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Mike Brown

ACC 557 Homework 1 to 5 Complete solution

Mike Brown

ACC 557 Homework 1 to 5 Complete solution

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ACC 557 Homework 1-5 Complete solution



                                                      ACC 557 Homework 1: Chapters 1, 2, and 3


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.




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.




Determine the missing amounts.




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



  1. Post the transactions to T-accounts.
  2. Prepare a trial balance at August 31, 2015.


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



  1. Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
  2. Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.



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.

  1. The equipment depreciates $400 per month.
  2. One-third of the unearned rent revenue was earned during the quarter.
  3. Interest totaling $500 is accrued on the notes payable for the quarter.
  4. Supplies on hand total $900.
  5. Insurance expires at the rate of $200 per month.



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 Gehring Company at January 31, 2015, shows the following.



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

  1. If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
  2. If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
  3. If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?





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.

  1. Paid $2,900 cash for accounts payable due.
  2. Collected $1,300 of accounts receivable.
  3. Purchased additional equipment for $2,100, paying $800 in cash and the balance on account.
  4. Recognized revenue of $7,300, of which $2,500 is collected in cash and the balance is due in October.
  5. Declared and paid a $400 cash dividend.
  6. Paid salaries $1,700, rent for September $900, and advertising expense $200.
  7. Incurred utilities expense for month on account $170.
  8. Received $10,000 from Capital Bank on a 6-month note payable.



  1. Prepare a tabular analysis of the September transactions beginning with August 31 balances. The column headings should be as follows: Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts Payable + Common Stock + Retained Earnings + Revenues – Expenses – Dividends.
  2. Prepare an income statement for September, a retained earnings statement for September, and a balance sheet at September 30.


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. 311Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.



  1. Journalize the transactions.
  2. Post to the ledger accounts.
  3. Prepare a trial balance on May 31, 2015.



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 Nardelli Consulting 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:

  1. $900 of supplies have been used during the month.
  2. Utilities expense incurred but not paid on May 31, 2015, $250.
  3. The insurance policy is for 2 years.
  4. $400 of the balance in the unearned service revenue account remains unearned at the end of the month.
  5. May 31 is a Wednesday, and employees are paid on Fridays. Nardelli Consulting has two employees, who are paid $900 each for a 5-day work week.
  6. The equipment has a 5-year life with no salvage value. It is being depreciated at $190 per month for 60 months.
  7. Invoices representing $1,700 of services performed during the month have not been recorded as of May 31.



  1. Prepare the adjusting entries for the month of May. Use J4 as the page number for your journal.
  2. Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column. Post the adjusting entries to the ledger accounts.
  3. Prepare an adjusted trial balance at May 31, 2015.



                                                             ACC 557 Homework 2 Chapter , 4, 5 and 6


Due Week 4 and worth 105 points


Directions: Answer the following questions on 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.




E4-7. Kay Magill Company had the following adjusted trial balance.




  1. Prepare closing entries at June 30, 2015.
  2. Prepare a post-closing trial balance.


E4-13. Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.

  1. A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
  2. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
  3. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.



Prepare the correcting entries.




E5-4. On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.



  1. Prepare separate entries for each transaction on the books of Tuzun Company.
  2. Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800.


E5-7.Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900.



  1. Prepare the adjusting entry necessary as a result of the physical count.
  2. Prepare closing entries.


E6-1. Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.

  1. Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
  2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transit at year-end.
  3. Josef received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Solita Co. The goods were not included in the physical count.
  4. Josef sold goods costing $35,000 to Natali Co., FOB destination, on December 30. The goods were received at Natali on January 8. They were not included in Josef’s physical inventory.
  5. Josef received goods costing $44,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $297,000.



Determine the correct inventory amount on December 31.

E6-6. Kaleta Company reports the following for the month of June.


  1. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.
  2. Which costing method gives the higher ending inventory? Why?
  3. Which method results in the higher cost of goods sold? Why?




P4-3A.The completed financial statement columns of the worksheet for Fleming Company are shown on below.



  1. Prepare an income statement, a retained earnings statement, and a classified balance sheet.
  2. Prepare the closing entries.
  3. Post the closing entries and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350.
  4. Prepare a post-closing trial balance.



P5-2A.Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona showed Cash of $5,000 and Common Stock of $5,000.


May      1  Purchased merchandise on account from Gray’s Wholesale Supply $4,200, terms 2/10, n/30.

2  Sold merchandise on account $2,100, terms 1/10, n/30. The cost of the merchandise sold was $1,300.

5 Received credit from Gray’s Wholesale Supply for merchandise returned $300.

9  Received collections in full, less discounts, from customers billed on sales of$2,100 on May 2.

10 Paid Gray’s Wholesale Supply in full, less discount.

11 Purchased supplies for cash $400.

12 Purchased merchandise for cash $1,400.

15  Received refund for poor quality merchandise from supplier on cash purchase $150.

17  Purchased merchandise from Amland Distributors $1,300, FOB shipping point, terms 2/10, n/30.

19 Paid freight on May 17 purchase $130.

24 Sold merchandise for cash $3,200. The merchandise sold had a cost of $2,000.

25  Purchased merchandise from Horvath, Inc. $620, FOB destination, terms 2/10, n/30.

27 Paid Amland Distributors in full, less discount.

29  Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $30.

31  Sold merchandise on account $1,000 terms n/30. The cost of the merchandise sold was $560.


Latona Hardware’s chart of accounts

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