ACC 290 Week 1 Apply: Connect Assignment

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 ACC 290 Week 1 Apply: Connect Assignment
 

Complete the Week 1 Assignment in Connect.

Note: You have only 1 attempt available to complete assignments.

 

1
 

Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm’s financial records showed the following assets, liabilities, and owner’s equity.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Cash
$
60,200
 
 
Accounts Receivable
 
15,800
 
 
Office Furniture
 
35,000
 
 
Auto
 
22,700
 
 
Accounts Payable
 
10,400
 
 
Harold Joseph, Capital
 
90,700
 
 
Revenue
 
56,200
 
 
Expenses
 
23,600
 
 
 
 

TRANSACTIONS

 

 

 

Performed services for $6,600 on credit.
 

 

Paid $1,620 in cash for new office chairs.
 

 

Received $10,400 in cash from credit clients.
 

 

Paid $800 in cash for telephone service.
 

 

Sent a check for $2,900 in partial payment of the amount due creditors.
 

 

Paid salaries of $8,900 in cash.
 

 

Sent a check for $1,040 to pay electric bill.
 

 

Performed services for $9,700 in cash.
 

 

Paid $2,270 in cash for auto repairs.
 

 

Performed services for $11,700 on account.
 

 

Enter the above transactions in to the following accounting equations.

Analyze:

What is the amount of total assets after all transactions have been recorded?

 

2
 

The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Assets
=
Liab.
+
Owner’s Equity
 
 
Cash
+
Accts. 

Rec.
+
Supp.
+
Equip.
=
Accts. 

Pay.
+
T.Cotton, 

Capital
+
Rev.

Exp.
 
Balances, May 1
15,000
+
3,000
+
5,800
+
33,800
=
7,000
+
50,600
+
0

0
 
Paid for utilities
− 980
 
 
 
 
 
 
 
 
 
 
 
 
 
+ 980
 
New balances
14,020
+
3,000
+
5,800
+
33,800
=
7,000
+
50,600
+
0

980
 
Sold services for cash
+ 4,980
 
 
 
 
 
 
 
 
 
 
 
+ 4,980
 
 
 
New balances
19,000
+
3,000
+
5,800
+
33,800
=
7,000
+
50,600
+
4,980

980
 
Paid a creditor
− 2,100
 
 
 
 
 
 
 
− 2,100
 
 
 
 
 
 
 
New balances
16,900
+
3,000
+
5,800
+
33,800
=
4,900
+
50,600
+
4,980

980
 
Sold services on credit
 
 
+ 2,900
 
 
 
 
 
 
 
 
 
+ 2,900
 
 
 
New balances
16,900
+
5,900
+
5,800
+
33,800
=
4,900
+
50,600
+
7,880

980
 
Paid salaries
− 8,900
 
 
 
 
 
 
 
 
 
 
 
 
 
+ 8,900
 
New balances
8,000
+
5,900
+
5,800
+
33,800
=
4,900
+
50,600
+
7,880

9,880
 
Paid telephone bill
− 314
 
 
 
 
 
 
 
 
 
 
 
 
 
+ 314
 
New balances
7,686
+
5,900
+
5,800
+
33,800
=
4,900
+
50,600
+
7,880

10,194
 
Withdrew cash for personal expenses
− 3,000
 
 
 
 
 
 
 
 
 
− 3,000
 
 
 
 
 
New balances
4,686
+
5,900
+
5,800
+
33,800
=
4,900
+
47,600
+
7,880

10,194
 
 
 

Required:

Analyze each transaction carefully. Prepare an income statement and a statement of owner’s equity for the month. Prepare a balance sheet for May 31, 2019.
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