ACC290 Week 2 Apply Exercise SCORE 100 PERCENT

Question 1

On a statement of owner's equity, beginning capital is $45,000, Net Income for the year is $18,500 and Drawing for the year is $7,500, the ending capital amount would be:

 

Multiple Choice

    $45,000

    $71,000

    $56,000

    $34,000

 

Question 2

Derrick Wells decided to start a dental practice. The first five transactions for the business follow.  
 

1. Derrick invested $77,000 cash in the business.
2. Paid $17,000 in cash for equipment.
3. Performed services for cash amounting to $7,700.
4. Paid $2,500 in cash for advertising expense.
5. Paid $1,700 in cash for supplies.

(1) Select which two accounts are affected in each of the above transactions.
(2&3) Post the above transactions into the appropriate T accounts.

Requirement 1

Select which two accounts are affected in each of the above transactions

 

Req 2 and 3

Post the above transactions into the appropriate T accounts.

 

Question 3

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals.  

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals.   
 

Cash
(a)	182,000	(b)	38,000
(d)	22,000	(e)	620
(g)	2,200	(h)	10,200
		(i)	4,200
Equipment
(c)	72,000

 

Accounts Receivable
(f)	8,400	(g)	2,200
Accounts Payable
		(c)	72,000

 

Supplies
(b)	38,000
Wade Wilson, Capital
		(a)	182,000

 

Fees Income
		(d)	22,000
		(f)	8,400
Telephone Expense
(e)	620

 

Wade Wilson, Drawing
(i)	4,200
Salaries Expense
(h)	10,200

Required:
Prepare a trial balance and an income statement for Residential Relocators. The trial balance is for December 31, 2019, and the income statement is for the month ended December 31, 2019.

 

Question 4

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on.  

 

 

Question 5

The total of the figures on the left side of a Cash account is $35,800. The total of the figures on the right side is $16,100. The balance of this account:

Multiple Choice

    is $19,700 and would be recorded on the right side of the account.

    is $51,900 and would be recorded on the left side of the account.

    is $19,700 and would be recorded on the left side of the account.

    is $51,900 and would be recorded on the right side of the account.

 

Question 6

Required information

[The following information applies to the questions displayed below.]

The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below.
 

Cash	19,650		Fees Income	-0-
Accounts Receivable	850		Rent Expense	-0-
Office Equipment	2,500		Utilities Expense	-0-
Supplies	250		Salaries Expense	-0-
Accounts Payable	1,500
Kelly Connor, Capital	21,750
Kelly Connor, Drawing	-0-

The following transactions occurred during the month of November.
 

1. Collected $350 from credit customers.
2. Issued a check for $760 for November's rent.
3. Paid $1,700 for salaries.
4. The owner withdrew $560 in cash for personal expenses.
5. Issued a check for $200 to pay the monthly utility bill.
6. Received $2,725 in cash for services performed.
7. Purchased office equipment for $1,350 on credit.

 

Post the above transactions into the appropriate T accounts.

Answer

 

 

 

 

 

 

 

 

 

Question 9

Required information

[The following information applies to the questions displayed below.]

The T account balances for the accounts of Rya's Planning Services as of January 31, 2019 are listed below.
 

Cash	$	22,100
Accounts Receivable		18,100
Office Supplies		850
Equipment		15,000
Accounts Payable		5,160
Rya Page, Capital		29,100
Rya Page, Drawing		6,200
Planning Fees Income		34,250
Office Supplies Expense		320
Rent Expense		920
Salaries Expense		4,200
Utilities Expense		820

Prepare a Trial Balance as of January 31, 2019.

 

Question 10

Required information

[The following information applies to the questions displayed below.]

The T account balances for the accounts of Rya's Planning Services as of January 31, 2019 are listed below.
 

Cash	$	22,100
Accounts Receivable		18,100
Office Supplies		850
Equipment		15,000
Accounts Payable		5,160
Rya Page, Capital		29,100
Rya Page, Drawing		6,200
Planning Fees Income		34,250
Office Supplies Expense		320
Rent Expense		920
Salaries Expense		4,200
Utilities Expense		820

1. Prepare an income statement for the Rya's Planning Services for the month ended January 31, 2019.
2. Prepare a statement of owner's equity for Rya's Planning Services for the month ended January 31, 2019.
3. Prepare a balance sheet for Rya's Planning Services as of January 31, 2019.