2024 – Question 1 On a statement of owner s equity beginning capital is 45 000 Net Income
ACC290 Week 2 Apply Exercise SCORE 100 PERCENT – 2024
Question 1
On a statement of owner’s equity, beginning capital is $45,000, Net Income for the year is $18,500 and Drawing for the year is $7,500, the ending capital amount would be:
Multiple Choice
$45,000
$71,000
$56,000
$34,000
Question 2
Derrick Wells decided to start a dental practice. The first five transactions for the business follow.
- Derrick invested $77,000 cash in the business.
- Paid $17,000 in cash for equipment.
- Performed services for cash amounting to $7,700.
- Paid $2,500 in cash for advertising expense.
- Paid $1,700 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.
Requirement 1
Select which two accounts are affected in each of the above transactions
Req 2 and 3
Post the above transactions into the appropriate T accounts.
Answer Req 1
Answer Req 2 and 3
Question 3
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals.
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals.
Cash
(a)
182,000
(b)
38,000
(d)
22,000
(e)
620
(g)
2,200
(h)
10,200
(i)
4,200
Equipment
(c)
72,000
Accounts Receivable
(f)
8,400
(g)
2,200
Accounts Payable
(c)
72,000
Supplies
(b)
38,000
Wade Wilson, Capital
(a)
182,000
Fees Income
(d)
22,000
(f)
8,400
Telephone Expense
(e)
620
Wade Wilson, Drawing
(i)
4,200
Salaries Expense
(h)
10,200
Required:
Prepare a trial balance and an income statement for Residential Relocators. The trial balance is for December 31, 2019, and the income statement is for the month ended December 31, 2019.
ANSWER
Question 4
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on.
Answer
Question 5
The total of the figures on the left side of a Cash account is $35,800. The total of the figures on the right side is $16,100. The balance of this account:
Multiple Choice
is $19,700 and would be recorded on the right side of the account.
is $51,900 and would be recorded on the left side of the account.
is $19,700 and would be recorded on the left side of the account.
is $51,900 and would be recorded on the right side of the account.
Question 6
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
19,650
Fees Income
-0-
Accounts Receivable
850
Rent Expense
-0-
Office Equipment
2,500
Utilities Expense
-0-
Supplies
250
Salaries Expense
-0-
Accounts Payable
1,500
Kelly Connor, Capital
21,750
Kelly Connor, Drawing
-0-
The following transactions occurred during the month of November.
- Collected $350 from credit customers.
- Issued a check for $760 for November’s rent.
- Paid $1,700 for salaries.
- The owner withdrew $560 in cash for personal expenses.
- Issued a check for $200 to pay the monthly utility bill.
- Received $2,725 in cash for services performed.
- Purchased office equipment for $1,350 on credit.
Post the above transactions into the appropriate T accounts.
Answer
Answer
Question 9
Required information
[The following information applies to the questions displayed below.]
The T account balances for the accounts of Rya’s Planning Services as of January 31, 2019 are listed below.
Cash
$
22,100
Accounts Receivable
18,100
Office Supplies
850
Equipment
15,000
Accounts Payable
5,160
Rya Page, Capital
29,100
Rya Page, Drawing
6,200
Planning Fees Income
34,250
Office Supplies Expense
320
Rent Expense
920
Salaries Expense
4,200
Utilities Expense
820
Prepare a Trial Balance as of January 31, 2019.
Question 10
Required information
[The following information applies to the questions displayed below.]
The T account balances for the accounts of Rya’s Planning Services as of January 31, 2019 are listed below.
Cash
$
22,100
Accounts Receivable
18,100
Office Supplies
850
Equipment
15,000
Accounts Payable
5,160
Rya Page, Capital
29,100
Rya Page, Drawing
6,200
Planning Fees Income
34,250
Office Supplies Expense
320
Rent Expense
920
Salaries Expense
4,200
Utilities Expense
820
- Prepare an income statement for the Rya’s Planning Services for the month ended January 31, 2019.
- Prepare a statement of owner’s equity for Rya’s Planning Services for the month ended January 31, 2019.
- Prepare a balance sheet for Rya’s Planning Services as of January 31, 2019.
ANSWER
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