# ACC 290 Week 1 Apply: Connect Assignment

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.