ACC 290 Week 5 Practice: Connect Practice Assignment

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

 ACC 290 Week 5 Practice: Connect Practice Assignment
 

Complete the Week 5 Practice in Connect.

Note: You have unlimited attempts available to complete practice assignments.

 

attempt 1
 

 

1
 

Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 2019, the firm’s worksheet showed the following adjustments data: (a) supplies used, $4,680; (b) expired rent, $26,000; and (c) depreciation on office equipment, $9,160. The balances of the revenue and expense accounts listed in the Income Statement section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are given below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUE AND EXPENSE ACCOUNTS
 
 
 
 
401
Fees Income
$
200,000
Cr.
 
511
Depr. Expense—Office Equipment
 
9,160
Dr.
 
514
Rent Expense
 
26,000
Dr.
 
517
Salaries Expense
 
99,000
Dr.
 
520
Supplies Expense
 
4,680
Dr.
 
523
Telephone Expense
 
2,700
Dr.
 
526
Travel Expense
 
20,780
Dr.
 
529
Utilities Expense
 
2,500
Dr.
 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DRAWING ACCOUNT
 
 
 
302
Gloria Johnson, Drawing
22,000
Dr.
 
 
 
 
 
 
 
 

Required:

 

 

 

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

 

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

 

 

 

2
 

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

Required:

 

 

 

Complete the worksheet.
 

 

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

 

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

 

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

 

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
 

On December 31, 2019, the ledger of Lopez Company contained the following account balances:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
Cash
$
66,000
Maria Lopez, Drawing
$
52,000
Accounts Receivable
 
5,800
Fees Income
 
107,500
Supplies
 
4,200
Depreciation Expense
 
5,500
Equipment
 
52,000
Salaries Expense
 
34,000
Accumulated Depreciation
 
5,000
Supplies Expense
 
6,000
Accounts Payable
 
6,000
Telephone Expense
 
5,200
Maria Lopez, Capital
 
121,500
Utilities Expense
 
9,300
 
 

 

 

4
 

The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCOUNT NO.
ACCOUNT
BALANCE
101
Cash
$
40,000
111
Accounts Receivable
 
29,910
121
Supplies
 
5,300
131
Prepaid Insurance
 
12,500
141
Equipment
 
59,000
142
Accumulated Depreciation—Equipment
 
20,660
202
Accounts Payable
 
7,000
301
Aretha Hinkle, Capital
 
65,000
302
Aretha Hinkle, Drawing
 
6,500
401
Fees Income
 
187,230
510
Depreciation Expense—Equipment
 
10,580
511
Insurance Expense
 
5,700
514
Rent Expense
 
16,500
517
Salaries Expense
 
83,000
518
Supplies Expense
 
2,800
519
Telephone Expense
 
3,400
523
Utilities Expense
 
4,700
 
 

All accounts have normal balances.

Required:

 

 

 

Prepare the closing entries.
 

 

Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.
 

 

 

 

5
 

The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Summary
Account No. 399
 
Balance
Date
Description
Debit
Credit
Debit
Credit
2019
 
 
 
 
 
Dec. 31
Closing
 
134,000
 
134,000
31
Closing
71,800
 
 
62,200
31
Closing
62,200
 
 
0
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Linda Carter, Capital
Account No. 301
 
Balance
Date
Description
Debit
Credit
Debit
Credit
2019
 
 
 
 
 
Dec.  1
 
 
240,000
 
240,000
31
Closing
 
62,200
 
302,200
31
Closing
22,000
 
 
280,200
 
 

6

On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000.

Required:

 

 

 

Record the journal entries necessary to complete closing the accounts.
 

 

What is the new balance of Madison Wells, Capital?
 

 

 

 

attempt 2

 

1
 

The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCOUNT NO.
ACCOUNT
BALANCE
101
Cash
$
40,000
111
Accounts Receivable
 
29,910
121
Supplies
 
5,300
131
Prepaid Insurance
 
12,500
141
Equipment
 
59,000
142
Accumulated Depreciation—Equipment
 
20,660
202
Accounts Payable
 
7,000
301
Aretha Hinkle, Capital
 
65,000
302
Aretha Hinkle, Drawing
 
6,500
401
Fees Income
 
187,230
510
Depreciation Expense—Equipment
 
10,580
511
Insurance Expense
 
5,700
514
Rent Expense
 
16,500
517
Salaries Expense
 
83,000
518
Supplies Expense
 
2,800
519
Telephone Expense
 
3,400
523
Utilities Expense
 
4,700
 
 

All accounts have normal balances.

Required:

 

 

 

Prepare the closing entries.
 

 

 

 

 

Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.
 

 

 

 

2
 

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

Required:

 

 

 

Complete the worksheet.
 

 

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

 

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

 

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

 

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
 

The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Summary
Account No. 399
 
Balance
Date
Description
Debit
Credit
Debit
Credit
2019
 
 
 
 
 
Dec. 31
Closing
 
134,000
 
134,000
31
Closing
71,800
 
 
62,200
31
Closing
62,200
 
 
0
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Linda Carter, Capital
Account No. 301
 
Balance
Date
Description
Debit
Credit
Debit
Credit
2019
 
 
 
 
 
Dec.  1
 
 
240,000
 
240,000
31
Closing
 
62,200
 
302,200
31
Closing
22,000
 
 
280,200
 
 

4

On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000.

Required:

 

 

 

Record the journal entries necessary to complete closing the accounts.
 

 

What is the new balance of Madison Wells, Capital?
 

 

 

 

5
 

Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 2019, the firm’s worksheet showed the following adjustments data: (a) supplies used, $4,680; (b) expired rent, $26,000; and (c) depreciation on office equipment, $9,160. The balances of the revenue and expense accounts listed in the Income Statement section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are given below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUE AND EXPENSE ACCOUNTS
 
 
 
 
401
Fees Income
$
200,000
Cr.
 
511
Depr. Expense—Office Equipment
 
9,160
Dr.
 
514
Rent Expense
 
26,000
Dr.
 
517
Salaries Expense
 
99,000
Dr.
 
520
Supplies Expense
 
4,680
Dr.
 
523
Telephone Expense
 
2,700
Dr.
 
526
Travel Expense
 
20,780
Dr.
 
529
Utilities Expense
 
2,500
Dr.
 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DRAWING ACCOUNT
 
 
 
302
Gloria Johnson, Drawing
22,000
Dr.
 
 
 
 
 
 
 
 

Required:

 

 

 

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

 

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

 

 

 
 

 

6
 

On December 31, 2019, the ledger of Lopez Company contained the following account balances:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
Cash
$
66,000
Maria Lopez, Drawing
$
52,000
Accounts Receivable
 
5,800
Fees Income
 
107,500
Supplies
 
4,200
Depreciation Expense
 
5,500
Equipment
 
52,000
Salaries Expense
 
34,000
Accumulated Depreciation
 
5,000
Supplies Expense
 
6,000
Accounts Payable
 
6,000
Telephone Expense
 
5,200
Maria Lopez, Capital
 
121,500
Utilities Expense
 
9,300
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