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ACC 290 Week 2 Apply Connect Exercise (2019 Latest)

ACC 290 Week 2 Apply Connect Exercise (2019 Latest)
 

Review the Knowledge Check in preparation for this assignment.

Complete the Week 2 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.

The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown below.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HAMAN ACCOUNTING
 
Trial Balance
 
December 31, 2019
 
ACCOUNT NAME
DEBIT
 
CREDIT
 
Cash
7,000
 
 
 
Accounts Receivable
3,000
 
 
 
Supplies
2,000
 
 
 
Prepaid Rent
22,000
 
 
 
Equipment
21,000
 
 
 
Accounts Payable
 
 
8,600
 
Erik Haman, Capital
 
 
28,500
 
Erik Haman, Drawing
4,000
 
 
 
Fees Income
 
 
28,000
 
Salaries Expense
4,000
 
 
 
Utilities Expense
2,100
 
 
 
Totals
65,100
 
65,100
 
 
 

 

 

 

 

Prepare an income statement for the Haman Accounting Services for the month ended December 31, 2019.
 

 

Prepare a statement of owner’s equity for Haman Accounting Services for the month ended December 31, 2019.
 

 

Prepare a balance sheet for Haman Accounting Services as of December 31, 2019.
 

 

 

 

The consulting firm of Martin and Associates uses the accounts listed below. Record the opening balances as of December 1, 2019 on the normal balance side of the following T-Accounts. List of accounts with their opening balances:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
Cash
$
5,300
 
Fees Income
-0-
Accounts Receivable
 
8,300
 
Rent Expense
-0-
Office Equipment
 
7,800
 
Utilities Expense
-0-
Accounts Payable
 
5,800
 
Salaries Expense
-0-
Joan Martin, Capital
 
15,600
 
 
 
Joan Martin, Drawing
 
-0-
 
 
 
 
 

The firm has the following transactions during the month of December 2019. Record the effects of these transactions in the T accounts.

 

 

 

Paid $1,300 for one month’s rent.
 

 

Collected $5,100 in cash from credit customers.
 

 

Performed services for $7,300 in cash.
 

 

Paid $4,300 for salaries.
 

 

Issued a check for $3,300 to a creditor.
 

 

Performed services for $10,300 on credit.
 

 

Purchased office equipment for $1,300 on credit.
 

 

The owner withdrew $3,300 in cash for personal expenses.
 

 

Issued a check for $630 to pay the monthly utility bill.
 

 

 

 

 
 

 

 
 

 

 
 

Anderson Cleaning Service has the following account balances on December 31, 2019.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Cash
$
19,000
 
 
Accounts Payable
$
24,200
 
Equipment
$
46,000
 
 
Charles Anderson, Capital
$
40,800
 
 
 

 

 
 

 

 
 

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

 

 

 

Derrick invested $75,000 cash in the business.
 

 

Paid $15,000 in cash for equipment.
 

 

Performed services for cash amounting to $7,500.
 

 

Paid $2,300 in cash for advertising expense.
 

 

Paid $1,500 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.

 

 
 

 

 
 

 

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
19,700
 
Fees Income
-0-
Accounts Receivable
860
 
Rent Expense
-0-
Office Equipment
2,600
 
Utilities Expense
-0-
Supplies
260
 
Salaries Expense
-0-
Accounts Payable
1,600
 
 
 
Kelly Connor, Capital
21,820
 
 
 
Kelly Connor, Drawing
-0-
 
 
 
 
 

The following transactions occurred during the month of November.

 

 

 

Collected $360 from credit customers.
 

 

Issued a check for $770 for November’s rent.
 

 

Paid $1,690 for salaries.
 

 

The owner withdrew $570 in cash for personal expenses.
 

 

Issued a check for $210 to pay the monthly utility bill.
 

 

Received $2,730 in cash for services performed.
 

 

Purchased office equipment for $1,360 on credit.

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