Tuesday, March 17, 2020

ACC290 Week 2 Apply Exercise SCORE 100 PERCENT

Question 1
On a statement of owner's equity, beginning capital is $45,000, Net Income for the year is $18,500 and Drawing for the year is $7,500, the ending capital amount would be:

Multiple Choice
    $45,000
    $71,000
$56,000
    $34,000

Question 2
Derrick Wells decided to start a dental practice. The first five transactions for the business follow. 
 
1.    Derrick invested $77,000 cash in the business.
2.    Paid $17,000 in cash for equipment.
3.    Performed services for cash amounting to $7,700.
4.    Paid $2,500 in cash for advertising expense.
5.    Paid $1,700 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.
Requirement 1
Select which two accounts are affected in each of the above transactions

Req 2 and 3
Post the above transactions into the appropriate T accounts.

Question 3

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals.  

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals.   
 

Cash

(a)

182,000

(b)

38,000


(d)

22,000

(e)

620


(g)

2,200

(h)

10,200


 

 

(i)

4,200


Equipment

(c)

72,000

 

 


 

 

 

 


 

 

 

 


 

 

 

 


 

Accounts Receivable

(f)

8,400

(g)

2,200


 

 

 

 


 

 

 

 


 

 

 

 


Accounts Payable

 

 

(c)

72,000


 

 

 

 


 

 

 

 


 

 

 

 


 

Supplies

(b)

38,000

 

 


 

 

 

 


 

 

 

 


 

 

 

 


Wade Wilson, Capital

 

 

(a)

182,000


 

 

 

 


 

 

 

 


 

 

 

 


 

Fees Income

 

 

(d)

22,000


 

 

(f)

8,400


 

 

 

 


 

 

 

 


Telephone Expense

(e)

620

 

 


 

 

 

 


 

 

 

 


 

 

 

 


 

Wade Wilson, Drawing

(i)

4,200

 

 


 

 

 

 


 

 

 

 


 

 

 

 


Salaries Expense

(h)

10,200

 

 


 

 

 

 


 

 

 

 


 

 

 

 



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 for the month ended December 31, 2019.


 

Question 4

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.



 


Question 5
The total of the figures on the left side of a Cash account is $35,800. The total of the figures on the right side is $16,100. The balance of this account:
Multiple Choice
is $19,700 and would be recorded on the right side of the account.
is $51,900 and would be recorded on the left side of the account.
is $19,700 and would be recorded on the left side of the account.
is $51,900 and would be recorded on the right side of the account.

Question 6

Required information

[The following information applies to the questions displayed below.]

The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below.
 

 

 

 

 

 

Cash

19,650

 

Fees Income

-0-

Accounts Receivable

850

 

Rent Expense

-0-

Office Equipment

2,500

 

Utilities Expense

-0-

Supplies

250

 

Salaries Expense

-0-

Accounts Payable

1,500

 

 

 

Kelly Connor, Capital

21,750

 

 

 

Kelly Connor, Drawing

-0-

 

 

 



The following transactions occurred during the month of November.
 

  1. Collected $350 from credit customers.
  2. Issued a check for $760 for November's rent.
  3. Paid $1,700 for salaries.
  4. The owner withdrew $560 in cash for personal expenses.
  5. Issued a check for $200 to pay the monthly utility bill.
  6. Received $2,725 in cash for services performed.
  7. Purchased office equipment for $1,350 on credit.

 

Post the above transactions into the appropriate T accounts.


Question 9

Required information

[The following information applies to the questions displayed below.]

The T account balances for the accounts of Rya's Planning Services as of January 31, 2019 are listed below.
 

 

 

 

Cash

$

22,100

Accounts Receivable

 

18,100

Office Supplies

 

850

Equipment

 

15,000

Accounts Payable

 

5,160

Rya Page, Capital

 

29,100

Rya Page, Drawing

 

6,200

Planning Fees Income

 

34,250

Office Supplies Expense

 

320

Rent Expense

 

920

Salaries Expense

 

4,200

Utilities Expense

 

820


Prepare a Trial Balance as of January 31, 2019.

Question 10

Required information

[The following information applies to the questions displayed below.]

The T account balances for the accounts of Rya's Planning Services as of January 31, 2019 are listed below.
 

 

 

 

Cash

$

22,100

Accounts Receivable

 

18,100

Office Supplies

 

850

Equipment

 

15,000

Accounts Payable

 

5,160

Rya Page, Capital

 

29,100

Rya Page, Drawing

 

6,200

Planning Fees Income

 

34,250

Office Supplies Expense

 

320

Rent Expense

 

920

Salaries Expense

 

4,200

Utilities Expense

 

820


  1. Prepare an income statement for the Rya's Planning Services for the month ended January 31, 2019.
  2. Prepare a statement of owner's equity for Rya's Planning Services for the month ended January 31, 2019.
  3. Prepare a balance sheet for Rya's Planning Services as of January 31, 2019.




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