Low prices and fast delivery. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries payable, and prepare the necessary adjusting entry, if any.6. What are the beginning and ending amounts of equity? The company has earned (but not recorded) $650 of interest revenue for the year ended December 31. 1. Account Title Debit CreditCash $ 29,000 Prepaid insurance 1,700 Notes receivable (due in 5 years) 6,400 Buildings 80,000 Accumulated depreciation–Buildings $ 24,000 Accounts payable 8,500 Notes payable (due in 3 years) 9,000 H. Sierra, Capital 28,500 H. Sierra, Withdrawals 7,000 Consulting revenue 69,500 Wages expense 4,700 Depreciation expense–Buildings 8,000 Insurance expense 2,700 Totals $ 139,500 $ 139,500 ________________________________________QS 4–10 Preparing financial statements LO C2Required(1) Prepare an income statement for the year ended December 31. The company purchased land for $10,900 cash. Accounts Receivable. Right! Canvas Quiz #2 1. Exercise 1–8 Using the accounting equation LO A1Determine the missing amount from each of the separate situations given below. Exercise 2–7 Preparing general journal entries LO P1Following are the transactions of a new company called Pose-for-Pics. d. The company purchased $220 of additional supplies on credit e. The company purchased land for $9,200 cash. The table below records the journal entries for the events above.The journal is then posted to the ledger accounts at the end of the period. 2 The company paid $2,700 cash for an insurance policy covering the next 24 months. Account Title Debit Credit Rent earned 102,000 Salaries expense 45,288 Insurance expense 6,426 Office supplies expense 14,994 Bike repair expense 3,162 Depreciation expense — Bikes 19,482 ________________________________________ (1) Determine the amount that should be entered on the net income line of the work sheet. f. The company purchased additional equipment for $6,000 cash. The company purchased supplies for $600 cash. In this case one asset (supplies on hand) increases representing the consumables held by the business for immediate use, and another asset (cash) is reduced to show the cash leaving the business when the supplier is paid. Apr. Assets. Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Fees Earned; and Rent Expense. Exercise 1–9 Part bb. GL0302 — Based on Problem 3–3A LO P1, P2, P3, P4, P6Parker Technical Institute (PTI), a school owned by Paula Parker, provides training to individuals who pay tuition directly to the school. 15 FastForward pays $305 cash for December utilities expense.Dec. As of December 31, employees had earned $1,500 of unpaid and unrecorded salaries. Annual depreciation on the equipment is $4,600.d. GL0202 (No Analysis Tab) — Based on Exercise 2–9 LO A1Prepare journal entries for each transaction and identify the financial statement impact of each entry. Analysis of the unearned member fees account shows $1,400 remaining unearned at December 31.e. 6 The company billed a customer $3,600 as fees for services provided.Jan. 6) In the second week of December, OnPoint agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $3,180. Step 1: Determine what the current account balance equals.Step 2: Determine what the current account balance should equal.Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Our videos will help you understand concepts, … The total amount of accrued interest expense at year-end is $8,000.c. **********************************************ACC 290T Entire Course Linkhttps://uopcourse.com/category/acc-290/, **********************************************. Review the balance sheet and then indicate how the balance sheet is linked to the other financial statements. The company is also expected to collect $11,000 on that same day for new fees earned in January.f. Review the statement of owner’s equity and indicate how the statement of owner’s equity is linked to the other financial statements.6. 1 Hughes invested $149,000 cash along with office equipment valued at $37,500 in the company.Apr. 8 years ago. ... A purchase of supplies for cash is recorded in the cash and supplies accounts. QS 2–13 Preparing a statement of owner’s equity LO P3Use the above information to prepare a June statement of owner’s equity for Lawson Consulting. ), Using your earlier attempt(s) as study attempts is highly recommended, if needed.True or False, ACC 290T Wk 1 — Apply: Homework Study AttemptIt’s highly recommended that you use your first attempt as a study attempt, if needed.True or False. Depreciation on the company’s equipment for the year is $11,440.c. An analysis of PTI’s insurance policies shows that $2,650 of coverage has expired.b. c. The owner (Alex Carr) invested $11,900 of equipment in the company. Determine net income or net loss for the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.). In addition to the member fees included in the revenue account balance, the company has earned another $10,800 in unrecorded fees that will be collected on January 31. b. Exercise 1–17 Preparing a balance sheet LO P2Using the above information prepare an October 31 balance sheet for Ernst Consulting. 9 Juan Perez withdrew $10,900 cash from the company for personal use. Dec. 5 FastForward provides consulting services and immediately collects $4,200 cash.Dec. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any.• 6) In the second week of December, Business Mastery agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $5,100. Right! 7 The company paid $2,125 cash for the monthly rent.Jan. c. The owner (Alex Carr) invested $10,200 of equipment in the company. If you are having trouble with Chemistry, Organic, Physics, Calculus, or Statistics, we got your back! An adjusting entry must be recorded in the company’s general journal to indicate the amount of supplies used in a given period. 13 The company paid $12,400 cash to settle the account payable created on April 3.Apr. S 1–8 Applying the accounting equation LO A11. Account Title Debit Credit101 Cash $ 18,000 126 Supplies 14,400 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation — Equipment $ 6,500 301 A. Cruz, Capital 45,425 302 A. Cruz, Withdrawals 6,000 404 Services revenue 49,000 612 Depreciation expense — Equipment 2,000 622 Salaries expense 28,567 637 Insurance expense 2,058 640 Rent expense 3,283 652 Supplies expense 1,617 Totals $ 100,925 $ 100,925 ________________________________________ 1. The next interest payment, at an amount of $1,200, is due on January 15.d. The next interest payment, at an amount of $2,760, is due on January 15.d. What is the equity at year-end? a. Kacy Spade, owner, invested $1 4. QS 3–8 Accumulated depreciation adjustments LO P1For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 31. (2) Prepare the company’s closing entries. In addition to the member fees included in the revenue account balance, the company has earned another $14,800 in unrecorded fees that will be collected on January 31. 13 The company paid $16,200 cash to settle the account payable created on April 3.Apr. The cost of supplies still available at December 31 is $2,000.c. An analysis of rental policies showed that $4,770 of rental coverage had expired.f. The company purchased office supplies for $500 cash.c. Exercise 2–15 Computing net income LO A1A sole proprietorship had the following assets and liabilities at the beginning and end of this year. GL0401 — Based on… LO C3, P2, P3The OnPoint Company began operations on December 1, 2019. The company paid $9,539 cash to settle the payable for the office equipment purchased in transaction c.f. Larger businesses separate their le… d. The company completed work for a client and immediately collected the $2,500 cash earned. Required informationUse the following information for Quick Studies below. Apr. 22 The company received $4,800 cash as partial payment for the work completed on April 9.Apr. 9 The company completed a $8,000 project for a client, who must pay within 30 days.Apr. Two courses will start immediately and finish before the end of the year. From laptops, desktops, cell phones, servers, network equipment, Apple & MAC desktops and laptops, etc… from individual to corporate makes no difference, we will turn your electronic waste into money. Cash $ 25,390 C. Camry, Withdrawals $ 6,030Accounts receivable 22,390 Consulting fees earned 27,020Office supplies 5,280 Rent expense 9,580Land 44,030 Salaries expense 5,630Office equipment 20,030 Telephone expense 900Accounts payable 10,580 Miscellaneous expenses 540________________________________________Exercise 2–16 Preparing an income statement LO C3, P3Use the above information to prepare an August income statement for the business. 30 The company paid $1,100 cash for this month’s utility bill. Exercise 1–16 Preparing a statement of owner’s equity LO P2Using the above information prepare an October statement of owner’s equity for Ernst Consulting. The company purchases supplies with cash. [The following information applies to the questions displayed below.]. Compute the company’s first-year net income under both the cash basis and the accrual basis of accounting. Accounting and journal entry for credit purchase includes 2 accounts, Creditor and Purchase. The purchase of equipment for cash would cause an increase in assets since the equipment purchased is an asset and a decrease in assets since cash is an asset. The company collected $1,536 cash as partial payment for the account receivable created in transaction f.i. Annual depreciation on the professional library is $8,600.e. Owner withdrew $1,000 cash per month for personal use, and the owner invested an additional $35,000 cash. Decrease . b. The interest payment will be received on 10 days after the year-end January 10.f. Liu Zhang operates Lawson Consulting, which began operations on June 1. PTI initially records prepaid expenses and unearned revenues in balance sheet accounts. d. The company received $15,500 cash as fees for services provided to a customer. QS 3–14 Accrued revenues adjustments LO P4Record adjusting journal entries for each of the following for year ended December 31. c. The company purchased $8, 157 of office equipment on credit. (adsbygoogle = window.adsbygoogle || []).push({}); The purchase of supplies for cash is recorded in the accounting records with the following bookkeeping journal entry: Debit 4 The company received $17,300 cash as fees for services provided to a customer.Jan. The asset account Cash decreases, and another asset is also affected. An analysis of the company’s insurance policies showed that $1,030 of unexpired insurance coverage remains.c. The company purchased office supplies for $1250 cash. Use the following (partial) chart of accounts — account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696).a. The purchase of equipment for cash would Answer Key from ACCT 105 at American Military University Decrease liabilities. Exercise 2–18 Preparing a balance sheet LO P3Use the above information to prepare an August 31 balance sheet for Help Today. c. increase total assets. The client paid $15,000 cash in advance for all five courses on September 1, and PTI credited Unearned Training Fees.f. For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31. No cash has been collected on the $14,480 consulting fees earned.Using the above information prepare an October 31 statement of cash flows for Ernst Consulting. List debits before credits.2. 7 The company paid $1,825 cash for the monthly rent.Jan. The club agrees to pay Sweet Homes $6,060 on January 10, 2020, when the service period is complete. Exercise 1–18 Preparing a statement of cash flows LO P2Also assume the following: a. When Alexander Company purchased supplies for cash of $500, it incorrectly recorded the journal entry as a credit to Supplies for $5,000 and a debit to Cash for $5,000. Use the above information about the company’s adjustments to complete a 10-column work sheet.2a. 9 FastForward receives $1,900 cash from the client billed on December 8.Dec. During the year, assets increase by $60,000, and at year-end assets equal $190,000. 2 The company prepaid $11,400 cash for 12 months’ rent for office space. On October 31, the company’s records show the following items and amounts. [The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. The company has a bank loan and has incurred (but not recorded) interest expense of $4,500 for the year ended December 31. During December, $4,816 of office supplies are purchased. The terms of the initial agreement call for Business Mastery to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. The company’s policy is to record all prepaid expenses in asset accounts.Dec. A physical count of supplies at December 31 shows $532 of supplies available.d. The company completed consulting work for a client and immediately collected $6,200 cash earned.b. (1) Prepare the income statement for the year ended December 31. The financial statements are automatically generated based on the journal entries recorded. Accounts Receivable. QS 1–10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1The following transactions were completed by the company. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. b. increase total assets and decrease liabilities. The company’s policy is record prepaid expenses in balance sheet accounts.Apr. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any.• 4) On December 26, the client paid a $7,200 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any.• 5) Sweet Homes’s employee earns $130 per day for a five-day workweek beginning on Monday and ending on Friday. GL0202 (No Analysis Tab) — Based on Exercise 2–9 LO A1Prepare journal entries for each transaction and identify the financial statement impact of each entry. Coverage begins on December 1. The company’s $18,450 equipment purchase is paid in cash.c. The Prepaid Insurance account had a $5,000 balance at the beginning of December. • Earned revenues of $52,000 ($44,000 cash received from customers).• Incurred expenses of $29,000 ($22,700 cash paid toward them).• Prepaid $8,500 cash for costs that will not be expensed until next year. The terms of the initial agreement call for OnPoint to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. Account Title Debit CreditCash $ 9,200 Accounts receivable 16,500 Office supplies 2,000 Trucks 164,000 Accumulated depreciation — Trucks $ 33,784 Land 75,000 Accounts payable 13,200 Interest payable 3,000 Long-term notes payable 52,000 K. Wilson, Capital 155,932 K. Wilson, Withdrawals 19,000 Trucking fees earned 135,000 Depreciation expense — Trucks 21,791 Salaries expense 63,315 Office supplies expense 10,500 Repairs expense — Trucks 11,610 Totals $ 392,916 $ 392,916 ________________________________________ The K. Wilson, Capital account balance was $155,932 at December 31 of the prior year. The balance in the Prepaid Rent account represents rent for December. The company purchased $390 of additional supplies on credit.e. Exercise 3–7 Preparing adjusting entries LO P1, P3, P4a. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry, if any.4. [The following information applies to the questions displayed below.] Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any.• 4) On December 26, the client paid a $12,000 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any.• 5) Business Mastery’s employee earns $210 per day for a five-day workweek beginning on Monday and ending on Friday. 22 The company received $10,500 cash as partial payment for the work completed on April 9.Apr. Sean Roberts. During the year, it purchased $2,700 of supplies. (2) Prepare a statement of owner’s equity for the year ended December 31. The transactions they engaged in during their first month of business are below:These events would then be recorded into the accounting journal. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any.3. On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,470 in assets to launch the business. The December 31 physical count showed $271 of supplies available.d. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $82,000 in cash along with equipment having a $42,000 value.b. The Prepaid Rent account had a $5,800 debit balance at December 31 before adjusting for the costs of any expired coverage. As of the end of the year, two days’ salaries have accrued at the rate of $160 per day for each employee.h. Exercise 2–17 Preparing a statement of owner’s equity LO P3Use the above information to prepare an August statement of owner’s equity for Help Today. 10 FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7,100 purchase of supplies.Dec. The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31. 9 The company completed a $17,500 project for a client, who must pay within 30 days.Apr. debit: cash (cash is an asset, so when it is increased, it should be debited) credit: deferred … Step 1: Determine what the current account balance equals.Step 2: Determine what the current account balance should equal.Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. c. The company purchased $10,050 of office equipment on credit. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. It has no effect, because you are swapping one asset for another. Three-fourths of the work related to $13,000 of cash received in advance was performed this period.e. 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any.2. A customer paid $540 on October 1 in advance for four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. The unadjusted trial balance of the OnPoint Company as of December 31, 2019 is found on the trial balance tab. The business was started with $300,000. d. The company received $1,7 40 cash as fees for services provided to a customer. Let’s check the accounting equation: Assets $30,000 (Cash $16,000 + Equipment $5,500 + Truck $8,500) = Liabilities $0 + Equity $30,000. The December 31 physical count showed $260 of supplies available.d. Assume no other adjusting entries are made during the year. The owner (Alex Carr) invested $18,800 cash in the company.b. Prepare the year-end closing entries for Dylan Delivery Company as of December 31.2b. Increase assets. The financial statements are automatically generated based on the journal entries recorded. d. The company received $15,500 cash as fees for services provided to a customer. 12 FastForward receives $3,000 cash in advance of providing consulting services to a customer. The amount of unrecorded accrued interest at December 31 is $1,000. Zim Company has a Supplies account balance of $6,400 at the beginning of the year. Depreciation expense for the year is $26,000. 16 FastForward pays $700 cash in employee salary for work performed in the latter part of December. debit: supplies credit: cash 2. An analysis of insurance policies shows that $2,900 of unexpired insurance benefits remain at December 31.e. The company purc hased office supplies for $428 cash. 5 The company purchased office supplies for $1,663 cash. Determine the capital amount to be reported on the December 31, balance sheet. On October 15, PTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. The company’s policy is record prepaid expenses in balance sheet accounts.Apr. PTI also offers training to groups in off-site locations. Wage expenses of $3,000 have been incurred but are not paid as of December 31. Increase . Exercise 1–16 Preparing a statement of owner’s equity LO P2Using the above information prepare an October statement of owner’s equity for Ernst Consulting. The company paid $520 cash for the monthly rent.h. 25 The company completed work for another client for $4,300 on credit.Apr. A company purchases raw materials for $85,000 on open account will (? Decrease stockholders' equity. Cash $ 9,750 Cash withdrawals by owner $ 2,530Accounts receivable 14,480 Consulting revenue 14,480Office supplies 3,710 Rent expense 4,070Land 45,970 Salaries expense 7,450Office equipment 18,450 Telephone expense 810Accounts payable 8,900 Miscellaneous expenses 630Owner investments 84,470 ________________________________________Exercise 1–15 Preparing an income statement LO P2Using the above information prepare an October income statement for the business. Exercise 1–9 Part cc. 2 Answers. The company has earned (but not recorded) $950 of interest revenue for the year ended December 31. Let We Buy I.T. On July 1, Lopez Company paid $1,900 for six months of insurance coverage. The tax rate for sales tax and for use tax is the same. Decreases an asset and decreases equity. QS 2–14 Preparing a balance sheet LO P3Use the above information to prepare a June 30 balance sheet for Lawson Consulting. [The following information applies to the questions displayed below.] ACC 290T Wk 4 — Practice: Connect Knowledge CheckExercise 3–7 Preparing adjusting entries LO P1, P3, P4a. General Ledger Tab — One of the advantages of general ledger software is that posting is done automatically. At the beginning of the year, Quaker Company’s liabilities equal $48,000. No effect. supplies on hand are normally consumable within one year they are recorded as a current asset in What is the equity for Office Store at year-end? Double Entry Bookkeeping is here to provide you with free online information to help you learn and understand bookkeeping and introductory accounting. The company paid $840 cash for this period’s cleaning services. The purchase will also be included in the company's capital expenditures that are reported on the statement of cash flows in the section entitled cash flows from investing activities. 31 The company paid $875 cash for August utilities. debit: cash credit: notes payable 3. The company’s $19,360 equipment purchase is paid in cash.c. The club agrees to pay Business Mastery $5,100 on January 10, 2020, when the service period is complete. The accounting equation demonstrates the relationship between a company's liabilities, assets and owners' equity. 4 FastForward purchases $7,100 of supplies on credit from a supplier, CalTech Supply. The amount of unrecorded accrued interest at December 31 is $2,300. 11 Chas Taylor withdraws $200 cash from FastForward for personal use.Dec. ), ACC 290T Wk 2 — Practice: Connect Knowledge CheckExercise 2–19 Analyzing changes in a company’s equity LO P3Compute the missing amount for each of the following separate companies in columns B through E. (Losses and amounts to be deducted should be indicated with a minus sign.). Hint: Use the accounting equation.Exercise 1–9 Part aa. (2) Prepare the statement of owner’s equity for the year ended December 31.

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