delivered to M. Svetlana.
30 Paid secretary-receptionist for the month $1,500.
30 Paid $300 to Spring Green Company for accounts payable due.
Journalize the transactions. (If no entry is required type No entry for the account and 0 for the amount.)
Complete the following trial balance. (Hint: Post the above transactions to the ledger T-accounts and use the balances to complete the trial balance.) (If answer is zero please enter 0, do not leave any fields blank.)
Question 4
This is the trial balance of Slocombe Company on September 30.
The October transactions were as follows.
Oct. 5 Received $1,300 in cash from customers for accounts receivable due.
10 Billed customers for services performed $5,100.
15 Paid employee salaries $1,400.
17 Performed $600 of services for customers who paid in advance in August.
20 Paid $1,500 to creditors for accounts payable due.
29 Paid a $300 cash dividend.
31 Paid utilities $500.
Journalize the transactions.
Post to ledger accounts and then complete the following trial balance. (If answer is zero please enter 0, do not leave any fields blank.)
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-2-Individual-Exercise
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ACC 290 Week 2 Individual Exercise
Question 1
A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.
Determine how much stockholders' equity increased for the month.
Compute the net income for the month.
Question 2
This information relates to Pickert Real Estate Agency.
Oct. 1 Stockholders invested $30,000 in exchange for common stock of the corporation.
Oct. 2 Hires an administrative assistant at an annual salary of $42,000.
Oct. 3 Buys office furniture for $4,600, on account.
Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).
Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment.
Oct. 27 Pays $700 on account for the office furniture purchased on October 3.
Oct. 30 Pays the administrative assistant $3,500 in salary for October.
Post the transactions to T-accounts and complete the following trial balance. (If answer is zero, please enter 0, do not leave any fields blank.)
Question 3
Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred:
April 1 Stockholders invested $15,000 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $375 per week, payable monthly.
2 Paid office rent for the month $900.
3 Purchased architectural supplies on account from Spring Green Company $1,000.
10 Completed blueprints on a carport and billed client $1,500 for services.
11 Received $500 cash advance from J. Madison to design a new home.
20 Received $2,300 cash for services completed and delivered to M. Svetlana.
30 Paid secretary-receptionist for the month $1,500.
30 Paid $300 to Spring Green Company for accounts payable due.
Journalize the transactions. (If no entry is required type No entry for the account and 0 for the amount.)
Complete the following trial balance. (Hint: Post the above transactions to the ledger T-accounts and use the balances to complete the trial balance.) (If answer is zero please enter 0, do not leave any fields blank.)
Question 4
This is the trial balance of Slocombe Company on September 30.
The October transactions were as follows.
Oct. 5 Received $1,300 in cash from customers for accounts receivable due.
10 Billed customers for services performed $5,100.
15 Paid employee salaries $1,400.
17 Performed $600 of services for customers who paid in advance in August.
20 Paid $1,500 to creditors for accounts payable due.
29 Paid a $300 cash dividend.
31 Paid utilities $500.
Journalize the transactions.
Post to ledger accounts and then complete the following trial balance. (If answer is zero please enter 0, do not leave any fields blank.)
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-2-Individual-Exercise
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ACC 290 Week 2 Individual Problems and Exercises
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-2-Individual-Problems-and-Exercises
ACC 290 Week 2 Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-2-Summary
ACC 290 Week 2 Team Reflection Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-2-Team-Reflection-Summary
ACC 290 Week 3 Individual Problems and Exercises
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-3-Individual-Problems-and-Exercises
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ACC 290 Week 2 Individual Problems and Exercises
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-2-Individual-Problems-and-Exercises
ACC 290 Week 2 Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-2-Summary
ACC 290 Week 2 Team Reflection Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-2-Team-Reflection-Summary
ACC 290 Week 3 Individual Problems and Exercises
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-3-Individual-Problems-and-Exercises
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ACC 290 Week 3 Latest Exercises
Question 1
Transactions that affect earnings do not necessarily affect cash.
Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount has a decreasing effect use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45). Do not use a dollar sign $ for negative answers.)
Question 2
Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows.
Other data:
1 Supplies on hand at June 30 total $980.
2. A utility bill for $180 has not been recorded and will not be paid until next month.
3. The insurance policy is for a year.
4. $3,900 of unearned service revenue has been earned at the end of the month.
5. Salaries of $1,250 are accrued at June 30.
6. The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.
7. Invoices representing $3,500 of services performed during the month have not been recorded as of June 30.
Prepare the adjusting entries for the month of June.
Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T-Accounts. (List multiple items from largest to smallest amount, e.g. 10, 5, 2.)
Complete the following adjusted trial balance at June 30, 2010. (If answer is zero, please enter 0, do not leave any fields blank.)
Question 3
The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before adjustment on May 31.
Other data:
1.Insurance expires at the rate of $300 per month.
2.A count of supplies shows $1,050 of unused supplies on May 31.
3.Annual depreciation is $3,600 on the lodge and $3,000 on furniture.
4.The mortgage interest rate is 7%. (The mortgage was taken out on May 1.)
5.Unearned rent of $2,500 has been earned.
6.Salaries of $750 are accrued and unpaid at May 31.
Journalize the adjusting entries on May 31.
Prepare a ledger using T accounts. Enter the trial balance amounts and post the adjusting entries.
Complete the Adjusted Trial Balance as of May 31. (If answer is zero, please enter 0, do not leave any fields blank.)
Complete the income statement and a retained earnings statement for the month of May and a classified balance sheet at May 31. (List expenses from largest to smallest amount, e.g. 10, 5, 2. If amounts are the same, list alphabetically. List assets in order of liquidity and liabilities from largest to smallest amount, e.g. 10, 5, 2.)
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-3-Latest-Exercises
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ACC 290 Week 3 Latest Exercises
Question 1
Transactions that affect earnings do not necessarily affect cash.
Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount has a decreasing effect use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45). Do not use a dollar sign $ for negative answers.)
Question 2
Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows.
Other data:
1 Supplies on hand at June 30 total $980.
2. A utility bill for $180 has not been recorded and will not be paid until next month.
3. The insurance policy is for a year.
4. $3,900 of unearned service revenue has been earned at the end of the month.
5. Salaries of $1,250 are accrued at June 30.
6. The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.
7. Invoices representing $3,500 of services performed during the month have not been recorded as of June 30.
Prepare the adjusting entries for the month of June.
Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T-Accounts. (List multiple items from largest to smallest amount, e.g. 10, 5, 2.)
Complete the following adjusted trial balance at June 30, 2010. (If answer is zero, please enter 0, do not leave any fields blank.)
Question 3
The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before adjustment on May 31.
Other data:
1.Insurance expires at the rate of $300 per month.
2.A count of supplies shows $1,050 of unused supplies on May 31.
3.Annual depreciation is $3,600 on the lodge and $3,000 on furniture.
4.The mortgage interest rate is 7%. (The mortgage was taken out on May 1.)
5.Unearned rent of $2,500 has been earned.
6.Salaries of $750 are accrued and unpaid at May 31.
Journalize the adjusting entries on May 31.
Prepare a ledger using T accounts. Enter the trial balance amounts and post the adjusting entries.
Complete the Adjusted Trial Balance as of May 31. (If answer is zero, please enter 0, do not leave any fields blank.)
Complete the income statement and a retained earnings statement for the month of May and a classified balance sheet at May 31. (List expenses from largest to smallest amount, e.g. 10, 5, 2. If amounts are the same, list alphabetically. List assets in order of liquidity and liabilities from largest to smallest amount, e.g. 10, 5, 2.)
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-3-Latest-Exercises
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ACC 290 Week 3 Olathe Hotel
P4-3A : Data Given
The Olathe Hotel opened for Business on May 1, 2010. Here is its Trial Balance before adjustment on May 31
OLATHE HOTEL
Trial Balance
May 31, 2010
Debit Credit
Cash $2,500
Prepaid Insurance $1,800
Supplies $2,600
Land $15,000
Lodge $70,000
Furniture $16,800
Accounts Payable $4,700
Unearned Rent Revenue $3,300
Mortgage Payable $36,000
Common Stock $60,000
Rent Revenue $9,000
Salaries Expense $3,000
Utilities Expense $800
Advertisement Expense $500
Totals $113,000 $113,000
Other data:
1. Insurance expires at the rate of $300 per month
2. A count of Supplies shows $1,050 of unused supplies on May 31
3. Annual Depreciation is $3,600 on the Lodge and $3,000 on furniture
4. 7% is the Mortgage Interest Rate. (Mortgage is taken out on May 01)
5. Unearned Rent of $2,500 has been earned
6. Salaries of $750 are accrued and unpaid at May 31
Solution :
(a) Prepare the adjusting entries for the month of May.
(b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts.
(c) Prepare an adjusted trial balance at May 31, 2010.
(d) Prepare an Income Statement for the month ended May 31, 2010.
(d) Prepare an Retained Earning Statement for the month ended May 31, 2010.
(e) Prepare Balance Sheet as at May 31, 2010.
(e) Indicate which accounts are to be closed as at May 31, 2010
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-3-Olathe-Hotel
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ACC 290 Week 3 Olathe Hotel
P4-3A : Data Given
The Olathe Hotel opened for Business on May 1, 2010. Here is its Trial Balance before adjustment on May 31
OLATHE HOTEL
Trial Balance
May 31, 2010
Debit Credit
Cash $2,500
Prepaid Insurance $1,800
Supplies $2,600
Land $15,000
Lodge $70,000
Furniture $16,800
Accounts Payable $4,700
Unearned Rent Revenue $3,300
Mortgage Payable $36,000
Common Stock $60,000
Rent Revenue $9,000
Salaries Expense $3,000
Utilities Expense $800
Advertisement Expense $500
Totals $113,000 $113,000
Other data:
1. Insurance expires at the rate of $300 per month
2. A count of Supplies shows $1,050 of unused supplies on May 31
3. Annual Depreciation is $3,600 on the Lodge and $3,000 on furniture
4. 7% is the Mortgage Interest Rate. (Mortgage is taken out on May 01)
5. Unearned Rent of $2,500 has been earned
6. Salaries of $750 are accrued and unpaid at May 31
Solution :
(a) Prepare the adjusting entries for the month of May.
(b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts.
(c) Prepare an adjusted trial balance at May 31, 2010.
(d) Prepare an Income Statement for the month ended May 31, 2010.
(d) Prepare an Retained Earning Statement for the month ended May 31, 2010.
(e) Prepare Balance Sheet as at May 31, 2010.
(e) Indicate which accounts are to be closed as at May 31, 2010
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-3-Olathe-Hotel
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ACC 290 Week 3 Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-3-Summary
ACC 290 Week 3 Team Reflection Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-3-Team-Reflection-Summary
ACC 290 Week 4 Individual - Problems
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-4-Individual-Problems
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ACC 290 Week 3 Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-3-Summary
ACC 290 Week 3 Team Reflection Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-3-Team-Reflection-Summary
ACC 290 Week 4 Individual - Problems
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-4-Individual-Problems
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ACC 290 Week 4 Latest Exercises
Question 1
Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed.
July 1 Issued 11,000 shares of common stock for $11,000 cash.
July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance on account.
July 3 Purchased cleaning supplies for $900 on account.
July 5 Paid $1,800 cash on 1-year insurance policy effective July 1.
July 12 Billed customers $3,200 for cleaning services.
July 18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.
July 20 Paid $2,000 cash for employee salaries.
July 21 Collected $1,400 cash from customers billed on July 12.
July 25 Billed customers $2,500 for cleaning services.
July 31 Paid $260 for gas and oil used in the truck during month.
July 31 Declared and paid a $600 cash dividend.
Journalize the July transactions. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Journalize the following adjustments.
1.Services provided but unbilled and uncollected at July 31 were $1,700.
2.Depreciation on equipment for the month was $250.
3.One-twelfth of the insurance expired.
4.An inventory count shows $360 of cleaning supplies on hand at July 31.
5.Accrued but unpaid employee salaries were $400.
Post the July transactions to the ledger accounts. (Use T accounts.) Post adjusting entries to the T accounts. Post closing entries and complete the closing process. (If answer is zero, please enter 0, do not leave any fields blank.)
Complete the Trial Balance and Adjusted Trial Balance at July 31. (If an answer is zero, please enter 0, do not leave any fields blank.)
Complete the income statement and a retained earnings statement for July and a classified balance sheet at July 31 (List expenses from largest to smallest amount, e.g. 10, 5, 2. List assets in order of liquidity and liabilities from largest to smallest amount, e.g. 10, 5, 2.)
Journalize the post closing entries. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Complete the post closing Trial Balance below. (If answer is zero please enter 0, do not leave any fields blank.)
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-4-Latest-Exercises
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ACC 290 Week 4 Latest Exercises
Question 1
Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed.
July 1 Issued 11,000 shares of common stock for $11,000 cash.
July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance on account.
July 3 Purchased cleaning supplies for $900 on account.
July 5 Paid $1,800 cash on 1-year insurance policy effective July 1.
July 12 Billed customers $3,200 for cleaning services.
July 18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.
July 20 Paid $2,000 cash for employee salaries.
July 21 Collected $1,400 cash from customers billed on July 12.
July 25 Billed customers $2,500 for cleaning services.
July 31 Paid $260 for gas and oil used in the truck during month.
July 31 Declared and paid a $600 cash dividend.
Journalize the July transactions. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Journalize the following adjustments.
1.Services provided but unbilled and uncollected at July 31 were $1,700.
2.Depreciation on equipment for the month was $250.
3.One-twelfth of the insurance expired.
4.An inventory count shows $360 of cleaning supplies on hand at July 31.
5.Accrued but unpaid employee salaries were $400.
Post the July transactions to the ledger accounts. (Use T accounts.) Post adjusting entries to the T accounts. Post closing entries and complete the closing process. (If answer is zero, please enter 0, do not leave any fields blank.)
Complete the Trial Balance and Adjusted Trial Balance at July 31. (If an answer is zero, please enter 0, do not leave any fields blank.)
Complete the income statement and a retained earnings statement for July and a classified balance sheet at July 31 (List expenses from largest to smallest amount, e.g. 10, 5, 2. List assets in order of liquidity and liabilities from largest to smallest amount, e.g. 10, 5, 2.)
Journalize the post closing entries. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Complete the post closing Trial Balance below. (If answer is zero please enter 0, do not leave any fields blank.)
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-4-Latest-Exercises
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ACC 290 Week 4 Learning Team Reflection Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-4-Learning-Team-Reflection-Summary
ACC 290 Week 4 Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-4-Summary
ACC 290 Week 4 Team Financial Reporting Problem - Part 1
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-4-Team-Financial-Reporting-Problem-Part-1
ACC 290 Week 5 Individual - Exercises
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-5-Individual-Exercises
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ACC 290 Week 4 Learning Team Reflection Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-4-Learning-Team-Reflection-Summary
ACC 290 Week 4 Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-4-Summary
ACC 290 Week 4 Team Financial Reporting Problem - Part 1
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-4-Team-Financial-Reporting-Problem-Part-1
ACC 290 Week 5 Individual - Exercises
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-5-Individual-Exercises
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ACC 290 Week 5 Latest Exercises Question 2 - 6
Question 2
Prior Company buys merchandise on account from Wood Company. The selling price of the goods is $900 and the cost of goods is $630. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies.
Question 3
In its first month of operation, Maze Company purchased 100 units of inventory for $6, then 200 units for $7, and finally 150 units for $8. At the end of the month, 180 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic method.
Question 4
O'Connor Video Center accumulates the following cost and market data at December 31.
Compute the lower of cost or market valuation for O'Connor's inventory.
Question 5
Beaty Company has the following internal control procedures over cash receipts. Match the internal control principle that is applicable to each procedure.
Question 6
Newell Company has the following internal control procedures over cash disbursements. Match the internal control principle that is applicable to each procedure.
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-5-Latest-Exercises-Question-2-6
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ACC 290 Week 5 Latest Exercises Question 2 - 6
Question 2
Prior Company buys merchandise on account from Wood Company. The selling price of the goods is $900 and the cost of goods is $630. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies.
Question 3
In its first month of operation, Maze Company purchased 100 units of inventory for $6, then 200 units for $7, and finally 150 units for $8. At the end of the month, 180 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic method.
Question 4
O'Connor Video Center accumulates the following cost and market data at December 31.
Compute the lower of cost or market valuation for O'Connor's inventory.
Question 5
Beaty Company has the following internal control procedures over cash receipts. Match the internal control principle that is applicable to each procedure.
Question 6
Newell Company has the following internal control procedures over cash disbursements. Match the internal control principle that is applicable to each procedure.
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-5-Latest-Exercises-Question-2-6
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ACC 290 Week 5 Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-5-Summary
ACC 290 Week 5 Team Financial Reporting Problem - Part 2
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-5-Team-Financial-Reporting-Problem-Part-2
Week 5 Team Reflection Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-5-Team-Reflection-Summary
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ACC 290 Week 5 Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-5-Summary
ACC 290 Week 5 Team Financial Reporting Problem - Part 2
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-5-Team-Financial-Reporting-Problem-Part-2
Week 5 Team Reflection Summary
http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I/ACC-290-Week-5-Team-Reflection-Summary
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