ACC 290 Week 3 Apply: Connect Assignment

https://plus.google.com/u/0/108200033792883877670/posts/dWT4sDYbQKM

 ACC 290 Week 3 Apply: Connect Assignment
 

 

Complete the Week 3 Assignment in Connect.

 

 

Note: You have only 1 attempt available to complete assignments

 

 

1
 

 

On October 1, 2019, Helen Kennedy opened an advertising agency.

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DATE

 

 
 

 

TRANSACTIONS

 

 
 

 

Oct. 1

 

 
 

 

Helen Kennedy invested $61,000 cash in the business.

 

 
 

 

2

 

 
 

 

Paid October office rent of $3,050; issued Check 1001.

 

 
 

 

5

 

 
 

 

Purchased desks and other office furniture for $13,900 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.

 

 
 

 

6

 

 
 

 

Issued Check 1002 for $3,250 to purchase art equipment.

 

 
 

 

7

 

 
 

 

Purchased supplies for $1,600; paid with Check 1003.

 

 
 

 

10

 

 
 

 

Issued Check 1004 for $490 for office cleaning service.

 

 
 

 

12

 

 
 

 

Performed services for $4,150 in cash and $1,950 on credit. (Use a compound entry.)

 

 
 

 

15

 

 
 

 

Returned damaged supplies for a cash refund of $290.

 

 
 

 

18

 

 
 

 

Purchased a computer for $3,050 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,775 down payment, with the balance payable in 30 days. (Use one compound entry.)

 

 
 

 

20

 

 
 

 

Issued Check 1006 for $6,950 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.

 

 
 

 

26

 

 
 

 

Performed services for $4,450 on credit.

 

 
 

 

27

 

 
 

 

Paid $270 for monthly telephone bill; issued Check 1007.

 

 
 

 

30

 

 
 

 

Received $3,750 in cash from credit customers.

 

 
 

 

30

 

 
 

 

Mailed Check 1008 to pay the monthly utility bill of $345.

 

 
 

 

30

 

 
 

 

Issued Checks 1009–1011 for $8,050 for salaries.

 

 
 

 

 

Required:

 

 

1.     Journalize the above transactions.

 

 

2.     Post the above transactions to the ledger accounts.

 

 

 

 

 

Analyze:

What is the balance of account 202 in the general ledger?

 

 

2
 

 

The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DATE

 

 
 

 

TRANSACTIONS

 

 
 

 

Sept.

 

 
 

 

1

 

 
 

 

Issued Check 1169 for $1,200 to pay the September rent.

 

 
 

 

 

 

 
 

 

5

 

 
 

 

Performed services for $3,200 in cash.

 

 
 

 

 

 

 
 

 

6

 

 
 

 

Performed services for $2,050 on credit.

 

 
 

 

 

 

 
 

 

10

 

 
 

 

Paid $560 for monthly telephone bill; issued Check 1170.

 

 
 

 

 

 

 
 

 

11

 

 
 

 

Paid for equipment repairs of $800 with Check 1171.

 

 
 

 

 

 

 
 

 

12

 

 
 

 

Received $3,000 on account from credit clients.

 

 
 

 

 

 

 
 

 

15

 

 
 

 

Issued Checks 1172–1177 for $4,000 for salaries.

 

 
 

 

 

 

 
 

 

18

 

 
 

 

Issued Check 1178 for $1,800 to purchase supplies.

 

 
 

 

 

 

 
 

 

19

 

 
 

 

Purchased new tennis rackets for $2,050 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days.

 

 
 

 

 

 

 
 

 

20

 

 
 

 

Issued Check 1179 for $2,720 to purchase new nets. (Equip.)

 

 
 

 

 

 

 
 

 

21

 

 
 

 

Received $910 on account from credit clients.

 

 
 

 

 

 

 
 

 

21

 

 
 

 

Returned a damaged net and received a cash refund of $410.

 

 
 

 

 

 

 
 

 

22

 

 
 

 

Performed services for $3,400 in cash.

 

 
 

 

 

 

 
 

 

23

 

 
 

 

Performed services for $4,990 on credit.

 

 
 

 

 

 

 
 

 

26

 

 
 

 

Issued Check 1180 for $600 to purchase supplies.

 

 
 

 

 

 

 
 

 

28

 

 
 

 

Paid the monthly electric bill of $2,390 with Check 1181.

 

 
 

 

 

 

 
 

 

30

 

 
 

 

Issued Checks 1182–1187 for $4,000 for salaries.

 

 
 

 

 

 

 
 

 

30

 

 
 

 

Issued Check 1188 for $4,000 cash to Ellis Carter for personal expenses.

 

 
 

 

 

Required:

Record each of the above transactions in the general journal.

Analyze:

If the company paid a bill for supplies on October 1, what check number would be included in the journal entry description?
Powered by