UNIT #1 Problem Set_Fall 2021
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ACCY 201 – UNIT #1 Problem Set - 20 points Fall 2021
Deadline: you must submit this assignment electronically via Canvas using the submission link I have provided in the module by 11:59pm, Sunday 9/26.
Make sure your name, your TA’s name, and your discussion section time are clearly indicated on your submission to ensure you receive credit.
1. The Accounting Cycle - During the period (10pts):
Following is a complete list of accounts and account balances that appear in the
general ledger as of August 1, 2021, for Seven, Inc. Assume all accounts have their normal debit or credit balance
.
Account:
Amount:
Account:
Amount:
Cash
$27,911 Common Stock ($0.10 par value; 9,200
shares issued and outstanding)
$920 Accounts Receivable (A/R)
$32,697 Additional Paid-In Capital
$16,544 Prepaid Rent
$5,000 Retained Earnings
$36,777 Inventory
$19,975 Sales Revenue
$0
Equipment
$78,000 Cost of Goods Sold (COGS)
$0
Accumulated Depreciation-Equipment
$32,500 Wages Expense
$0
Accounts Payable (A/P)
$19,042
Interest Expense
$0
Interest Payable
$300 Depreciation Expense
$0
Wages Payable
$17,500
Rent Expense
$0
Notes Payable
$40,000 Treasury Stock
$0
Dividends
$0
The following transactions were identified to have occurred during August 2021:
Date:
Transaction:
8/2
Purchased $23,942 worth of merchandise inventory on account.
8/4
Issued 800 shares of $0.10 par value common stock for $41 per share.
8/8
Sold merchandise inventory to customers for $82,077 on account. The cost of the inventory sold was $35,888.
8/9
Declared a cash dividend of $0.50 per share of common stock, payable to all stockholders of record as of 8/15/2021.
8/15
Paid $36,000 in cash for employee wages. $17,500 of this was related to work done in July and the other $18,500 was related to work done in August.
8/19
Paid $22,080 in cash to creditors on accounts payable. 8/24
Received $65,011 from customers on their accounts receivable.
8/27
Reacquired 150 shares of common stock as Treasury Stock, paying $20 per share.
8/30
Paid the cash dividend which was declared on 8/9.
PART A (4.5pts; 0.5pts each entry):
Record all the journal entries for the transactions that occurred during August that are listed above. Make sure to use proper formatting, include the date of each transaction, and a brief description of each.
Transaction #
Unadjusted Journal Entry
1)
DATE: 8/2
Debit
Credit
Inventory
$23,942
Account payable
$23,942
Explanation:
To record inventory purchased by account payable
OVER =>
ACCY 201 – UNIT #1 Problem Set - 20 points Fall 2021
Deadline: you must submit this assignment electronically via Canvas using the submission link I have provided in the module by 11:59pm, Sunday 9/26.
Make sure your name, your TA’s name, and your discussion section time are clearly indicated on your submission to ensure you receive credit.
Transaction #
Unadjusted Journal Entry
2)
DATE: 8/4
Debit
Credit
Cash
$32,800
Common stock
$80
APIC
$32,720
Explanation:
To record common stock purchased by cash
Transaction #
Unadjusted Journal Entry
3)
DATE: 8/8
Debit
Credit
Account receivable
$82,077
Inventory
$82,077
Explanation:
To record inventory sold to account receivable
Transaction #
Unadjusted Journal Entry
4)
DATE: 8/9
Debit
Credit
Dividends
$4,600
Dividends payable
$4,600
Explanation:
To record declared cash dividends
Transaction #
Unadjusted Journal Entry
5)
DATE: 8/15
Debit
Credit
Wages expense
$36,000
Cash
$36,000
Explanation:
To record wages expense paid by cash
Transaction #
Unadjusted Journal Entry
6)
DATE: 8/19
Debit
Credit
Account payable
$22,080
Cash
$22,080
Explanation:
To record cash paid by account payable
OVER =>
ACCY 201 – UNIT #1 Problem Set - 20 points Fall 2021
Deadline: you must submit this assignment electronically via Canvas using the submission link I have provided in the module by 11:59pm, Sunday 9/26.
Make sure your name, your TA’s name, and your discussion section time are clearly indicated on your submission to ensure you receive credit.
Transaction #
Unadjusted Journal Entry
7)
DATE: 8/24
Debit
Credit
Cash
$65,011
Accounts receivable
$65,011
Explanation:
To record cash received from accounts receivable
Transaction #
Unadjusted Journal Entry
8)
DATE: 8/27
Debit
Credit
Treasury stock
$3,000
Cash
$3,000
Explanation:
To record treasury stock bought by cash
Transaction #
Unadjusted Journal Entry
9)
DATE: 8/30
Debit
Credit
Dividends payable
$4,600
Cash
$4,600
Explanation:
To record dividends paid by cash
PART B (2pts; 0.5pts each balance):
After recording the above transactions, calculate the ending balance that would appear on the August 31, 2021 unadjusted trial balance for the following accounts. You must show your work, such as a formula or T-account used to arrive at your answer.
Cash
8/4)
$32,800
8/24)
$65,011
$36,000
(8/15
$22,080
(8/19
$3,000
(8/27
$4,600
(8/30
8/31)
$65,680
A/R
8/8)
$82,077
$65,011
8/24
8/31)
$17,066
OVER =>
ACCY 201 – UNIT #1 Problem Set - 20 points Fall 2021
Deadline: you must submit this assignment electronically via Canvas using the submission link I have provided in the module by 11:59pm, Sunday 9/26.
Make sure your name, your TA’s name, and your discussion section time are clearly indicated on your submission to ensure you receive credit.
A/P
8/19)
$22,080
$23,942
(8/2
$1,862
(8/31
Inventory
8/2)
$23,942
$82,077
(8/8
$58,135
(8/31
PART C: Record Adjusting Journal Entries (AJEs) – 2pts; 0.5pts each entry:
The following additional information was gathered on August 31, 2021, the end of the firm’s monthly accounting period. Assume Seven, Inc. uses a monthly accounting period and all adjustments and adjusting entries are made only at the end of each monthly accounting period. No adjusting entries have been made yet for the month ending August 31, 2021, related to the below items: o
Accrued wages of $18,000 for work done 8/16 – 8/31/2021.
o
On 7/1/2019, Seven, Inc. purchased the Equipment for $78,000. The equipment has $0 salvage value and has an estimated useful life of 5 years. Assume Seven uses the straight-line depreciation method to allocate the cost of the equipment evenly
over its 5-year useful life.
o
On 1/1/2021, Seven, Inc. had prepaid one year’s rent, paying $12,000 in cash. This covered the period 1/1/2021 – 12/31/2021. The firm recorded this as Prepaid Rent on 1/1/2021.
o
On 5/1/2020, Seven borrowed $40,000 from the local bank, signing a note payable. This note is due in 7 years and has an annual interest rate of 3.0%. Seven pays interest every April 30
th,
and the next interest payment is due on April 30
th
, 2022.
Record the AJEs related to the information above that Seven would make on 8/31/2021. Make sure to use proper formatting for all entries, and to include the date of each entry and a brief description of each entry. You must show all of your work on calculations to receive full credit.
Transaction #
Adjusted Journal Entry
1)
DATE: 7/1/2019
Debit
Credit
Wages expense
$18,000
Wages payable
$18,000
Explanation:
To record expense related to wages expense
Transaction #
Adjusted Journal Entry
2)
DATE: 1/1/2021
Debit
Credit
Depreciation expense
$1,300
Accumulated depreciation equipment
$1,300
Explanation:
To record allocation of depreciation expense for equipment used
$78,000/60months = $1,300/per month
OVER =>
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1. From the following Trial balance , you are require to prepare the final accounts for the year ended 31st December 2020.
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Chapter 3
Question 2 of 5
The ledger of Blossom, Inc. on March 31, 2022, includes the following selected accounts before adju
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$2,000
Supplies
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1.
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Supplies on hand total $1,400.
3.
The equipment depreciates $300 per month.
4.
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d) Suppose you begin making a monthly payment of $75.00. Fill in the table.
Current
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$2750.00
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$75.00
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e) Will you ever be out of debt? Explain.
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Using EXCEL => Prepare the appropriate journal entry for each of the transactions for CampIn Inc. during the first three months of 2021 (see Attached file).
Using EXCEL => Post the journal entries to the appropriate “T-Accounts.”
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te with security updates, fixes, and Improvements, choose Check for Updates.
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Exercise 9-12 a-b (Part Level Submission)
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at
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The double-entry system requires that each transaction must be recorded
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in two sets of books.
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in at least two different accounts.
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Identify the term, which is used for the full payment is due on the 15th of the month following the invoice date from the following?
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15MFI
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Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal
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Select the best answer for the question.
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O A. ledger
O B. general journal.
OC. book of original entry
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July 31
Not
1-30
31-60
61-90
Over 90
Past
Days
Days
Days
Days
Customer
Balance
Due
Past Due
Past Due
Past Due
Past Due
Subtotals
1,050,000 600,000
220,000
115,000
৪5,000
30,000
Boyd Industries
36,000
36,000
Hodges Company
11,500
11,500
Kent Creek Inc.
6,600
6,600
Lockwood Company
7,400
7,400
Van Epps Company
13,000
13,000
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1,124,500 607,400
233,000
121,600
96,500
66,000
Percentage uncollectible
1%
3%
12%
30%
75%
Allowance for Doubtful Accounts
106,106
6,074
6,990
14,592
28,950
49,500
Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31.
Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not requre an entry, leave it blank.
88
July 31
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Rancho Cucamonga Inc. began business on January 1, 2020. The firm earned $100 from sales in its first year of business. Rancho Cucamonga collected $90 of revenue earned in cash during 2020 and reported a $10 account receivable on its 2020 balance sheet. The firm paid $70 cash for operating expenses in 2020 and reported a $5 account payable for unpaid operating expenses on its 2020 balance sheet. Income tax laws only recognize cash collected from sales and cash paid for expenses as taxable items in the year collected or paid.
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Title Start Date Due Date Post Date Marks Available
Case study 2 - Case 2 27 Oct 2020 - 08:00 28 Oct 2020 - 06:00 28 Oct 2020 - 19:00 100
Summary:
On Chapters 9, 10, and 11:
The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football.
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DUE NOW. Prepare journalizing entry
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5.
Enter the following transactions for the Month of September. You have a beginning balance of
$1500.00
$456.23
September 2
September 4
September 7
September 11
Deposit
Check #123 Rick's Running Shop -- Shoes
Check #124 Jacob' Jamboree -- New Outfit
Check # 125 JCP Department Store - Furniture
$94.67
$45.23
$398.99
ATM Withdrawal (($2.00 Service Fee)
Check # 126 High Point Clothing Store – Pet Clothes
$50.00
$124.76
$498.75
September 13
September 14
September 16
September 21
September 25
September 27
Deposit
Check # 127 Abigail's Archery Shop -- Arrows
$185.99
Check # 128 Denise's Dance Studio -- Dance Lessons
$203.77
Check #129 Michael's Pet Store -- Dog Food
$49.99
September 30
Deposit
501.33
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Number or
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Code
Date
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Credit
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Beginning Balance
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- AHEAD | Login FA_21BUS101A-END-SEM ASSIGI X https://aheadonline.amrita.edu/courses/34/assignments/2033?module_item_id=9674 Discussions 1. From the following Trial balance , you are require to prepare the final accounts for the year ended 31st December 2020. Grades Particulars Amount (Dr) Amount(Cr) 4,80,000 Сapital Drawings Land & Building People 1,35,000 4,50,000 Pages Account Creditors 3,15,000 Files Plant& Machinery 1,20,000 Purchase returns 7,950 Syllabus Bills receivable 18,000 Dashboard Sales 6,54,000 Quizzes Opening stock 1,20,000 1,53,000 78,000 1,500 3,000 1,14,000 10,200 79,800 1,35,000 3,600 6,000 18,000 11,850 Courses Modules Purchase Wages Carriage outwards Carriage inwards Salaries Calendar Discount Inbox Bank balance Debtors Bad debts Sales returns Furniture Advertisements Total 14,56,950 14,56,950 Adjustments: Stock on 31st December,2020 is Rs. 1,05,000 Machinery & Furniture to be depreciated @ 10%. Wages outstanding is Rs. 4,50O Prepaid Advertisement is Rs.1,500 A…arrow_forwardrd / My courses/ BAMA1101 / Worksheets Home PraiWotkst äö pio Moving Forward An invoice for OMR 600 dated March 10th with the terms 5/15 EOM is recerved. The bill is paid on April Sth. Find the net payment. ut of Select one: O a. 570 O b. 30 Oc 510 O d. 90 Clear my choice inus nane Type here to searcharrow_forwardView History Bookmarks Window Help A education.wiley.com 1 ך WP NWP Assessment Player UI Application DAXMED WALI FURINL Question 26 of 42 View Policies Current Attempt in Progress Which of the following is in accordance with generally accepted accounting principles? Accrual-basis accounting Cash-basis accounting Both accrual-basis and cash-basis accounting Neither accrual-basis nor cash-basis accounting Save for Later OO O Oarrow_forward
- edugen.wileyplus.com SOFTWARE UPDATE Return to Blackboard 7:12 PM IS Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements macOS Big Sur 11.3.1 is available and will be installed later tonight. CALCULATOR Exercise 9-04 a-f (Part Level Submission) PRINTER VERSION ВАСK NEXT At the beginning of the current period, Vaughn had balances in Accounts Receivable of $273,000 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of $870,000 and collections of $826,500. It wrote off as uncollectible accounts receivable of $6,700. However, a $3,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,200 at the end of the period. (Omit cost of goods sold entries.) (a - d) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the…arrow_forwardAssessment Builder UI App X iley.com/was/ui/v2/assessment-player/index.html?launchld%3D562228aa-1a3a-4c39-9085-b90c7defbe14#/question/1 NWP Assessment Player UI Appli X Chapter 3 Question 2 of 5 The ledger of Blossom, Inc. on March 31, 2022, includes the following selected accounts before adju Debit Credit Prepaid Insurance $2,000 Supplies 2,000 Equipment 29,000 Unearned Service Revenue $8,500 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $400 per month. 2. Supplies on hand total $1,400. 3. The equipment depreciates $300 per month. 4. During March, services were performed for two-fifths of the unearned service revenue. Prepare the adjusting entries for the month of March. (List all debit entries before credit entries. Credit account titles are autn Credu indented when the amount is entered. Do not indent manually.) Debit Date Account Titles and Explanation No. rcharrow_forwardMy Monroe Z View Assessment > Bb Collaborate - 20FL-LA122-18 x M Daily Notifications - rblack8930 x 命 A https://elearn.monroecollege.edu/ultra/courses/ 40124 1/grades/assessment/_2440908 1/overview/attempt/ The following is Green Co.'s Pre-Closing Trial Balance as of December 31, 2017. Green's accounting period is a month, the month of December 2017. (Note that the accounts are not thus the balances in the temporary accounts are for listed in their normal sequence -- rather they are listed in alphabetical sequence.) Account Name _Debit_ Credit_ Gradin Accounts Payable 26,000 Accounts Receivable 28,850 Cash 10,000 Common Stock 12,500 Cost of Goods Sold 68,000 Equipment 73,000 150 Interest Expense Interest Payable 500 Inventory 45,000 Note Payable 21,000 Retained Earnings 53,000 Sales Revenue 179,000 Supplies Expense 7,000 Wages Expense 60,000 Total 292,000 292,000 Place the accounts in the correct order. Use the editor to formor your onswer A Past due This attempt will be submitted…arrow_forward
- Exercise 9-3 On January 1, 2020, Swifty Limited paid $561,003.30 for 10% bonds with a maturity value of $540,000. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2020, and mature on January 1, 2025, with interest receivable on December 31 of each year. Swifty accounts for the bonds using the amortized cost approach, applies ASPE using the effective interest method, and has a December 31 year end. Prepare the journal entry to record the bond purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit Jan 1, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare a bond amortization schedule. (Round answers to 2 decimal places, e.g. 52.75.) Schedule of Interest Income and Bond Premium Amortization Effective…arrow_forwardFile Home Insert Draw Design Layout References Mailings Review View Help Table De Paste Font Paragraph Styles Editing Dictate Editor Undo Clipboard Styles Voice Editor d) Suppose you begin making a monthly payment of $75.00. Fill in the table. Current Month balance Interest Рayment Amount applied to principal $2750.00 $45.38 $75.00 $29.62 $75.00 3. $75.00 4. $75.00 $75.00 $75.00 $75.00 8. $75.00 9. $75.00 10 $75.00 $75.00 11 12 $75.00 e) Will you ever be out of debt? Explain. Calculation: Page 5 of 6 1043 words D Focus 80% Type here to search 立 目arrow_forwardUsing EXCEL => Prepare the appropriate journal entry for each of the transactions for CampIn Inc. during the first three months of 2021 (see Attached file). Using EXCEL => Post the journal entries to the appropriate “T-Accounts.”arrow_forward
- A- A- Bapk Title Emphasis Heading 1 Heading 2 Heading 3 Heading 4 Heading 5 abe X, x? A - te with security updates, fixes, and Improvements, choose Check for Updates. Minnie has asked you to review the methods Min Armin Wastege uses when dealing with Accounts Receivable. Minnie has compiled the following information for the past 2 months and wants you to update her records on August 31, 2020. On June 30, 2020 the Account Receivable balance for Min Armin Wastege was $13,585 Dr with an Allowance for Doubtful Debts of $462 Cr. In the last two months Sales (net of GST) Sales Returns & Allowances (net of GST) Cash Collected Bad Debts to be written off (Including GST) $4 800 400 3 550 660 The bad debts listed above have not been written off as yet. Minnie has also calculated based on past experience that 7% of net credit sales go bad. All sales are made on credit. REQUIRED: А. Prepare the following General Journal entries to 1. account for the write off of the bad debt during the past two…arrow_forwardCurrent Attempt in Progress Presented below are selected transactions on the books of Headland Foundry. July 1, 2022 Dec. 31 Jan 1, 2023 Jan. 2 Dec. 31 Date July 1, 2022 Prepare journal entries for the transactions above. (Round intermediate calculations to 5 decimal places, e.g. 1.25247 and final answers to 2 decimal places, e.g. 38,548.37. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dec. 31, 2022 Jan 1, 2023 Bonds payable with a par value of €964,800, which are dated January 1, 2022, are sold at 112.290 plus accrued interest to yield 10%. They are coupon bonds, bear interest at 12% (payable annually at January 1), and mature January 1, 2032. (Use interest expense account for accrued interest.) Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amount of premium. Dec. 31, 2023…arrow_forwardBookmarks Window Help Fri Apr 30 7:38 PM edugen.wileyplus.com W WileyPLUS Bb Upload Assignment: Exercise16b - 2021 Spring Term (1)... Return to Blackboard Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements CALCULATOR PRINTER VERSION 4 ВАСK NEXT Exercise 9-12 a-b (Part Level Submission) Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $23,50Chcash to Manny Lopez on a 12-month, 12% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note. 16 Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a) Your answer is correct. lournalize the transactions for Oriole Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are…arrow_forward
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