ACC 557 Week 2 Assignment (Chapter 2 And Chapter 3) - 69407

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ACC 557 Week 2



 E2-2 Selected transactions for D Reyes, Inc, an interior decorating firm, in its first month of?

Jan 2 Invested $10,000 cash in the business in exchange for common stock
3 Purchased used car for $4,000 cash for use in business
9 Purchased supplies on account for $500
11 Billed customers $1,800 for services performed
16 Paid $200 cash for advertising
20 Received $700 cash from customers billed on January 11
23 Paid creditor $300 cash on balance owed
28 Declared and paid a $1,000 cash dividend
Instructions
For each transaction indicate the following
(a) The basic type of account debited and credited (asset, liability, stockholders’ equity)
(b) The specific account debited and credited (cash, rent expense, service revenue, etc)
(c) Whether the specific account is increased or decreased
(d) The normal balance of the specific account

 

ACC 557 Week 2 E2-3

Selected transactions for D Reyes, an interior decorator in her first month of business, are as follows
Jan

2  
Invested $10,000 cash in business

3  
Purchased used car for $4,000 cash for use in business

9  
Purchased supplies on account for $500

11  
Billed customers $1,800 for services performed

16  
Paid $200 cash for advertising

20  
Received $700 cash from customers billed on January 11

23  
Paid creditor $300 cash on balance owed

28  
Withdrew $1,000 cash for personal use of owner
Instructions
Journalize the transactions:

 

 

ACC  557 Week 2 E2-7

Rowand Enterprises had the following selected transactions

  1. Aaron Rowand invested $4,000 cash in the business in exchange for common stock

  2. Paid office rent of $1,100

  3. Performed consulting services and billed a client $5,200

  4. Paid $700 cash dividend

 

ACC  557 Week 2 E2-10

The T accounts below summarize the ledger of Simon Landscaping Company at the end of the first month of operations

Cash              

No 101

 

4/1

15,000 

  4/15

600 

4/12

900 

  4/25

1,500 

4/29

400 

 

 

4/30

1,000 

 

 

 

Accounts Receivable

No 112

 

4/7

3,200 

  4/29

400 

 

 

 

 

 

Supplies          

No 126

 

4/4

1,800 

 

 

 

 

 

 

 

Accounts Payable

No 201

 

4/25

1,500 

  4/4

1,800 

 

 

 

 

 

Unearned Revenue

No 205

 

 

 

  4/30

1,000 

 

 

 

 

 

Common Stock   

No 311

 

 

 

  4/1

15,000

 

 

 

 

 

Service Revenue

No 400

 

 

 

  4/7

3,200 

 

 

  4/12

900 

 

Salaries Expense

No 726

 

4/15

600 

 

 

 

 

 

 

Instructions

(a) Prepare the complete general journal from which the postings to Cash were made

   

 

 

(b) Prepare a trial balance at April 30, 2008 (If answer is zero, please enter 0 Do not leave any fields blank)

 

ACC  557 Week 2 P2-3A

 

Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2007 (the end of its fiscal year)

BYTE REPAIR SERVICE, INC

 

Trial Balance

 

December 31, 2007

 

 

     
  1. Advertising costs, paid in cash, $1,000

  2. Additional repair parts inventory acquired on account $4,000

  3. Miscellaneous expenses, paid in cash, $2,000

  4. Cash collected from customers in payment of accounts receivable $14,000

  5. Cash paid to creditors for accounts payable due $15,000

  6. Repair parts used during January $4,000 (Hint: Debit this to Repair Parts Expense)

  7. Repair services performed during January: for cash $6,000; on account $9,000

  8. Wages for January, paid in cash, $3,000

  9. Dividends paid in January were $3,000

ACC  557 Week 2 P2-5A

The Lake Theater opened on April 1 All facilities were completed on March 31 At this time, the ledger showed: No 101 Cash $6,000; No 140 Land $10,000; No 145 Buildings (concession stand, projection room, ticket booth, and screen) $8,000; No 157 Equipment $6,000; No 201 Accounts Payable $2,000; No 275 Mortgage Payable $8,000; and No 311 Common Stock $20,000 During April, the following events and transactions occurred 



Solution Description

ACC 557 Week

Attachments
ACC557   Week 2 Chapter 2 (E2-6,E2-9,E2-11,P2-2A) 100% Scored ORIGINAL.docx
ACC557 Week 2...
ACC557   Week 2 Chapter 3 (E3-6,E3-7,E3-11,P3-2A) 100% Scored ORIGINAL.docx
ACC557 Week 2...