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ACC 557 Week 2 HomeWork 1 Chapters 1, 2, and 3

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ACC 557 Week 2 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. Exercises 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 E2-9. Selected transactions from the journal of Kati Tillman, investment broker, are presented below Instructions Post the transactions to T-accounts. Prepare a trial balance at August 31, 2015. E2-11. Presented below is the ledger for Higgs Co. Instructions Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each. 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. The equipment depreciates $400 per month. One-third of the unearned rent revenue was earned during the quarter. Interest totaling $500 is accrued on the notes payable for the quarter. Supplies on hand total $900. Insurance expires at the rate of $200 per month. Instructions 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. Instructions Answer the following questions, assuming the year begins January 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? 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? If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014? Problems 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. Paid $2,900 cash for accounts payable due. Collected $1,300 of accounts receivable. Purchased additional equipment for $2,100, paying $800 in cash and the balance on account. Recognized revenue of $7,300, of which $2,500 is collected in cash and the balance is due in October. Declared and paid a $400 cash dividend. Paid salaries $1,700, rent for September $900, and advertising expense $200. Incurred utilities expense for month on account $170. Received $10,000 from Capital Bank on a 6-month note payable. Instructions 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. 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

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