ACC 290 Week 3 Practice: Connect Practice Assignment

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 ACC 290 Week 3 Practice: Connect Practice Assignment
 

Complete the Week3 Practice in Connect.

Note: You have unlimited attempts available to complete practice assignments

 

1
 

On October 1, 2019, Helen Kennedy opened an advertising agency.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DATE
TRANSACTIONS
Oct. 1
Helen Kennedy invested $70,000 cash in the business.
2
Paid October office rent of $4,000; issued Check 1001.
5
Purchased desks and other office furniture for $18,000 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.
6
Issued Check 1002 for $4,100 to purchase art equipment.
7
Purchased supplies for $1,670; paid with Check 1003.
10
Issued Check 1004 for $800 for office cleaning service.
12
Performed services for $4,200 in cash and $1,800 on credit. (Use a compound entry.)
15
Returned damaged supplies for a cash refund of $300.
18
Purchased a computer for $3,000 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,750 down payment, with the balance payable in 30 days. (Use one compound entry.)
20
Issued Check 1006 for $9,500 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.
26
Performed services for $4,800 on credit.
27
Paid $375 for monthly telephone bill; issued Check 1007.
30
Received $4,200 in cash from credit customers.
30
Mailed Check 1008 to pay the monthly utility bill of $1,080.
30
Issued Checks 1009–1011 for $9,000 for salaries.
 

Required:

 

 

 

Journalize the above transactions.
 

 

Post the above transactions to the ledger accounts.
 

 

 

Analyze:

What is the balance of account 202 in the general ledger?

 

 

2
 

The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DATE
TRANSACTIONS
Sept.
1
Issued Check 1169 for $2,000 to pay the September rent.
 
5
Performed services for $4,000 in cash.
 
6
Performed services for $2,950 on credit.
 
10
Paid $900 for monthly telephone bill; issued Check 1170.
 
11
Paid for equipment repairs of $1,050 with Check 1171.
 
12
Received $1,500 on account from credit clients.
 
15
Issued Checks 1172–1177 for $5,200 for salaries.
 
18
Issued Check 1178 for $2,700 to purchase supplies.
 
19
Purchased new tennis rackets for $3,250 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days.
 
20
Issued Check 1179 for $3,820 to purchase new nets. (Equip.)
 
21
Received $500 on account from credit clients.
 
21
Returned a damaged net and received a cash refund of $570.
 
22
Performed services for $3,480 in cash.
 
23
Performed services for $5,050 on credit.
 
26
Issued Check 1180 for $620 to purchase supplies.
 
28
Paid the monthly electric bill of $2,500 with Check 1181.
 
30
Issued Checks 1182–1187 for $5,200 for salaries.
 
30
Issued Check 1188 for $5,000 cash to Ellis Carter for personal expenses.
 

Required:

Record each of the above transactions in the general journal.

Analyze:

If the company paid a bill for supplies on October 1, what check number would be included in the journal entry description?

 

 

 

3
 

Selected activity of Mason Consulting Services follow.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DATE
TRANSACTIONS
2019
 
Sept.
1
Zack Mason invested $30,000 in cash to start the firm.
 
 
4
Purchased office equipment for $3,250 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.
 
 
16
Purchased an automobile that will be used to visit clients; issued Check 1001 for $15,000 in full payment.
 
 
20
Purchased supplies for $260; paid immediately with Check 1002.
 
 
23
Returned damaged supplies for a cash refund of $85.
 
 
30
Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.
 
 
30
Withdrew $1,500 in cash for personal expenses.
 
 
30
Issued Check 1004 for $3,500 to pay the rent for October.
 
 
30
Performed services for $7,325 in cash.
 
 
30
Paid $220 for monthly telephone bill, Check 1005.
 

Post the above transactions into the appropriate Ledger accounts.

 

 

4
 

The following transactions took place at the Cook Employment Agency during November 2019.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DATE
 
TRANSACTIONS
Nov.
5
 
Performed services for Job Search, Inc., for $20,000; received $9,500 in cash and the client promised to pay the balance in 60 days.
 
18
 
Purchased a graphing calculator for $450 and some supplies for $600 from Office Supply; issued Check 1008 for the total.
 
23
 
Received Invoice 1602 for $2,500 from Automotive Technicians Repair for repairs to the firm’s automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days.
 

Prepare journal entries for the above transactions.

 

 

 

5
 

Selected activity of the Ray Shipping Service follow.

TRANSACTIONS

 

 

 

Gave a cash refund of $750 to a customer because of a lost package. (The customer had previously paid in cash.)
 

 

Sent a check for $1,050 to the utility company to pay the monthly bill.
 

 

Provided services for $7,800 on credit.
 

 

Purchased new equipment for $4,600 and paid for it immediately by check.
 

 

Issued a check for $3,500 to pay a creditor on account.
 

 

Performed services for $15,250 in cash.
 

 

Collected $6,250 from credit customers.
 

 

The owner made an additional investment of $25,000 in cash.
 

 

Purchased supplies for $3,250 on credit.
 

 

Issued a check for $3,750 to pay the monthly rent.
 

 

 

Analyze the above transactions and record a journal entry for each transaction.

 

 

6
 

Selected activity of Mason Consulting Services follow.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DATE
TRANSACTIONS
2019
 
Sept.
1
Zack Mason invested $30,000 in cash to start the firm.
 
 
4
Purchased office equipment for $3,250 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.
 
 
16
Purchased an automobile that will be used to visit clients; issued Check 1001 for $15,000 in full payment.
 
 
20
Purchased supplies for $260; paid immediately with Check 1002.
 
 
23
Returned damaged supplies for a cash refund of $85.
 
 
30
Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.
 
 
30
Withdrew $1,500 in cash for personal expenses.
 
 
30
Issued Check 1004 for $3,500 to pay the rent for October.
 
 
30
Performed services for $7,325 in cash.
 
 
30
Paid $220 for monthly telephone bill, Check 1005.
 

Prepare journal entries for the transactions incurred during September of 2019.
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