ACC 205 Week 1 Assignment MyAccountingLab Chapters 1 And 2 (2019)

    

MyAccountingLab Chapters 1 and 2 [WLOs: 1, 2, 3, 4] [CLOs: 1, 2]. Due by Day 7. Prior to beginning work on the exercises in MyAccountingLab this week, read Chapters 1 and 2 in the textbook. You may want to review the MyLab resources to reinforce any areas you are unclear on (optional). There are practice exercises in MyLab (not required) that can be done beforehand to prepare you for the exercises. 

Short Exercises: 

Chapter 1: 6, 7, 8, 12, 13, 14 

Chapter 2: 2, 4, 5, 6, 7, 8 

Exercises: 

Chapter 1: 29, 31, 32, 33  

Chapter 2: 10, 16, 17, 27

  

Chapter 1

SE 1-6

Thompson Handyman Services has total assets for the year of $18,400 and total liabilities of $9,050.

Requirements

1. Use the accounting equation to solve for equity.

2. If next year assets increased by $4,300 and equity decreased by $3,850, what would be the amount of total liabilities for Thompson Handyman Services?

 

  

SE 1-7

Requirements

1. Use the accounting equation to solve for the missing information.

2. Did Roland’s Overhead Doors report net income or net loss?

 

  

SE 1-8

S1-8 Identifying accounts

Learning Objective 3

Consider the following accounts:

a. Accounts Payable

b. Cash

c. Common Stock

d. Accounts Receivable

e. Rent Expense

f. Service Revenue

g. Office Supplies

h. Dividends

i. Land

j. Salaries Expense

Identify each account as Asset, Liability, or Equity.

SE 1-12

Prepare the income statement of Centerpiece Arrangements for the year ended December 31, 2018.

SE1-13

Prepare the statement of retained earnings of Centerpiece Arrangements for the year ended December 31, 2018.  

SE 1-14

Prepare the balance sheet of Centerpiece Arrangements as of December 31, 2018

  

Using the accounting equation to analyze business transactions Ashley Stamper opened a medical practice. During July, the first month of operation, the business, titled Ashley Stamper, MD, experienced the following events: 

Jul. 6 Received a contribution of $68,000 from Stamper and opened a bank account in the name of A. Stamper, MD. The corporation issued common stock to Stamper. 9 Paid $56,000 cash for land. 12 Purchased medical supplies for $1,500 on account. 15 Officially opened for business. 20 Paid cash expenses: employees’ salaries, $1,300; office rent, $1,500; utilities, $100. 31 Earned service revenue for the month, $13,000, receiving cash. 31 Paid $1,050 on account.

  

E-31

Requirement 1

Prepare the income statement for Wilson Towing Service for the month ending

June 30, 2018.  

E-32 

Requirement 1

Wilson Towing Service

Statement of Retained Earnings

Month Ended June 30, 2018  

Chapter 2

SE 2-2

Identifying increases and decreases in accounts For each account, identify whether the changes would be recorded as a debit (DR) or credit (CR).  

SE 2-4

   

Accounts   Payable

 

May 2

 

6,000

 

21,000

 

May   1

 

May 22

 

11,500

 

500

 

May   5

  

 

8,500

 

May   15

   

500

 

May   23