Acc280 Financial Accounting: Continuing Cookie Chronicles 2 (CCC2) - as proprietorship

Continuing Cookie Chronicles 2 (CCC2)

After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a proprietorship. She then starts the process of getting the business running. In November 2009, the following activities take place.

November Transactions
Nov. 8  Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account.
8  She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account.
11  Natalie pays $165 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Supplies.)
13  She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash.
14  Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer that originally cost her $750. Natalie decides to start using it only in her new business. She estimates that the equipment is currently worth $300. She invests the equipment in the business.
16  Natalie realizes that her initial cash investment is not enough. Her grandmother lends her $2,000 cash, for which Natalie signs a note payable in the name of the business. Natalie deposits the money in the business bank account. (Hint: The note does not have to be repaid for 24 months.As a result,the note payable should be reported in the accounts as the last liability and also on the balance sheet as the last liability.)
17  She buys more baking equipment for $900 cash.
20  She teaches her first class and collects $125 cash.
25  Natalie books a second class for December 4 for $150. She receives $30 cash in advance
as a down payment.
30  Natalie pays $1,320 for a one-year insurance policy that will expire on December 1, 2010.

Instructions

(a) Use the journal template provided and prepare journal entries to record the November transactions. Remember to use correct journal entry formatting.

(b) Post the journal entries to general ledger accounts. Remember to use correct posting references. Also, note that we do not use descriptions in the ledger account "description" column for regular journal entry postings.

(c) Prepare a trial balance at November 30. Be sure to total the columns of your trial balance. Do NOT include accounts that do not have a ledger balance.

BUY:  Continuing Cookie Chronicles 2 (CCC2)

Acc280 Financial Accounting: Continuing Cookie Chronicles 2 (CCC2) - as proprietorship

Continuing Cookie Chronicles 2 (CCC2)

After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a proprietorship. She then starts the process of getting the business running. In November 2009, the following activities take place.

November Transactions
Nov. 8  Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account.
8  She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account.
11  Natalie pays $165 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Supplies.)
13  She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash.
14  Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer that originally cost her $750. Natalie decides to start using it only in her new business. She estimates that the equipment is currently worth $300. She invests the equipment in the business.
16  Natalie realizes that her initial cash investment is not enough. Her grandmother lends her $2,000 cash, for which Natalie signs a note payable in the name of the business. Natalie deposits the money in the business bank account. (Hint: The note does not have to be repaid for 24 months.As a result,the note payable should be reported in the accounts as the last liability and also on the balance sheet as the last liability.)
17  She buys more baking equipment for $900 cash.
20  She teaches her first class and collects $125 cash.
25  Natalie books a second class for December 4 for $150. She receives $30 cash in advance
as a down payment.
30  Natalie pays $1,320 for a one-year insurance policy that will expire on December 1, 2010.

Instructions

(a) Use the journal template provided and prepare journal entries to record the November transactions. Remember to use correct journal entry formatting.

(b) Post the journal entries to general ledger accounts. Remember to use correct posting references. Also, note that we do not use descriptions in the ledger account "description" column for regular journal entry postings.

(c) Prepare a trial balance at November 30. Be sure to total the columns of your trial balance. Do NOT include accounts that do not have a ledger balance.

Tutorial:  Continuing Cookie Chronicles 2 (CCC2)

Acc280 Financial Accounting: Continuing Cookie Chronicles 2 (CCC2) - as proprietorship

Continuing Cookie Chronicles 2 (CCC2)

After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a proprietorship. She then starts the process of getting the business running. In November 2009, the following activities take place.

November Transactions
Nov. 8  Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account.
8  She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account.
11  Natalie pays $165 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Supplies.)
13  She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash.
14  Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer that originally cost her $750. Natalie decides to start using it only in her new business. She estimates that the equipment is currently worth $300. She invests the equipment in the business.
16  Natalie realizes that her initial cash investment is not enough. Her grandmother lends her $2,000 cash, for which Natalie signs a note payable in the name of the business. Natalie deposits the money in the business bank account. (Hint: The note does not have to be repaid for 24 months.As a result,the note payable should be reported in the accounts as the last liability and also on the balance sheet as the last liability.)
17  She buys more baking equipment for $900 cash.
20  She teaches her first class and collects $125 cash.
25  Natalie books a second class for December 4 for $150. She receives $30 cash in advance
as a down payment.
30  Natalie pays $1,320 for a one-year insurance policy that will expire on December 1, 2010.

Instructions

(a) Use the journal template provided and prepare journal entries to record the November transactions. Remember to use correct journal entry formatting.

(b) Post the journal entries to general ledger accounts. Remember to use correct posting references. Also, note that we do not use descriptions in the ledger account "description" column for regular journal entry postings.

(c) Prepare a trial balance at November 30. Be sure to total the columns of your trial balance. Do NOT include accounts that do not have a ledger balance.

Tutorial:  Continuing Cookie Chronicles 2 (CCC2)

Acc280 Financial Accounting: Continuing Cookie Chronicle 3 (CCC3) - as proprietorship

Chapter 3 - Continuing Cookie Chronicles 3 (CCC3)

Note: For transaction 3, round depreciation to the nearest dollar.

It is the end of November and Natalie has been in touch with her grandmother. Her grandmother asked Natalie how well things went in her first month of business. Natalie, too, would like to know if she has been profitable or not during November. Natalie realizes that in order to determine Cookie Creations’ income, she must first make adjustments.

Natalie puts together the following additional information.

1. A count reveals that $60 of brochures and posters remain at the end of November.

2. A count reveals that $35 of baking supplies were used during November.

3. Natalie estimates that all of her baking equipment will have a useful life of 5 years or 60 months. (Assume Natalie decides to record a full month’s worth of depreciation, regardless of when the equipment was obtained by the business.)

4. Natalie’s grandmother has decided to charge interest of 6% on the note payable extended on November 16. The loan plus interest is to be repaid in 24 months. (Assume that half a month of interest accrued during November.)

5. On November 30, a friend of Natalie’s asks her to teach a class at the neighborhood school. Natalie agrees and teaches a group of 35 first-grade students how to make Santa Claus cookies. The next day, Natalie prepares an invoice for $300 and leaves it with the school prin­cipal. The principal says that he will pass the invoice along to the head office, and it will be paid sometime in December.

6. Natalie receives a cellphone bill for $45. She uses her cellphone only for business. The bill is for services provided during November and is due December 15.

Instructions

Using the information that you have gathered through Chapter 2, and based on the new infor­mation above, do the following.
(a) Prepare and post the adjusting journal entries using the general journal template provided. Again, remember to use correct formatting in both the journal and the ledger.

(b) Prepare an adjusted trial balance using the correct worksheet in your template workbook. Be sure to total the columns of your ATB and include only those accounts that have a balance.

(c) Using the adjusted trial balance, calculate Cookie Creations’ net income or net loss for the month of November. You are not required to prepare an income statement.

Tutorial:  Continuing Cookie Chronicle 3 (CCC3)

Acc280 Financial Accounting: Continuing Cookie Chronicle 4 (CCC4) - as proprietorship

Continuing Cookie Chronicle 4 (CCC4)

Note that this is a rather difficult problem. You are asked to prepare financial statements and prepare and post closing entries, but you were not given the specific transactions for December. Instead, you are given the Adjusted Trial Balance for Dec. 31. I recommend that you take the balances on the ATB and write them in the correct ledger accounts. Just make a note to yourself in each ledger that this is the "Dec. 31 balance." Of course, if we were REALLY doing a set of books, we would have posted the entries for Dec. and this wouldn't be necessary.

Natalie had a very busy December.At the end of the month,after journalizing and post­ing the December transactions and adjusting entries. Natalie prepared the following adjusted trial balance.

COOKIE CREATIONS
Adjusted Trial Balance
December 31, 2009
Debit Credit
Cash $1,180
Accounts Receivable 875
Baking Supplies 350
Prepaid Insurance 1,210
Baking Equipment 1,200
Accumulated Depreciation - Baking Equipment $ 40
Accounts Payable 75
Salaries Payable 56
Interest Payable 15
Unearned Revenue 300
Notes Payable 2,000
N. Koebel, Capital 800
N. Koebel, Drawing 500
Teaching Revenue 4,515
Salaries Expense 1,006
Telephone Expense 125
Advertising Supplies Expense 165
Baking Supplies Expense 1,025
Depreciation Expense 40
Insurance Expense 110
Interest Expense 15
                            $7,801 $7,801

Instructions:

Using the information in the adjusted trial balance, do the following.

(a) Prepare an income statement and a statement of owner’s equity for the 2 months ended December 31, 2009, and a classified balance sheet as at December 31, 2009. The note payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2011.

(b) Natalie has decided that her year-end will be December 31, 2009. Prepare and post closing entries as of December 31, 2009.

(c) Prepare a post-closing trial balance.

BUY:  Continuing Cookie Chronicle 4 (CCC4)

Acc280 Financial Accounting: Comprehensive Problem: Appendix G - Julie Molony, Julie’s Maids Cleaning Service Inc

Comprehensive Problem

Appendix G

Julie Molony opened Julie’s Maids Cleaning Service Inc. on July 1, 2008. During July, the company completed the following transactions. July 1 Issued $14,000 of common stock for $14,000 cash.

1 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account.

3 Purchased cleaning supplies for $800 on account.

5 Paid $1,800 on a one-year insurance policy, effective July 1.

12 Billed customers $3,800 for cleaning services.

18 Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning supplies.

20 Paid $1,600 for employee salaries.

21 Collected $1,400 from customers billed on July 12.

25 Billed customers $1,500 for cleaning services.

31 Paid gas and oil for the month on the truck, $400.

31 Paid a $600 cash dividend.

The chart of accounts for Julie’s Maids Cleaning Service contains the following accounts:No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation—Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable,No. 311 Common Stock,No. 320 Retained Earnings,No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense.

Instructions

(a) Journalize and post the July transactions. Use page J1 for the journal.

(b) Prepare a trial balance at July 31 on a worksheet.

(c) Enter the following adjustments on the worksheet, and complete the worksheet.

(1) Earned but unbilled fees at July 31 were $1,300.

(2) Depreciation on equipment for the month was $200.

(3) One-twelfth of the insurance expired.

(4) An inventory count shows $100 of cleaning supplies on hand at July 31.

(5) Accrued but unpaid employee salaries were $500.

(d) Prepare the income statement and a retained earnings statement for July, and a classified balance sheet at July 31, 2008.

(e) Journalize and post the adjusting entries. Use page J2 for the journal.

(f ) Journalize and post the closing entries, and complete the closing process. Use page J3 for the journal.

(g) Prepare a post-closing trial balance at July 31.

BUY:  Appendix G - Julie's Maid Cleaning Services

Acc557 Strayer Financial Accounting P4-1A Thomas Magnum P.I. (Financial Statements, Closing Entries)

P4-1A 
Thomas Magnum began operations as a private investigator on January 1, 2008. The trial balance columns of the worksheet for Thomas Magnum, P.I. at March 31 are as follows. Other data: 1. Supplies on had total 2. Depreciation is   3. Interest accrued on 6-month note payable, issued January 1, 4. Insurance expires at the rate of 5. Services provided but unbilled at March 31 total 

Instructions: 
 (a) Complete the worksheet. 
 (b)
  1. Prepare an income statement for the quarter ended March 31, 2008. 
  2. Prepare a retained earnings statement for the quarter ended March 31, 2011. 
  3. Prepare a classified balance sheet for March 31, 2011.  (c) Journalize the adjusting entries from the adjustments columns of the worksheet. 
 (d) Journalize the closing entries from the financial statement columns of the worksheet.

BUY:  P4-1A Thomas Magnum

Acc557 Strayer Financial Accounting P4-3A Woods Company (FS, Post-Closing Trial Balance)

Note:  This problem uses Common stock, Retained Earnings, Dividends.

P4-3A 
The completed financial statement columns of the worksheet for Woods Company are shown below. 

(given information)

Instructions: 
a.  Prepare an income statement, a retained earnings statement, and a classified balance sheet. No additional common stock was issued during 2008. 
b.  Prepare the closing entries. (List multiple debit/credit entries in descending order of amount.) 
c.  Post the closing entries and rule and balance the accounts. Use T accounts. Income Summary is account No. 350. 
 d.  Prepare a post-closing trial balance. (If answer is zero, please enter 0, do not leave any fields blank.)  

BUY: P4-3A Woods Company

Acc557 Strayer Financial Accounting P2-1A Frontier Park (Journal Entries)

Financial Accounting

P2-1A   
 Frontier Park was started on April 1 by C. J. Mendez and associates.  The following selected events and transactions occurred during April. Apr. 1 Stockholders invested $40,000 cash in the business in exchange for common stock. 4 Purchased land costing $30,000 for cash. 8 Incurred advertising expense of $1,800 on account. 11 Paid salaries to employees $1,500. 12 Hired park manager at a salary of $4,000 per month, effective May 1. 13 Paid $1,500 cash for a one-year insurance policy. 17 Declared and paid a $1,000 cash dividend. 20 Received $5,700 in cash for admission fees. 25 Sold 100 coupon books for $25 each. Each book contains 10 coupons that entitle the holder to one admission to the park. 30 Received $8,900 in cash admission fees. 30 Paid $900 on balance owed for advertising incurred on April 8. Mendez uses the following accounts: Cash; Prepaid Insurance; Land; Account Payable; Unearned Admission Revenue; Common stock; Dividends; Admission Revenue; Advertising Expense; and Salaries Expense.  


 Instructions  
 Journalize the April transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.) 

BUY:  P2-1A Frontier Park

Acc557 Strayer Financial Accounting P2-2A Jane Kent is a licensed CPA

Acc557 (Acc280) Financial Accounting
P2-2A   


Jane Kent is a licensed CPA. During the first month of the operation of her business, Jane Kent, Inc. the following events and transactions occurred. May 1 Stockholders invested $25,000 cash in exchange for Common Stock. 2 Hired a secretary-receptionist at a salary of $2,000 per month. 3 Purchased $2,500 of supplies on account from Read Supply Company. 7 Paid office rent of $900 cash for the month. 11 Completed a tax assignment and billed client $2,100 for services provided. 12 Received $3,500 advance on a management consulting engagement. 17 Received cash of $1,200 for services completed for H. Arnold Co. 31 Paid secretary-receptionist $2,000 salary for the month. 31 Paid 40% of balance due Read Supply Company. Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense.  


Instructions  
(a) Journalize the transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.) 
(b) Post to the ledger accounts.  (If answer is zero, please enter 0. Do not leave any fields blank.) 
(c) Prepare a trial balance on May 31, 2008. (If answer is zero, please enter 0. Do not leave any fields blank.) 

BUY:  P2-2A Jane Kent

Acc280 Principles of Accounting: P5-2A Olaf Distributing Company (Perpetual Inventory Method)

Acc280 Principles of Accounting


P5-2A 
Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olaf showed Cash of $9,000 and Common Stock of $9,000.  
 April 2 Purchased merchandise on account from Dakota Supply Co. $6,900, terms 1/10, n/30. 
 4 Sold merchandise on account $5,500, FOB destination, terms 1/10, n/30.The cost of the merchandise sold was $4,100. 
 5 Paid $240 freight on April 4 sale.


(continued...)


Instructions:
a.  Journalize the transactions using a perpetual inventory system. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125.)
b.  Enter the beginning cash and common stock balances, and post the transactions. (Use J1 for the journal reference.) (If answer is zero, please enter 0. Do not leave any fields blank.)
c.  Prepare the income statement through gross profit for the month of April 2008. (List amounts from largest to smallest e.g. 10, 5, 3, 2. Enter all amounts as positive amounts and subtract where necessary.)    

BUY:  P5-2A Olaf Distributing Company

Acc280 Principles of Accounting: P3-2A Neosho River Resort, Inc. opened for business on June 1 with eight air-conditioned units

Acc280 Principles of Accounting

P3-2A 
Neosho River Resort, Inc. opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows. 
NEOSHO RIVER RESORT, INC. 
Trial Balance 
August 31, 2008 

Account Number Debit Credit 
101 Cash 19,600 
126 Supplies 3,300 
130 Prepaid Insurance 6,000 
140 Land 25,000 
143 Cottages 125,000 
149 Furniture 26,000 
201 Accounts Payable $ 6,500 
208 Unearned Rent  7,400 
275 Mortgage Payable  80,000 
311 Common Stock 100,000 
332 Dividends 5,000 
429 Rent Revenue &n bsp; 80,000 
622 Repair Expense 3,600 
726 Salaries Expense 51,000 
732 Utilities Expense 9,400 
                    $273,900 $273,900 

In addition to those accounts listed on the trial balance, the chart of accounts for Neosho River Resort also contains the following accounts and account numbers: No. 112 Accounts Receivable, No. 144 Accumulated Depreciation—Cottages, No. 150 Accumulated Depreciation—Furniture, No. 212 Salaries Payable,No. 230 Interest Payable,No. 320 Retained Earnings,No. 620 Depreciation Expense—Cottages, No. 621 Depreciation Expense—Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. 

Other data: 
1. Insurance expires at the rate of $400 per month. 
2. A count on August 31 shows $600 of supplies on hand. 
3. Annual depreciation is $6,000 on cottages and $2,400 on furniture. 
4. Unearned rent of $4,100 was earned prior to August 31. 
5. Salaries of $400 were unpaid at August 31. 
6. Rentals of $1,000 were due from tenants at August 31. (Use Accounts Receivable.) 
7. The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.) Instructions 

Instructions:
(a) Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. 
(b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) 
(c) Prepare an adjusted trial balance on August 31. 
(d) Prepare an income statement and a retained earnings statement for the 3 months ending August 31 and a balance sheet as of August 31. 

Tutorial: P3-2A Neosho River Resort

Acc280 Principles of Accounting: E4-2, E4-3 and E4-4 Goode Company (Worksheet, Trial Balance, Financial Statements, Closing Entries)

Price:  US $13.00 (via Paypal)

Acc280 Principles of Accounting

E4-2, E4-3, E4-4 Goode Company

E4-2 The adjusted trial balance columns of the worksheet for Goode Company are as follows.

Instructions

Complete the worksheet.

E4-3 Worksheet data for Goode Company are presented in E4-2. No common stock was issued during April.

Instructions

Prepare an income statement, a retained earnings statement, and a classified balance sheet.

E4-4 Worksheet data for Goode Company are presented in E4-2.

Instructions

(a) Journalize the closing entries at April 30.

(b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts.

(c) Prepare a post-closing trial balance at April 30.

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Acc280 Principles of Accounting: P4-2A The adjusted trial balance columns of the worksheet for Porter Company

This version of the problem uses corporate accounts - common stock, retained earnings and dividends.

P4-2A 
The adjusted trial balance columns of the worksheet for Porter Company are as follows. 
PORTER COMPANY 
Worksheet 
For the Year Ended December 31, 2008 
(given data)

Instructions

1. Complete the worksheet by extending the balances to the financial statement columns.

2. Prepare an income statement, a retained earnings statement, and a classified balance sheet. $10,000 of the notes payable become due in 2009. No additional issuance of common stock occurred during 2008.

3. Prepare the closing entries. Use J14 for the journal page.

4. Post the closing entries. Use the three-column form of account. Income Summary is account No. 350.

5. Prepare a post-closing trial balance.

BUY:  P4-2A Porter Company

Acc280 Principles of Accounting: BE4-12 Nathan Company (Reversing Entry)

Price: US $3.00 (via Paypal)


Acc280 Principles of Accounting 


BE4-12


     At October 31, Nathan Company made an accrued expense adjusting entry of $1,400 for salaries.  Prepare the reversing entry on November 1, and indicate the balances in Salaries Payable and Salaries Expense after posting the reversing entry.  

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