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ACC 290 Week 5 Apply Connect Exercise (2019 Latest)

ACC 290 Week 5 Apply Connect Exercise (2019 Latest)
 

Review the Knowledge Check in preparation for this assignment.

Complete the Week 5 Exercise in Connect.

Note: You have only one attempt available to complete this assignment.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date

 

 
 

1.The first two closing entries to the Income Summary account indicate a debit of $56,250 and a credit of $67,900. The third closing entry would be:

 

 

2.On December 31, 2019, the ledger of Lopez Company contained the following account balances:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
Cash
$
32,100
Maria Lopez, Drawing
$
12,600
Accounts Receivable
 
2,450
Fees Income
 
49,250
Supplies
 
1,650
Depreciation Expense
 
2,300
Equipment
 
25,100
Salaries Expense
 
16,100
Accumulated Depreciation
 
2,050
Supplies Expense
 
2,550
Accounts Payable
 
2,550
Telephone Expense
 
2,150
Maria Lopez, Capital
 
47,350
Utilities Expense
 
4,200
 
 

 

 

3..The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Summary
Account No. 399
 
Balance
Date
Description
Debit
Credit
Debit
Credit
2019
 
 
 
 
 
Dec. 31
Closing
 
65,400
 
65,400
31
Closing
35,100
 
 
30,300
31
Closing
30,300
 
 
0
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Linda Carter, Capital
Account No. 301
 
Balance
Date
Description
Debit
Credit
Debit
Credit
2019
 
 
 
 
 
Dec.  1
 
 
112,000
 
112,000
31
Closing
 
30,300
 
142,300
31
Closing
10,200
 
 
132,100
 
 

Enter the following amounts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
  

 
 
 

4.The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCOUNT NO.
ACCOUNT
BALANCE
101
Cash
$
77,000
111
Accounts Receivable
 
58,520
121
Supplies
 
10,300
131
Prepaid Insurance
 
24,700
141
Equipment
 
115,000
142
Accumulated Depreciation—Equipment
 
41,020
202
Accounts Payable
 
12,700
301
Aretha Hinkle, Capital
 
127,000
302
Aretha Hinkle, Drawing
 
12,700
401
Fees Income
 
366,060
510
Depreciation Expense—Equipment
 
20,860
511
Insurance Expense
 
11,100
514
Rent Expense
 
32,700
517
Salaries Expense
 
163,000
518
Supplies Expense
 
5,300
519
Telephone Expense
 
6,500
523
Utilities Expense
 
9,100
 
 

 

All accounts have normal balances.

Required:

Prepare the closing entries.

Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.

 

 

 

 

 

 

5.On December 31, the Income Summary account of Madison Company has a debit balance of $32,000 after revenue of $34,000 and expenses of $66,000 were closed to the account. Madison Wells, Drawing has a debit balance of $3,500 and Madison Wells, Capitalhas a credit balance of $53,000.

Required:

Record the journal entries necessary to complete closing the accounts.

What is the new balance of Madison Wells, Capital?

 

 

 

6.

 

The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account Name
Balance
Cash
 
7,500
 
Accounts Receivable
 
2,150
 
Supplies
 
2,000
 
Prepaid Insurance
 
750
 
Equipment
 
19,500
 
Accumulated Depreciation–Equipment
 
4,100
 
Accounts Payable
 
3,350
 
Roger Dye, Capital
 
16,100
 
Roger Dye, Drawing
 
4,000
 
Fees Income
 
18,800
 
Supplies Expense
 
800
 
Insurance Expense
 
650
 
Depreciation Expense–Equipment
 
600
 
Salaries Expense
 
3,350
 
Utilities Expense
 
1,050
 
 
 

Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entries for RD Consulting on December 31, 2019. All accounts have normal balances and adjusting entries have been made.

 

 

7.

The partial worksheet for the Jamison Company showed the following data on October 31, 2019

.

 

 

 

8.

 

 

 

9.

 

Dorsey Company’s partial worksheet for the month ended March 31, 2019, is shown below. Open the owner’s capital account (account number 301) in the general ledger and record the March 1, 2019, balance of $34,500 shown on the worksheet.

 

 

 

10.

 

 

Danos Company’s partial worksheet for the month ended December 31, 2019, is shown below. Open the owner’s capital account (account number 301) in the general ledger and record the December 1, 2019, balance of $71,000 shown on the worksheet.

 

 

 

 

 
 

Use the following account balances from the adjusted trial balance of Gees Catering:

 

Account  Debit Balance Credit Balance

Cash            10,000

Accounts Payable                          2,000

 

 

 

Gees, Drawing 1,000
 

 

Gees, Capital                   18,000
 

 

 

Fees Revenue                         10,000

Salary Expense           7,000

Rent Expense       6,000

Supplies Expense        6,000

________________________________________

 

Select the correct closing entry that Gees Catering would make to close their revenue account(s) at the end of the accounting period.

Multiple Choice

 

 

 

 
 

 

 

 

Income Summary   $     10,000

Fees Revenue             $     10,000

________________________________________

 

 

 

 
 

 

 

 

 

 

 

Gees, Capital $ 10,000
 

 

 

Fees Revenue             $     10,000

________________________________________

 

 

 

 
 

 

 

 

Fees Revenue  $     10,000

Income Summary              $     10,000

________________________________________

 

 

 

 
 

 

 

 

Fees Revenue  $     10,000

 

 

 

Gees, Capital       $     10,000
 

 

 

________________________________________

 

 

 

After the closing entries are posted to the ledger, each expense account will have:

Multiple Choice

 

 

 

 
 

 

 

a debit balance.

 

 

 

 
 

 

 

a credit balance.

 

 

 

 
 

 

 

a negative balance.

 

 

 

 
 

 

 

a zero balance.

 

 

 

 

Which of the following accounts is not closed?

Multiple Choice

 

 

 

 
 

 

 

Cash

 

 

 

 
 

 

 

Fees Income

 

 

 

 
 

 

 

Rent Expense

 

 

 

 
 

 

 

Joan Wilson, Drawing

 

 

 

 

After the closing entries are posted to the ledger, each revenue account will have:

Multiple Choice

 

 

 

 
 

 

 

a zero balance.

 

 

 

 
 

 

 

a debit balance.

 

 

 

 
 

 

 

a credit balance.

 

 

 

 
 

 

 

either a debit or a credit balance.

 

 

 

 

A post-closing trial balance could include all of the following accounts except the:

Multiple Choice

 

 

 

 
 

 

 

owner’s capital account.

 

 

 

 
 

 

 

Cash account.

 

 

 

 
 

 

 

Accounts Receivable account.

 

 

 

 
 

 

 

Fees Income account.

 

 

 

 

Which of the following accounts has a normal debit balance?

Multiple Choice

 

 

 

 
 

 

 

Accounts Receivable

 

 

 

 
 

 

 

Accounts Payable

 

 

 

 
 

 

 

Fees Income

 

 

 

 
 

 

 

 

 

 

Stark, Capital
 

 

 

 

 

 

 

Which of the following accounts has a normal credit balance?

Multiple Choice

 

 

 

 
 

 

 

Accounts Payable

 

 

 

 
 

 

 

Accounts Receivable

 

 

 

 
 

 

 

Supplies Expense

 

 

 

 
 

 

 

 

 

 

Stark, Drawing
 

 

 

 

 

 

Which of the following statements is correct?

Multiple Choice

 

 

 

 
 

 

 

The Balance Sheet section of the worksheet contains the data that is used to make closing entries.

 

 

 

 
 

 

 

The balance of the owner’s drawing account will appear on the post-closing trial balance.

 

 

 

 
 

 

 

Closing entries are entered directly on the worksheet.

 

 

 

 
 

 

 

Preparation of the post-closing trial balance is the last step in the end-of-period routine.

 

 

 

 

Information in the financial statements provides answers to many questions, including:

Multiple Choice

 

 

 

 
 

 

 

How much do customers owe the business?

 

 

 

 
 

 

 

What are the business’ current and long term plans for expansion?

 

 

 

 
 

 

 

Has the business achieved its net income goal for the year?

 

 

 

 
 

 

 

Has there been a lot of employee turnover?

 

 

 

 

After the transactions have been posted, the next step in the accounting cycle is to:

Multiple Choice

 

 

 

 
 

 

 

prepare the financial statements.

 

 

 

 
 

 

 

prepare the post-closing trial balance.

 

 

 

 
 

 

 

prepare the worksheet.

 

 

 

 
 

 

 

journalize and post the adjusting entries.

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