Lackawanna ACC105 2021 September Assignments Latest (Full)

ACC105 Principles of Accounting 1

Module 1 Assignment

Complete the following problems and upload them to the assignment turn in area.

PR 1-1A Transactions Obj. 4

On April 1 of the current year, Morgan Jones established a busi to manage rental property. She completed the following transactions during April:

a Opened a business bank account with a deposit of $60,000 in exchange for common stock.

b Purchased office supplies on account, $1,800.

© Received cash from fees earned for managing rental property, $22,300.

d= Paid rent on office and equipment for the month, $7,000.

Paid creditors on account, $1,100.

£ Billed customers for fees earned for managing rental property, $3,600.

g Paid automobile expenses for month, $750, and miscellaneous expenses, $1,000.

h. Paid office salaries, $4,000.

i. Determined that the cost of supplies on hand was $250; therefore. the cost of supplies used was $1.550.

j. Paid dividends, $5,000.

Instructions

1. Indicate the effect of each transaction and the balances after each transaction,

 

 

PR 1-2A Financial statements Obj. &

‘The assets and liabilities of Global Travel Agency on December 31, 20¥5, and its revenue and expenses for the year are as follows:

Accounts payable $ 108,000 Miscellaneous expense $ 19,500

Accounts receivable 539,000 Rentexpense 56,000

cash 200,000 Supplies 6,000

Common stock 575,000 Supplies expense 12,700

Fees eamed 340.000 Utilities expense 34,800

Land 1,500,000 Wages expense 415,000

‘Common stock was $525,000 and retained earnings was $1,250,000 as of January 1, 20¥5. During the year, additional common stock of $50,000 was issued for cash, and dividends of $90,000 were paid.

Instructions

1. Prepare an income statement for the year ended December 31, 20Y5.

2, Prepare a statement of stockholders’ equity for the year ended December 31, 20Y5.

3. Prepare a balance sheet as of December 31, 20VS.

4. What items appears on both the statement of stockholders’ equity and the balance sheet?

 

ACC105 Principles of Accounting 1

Module 2 Assignment

Please complete this assignment and upload it for grading.

PR 2-34 Joumal entries and trial balance Obj. 1, 2,3, 4

‘On Nowember 1, 20W9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi complcted the following transactions related to the business:

Now. 1. Lexi transferred cash from a personal bank account to an account to be used for the business im exchange for Common stock, $50,000.

1 Paid rent for period of November 1 toend of month, $4,000.

6 Purchased office equipment on account, $15,000.

8. Purchased a truck for $38,500 paying $5,000 cash and giving a note payable for the remainder,

10. Purchased supplies for cash, $1,750.

12. Received cash for job completed, $11,500.

15. Paid annual preméums on property and casualty insurance. $2,400.

23. Recorded jobs completed on account and sent invoices to customers, $22,300.

24.Received an invoice for truck expenses, to be paid im November, $1.250.

Enter the following transactions on Page 2 of the neo column journals:

29.Paid utilities expense. 54.500.

29.Paid miscellaneous expenses, $1,000.

30.Received cash from customers on account, $9,000.

30.Paid wages of employees, $6,800.

30.Paid creditor a portion of the ammount owed for equipment purchased on November 6, $3,000.

30.Paid dividends, $2,500.

Instructions

1. Journalize cach transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts im selecting the accounts to be debited and credited. (Do not insert theaccount numbers in the journal at this time.) Explanations may be omitted.

11 (Cash                                                               31 Common Stock

12 Accounts Receivable                                                 33 Dividends

13 Supplies                                                         41 Fees Earned

14 Prepaid Insurance ‘                                   51 Wages Expense

16 Equipment                                                    53 Rent Expense

18 Truck S                                                            54 Utilities Expense

21 Notes Payable                                             55 Truck Expense

22 Accounts Payable                                       59 Miscellaneous Expense

Post the journal to a ledger of four-column accounts, insening appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted.

Prepare am unadjusted wial balance for Heritage Designs as of November 30, 20Y9.

 

 ACC105 Principles of Accounting 1

Module 3 Assignment

PR3-5A Adjusting entries and adjusted trial balances Obj. 2.3, 4.5. 6

Sears Editing Company is a small editorial services company owned and operated by Decloris Sears. On January 31, 2OWl, the end of the current year, Sears Edkting Company's accounting clerk Prepared the following unadjusted trial balance:

 

 

Bebe ‘Credit

Balances Balances

7.500

a 2.400

is 7.200

co 1980

. 112500

a 1sa2s0

aaa 7.550

a 125,200

a 37.950

. 12150

6.750

75.000

146.000

15.000

324.500

194.370

237s

22800

oe 17.2350

S075

750.000 750.000

Uncapired insurance at January 31, $2400.

Supplies on hand at January 31, $250.

Rent uncarned at January 31, $2,750.

Accrued salarics and wages at January 31, $1,500.

Fees cared but unbilied om January 31, $15,000.

 2. Determine the balances: of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.

 

 

ACC105 Principles of Accounting 1

Module 4 Assignment

Prepare an imoome statement for the year ended December 41, 20YS_

2 Prepare a statement of stockhokdiers equity for the year ended December $1, 2005. During the year, common stock of $25,000 was issued.

3 Prepare a balance shewt as of December 51, 20W5.

4 Based upon the end of.period spreadsheet journalize the closing entries.

5 Prepare 2 post- closing trial balance

 

 ACC105 Principles of Accounting 1

Module 5 Assignment

Please complete this assignment and upload it for grading.

PR5-3A Sales and purchase-related transactions using perpetual inventory Obj. 2

system

The following were selected from among the transactions completed by Babcock Company during

November of the current year:

Nov,

3. Purchased merchandise on account from Moonlight Co,, list price $45,000, trade discount 25%, terms FOB

destination, 2/10, n/30.

4. Sold merchandise for cash, $37,680. The cost of the goods sold was $22,600,

5. Purchased merchandise on account from Papoose Creek Co, $47,500, terms FOB shipping point, 2/10, n/30, with

prepaid freight of $810 added to the invoice.

6.            Returned merchandise with an invoice amount of $13,500 ($18,000 list price less trade discount of 25%) pur-

chased on November 3 from Moonlight Co,

8. Sold merchandise on account to Quinn Co, $15,600 with terms n/15, The cost of the goods sold was $9,400,

13. Paid Moonlight Co. on account for purchase of Novernber 3, less return of November 6.

14. Sold merchandise on VISA, $236,000. The cost of the goods sold was $140,000.

15. Pald Papoose Creek Co, on account for purchase of November5

23. Received cash on account from sale of November 8 to Quinn Co.

24. Sold merchandise on account to Rabel Co., $56,900, terms 1/10, n/30, The cost of the goods sold was $34,000

28. Paid VISA service fee of $3,540.

30, Paid Quinn Co. a cash refund of $6,000 for returned merchandise from sale of November 8. The cost of the

returned merchandise was $3,300,

Instructions

Journalize the transactions.

PR5-5A Multiple-step income statement and balance sheet Obj. 4

The following selected accounts and their current balances appear in the ledger of

Clairemont Co. for the fiscal year ended May 31, 20Y2:

Cash $ 240,000 Retained Earnings $ 2,949,100

Accounts Receivable ‘966,000 Dividends 100,000

Inventory 1,690,000 Salles 11,343,000

Estimated Returns Inventory 22,500 Cost of Goods Sold 7,850,000

Office Supplies. 13,500 Sales Salaries Expense 916,000

Prepaid Insurance 8,000 Advertising Expense 550,000

Office Equipment 830,000 Depreciation Expense —

Accumulated Depreciation— Store Equipment 140,000

Office Equipment 550,000 Miscellaneous Selling Expense 38,000

Store Equipment 3,600,000 Office Salaries Expense 650,000

Accumulated Depreciation— Rent Expense 94,000

Store Equipment 1,820,000 Depreciation Expense —

Accounts Payable 326,000 Office Equipment 50,000

Customer Refunds Payable 40,000 Insurance Expense 46,000

Salaries Payable 41,500 Office Supplies Expense 28,100

Note Payable Miscellaneous Administrative Exp. 14,500

(final payment due in 6 years) 300,000 Interest Expense 21,000

Common Stock 500,000

Instructions

1. Prepare a multiple-step income statement.

2. Prepare a statement of stockholders’ equity. Additional common stock of $75,000 was issucd during the year ended May 31, 20Y2.

3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000.

ACC105 Principles of Accounting 1

Module 6 Assignment

Please complete this assignment and upload it for grading.

PR 6-14 FIFO perpetual inventory Obj. z. 2

The beginning inventory at Midnight Supplies and data on purchases and sabes for a three month

Period ending March 41 are as follows:

Murniber Per

Dew Transecthom of Ure ieee Toon

dan 1 lerwentory 7,500 $ Ts.00 $ 562.500

100 Purchase 22,500 as.00 1,912,500

2 Sale 11280 150.00 1,687,500

a0 Sale 4750 1s0.00 562.500

Feb 5S Sale 1,500 's0.00 225,000

1 Purchase 54,000 a7.s0 4,725,000

16 Sumber 27,000 10.00 4,320,000

250 Sale 25,500 W000 4,080,000

Mar S Purchase 45,000 a2.50 4.027.500

1 Same 20,000: 101080" 4, 800.000

25 Purchase FSO BOLO 675,000

a Sale 26.250 160080 4,200,000

Instrurcthoms.

1. Record the imventery, purchases, and cot of goods sold data in a perpetual inventory record similar to the ome ithustrated im Exchibit 3. using the finst-in, fiest-ot mcthocd.

2 Determine the tonal) sales and the total cost of goods sold for the period, Journallize the entries inthe sales and cos: of gods sold accounes, Assume that alll sales were on acount,

3. Determine the groans prafit from sales few the period.

4. Determine the encling: imwentory cost as af March +1

PR 6-2A UFO perpetual inwentory ob. 2.3

The beginning, inwentory a0 Midnight Supplies and daca on purchases and sabes foo a three-month

Period ane shower én Problem 6 1A.

Instructions

1 Becerd the inwennory, purchases, and cost of goods sold dara im a perpenual inventory record Stmiier co the one ilustrased im Exhdisin 4, ueimg: dhe bast-in, first—cun method

2. Determine the total sakes, the total cos ad goods soldi, and! the gross profit from sales fier the porical

3. Determine the Ending inventory cost as of March 31

 

ACC105 Principles of Accounting 1

Module 7 Assignment

Please complete this assignment and upload it for grading.

PR 7-2A Transactions for petty cash, cash short and over Obj. 3,6

Wyoming Restoration Company completed the following selected transactions during July 20Y1:;

July 1. Established a petty cash fund of $1,100.

12, The cash sales for the day, according to the cash register records, totaled $8,192. The actual cash received

from cash sales was $8,220.

31, Petty cash on hand was $47, Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:

July 3, Store supplies, $580,

7. Express charges on merchandise sold, $90 (Delivery Expense).

9. Office supplies, $30,

13, Office supplies, $35,

19, Postage stamps, $50 (Office Supplies).

21, Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense).

22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense).

24, Express charges on merchandise sold, $135 (Delivery Expense).

30, Office supplies, $25,

31. Thecash sales for the day, according to the cash register records, totaled $10,241.

The actual cash received from cash sales was $10,232.

31, Decreased the petty cash fund by $150.

Instructions

Journalize the transactions,

PR7-3A Bank reconciliation and entries Obj. 5

The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:

a Checks outstanding totaled $19,427.

b. A deposit of $12,300, representing receipts of June 30, had been made too late to appear on the bank statement.

c The bank collected $26,500 on a $25,000 note, including interest of $1,500.

D A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400.

The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account.

e. Acheckdrawn for $195 had been erroneously charged by the bank as $915.

f Bank service charges for June amounted to $55.

Instructions

1. Prepare a bank reconciliation.

 

ACC105 Principles of Accounting 1

Module 7 Research Project

Content

Clear examples to support specific topic sentences and to support the overall purpose; reader gains important insight; quoted material well integrated; depth of coverage without being redundant. Answers all questions posed in original directions.

This criterion is linked to a Learning OutcomeOrganization

The ideas are arranged logically to support the purpose. Transitions link paragraphs. It’s easy to follow the line of reasoning. Subheadings are used throughout the paper allowing the reader to move easily through the text. Paragraphs have solid topic sentences.

This criterion is linked to a Learning OutcomeAPA Format

Cite your sources using APA format. (Works Cited page as well as in paper/presentation citations)

This criterion is linked to a Learning OutcomeSpelling and Grammar

Essentially free of grammatical errors; The writing is free or almost free of errors.