ACC 100 week 1

5 Oct No Comments

Complete each equation by selecting the missing term.
Then, select the financial statement that the equation illustrates.

Given the following transaction:

Paid employee’s monthly salaries for the current month.

Required:

For the transaction above, complete the following:

(a) Select the accounts that are affected (there will be at least two).

(b) Are the selected accounts increased or decreased?

(c) If Equity is selected, choose the reason that it has changed.

Changes to owner’s equity: Problem type 1

Presented below is information related to Barnes Company.

Completing a sole proprietorship balance sheet

Below you will find a balance sheet for Watson Company.

Required:

Fill in the missing dollar amounts to complete the balance sheet.

Completing a sole proprietorship balance sheet

Below you will find a balance sheet for Young Company.

Required:

Fill in the missing dollar amounts to complete the balance sheet.

Completing a sole proprietorship balance sheet

Below you will find a balance sheet for Coleman Company.

Required:

Fill in the missing dollar amounts to complete the balance sheet.

Completing an income statement

Below you will find an incomplete income statement for the doctor’s office of Susan Morgan.

Required:

Fill in the missing dollar amounts to complete the income statement.

Completing an income statement

Below you will find an incomplete income statement for the doctor’s office of Susan Hernandez.

Required:

Fill in the missing dollar amounts to complete the income statement.

Below you will find an incomplete income statement for the doctor’s office of Susan Morgan.

Required:

Fill in the missing dollar amounts to complete the income statement.

Information classification into financial statements

Listed below are items that appear in financial statements.

Required:

Identify the financial statement(s) in which each of the following three items would be found.

Note: An item may appear in more than one financial statement.

Account classification into financial statements

Effects of a transaction on assets, liabilities, and equity: Problem type 1

Effects of a transaction on assets, liabilities, and equity: Problem type 2

Completing an owner’s equity statement

Creating a basic income statement

Changes to owner’s equity: Problem type 2

Creating a basic equity statement

On December 31, Kelly Co. had the following list of accounts and their respective annual balances.

Required:

Complete the statement of owner’s equity below.

Hint: First compute net income.

Creating a basic balance sheet

On December 31, Butler Co. had the following list of accounts.

Required:

Prepare a balance sheet on December 31, classifying and ordering all balance sheet accounts in the proper sections.

Basic tabular transaction

Transaction:

Owner deposits $37,000 in business bank account

Required:

For the transaction above, complete the following:

(a) Select the accounts that are affected (there will be at least two).

(b) Are the selected accounts increased or decreased?

(c) What is the dollar amount of change in the accounts?

(d) If Equity is selected, choose the reason that it has changed.

Basic tabular transaction

Transaction:

Timberwolf Co. purchases tools for $3,500. Timberwolf Co. pays 25% of the balance in cash and owes the rest.

Required:

For the transaction above, complete the following:

(a) Select the accounts that are affected (there will be at least two).

(b) Are the selected accounts increased or decreased?

(c) What is the dollar amount of change in the accounts?

(d) If Equity is selected, choose the reason that it has changed.

Transaction:

Timberwolf Co. pays salaries for the current period of $3,800.

Required:

For the transaction above, complete the following:

(a) Select the accounts that are affected (there will be at least two).

(b) Are the selected accounts increased or decreased?

(c) What is the dollar amount of change in the accounts?

(d) If Equity is selected, choose the reason that it has changed.

Normal account balances

Basic journal entry with the step-through method

For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the double-entry accounting system:

Transaction:

Martinez Company paid for the current week’s advertisement, $1,500.

Journalization of transactions

Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entry accounting system.

April17 Wilson Company receives and pays a bill for a two-year insurance policy premium, $1,700. The policy begins on May 1.
August26 Wilson Company pays $1,700 of monthly salaries.

Journalization of transactions

Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entry accounting system.

March12 Owner withdraws $2,200 of cash for personal use.
August16 Young Company receives utility bill of $2,500 and pays it.

Ending balances of accounts

To start her own business, Kim Hill put $26,800 of her personal cash into the business account.

Given the following additional transactions calculate the ending balance of each of the following accounts after all journal entry amounts are posted:

Cash, Accounts Receivable, Service Revenue, and Deferred Revenue

o start her own business, Betty Gonzalez put $29,900 of her personal cash into the business account.

Given the following additional transactions calculate the ending balance of each of the following accounts after all journal entry amounts are posted:

Cash, Utilities Expense, Accounts Payable, Prepaid Rent, and Rent Expense

Basic tabular transaction

Transaction:

Sonic Co. purchases tools on account, $6,000.

Required:

For the transaction above, complete the following:

(a) Select the accounts that are affected (there will be at least two).

(b) Are the selected accounts increased or decreased?

(c) What is the dollar amount of change in the accounts?

(d) If Equity is selected, choose the reason that it has changed.




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