2024 – http ACC 557 Homework 1 Chapters 1 2 and 3 Due Week 2 and

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Due Week 2 and worth 95 points

 

Directions: Answer the following questions in a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.

 

Exercises

 

E1-11. Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises.

 

 

Instructions

Determine the missing amounts.

 

E2-9. Selected transactions from the journal of Kati Tillman, investment broker, are presented below.

 

Instructions

 

E2-11. Presented below is the ledger for Higgs Co.

 

Instructions

E3-7. The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.

 

An analysis of the accounts shows the following.

 

Instructions

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.

 

E3-11. A partial adjusted trial balance of GehringCompany at January 31, 2015, shows the following.

 

Instructions

Answer the following questions, assuming the year begins January 1.

Problems

 

P1-2A. On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.

 

Instructions

 

P2-2A. Julia Dumars is a licensed CPA. During the first month of operations of her business, Julia Dumars, Inc., the following events and transactions occurred.

 

May    1 Stockholders invested $20,000 cash in exchange for common stock.

2 Hired a secretary-receptionist at a salary of $2,000 per month.

3 Purchased $1,500 of supplies on account from Vincent Supply Company.

7 Paid office rent of $900 cash for the month.

11 Completed a tax assignment and billed client $2,800 for services performed.

12 Received $3,500 advance on a management consulting engagement. 

17 Received cash of $1,200 for services performed for Orville Co.

31 Paid secretary-receptionist $2,000 salary for the month.

31 Paid 40% of balance due Vincent Supply Company. 

 

Julia uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.

 

Instructions

P3-1A. Deanna Nardelli started her own consulting firm, Nardelli Consulting, on May 1, 2015. The trial balance at May 31 is as follows.

In addition to those accounts listed on the trial balance, the chart of accounts for NardelliConsulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation—Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 717 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense.

 

Other data:

 

Instructions

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ACC 557 Homework 1: Chapters 1, 2, and 3 (4-22-2015)Page 1 of 5s://blackboard.strayer.edu/bbcswebdav/institution/ACC/557/1156/Week