Showing posts with label Strayer Financial Accounting. Show all posts
Showing posts with label Strayer Financial Accounting. Show all posts
Friday, September 30, 2011
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
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
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
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
Acc557 Strayer Financial Accounting P1-2A Nashville Veterinary Clinic (Tabular Analysis and FS)
Price: US $10.00 (via Paypal)
P1-2AOn August 31, the balance sheet of Nashville Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Office Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September the following transactions occurred.
1. Paid $2,900 cash on accounts payable.
2. Collected $1,300 of accounts receivable.
3. Purchased additional office equipment for $2,100, paying $800 in cash and the balance on account.
4. Earned revenue of $8,000 of which $2,500 is paid in cash and the balance is due in October.
5. Paid cash dividends of $1,000.
6. Paid salaries $1,700 rent for September $900, and advertising expenses $300.
7. Incurred utility expenses for month on account $170.
8. Received $10,000 from Capital Bank - money borrowed on a note payable.
Instructions
(a) Complete the table below. (Show the amount of increase or decrease for each transaction using a + for an increase (+500) and a - for a decrease (-500) and a 0 for no change. Please do not leave any fields blank. List multiple entries from largest to smallest eg 10, 5, 3, 2.)
(b) Prepare an income statement for September, an retained earnings statement for September, and a balance sheet at September 30. (If there is a net loss, record amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Enter all other amounts as positive amounts and subtract where necessary. List amounts from largest to smallest e.g. 10, 5, 3, 2. For balance sheet list assets in order of liquidity
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Thursday, September 29, 2011
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
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
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