ACC 290 Week 5 Apply: Connect Assignment

ACC 290 Week 5 Apply: Connect Assignment

Complete the Week 5 Assignment in Connect.

Note: You have only 1 attempt available to complete assignments

1
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances:
 

 
 
 
 
 
101
Cash
$
30,200
Dr.
 
111
Accounts Receivable
 
16,100
Dr.
 
121
Supplies
 
2,300
Dr.
 
131
Prepaid Rent
 
38,900
Dr.
 
141
Equipment
 
47,000
Dr.
 
142
Accumulated Depreciation—Equip.
 
1,150
Cr.
 
202
Accounts Payable
 
6,800
Cr.
 
301
Emilio Gonzalez, Capital (12/1/2019)
 
48,620
Cr.
 
302
Emilio Gonzalez, Drawing
 
6,500
Dr.
 
401
Fees Income
 
120,080
Cr.
 
511
Advertising Expense
 
4,100
Dr.
 
514
Depreciation Expense—Equip.
 
830
Dr.
 
517
Rent Expense
 
2,900
Dr.
 
519
Salaries Expense
 
21,800
Dr.
 
523
Utilities Expense
 
6,020
Dr.
 

 
Required:

Journalize the closing entries in the general journal.
Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
Analyze:
What is the balance of the Salaries Expense account after closing entries are posted?

2
A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.

Required:

1.     Complete the worksheet.

2.     Record the adjusting entries in the general journal (transactions 1-3).

3.     Record the closing entries in the general journal (transactions 4-7).

4.     Post the adjusting entries and the closing entries to the general ledger accounts. Hint:  Be sure to enter beginning balances.

5.     Prepare a post-closing trial balance.

Analyze:  
What total debits were posted to the general ledger to complete all closing entries for the month of December?

 
3
A completed worksheet for The King Group is given below.
 

The King Group
Worksheet
Month Ended December 31, 2019
 
Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Name
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Cash
91,900
 
 
 
 
 
 
 
 
 
 
 
 
91,900
 
 
 
 
 
 
 
 
 
 
 
91,900
 
 
 
 
Accounts Receivable
11,500
 
 
 
 
 
 
 
 
 
 
 
 
11,500
 
 
 
 
 
 
 
 
 
 
 
11,500
 
 
 
 
Supplies
5,000
 
 
 
 
 
 
 
(
a)
1,900
 
 
3,100
 
 
 
 
 
 
 
 
 
 
 
3,100
 
 
 
 
Prepaid Advertising
20,000
 
 
 
 
 
 
 
(
b)
2,500
 
 
17,500
 
 
 
 
 
 
 
 
 
 
 
17,500
 
 
 
 
Equipment
47,500
 
 
 
 
 
 
 
 
 
 
 
 
47,500
 
 
 
 
 
 
 
 
 
 
 
47,500
 
 
 
 
Accumulated Depreciation
—Equipment
 
 
 
 
 
 
 
(
c)
1,900
 
 
 
 
 
1,900
 
 
 
 
 
 
 
 
 
 
 
1,900
 
Accounts Payable
 
 
11,500
 
 
 
 
 
 
 
 
 
 
 
 
 
11,500
 
 
 
 
 
 
 
 
 
 
 
11,500
 
Delva King, Capital
 
 
127,000
 
 
 
 
 
 
 
 
 
 
 
 
 
127,000
 
 
 
 
 
 
 
 
 
 
 
127,000
 
Delva King, Drawing
7,900
 
 
 
 
 
 
 
 
 
 
 
 
7,900
 
 
 
 
 
 
 
 
 
 
 
7,900
 
 
 
 
Fees Income
 
 
60,750
 
 
 
 
 
 
 
 
 
 
 
 
 
60,750
 
 
 
 
 
60,750
 
 
 
 
 
 
 
Supplies Expense
 
 
 
 
(
a)
1,900
 
 
 
 
 
 
1,900
 
 
 
 
 
1,900
 
 
 
 
 
 
 
 
 
 
Advertising Expense
 
 
 
 
(
b)
2,500
 
 
 
 
 
 
2,500
 
 
 
 
 
2,500
 
 
 
 
 
 
 
 
 
 
Depreciation Expense—Equipment
 
 
 
 
(
c)
1,900
 
 
 
 
 
 
1,900
 
 
 
 
 
1,900
 
 
 
 
 
 
 
 
 
 
Salaries Expense
13,900
 
 
 
 
 
 
 
 
 
 
 
 
13,900
 
 
 
 
 
13,900
 
 
 
 
 
 
 
 
 
 
Utilities Expense
1,550
 
 
 
 
 
 
 
 
 
 
 
 
1,550
 
 
 
 
 
1,550
 
 
 
 
 
 
 
 
 
 
Totals
199,250
 
199,250
 
 
 
6,300
 
 
 
6,300
 
 
201,150
 
 
201,150
 
 
21,750
 
 
60,750
 
 
179,400
 
 
140,400
 
Net Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
39,000
 
 
 
 
 
 
 
 
39,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
60,750
 
 
60,750
 
 
179,400
 
 
179,400
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Required:

1.     Record the adjusting entries in the general journal (transactions 1-3).

2.     Record the closing entries in the general journal (transactions 4-7).

3.     Post the adjusting entries and the closing entries to the general ledger accounts.  Hint: Be sure to enter beginning balances.

4.     Prepare a post-closing trial balance.

Analyze:
How many accounts are listed in the adjusted and post-closing trial balance section?
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