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ACC 290 Week 4 Practice Connect Practice Assignment

ACC 290 Week 4 Practice Connect Practice Assignment
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ACC 290 Week 4 Practice Connect Practice Assignment

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attempt 1
1 On June 1, 2019, Cain Company, a new firm, paid $8,400 rent in advance for a seven-month period. The $8,400 was debited to thePrepaid Rent
On June 1, 2019, the firm bought supplies for $10,250. The $10,250 was debited to the Supplies An inventory of supplies at the end of June showed that items costing $5,960 were on hand.
On June 1, 2019, the firm bought equipment costing $72,900. The equipment has an expected useful life of 9 years and no salvage value. The firm will use the straight-line method of depreciation.
2
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below.
 
CANTU CORPORATION
Worksheet
 
Month Ended December 31, 2019
 
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet 
Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 
Cash 39,100 39,100 39,100 
Accounts Receivable 6,500 6,500 6,500 
Supplies 6,050 3,500 6,050 2,550 
Prepaid Advertising 10,200 1,700 10,200 8,500 
Equipment 42,500 42,500 42,500 
Accumulated Depreciation—Equipment 850 850 850 
Accounts Payable 6,500 6,500 6,500 
Selena Cantu, Capital 54,500 54,500 54,500 
Selena Cantu, Drawing 4,100 4,100 4,100 
Fees Income 57,750 57,750 57,750 
Supplies Expense 3,500 3,500 3,500 
Advertising Expense 1,700 1,700 1,700 
Depreciation Expense-Equipment 850 850 850 
Salaries Expense 8,900 8,900 8,900 
Utilities Expense 1,400 1,400 1,400 
Totals 118,750 118,750 6,050 6,050 119,600 119,600 16,350 57,750 103,250 61,850 
Net Income 41,400 41,400 
57,750 57,750 103,250 103,250 
Required:
 
Prepare an income statement.
Prepare a statement of owner’s equity. The owner made no additional investments during the month.
Prepare a balance sheet.
Analyze:
 
If the adjustment to Prepaid Advertising had been $3,400 instead of $1,700, what net income would have resulted?
 
 
 
3
Assume that a firm reports net income of $45,000 prior to making adjusting entries for the following items: expired rent, $3,500; depreciation expense, $4,100; and supplies used, $1,800.
 
Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income?
 
 
 
4
Desoto Company must make three adjusting entries on December 31, 2019.
 
Supplies used, $5,500 (supplies totaling $9,000 were purchased on December 1, 2019, and debited to the Suppliesaccount).
Expired insurance, $4,100; on December 1, 2019, the firm paid $24,600 for six months’ insurance coverage in advance and debitedPrepaidInsurancefor this amount.
Depreciation expense for equipment, $2,900.
Required:
 
Prepare the journal entries for these adjustments and post the entries to the general ledger accounts
 
 
 
5
The adjusted trial balance of University Book Store as of November 30, 2019, after the firm’s first month of operations, appears below.
 
Appropriate adjustments have been made for the following items:
 
Supplies used during the month, $2,900.
Expired rent for the month, $3,500.
Depreciation expense for the month, $950.
UNIVERSITY BOOK STORE
Adjusted Trial Balance
 
November 30, 2019
 
Account Name Debit Credit 
Cash $ 23,075 
Accounts Receivable 3,812 
Supplies 4,600 
Prepaid Rent 21,000 
Equipment 27,500 
Accumulated Depreciation-Equipment $ 950 
Accounts Payable 9,000 
Ruby Darbandi, Capital 41,837 
Ruby Darbandi, Drawing 4,000 
Fees Income 48,550 
Depreciation Expense-Equipment 950 
Rent Expense 3,500 
Salaries Expense 8,500 
Supplies Expense 2,900 
Utilities Expense 500 
Totals $ 100,337 $ 100,337 
Required:
 
Record the adjusting entries in the Adjustments columns.
Complete the Trial Balance columns of the worksheet prior to making the adjusting entries.
Analyze:
 
What was the balance of Prepaid Rent prior to the adjusting entry for expired rent?
 
 
 
6
On January 31, 2019, the general ledger of Palmer Company showed the following account balances.
 
ACCOUNTS 
Cash 31,500
Accounts Receivable 11,250
Supplies 4,500
Prepaid Insurance 4,100
Equipment 45,750
Accum. Depr.—Equip. 0
Accounts Payable 8,350
Sadie Palmer, Capital 40,975
Fees Income 58,500
Depreciation Exp.—Equip. 0
Insurance Expense 0
Rent Expense 5,300
Salaries Expense 5,425
Supplies Expense 0
Additional information:
 
Supplies used during January totaled $2,850.
Expired insurance totaled $1,025.
Depreciation expense for the month was $925.
Complete the worksheet through the Adjusted Trial Balance section. Assume that every account has the normal debit or credit balance. The worksheet covers the month of January.
 
 
 
attempt 2
1
On January 31, 2019, the general ledger of Palmer Company showed the following account balances.
 
ACCOUNTS 
Cash 31,500
Accounts Receivable 11,250
Supplies 4,500
Prepaid Insurance 4,100
Equipment 45,750
Accum. Depr.—Equip. 0
Accounts Payable 8,350
Sadie Palmer, Capital 40,975
Fees Income 58,500
Depreciation Exp.—Equip. 0
Insurance Expense 0
Rent Expense 5,300
Salaries Expense 5,425
Supplies Expense 0
Additional information:
 
Supplies used during January totaled $2,850.
Expired insurance totaled $1,025.
Depreciation expense for the month was $925.
Complete the worksheet through the Adjusted Trial Balance section. Assume that every account has the normal debit or credit balance. The worksheet covers the month of January.
 
2
 
Desoto Company must make three adjusting entries on December 31, 2019.
 
Supplies used, $5,500 (supplies totaling $9,000 were purchased on December 1, 2019, and debited to the Suppliesaccount).
Expired insurance, $4,100; on December 1, 2019, the firm paid $24,600 for six months’ insurance coverage in advance and debitedPrepaidInsurancefor this amount.
Depreciation expense for equipment, $2,900.
Required:
 
Prepare the journal entries for these adjustments and post the entries to the general ledger accounts
 
 
 
3
Assume that a firm reports net income of $45,000 prior to making adjusting entries for the following items: expired rent, $3,500; depreciation expense, $4,100; and supplies used, $1,800.
 
Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income?
 
4
 
On June 1, 2019, Cain Company, a new firm, paid $8,400 rent in advance for a seven-month period. The $8,400 was debited to thePrepaid Rent
On June 1, 2019, the firm bought supplies for $10,250. The $10,250 was debited to the Supplies An inventory of supplies at the end of June showed that items costing $5,960 were on hand.
On June 1, 2019, the firm bought equipment costing $72,900. The equipment has an expected useful life of 9 years and no salvage value. The firm will use the straight-line method of depreciation.
Prepare end-of-June adjusting entries for Cain Company.
 
5
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below.
 
CANTU CORPORATION
Worksheet
 
Month Ended December 31, 2019
 
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet 
Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 
Cash 39,100 39,100 39,100 
Accounts Receivable 6,500 6,500 6,500 
Supplies 6,050 3,500 6,050 2,550 
Prepaid Advertising 10,200 1,700 10,200 8,500 
Equipment 42,500 42,500 42,500 
Accumulated Depreciation—Equipment 850 850 850 
Accounts Payable 6,500 6,500 6,500 
Selena Cantu, Capital 54,500 54,500 54,500 
Selena Cantu, Drawing 4,100 4,100 4,100 
Fees Income 57,750 57,750 57,750 
Supplies Expense 3,500 3,500 3,500 
Advertising Expense 1,700 1,700 1,700 
Depreciation Expense-Equipment 850 850 850 
Salaries Expense 8,900 8,900 8,900 
Utilities Expense 1,400 1,400 1,400 
Totals 118,750 118,750 6,050 6,050 119,600 119,600 16,350 57,750 103,250 61,850 
Net Income 41,400 41,400 
57,750 57,750 103,250 103,250 
Required:
 
Prepare an income statement.
Prepare a statement of owner’s equity. The owner made no additional investments during the month.
Prepare a balance sheet.
Analyze:
 
If the adjustment to Prepaid Advertising had been $3,400 instead of $1,700, what net income would have resulted?
 
 
 
6
The adjusted trial balance of University Book Store as of November 30, 2019, after the firm’s first month of operations, appears below.
 
Appropriate adjustments have been made for the following items:
 
Supplies used during the month, $2,900.
Expired rent for the month, $3,500.
Depreciation expense for the month, $950.
UNIVERSITY BOOK STORE
Adjusted Trial Balance
 
November 30, 2019
 
Account Name Debit Credit 
Cash $ 23,075 
Accounts Receivable 3,812 
Supplies 4,600 
Prepaid Rent 21,000 
Equipment 27,500 
Accumulated Depreciation-Equipment $ 950 
Accounts Payable 9,000 
Ruby Darbandi, Capital 41,837 
Ruby Darbandi, Drawing 4,000 
Fees Income 48,550 
Depreciation Expense-Equipment 950 
Rent Expense 3,500 
Salaries Expense 8,500 
Supplies Expense 2,900 
Utilities Expense 500 
Totals $ 100,337 $ 100,337 
Required:
 
Record the adjusting entries in the Adjustments columns.
Complete the Trial Balance columns of the worksheet prior to making the adjusting entries.
Analyze:
 
What was the balance of Prepaid Rent prior to the adjusting entry for expired rent?
 

 

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