ACC 225 Homework Assignment 7

ACC 225 Homework Assignment 7

ACC 225 Homework Assignment 7

Directions: Please use an Excel Spreadsheet to present your homework (note: if you have a Mac, you may use Pages). Accounting homework cannot be accomplished in Microsoft Word. Please use the presentations that have been provided with the course as reference. Also, you may use the Generic Working Papers Excel Workbook found in the Course Resources to complete this assignment. Please visit the Course Resources section. Please note that you may have additional written homework alongside these application assignments. Please complete the following exercises found at the end of Chapter 10 and Chapter 11:

Quick Study exercise: QS 10-5
Exercise 10-1
Exercise 10-7
Exercise 10-8
BTN 10-7 (Entrepreneurial Decision)
Quick Study exercise: QS 11-11
Exercise 11-14
Problem 11-5A

COURSE-LONG PROJECT DIRECTIONS: This course contains a course-long project in which you will work on a variety of problems in regards to a computer services company called Business Solutions. Each module will build upon one another, so it is important to complete each part successfully. Please note that there are 4 total parts to the course-long project. You will have 2 weeks to complete each part. Please note the schedule below:

Part 1 will be due at the end of Module 2.
Part II will be due at the end of Module 4.
Part III will be due at the end of Module 6.
Part IV will be due at the end of Module 8.

This course-long project is a serial problem taken from your textbook. You can view the problem starting in Chapter 1. It will continue through Chapter 4. Please use the Generic Working Papers Excel Workbook found in the Course Resources to complete this project. COURSE-LONG PROJECT: PART IV (Modules 7 and 8) Scenario: The December 31, 2015, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2015) follows. No. Account Title Debit Credit 101 Cash $ 48,372 106 Accounts receivable 5,668 126 Accounts receivable 580 128 Computer supplies 1,665 131 Prepaid insurance 825 163 Office equipment 8,000 164 Accumulated depreciation—Office equipment $ 400 167 Computer equipment 20,000 168 Accumulated depreciation—Computer equipment 1,250 201 Accounts payable 1,100 210 Wages payable 500 236 Unearned computer services revenue 1,500 301 S. Rey, Capital 73,000 302 S. Rey, Withdrawals 7,100 403 Computer services revenue 31,284 612 Depreciation expense—Office equipment 400 613 Depreciation expense—Computer equipment 1,250 623 Wages expense 3,875 637 Insurance expense 555 640 Rent expense 2,475 652 Computer supplies expense 3,065 655 Advertising expense 2,753 676 Mileage expense 896 677 Miscellaneous expenses 250 684 Repairs expense—Computer 1,305 901 Income summary 0 Totals $109,034 $109,034 Please complete the following: 1. Record and post the necessary closing entries for Business Solutions. 2. Prepare a post-closing trial balance as of December 31, 2015. Note: You will submit your work at the end of the Module 8 Homework Assignment.
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