ACC 290 Week 3 Apply: Connect Assignment


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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?

 
 
3
The following journal entries were prepared by an employee of International Marketing Company who does not have an adequate knowledge of accounting.
 

GENERAL JOURNAL
PAGE 3
Date
Description
Post. Ref.
Debit
Credit
2019
 
 
 
 
April
1
Accounts Payable
 
14,300
 
 
 
Fees Income
 
 
14,300
 
 
Performed services on credit
 
 
 
 
 
 
 
 
 
 
2
Cash
 
690
 
 
 
Telephone Expense
 
 
690
 
 
Paid for March telephone service, Check 1917
 
 
 
 
 
 
 
 
 
 
3
Office Equipment
 
8,720
 
 
 
Office Supplies
 
990
 
 
 
Cash
 
 
10,300
 
 
Purchased file cabinet and office supplies, Check 1918
 
 
 


(Assume that Office Equipment and Office Supplies were recorded at the correct values.)

Required:
Examine the above journal entries carefully and prepare the correcting journal entries.

Analyze:
After the correcting journal entries have been posted, what effect do the corrections have on the company’s reported assets?
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