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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