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DonDominguez

ACCT 550 Week 1 Homework Assignment

DonDominguez

ACCT 550 Week 1 Homework Assignment

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ACCT 550  Week 1 Homework Assignment

 

E3-1 (Transaction Analysis—Service Company) Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.

 

<table> <tbody><tr> <td>

April

</td> <td>

2

</td> <td>

Invested $30,000 cash and equipment valued at $14,000 in the business.

</td> </tr> <tr> <td></td> <td>

2

</td> <td>

Hired a secretary-receptionist at a salary of $290 per week payable monthly.

</td> </tr> <tr> <td></td> <td>

3

</td> <td>

Purchased supplies on account $700. (debit an asset account.)

</td> </tr> <tr> <td></td> <td>

7

</td> <td>

Paid office rent of $600 for the month.

</td> </tr> <tr> <td></td> <td>

11

</td> <td>

Completed a tax assignment and billed client $1,100 for services rendered. (Use Service Revenue account.)

</td> </tr> <tr> <td></td> <td>

12

</td> <td>

Received $3,200 advance on a management consulting engagement.

</td> </tr> <tr> <td></td> <td>

17

</td> <td>

Received cash of $2,300 for services completed for Ferengi Co.

</td> </tr> <tr> <td></td> <td>

21

</td> <td>

Paid insurance expense $110.

</td> </tr> <tr> <td></td> <td>

30

</td> <td>

Paid secretary-receptionist $1,160 for the month.

</td> </tr> <tr> <td></td> <td>

30

</td> <td>

A count of supplies indicated that $120 of supplies had been used.

</td> </tr> <tr> <td></td> <td>

30

</td> <td>

Purchased a new computer for $5,100 with personal funds. (The computer will be used exclusively for business purposes.)

</td> </tr> </tbody></table>

 

E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.

<table> <tbody><tr> <td></td> <td>

Debit

</td> <td>

Credit

</td> </tr> <tr> <td>

Prepaid Insurance

</td> <td>

$ 3,600

</td> <td></td> </tr> <tr> <td>

Supplies

</td> <td>

2,800

</td> <td></td> </tr> <tr> <td>

Equipment

</td> <td>

25,000

</td> <td></td> </tr> <tr> <td>

Accumulated Depreciation—Equipment

</td> <td></td> <td>

$ 8,400

</td> </tr> <tr> <td>

Notes Payable

</td> <td></td> <td>

20,000

</td> </tr> <tr> <td>

Unearned Rent Revenue

</td> <td></td> <td>

6,300

</td> </tr> <tr> <td>

Rent Revenue

</td> <td></td> <td>

60,000

</td> </tr> <tr> <td>

Interest Expense

</td> <td></td> <td></td> </tr> <tr> <td>

Salaries and Wages Expense

</td> <td>

14,000

</td> <td></td> </tr> </tbody></table>

An analysis of the accounts shows the following.

  • The equipment depreciates $250 per month.
  • One-third of the unearned rent was earned during the quarter.
  • Interest of $500 is accrued on the notes payable.
  • Supplies on hand total $650.
  • Insurance expires at the rate of $300 per month.

most directly related to measuring the performance and financial status of an enterprise are provided below.

<table> <tbody><tr> <td>

Assets

</td> <td>

Distributions to owners

</td> <td>

Expenses

</td> </tr> <tr> <td>

Liabilities

</td> <td>

Comprehensive income

</td> <td>

Gains

</td> </tr> <tr> <td>

Equity

</td> <td>

Revenues

</td> <td>

Losses

</td> </tr> <tr> <td>

Investments by owners

</td> <td></td> <td></td> </tr> </tbody></table>

Identify the element or elements associated with the 12 items below.

CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiple-choice questions.

 

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