Strayer university acc/557 entire couse (instant download) | English homework help
- Purchased $1,600 of dental supplies. On January 31, determined that $400 of supplies were on
hand.
Instructions
Prepare the adjusting entries on January 31. Account titles are: Accumulated Depreciation— Dental Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Suppl ACC 557 Week 3 E3-10 Quesiton The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following. Insurance expired during July of $400 was omitted. Supplies expense includes $200 of supplies that are still on hand at July 31. Depreciation on equipment of $150 was omitted. Accrued but unpaid wages at July 31 of $300 were not included. Services provided but unrecorded totaled $500.
Instructions
Prepare a correct income statement for July 2008 ACC 557 Week 3 E3-13 The trial balances before and after adjustment for Garcia Company at the end of its fiscal year are presented below.
Instructions
Answerss Prepare the adjusting entries that were made. ACC 557 Week 3 P3-2A Neosho River Resort, Inc. opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows. In addition to those accounts listed on the trial balance, the chart of accounts for Neosho River Resort also contains the following accounts and account numbers: No. 112 Accounts Receivable, No. 144 Accumulated Depreciation–Cottages, No. 150 Accumulated Depreciation–Furniture, No. 212 Salaries Payable, No. 230 Interest Payable, No. 320 Retained Earnings, No. 620 Depreciation Expense–Cottages, No. 621 Depreciation Expense–Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense.
Other data:
Insurance expires at the rate of $400 per month. A count on August 31 shows $600 of supplies on hand. Annual depreciation is $6,000 on cottages and $2,400 on furniture. Unearned rent of $4,100 was earned prior to August 31. Salaries of $400 were unpaid at August 31. Rentals of $1,000 were due from tenants at August 31. (Use Accounts Receivable.) The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.)
Instructions
(a) Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. ACC 557 Week 3 P3-5A On September 1, 2008, the account balances of Rand Equipment Repair, Inc. were as follows. During September the following summary transactions were completed.
Adjustment data consist of:
Supplies on hand $1,200. Accrued salaries payable $400. Depreciation is $100 per month. Unearned service revenue of $1,450 is earned.
Instructions
ACC 557 Week 4
E4-1
The trial balance columns of the worksheet for Briscoe Company at June 30, 2008, are below.
Other data:
A physical count reveals $300 of supplies on hand. $100 of the unearned revenue is still unearned at month-end. Accrued salaries are $280.
Instructions
Complete the worksheet.
ACC 557 E4-7
Emil Skoda Company had the following adjusted trial balance.
Instructions
(a) Prepare closing entries at June 30, 2008. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
ACC 557 E4-11
Selected accounts for Nina's Salon are presented below. All June 30 postings are from closing entries.
Instructions
(a) Prepare the closing entries that were made. (a) Prepare the closing entries that were made. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) ACC 557 Week 4 E 4-12
Question
Max Weinberg Company discovered the following errors made in January 2008. A payment of Salaries Expense of $600 was debited to Equipment and credited to Cash, both for $600. A collection of $1,000 from a client on account was debited to Cash $100 and credited to Service Revenue $100. The purchase of equipment on account for $980 was debited to Equipment $890 and credited to Accounts Payable $890.
Instructions
(a) Correct the errors by reversing the incorrect entry and preparing the correct entry. ACC 557 Week 4 p4-5A
Question
Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed. The chart of accounts for Eddy's Carpet Cleaners contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense ACC 557 Week 4 P4-4A
Question
DISNEY AMUSEMENT PARK, INC. has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below. ACC 557 Chapter 5 On September 1, Howe Office Supply had an inventory of 30 pocket calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred.
E 5-4
On June 10, Meredith Company purchased $8,000 of merchandise from Leinert Company FOB shipping point, terms 2/10, n/30. Meredith pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Leinert for credit on June 12. The scrap value of these goods is $150. On June 19, Meredith pays Leinert Company in full, less the purchase discount. Both companies use a perpetual inventory system. In 2008, Walter Payton Company had net sales of $900,000 and cost of goods sold of $540,000. Operating expenses were $230,000, and interest expense was $11,000. Payton prepares a multiple-step income statement.
P5-4A
J. Hafner, a former professional tennis star, operates Hafner’s Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Hafner’s Tennis Shop showed Cash $2,500, Merchandise Inventory $1,700, and Common Stock $4,200. The following transactions were completed during April. Apr. 4 Purchased racquets and balls from Wellman Co. $840, FOB shipping point, terms 2/10, n/30. 6 Paid freight on purchase from Wellman Co. $40. 8 Sold merchandise to members $1,150, terms n/30. The merchandise sold had a cost of $790. 10 Received credit of $40 from Wellman Co. for a damaged racquet that was returned. 11 Purchased tennis shoes from Venus Sports for cash, $420. 13 Paid Wellman Co. in full. 14 Purchased tennis shirts and shorts from Serena’s Sportswear $900, FOB shipping point, terms 3/10, n/60. 15 Received cash refund of $50 from Venus Sports for damaged merchandise that was returned. 17 Paid freight on Serena’s Sportswear purchase $30. 18 Sold merchandise to members $810, terms n/30.The cost of the merchandise sold was $530. 20 Received $500 in cash from members in settlement of their accounts. 21 Paid Serena’s Sportswear in full. 27 Granted an allowance of $30 to members for tennis clothing that did not fit properly. 30 Received cash payments on account from members, $660. The chart of accounts for the tennis shop includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Merchandise Inventory, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales, No. 412 Sales Returns and Allowances, No. 505 Cost of Goods Sold. (a) Net income $30,100 Retained earnings $62,100 Total assets $356,100 Journalize, post, and prepare a trial balance.
Instructions
(a) Journalize the April transactions using a perpetual inventory system. (b) Enter the beginning balances in the ledger accounts and post the April transactions. (Use J1 for the journal reference.) (c) Prepare a trial balance on April 30, 2008. Kristen Montana operates a retail clothing operation. She purchases all merchandise inventory on credit and uses a periodic inventory system. The accounts payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2005, 2006, 2007, and 2008. ACC 557 Week 6
E6-2
Kale Thompson, an auditor with Sneed CPAs, is performing a review of Strawser Company's inventory account. Strawser did not have a good year and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $740,000. However, the following information was not considered when determining that amount.
Instructions
Determine the correct inventory amount. (If answer is zero, please enter 0. Do not leave any fields blank. If amount has a negative effect, use either a negative sign preceding the number eg -45 or parentheses eg (45).) Ending inventory-as reported. $