Category Archives: ACC 290

UOP ACC 290 Final Description updated

UOP ACC 290 Final Description updated

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Question 1

The best definition of assets is the
 
collections of resources belonging to the company and the claims on these resources.
cash owned by the company.
owners’ investment in the business.
resources belonging to a company that have future benefit to the company.
 
           
Question 2
Which of the following is not a liability?
 
 
Accounts Payable
Accounts Receivable
Interest Payable
Unearned Service Revenue
 
Question 3
Which of the following financial statements is divided into major categories of operating, investing, and financing activities?
 
 
The statement of cash flows.
The income statement.
The balance sheet.
The retained earnings statement.
 
Question 4
Ending retained earnings for a period is equal to beginning
 
 
Retained earnings + Net income – Dividends.
Retained earnings – Net income + Dividends
 
Retained earnings – Net income – Dividends.
Retained earnings + Net income + Dividends.
 
 
Question 5      
Which of the following is not an advantage of the corporate form of business organization?
 
 
No personal liability
Easy to raise funds
Easy to transfer ownership
Favorable tax treatment
 
 
 
Question 6
An advantage of the corporate form of business is that
 
 
it is simple to establish.
it has limited life.
 its owner’s personal resources are at stake.
its ownership is easily transferable via the sale of shares of stock
 
 
Question 7
A small neighborhood barber shop that is operated by its owner would likely be organized as a
 
 
proprietorship.
partnership.
 joint venture.
corporation.
 
 
 
Question 8
 
If services are rendered for cash, then
 
stockholders’ equity will decrease.
liabilities will increase.
liabilities will decrease.
assets will increase.
 
Question 9
           
A revenue generally
 
 
increases assets and stockholders’ equity.
increases assets and liabilities.
increases assets and decreases stockholders’ equity.
leaves total assets unchanged.
 
Question 10
A revenue account
 
has a normal balance of a debit.
is decreased by credits.
is increased by credits.
is increased by debits.
 
Question 11
 
Which accounts normally have debit balances?
 
 
Assets, expenses, and dividends
Assets, expenses, and revenues
Assets, expense, and retained earnings
Assets, liabilities, and dividends
 
Question 12
In recording an accounting transaction in a double-entry system
 
 
the number of debit accounts must equal the number of credit accounts.
there must only be two accounts affected by any transaction.
there must always be entries made on both sides of the accounting equation.
the amount of the debits must equal the amount of the credits.
 
 
Question 13
 
           
The usual sequence of steps in the transaction recording process is
 
 
journalize, analyze, post to the ledger.
post to the ledger, journalize, analyze.
analyze, journalize, post to the ledger.
journalize, post to the ledger, analyze.
 
Question 14
 
 
Under the expense recognition principle expenses are recognized when
 
 
they contribute to the production of revenue.
they are billed by the supplier.
they are paid.
the invoice is received.
 
Question 15
           
The revenue recognition principle dictates that revenue should be recognized in the accounting records:
 
 
in the period that income taxes are paid.
when cash is received.
when the performance obligation is satisfied.
at the end of the month.
 
 
Question 16
 
Merchandising companies that sell to retailers are known as
 
 
brokers.
corporations.
wholesalers.
service firms.
 
Question 17
 
           
Gross profit equals the difference between
 
 
sales revenue and cost of goods sold.
sales revenue and operating expenses.
net income and operating expenses.
sales revenue and cost of goods sold plus operating expenses
 
Question 18
 
Net income will result if gross profit exceeds
 
 
purchases.
 cost of goods sold.
operating expenses.
cost of goods sold plus operating expenses.
 
Question 19
Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account?
 
 
Freight-In
Inventory
Freight Expense
Freight-Out
 
Question 20
           
Financial information is presented below:
Operating expenses                 $ 25000
Sales revenue              175000
Cost of goods sold                  125000
 
The profit margin ratio would be
 
 
Question 21
 
           
Financial information is presented below:
Operating expenses     $ 31000
Sales returns and allowances  6000
Sales discounts            5000
Sales revenue  180000
Cost of goods sold      87000
 
The gross profit rate would be
 
 
Question 22
           
Financial information is presented below:
Operating expenses     $ 54000
Sales returns and allowances  5000
Sales discounts            5000
Sales revenue  206000
Cost of goods sold      109000
 
Gross Profit would be
 
 
 
$102000.
$92000.
$97000.
$87000
 
Question 23
The LIFO inventory method assumes that the cost of the latest units purchased are
 
 
not allocated to cost of goods sold or ending inventory.
the first to be allocated to cost of goods sold.
the last to be allocated to cost of goods sold.
the first to be allocated to ending inventory.
 
Question 24
 
Which of the following statements is correct with respect to inventories?
 
 
FIFO seldom coincides with the actual physical flow of inventory.
 The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.
It is generally good business management to sell the most recently acquired goods first.
Under FIFO, the ending inventory is based on the latest units purchased.
 
 
           
 
 
Question 25
           
All of the following are examples of internal control procedures except
 
 
reconciling the bank statement.
customer satisfaction surveys.
insistence that employees take vacations.
using prenumbered documents.
 
 
Question 26
Each of the following is a feature of internal control except
 
 
recording of all transactions.
bonding of employees.
an extensive marketing plan.
separation of duties.
 
 
Question 27    
For which of the following errors should the appropriate amount be subtracted from the balance per books on a bank reconciliation?
 
 
Check written for $95, but recorded by the company as $59
 
Deposit of $500 recorded by the bank as $50.
Check written for $53, but recorded by the company as $35.
A returned $200 check recorded by the bank as $20.
 
 
Question 28
A check written by the company for $126 is incorrectly recorded by a company as $162. On the bank reconciliation, the $36 error should be
 
 
deducted from the balance per books.
added to the balance per bank.
added to the balance per books.
deducted from the balance per bank.
 
 
Question 29
The following information was available for Blossom Company at December 31, 2017: beginning inventory $93000; ending inventory $146000; cost of goods sold $676000; and sales $824000. Blossom inventory turnover ratio (rounded) in 2017 was
 
7.3 times.
4.6 times.
6.9 times.
5.7 times.
 
 
Question 30
           
The following information was available for Sheridan Company at December 31, 2017: beginning inventory $80000; ending inventory $132000; cost of goods sold $644000; and sales $816000. Sheridan days in inventory (rounded) in 2017 was
 
47.4 days.
45.1 days.
59.8 days.
74.5 days.

 

UOP ACC 290 Week 1 Apply Connect Assignment (With Excel File)

UOP ACC 290 Week 1 Apply Connect Assignment (With Excel File)

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1 On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings.

TRANSACTIONS

The owner invested $100,000 in cash to begin the business.
Paid $20,250 in cash for the purchase of equipment.
Purchased additional equipment for $15,200 on credit.
Paid $12,500 in cash to creditors.
The owner made an additional investment of $25,000 in cash.
Performed services for $9,750 in cash.
Performed services for $7,800 on account.
Paid $6,000 for rent expense.
Received $5,500 in cash from credit clients.
Paid $7,550 in cash for office supplies.
The owner withdrew $12,000 in cash for personal expenses.
Record in equation form the changes that occur in assets, liabilities, and owner’s equity for the above transactions.

Analyze:

What is the ending balance of cash after all transactions have been recorded?

 

2

The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton.

Required:

Analyze each transaction carefully. Prepare an income statement and a statement of owner’s equity for the month. Prepare a balance sheet for May 31, 2019.

 

ACC 290 Week 1 Apply Connect Assignment

Complete the Week 1 Assignment in Connect.

Note: You have only 1 attempt available to complete assignments.

1

Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm’s financial records showed the following assets, liabilities, and owner’s equity.

 

Cash   $          60,200

Accounts Receivable             15,800

Office Furniture                    35,000

Auto                22,700

Accounts Payable                  10,400

Harold Joseph, Capital                     90,700

Revenue                     56,200

Expenses                    23,600

 

 

TRANSACTIONS

Performed services for $6,600 on credit.
Paid $1,620 in cash for updated office chairs.
Received $10,400 in cash from credit clients.
Paid $800 in cash for telephone service.
Sent a check for $2,900 in partial payment of the amount due creditors.
Paid salaries of $8,900 in cash.
Sent a check for $1,040 to pay electric bill.
Performed services for $9,700 in cash.
Paid $2,270 in cash for auto repairs.
Performed services for $11,700 on account.
Enter the above transactions in to the following accounting equations.

Analyze:

What is the amount of total assets after all transactions have been recorded?

2

The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton.

Required:

Analyze each transaction carefully. Prepare an income statement and a statement of owner’s equity for the month. Prepare a balance sheet for May 31, 2019.

 

UOP ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet updated

UOP ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet updated

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Purpose of Assignment 

The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business. 
Assignment Steps 
Resources: Financial Accounting: Tools for Business Decision Making p. 36
 
Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: 
Cash $ 4,600 Notes payable $12,000
Accounts receivable 4,000 Accounts payable 500
Service revenue 7,500 Supplies expense 1,000
Supplies 2,400 Maintenance and repairs expense 600
Advertising expense 400 Utilities expense 300
Equipment 26,000 Salaries and wages expense 1,400
Common stock 22,100   
In June, the company issues no additional stock but paid dividends of $1,400.
Prepare an income statement retained earnings statement and balance sheet analyzing your findings using the questions below in a total of 1050 words:
• Briefly address whether the company’s first month of operations was a success.
• Discuss the company’s decision to distribute a dividend.
Use the Excel® spreadsheet to show your work and submit it with your analysis.
Click the Assignment Files tab to submit your assignment.

 

UOP ACC 290 Week 1 Practice Connect Practice Assignment

UOP ACC 290 Week 1 Practice Connect Practice Assignment

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ACC 290 Week 1 Practice Connect Practice Assignment

Complete the Week 1 Practice in Connect.
Note: You have unlimited attempts available to complete practice assignments
1
On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings.
TRANSACTIONS
1. The owner invested $100,000 in cash to begin the business.
2. Paid $20,250 in cash for the purchase of equipment.
3. Purchased additional equipment for $15,200 on credit.
4. Paid $12,500 in cash to creditors.
5. The owner made an additional investment of $25,000 in cash.
6. Performed services for $9,750 in cash.
7. Performed services for $7,800 on account.
8. Paid $6,000 for rent expense.
9. Received $5,500 in cash from credit clients.
10. Paid $7,550 in cash for office supplies.
11. The owner withdrew $12,000 in cash for personal expenses.
Record in equation form the changes that occur in assets, liabilities, and owner’s equity for the above transactions.
Analyze:
What is the ending balance of cash after all transactions have been recorded?

2
On December 1, Kate Holmes opened a speech and hearing clinic. During December, her firm had the following transactions involving revenue and expenses.
Paid $3,100 for advertising.
Provided services for $2,800 in cash.
Paid $800 for telephone service.
Paid salaries of $2,600 to employees.
Provided services for $3,000 on credit.
Paid $450 for office cleaning service.
Did the firm earn a net income or incur a net loss for the period? What was the amount?
3
At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information.
Prepare an income statement for the month of September 2019.

4
The fundamental accounting equations for several businesses follow. Supply the missing amounts.
5
At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information.
Required:
Prepare a statement of owner’s equity for the month of September and a balance sheet for Cantu Wealth Management Consulting as of September 30, 2019.

6
Taylor Equipment Repair Service is owned by Jason Taylor.
Use the above figures to prepare a balance sheet dated February 28, 2019.
Analyze:
What is the net worth, or owner’s equity, at February 28, 2019, for Taylor Equipment Repair Service?

 

 

UOP ACC 290 Week 1 WileyPLUS

UOP ACC 290 Week 1 WileyPLUS

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Question 1

Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014.

Accounts payable $ 7,580 Notes payable $ 12,160
Accounts receivable 4,580 Rent expense 12,580
Advertising expense 4,320 Retained earnings ?
Cash 5,680 Service revenue 30,160
Common stock 17,580 Supplies 4,480
Dividends 5,080 Supplies expense 1,380
Equipment 29,380

 

Prepare an income statement for Marsh Corporation.

Prepare a retained earnings statement for Marsh Corporation. (List items that increase retained earnings first.)

Prepare a balance sheet for Marsh Corporation. (List assets in order of liquidity.)

 

Question 2

The Clear View Golf & Country Club details the following accounts in its financial statements.

(a) Classify each of the following accounts as an asset, liability, stockholders’ equity, revenue, or expense item.

(b) Classify each of the following accounts as a financing activity, investing activity, or operating activity.

 

Question 3

This information relates to Molina Co. for the year 2014.

Retained earnings, January 1, 2014 $75,703
Advertising expense 2,034
Dividends 6,779
Rent expense 11,751
Service revenue 65,534
Utilities expense 2,712
Salaries and wages expense 33,897

After analyzing the data, prepare an income statement for the year ending December 31, 2014.

After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2014. (List items that increase retained earnings first.)

 

Question 4
For each of the following events affecting the stockholders’ equity of Noland, indicate whether the event would: increase retained earnings, decrease retained earnings, increase common stock, or decrease common stock.

 

Question 5

The statement of financial position for Ruiz Company includes the following accounts (in British pounds): Accounts Receivable £12,500; Prepaid Insurance £3,600; Cash £15,400; Supplies £5,200; and Debt Investments (short-term) £6,700. Prepare the current assets section of the statement of financial position, listing the accounts in proper sequence. (List current assets in reverse order of liquidity. Do not enter currency symbols in your answer.)

 

UOP ACC 290 Week 2 Apply Connect Assignment

 

UOP ACC 290 Week 2 Apply Connect Assignment

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Note: You have only 1 attempt available to complete assignments
1 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. The following transactions are for Randy Guttery, Landscape Consultant.
Transactions:
Guttery invested $156,000 in cash to start the business.
Paid $5,600 for the current month’s rent.
Bought office furniture for $16,320 in cash.
Performed services for $7,800 in cash.
Paid $1,210 for the monthly telephone bill.
Performed services for $13,600 on credit.
Purchased a computer and copier for $37,200; paid $12,600 in cash immediately with the balance due in 30 days.
Received $6,800 from credit clients.
Paid $3,600 in cash for office cleaning services for the month.
Purchased additional office chairs for $5,400; received credit terms of 30 days.
Purchased office equipment for $36,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
Issued a check for $9,000 to pay salaries.
Performed services for $14,100 in cash.
Performed services for $15,600 on credit.
Collected $7,600 on accounts receivable from charge customers.
Issued a check for $2,700 in partial payment of the amount owed for office chairs.
Paid $660 to a duplicating company for photocopy work performed during the month.
Paid $1,180 for the monthly electric bill.
Guttery withdrew $8,600 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.

 

2
The following occurred during June at Hicks Family Counseling.

Post the following transactions into the appropriate T accounts.

Transactions:

Purchased office supplies for $1,900 in cash.
Delivered monthly statements, collected fee income of $26,500.
Paid the current month’s office rent of $3,900.
Completed professional counseling, billed client for $4,100.
Client paid fee of $2,100 for weekly counseling, previously billed.
Paid office salaries of $3,500.
Paid telephone bill of $470.
Billed client for $3,100 fee for preparing a counseling evaluation.
Purchased office supplies of $990 on account.
Paid office salaries of $3,500.
Collected $3,100 from client who was billed.
Clients paid a total of $9,200 cash in fees.
Analyze:

How much cash did the business spend during the month? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.

 

3
The following transactions took place at Calhoun Counseling Services, a business established by Ronald Calhoun.
Post the following transactions into the appropriate T accounts.
Transactions:
Ronald Calhoun invested $63,000 cash in the business.
Purchased office furniture for $16,300 in cash.
Bought a fax machine for $980; payment is due in 30 days.
Purchased a used car for the firm for $16,300 in cash.
Calhoun invested an additional $10,300 cash in the business.
Bought a updated computer for $3,300; payment is due in 60 days.
Paid $980 to settle the amount owed on the fax machine.
Calhoun withdrew $4,300 in cash for personal expenses.
Analyze:
Which transactions affected asset accounts? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.

 

 

UOP ACC 290 Week 2 E3-1 updated

UOP ACC 290 Week 2 E3-1 updated

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The balance sheet makes sure that the finances are in balance. Below is a list of Thyme Advertising Company, Inc. transactions. Each of these is affected differently.

• Issued common stock to investors in exchange for cash received from investors.
 
• Paid monthly rent.
 
• Received cash from customers when service was performed.
 
• Billed customers for services performed.
 
• Paid dividend to stockholders.
 
• Incurred advertising expense on account.
 
• Received cash from customers billed in (4).
 
• Purchased additional equipment for cash.
 
• Purchased equipment on account.

 

UOP ACC 290 Week 2 Practice Connect Practice Assignment

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
 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 
 
 
 
 
 
Accounts Receivable
(f) 5,000 (g) 1,500 
 
 
 
Accounts Payable
(c) 40,000 
 
 
 
 
 
Supplies
(b) 23,000 
 
 
 
 
 
Wade Wilson, Capital
(a) 95,000 
 
 
 
Fees Income
(d) 15,000 
(f) 5,000 
 
 
 
 
Telephone Expense
(e) 350 
 
 
 
 
 
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. 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 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.
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.
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 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 
 
 
 
Accounts Payable
(c) 40,000 
 
 
 
 
 
Supplies
(b) 23,000 
 
 
 
 
 
Wade Wilson, Capital
(a) 95,000 
 
 
 
Fees Income
(d) 15,000 
(f) 5,000 
 
 
 
 
Telephone Expense
(e) 350 
 
 
 
 
 
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.
 
 
 
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 
 
 
 
 
 
Accounts Receivable
(f) 5,000 (g) 1,500 
 
 
 
Accounts Payable
(c) 40,000 
 
 
 
 
 
Supplies
(b) 23,000 
 
 
 
 
 
Wade Wilson, Capital
(a) 95,000 
 
 
 
Fees Income
(d) 15,000 
(f) 5,000 
 
 
 
 
Telephone Expense
(e) 350 
 
 
 
 
 
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 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.
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.
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:
 
What is the change in owner’s equity for the month of June?

 

UOP ACC 290 Week 3 Apply Connect Assignment (With Excel File)

UOP ACC 290 Week 3 Apply Connect Assignment (With Excel File)

Check this A+ tutorial guideline at

http://www.homeworkrank.com/acc-290-uop/acc-290-week-3-apply-connect-assignment-updated

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This Tutorial contains an Excel File which can be used for any values
ACC 290 Week 3 Apply Connect Assignment
Complete the Week 3 Assignment in Connect.
Note: You have only 1 attempt available to complete assignments
1 On October 1, 2019, Helen Kennedy opened an advertising agency.
DATE
TRANSACTIONS

Oct. 1

Helen Kennedy invested $61,000 cash in the business.

2

Paid October office rent of $3,050; issued Check 1001.

5

Purchased desks and other office furniture for $13,900 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.

6

Issued Check 1002 for $3,250 to purchase art equipment.

7

Purchased supplies for $1,600; paid with Check 1003.

10

Issued Check 1004 for $490 for office cleaning service.

12

Performed services for $4,150 in cash and $1,950 on credit. (Use a compound entry.)

15

Returned damaged supplies for a cash refund of $290.

18

Purchased a computer for $3,050 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,775 down payment, with the balance payable in 30 days. (Use one compound entry.)

20

Issued Check 1006 for $6,950 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.

26

Performed services for $4,450 on credit.

27

Paid $270 for monthly telephone bill; issued Check 1007.

30

Received $3,750 in cash from credit customers.

30

Mailed Check 1008 to pay the monthly utility bill of $345.

30

Issued Checks 1009–1011 for $8,050 for salaries.

Required:

1.     Journalize the above transactions.

2.     Post the above transactions to the ledger accounts.

Analyze:

What is the balance of account 202 in the general ledger?

2.
The following journal entries were prepared by an employee of International Marketing Company who does not have an adequate knowledge of accounting.
GENERAL JOURNAL
Date Description Post. Ref. Debit Credit
2019
April 1 Accounts Payable 14000
Fees Income 14000
Performed services on credit

2 Cash 660
Telephone Expense 660
Paid for March telephone service, Check 1917

3 Office Equipment 8480
Office Supplies 960
Cash 10000
Purchased file cabinet and office supplies, Check 1918

2
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons.

DATE

TRANSACTIONS

Sept.

1

Issued Check 1169 for $1,200 to pay the September rent.

5

Performed services for $3,200 in cash.

6

Performed services for $2,050 on credit.

10

Paid $560 for monthly telephone bill; issued Check 1170.

11

Paid for equipment repairs of $800 with Check 1171.

12

Received $3,000 on account from credit clients.

15

Issued Checks 1172–1177 for $4,000 for salaries.

18

Issued Check 1178 for $1,800 to purchase supplies.

19

Purchased updated tennis rackets for $2,050 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days.

20

Issued Check 1179 for $2,720 to purchase updated nets. (Equip.)

21

Received $910 on account from credit clients.

21

Returned a damaged net and received a cash refund of $410.

22

Performed services for $3,400 in cash.

23

Performed services for $4,990 on credit.

26

Issued Check 1180 for $600 to purchase supplies.

28

Paid the monthly electric bill of $2,390 with Check 1181.

30

Issued Checks 1182–1187 for $4,000 for salaries.

30

Issued Check 1188 for $4,000 cash to Ellis Carter for personal expenses.

Required:

Record each of the above transactions in the general journal.

Analyze:

If the company paid a bill for supplies on October 1, what check number would be included in the journal entry description?

 

 

UOP ACC 290 Week 3 Practice Connect Practice Assignment

UOP ACC 290 Week 3 Practice Connect Practice Assignment

Check this A+ tutorial guideline at

 http://www.homeworkrank.com/acc-290-uop/acc-290-week-3-practice-connect-practice-assignment-updated

For more classes visit

www.homeworkrank.com

ACC 290 Week 3 Practice Connect Practice Assignment

Complete the Week3 Practice in Connect.

Note: You have unlimited attempts available to complete practice assignments

1 On October 1, 2019, Helen Kennedy opened an advertising agency.

DATE TRANSACTIONS
Oct. 1 Helen Kennedy invested $70,000 cash in the business.
2 Paid October office rent of $4,000; issued Check 1001.
5 Purchased desks and other office furniture for $18,000 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.
6 Issued Check 1002 for $4,100 to purchase art equipment.
7 Purchased supplies for $1,670; paid with Check 1003.
10 Issued Check 1004 for $800 for office cleaning service.
12 Performed services for $4,200 in cash and $1,800 on credit. (Use a compound entry.)
15 Returned damaged supplies for a cash refund of $300.
18 Purchased a computer for $3,000 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,750 down payment, with the balance payable in 30 days. (Use one compound entry.)
20 Issued Check 1006 for $9,500 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.
26 Performed services for $4,800 on credit.
27 Paid $375 for monthly telephone bill; issued Check 1007.
30 Received $4,200 in cash from credit customers.
30 Mailed Check 1008 to pay the monthly utility bill of $1,080.
30 Issued Checks 1009–1011 for $9,000 for salaries.
Required:

Journalize the above transactions.
Post the above transactions to the ledger accounts.

Analyze:

What is the balance of account 202 in the general ledger?

2
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons.

DATE TRANSACTIONS
Sept. 1 Issued Check 1169 for $2,000 to pay the September rent.
5 Performed services for $4,000 in cash.
6 Performed services for $2,950 on credit.
10 Paid $900 for monthly telephone bill; issued Check 1170.
11 Paid for equipment repairs of $1,050 with Check 1171.
12 Received $1,500 on account from credit clients.
15 Issued Checks 1172–1177 for $5,200 for salaries.
18 Issued Check 1178 for $2,700 to purchase supplies.
19 Purchased updated tennis rackets for $3,250 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days.
20 Issued Check 1179 for $3,820 to purchase updated nets. (Equip.)
21 Received $500 on account from credit clients.
21 Returned a damaged net and received a cash refund of $570.
22 Performed services for $3,480 in cash.
23 Performed services for $5,050 on credit.
26 Issued Check 1180 for $620 to purchase supplies.
28 Paid the monthly electric bill of $2,500 with Check 1181.
30 Issued Checks 1182–1187 for $5,200 for salaries.
30 Issued Check 1188 for $5,000 cash to Ellis Carter for personal expenses.
Required:

Record each of the above transactions in the general journal.

Analyze:

If the company paid a bill for supplies on October 1, what check number would be included in the journal entry description?

3
Selected activity of Mason Consulting Services follow.

DATE TRANSACTIONS
2019
Sept. 1 Zack Mason invested $30,000 in cash to start the firm.
4 Purchased office equipment for $3,250 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.
16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $15,000 in full payment.
20 Purchased supplies for $260; paid immediately with Check 1002.
23 Returned damaged supplies for a cash refund of $85.
30 Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.
30 Withdrew $1,500 in cash for personal expenses.
30 Issued Check 1004 for $3,500 to pay the rent for October.
30 Performed services for $7,325 in cash.
30 Paid $220 for monthly telephone bill, Check 1005.
Post the above transactions into the appropriate Ledger accounts.

4
The following transactions took place at the Cook Employment Agency during November 2019.

DATE TRANSACTIONS
Nov. 5 Performed services for Job Search, Inc., for $20,000; received $9,500 in cash and the client promised to pay the balance in 60 days.
18 Purchased a graphing calculator for $450 and some supplies for $600 from Office Supply; issued Check 1008 for the total.
23 Received Invoice 1602 for $2,500 from Automotive Technicians Repair for repairs to the firm’s automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days.
Prepare journal entries for the above transactions.

5
Selected activity of the Ray Shipping Service follow.

TRANSACTIONS

Gave a cash refund of $750 to a customer because of a lost package. (The customer had previously paid in cash.)
Sent a check for $1,050 to the utility company to pay the monthly bill.
Provided services for $7,800 on credit.
Purchased updated equipment for $4,600 and paid for it immediately by check.
Issued a check for $3,500 to pay a creditor on account.
Performed services for $15,250 in cash.
Collected $6,250 from credit customers.
The owner made an additional investment of $25,000 in cash.
Purchased supplies for $3,250 on credit.
Issued a check for $3,750 to pay the monthly rent.

Analyze the above transactions and record a journal entry for each transaction.

6
Selected activity of Mason Consulting Services follow.

DATE TRANSACTIONS
2019
Sept. 1 Zack Mason invested $30,000 in cash to start the firm.
4 Purchased office equipment for $3,250 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.
16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $15,000 in full payment.
20 Purchased supplies for $260; paid immediately with Check 1002.
23 Returned damaged supplies for a cash refund of $85.
30 Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.
30 Withdrew $1,500 in cash for personal expenses.
30 Issued Check 1004 for $3,500 to pay the rent for October.
30 Performed services for $7,325 in cash.
30 Paid $220 for monthly telephone bill, Check 1005.
Prepare journal entries for the transactions incurred during September of 2019.