Principles of Accounting 1 -Ashworth college-GRADED PROJECT

Principles of Accounting 1 -Ashworth college-GRADED PROJECT

Principles of Accounting 1 -Ashworth college-GRADED PROJECT

Directions: Be sure to make an electronic copy of your answer before submitting
it to Ashworth College for grading. Unless otherwise stated, answer in complete
sentences, and be sure to use correct English spelling and grammar. Sources
must be cited in APA format.

Your response should be a minimum of one
(1) single-spaced page to a maximum of two (2) pages in length; refer to the
“Assignment Format” page for specific format requirements.

Part A (30 points)

Prepare general journal entries to record the following transactions for the Harris
Company. (The company uses the balance sheet approach for recording bad
debts expense.)

2010 Dec. 31 Recorded Bad Debts Expense, $800 2011
Jan. 3 Wrote off Jal’s account as uncollectible, $60 Mar. 4 Wrote off Hall’s account as uncollectible, $75 Jul. 5 Recovered $45 from Hall Aug. 19 Wrote off M. Wilson’s account as uncollectible, $100 Nov. 7 Recovered $25 from Jal Part B
(10 points each for a possible total of 40 points)
For each of the following, identify in Column 1 the category to which the account
belongs, in Column 2 the normal balance for the account, in Column 3 the
financial statement that the account in which the account balance is reported,
and in Column 4 the account’s nature (temporary/permanent). PRINCIPLES OF ACCOUNTING 1 109 (1)
Column 1 Column 2 Column 3 Column 4 Column 1 Column 2 Column 3 Column 4 Column 1 Column 2 Column 3 Column 4 Column 1 Column 2 Column 3 Column 4 Interest payable
(2) Interest receivable
(3) Discount on notes
(4) Store equipment Part C
(15 points each for a possible total of 30 points)
A computer server system, which had cost $210,000 and had accumulated
depreciation of $147,000, was traded for a new system with a fair market value
of $235,000. The old system and cash of $180,000 were given for the new system.
Prepare the journal entry for the exchange of these similar assets.
Prepare journal entries for the following for Bartz, Inc. 110 May 11 Replaced the engine in a Van #1, paying cash of $5,400 May 18 Paid cash for a tune-up of the engine in Van #2 of $570 May 29 Paid cash to add a lift to Van #2 of $3,700 PRINCIPLES OF ACCOUNTING 1 PROJECT UPLOAD
Once you’ve completed this assignment, login to the student portal at To log in, you’ll need the username and
password that you received via email. From the Student Portal page, enter your
username and password (Figure 1). Then click Login. Figure 1
The Home or Dashboard page of the Student Portal displays. To access your
courses, click Courses in the upper right-hand banner (Figure 2). Figure 2 PRINCIPLES OF ACCOUNTING 1 111 Click on Lessons to access your My Courses page and navigate to the final
segment of your program using the My Sites button on the top right of the My
Courses page (Figure 3). Figure 3
Click on Assignments under Quick Links on the left-hand navigation menu
(Figure 4). Figure 4 112 PRINCIPLES OF ACCOUNTING 1 Click on the link for your graded project under Assignment title in the center of
your screen (Figure 5). Figure 5
Click on the Browse button at the bottom of the page to locate and attach your
finished project. When you have attached your file, check the Honor Pledge box
to confirm that you’re submitting your own work for the assignment. Then click
Submit (Figure 6). Figure 6 PRINCIPLES OF ACCOUNTING 1 113 You’ll see a confirmation message that tells you your project has been
successfully submitted to the school (Figure 7). Figure 7 114 PRINCIPLES OF ACCOUNTING 1
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