(Solution) -ACC 290 Week 1 Apply Connect Assignment (With Excel File)

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ACC 290 Week 1 Apply Connect Assignment (With Excel File)

1 On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings.

TRANSACTIONS

The owner invested $100,000 in cash to begin the business.
Paid $20,250 in cash for the purchase of equipment.
Purchased additional equipment for $15,200 on credit.
Paid $12,500 in cash to creditors.
The owner made an additional investment of $25,000 in cash.
Performed services for $9,750 in cash.
Performed services for $7,800 on account.
Paid $6,000 for rent expense.
Received $5,500 in cash from credit clients.
Paid $7,550 in cash for office supplies.
The owner withdrew $12,000 in cash for personal expenses.
Record in equation form the changes that occur in assets, liabilities, and owner’s equity for the above transactions.

Analyze:

What is the ending balance of cash after all transactions have been recorded?

2

The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton.

Required:

Analyze each transaction carefully. Prepare an income statement and a statement of owner’s equity for the month. Prepare a balance sheet for May 31, 2019.

ACC 290 Week 1 Apply Connect Assignment

Complete the Week 1 Assignment in Connect.

Note: You have only 1 attempt available to complete assignments.

1

Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm’s financial records showed the following assets, liabilities, and owner’s equity.

Cash   $          60,200            

Accounts Receivable             15,800            

Office Furniture                    35,000            

Auto                22,700            

Accounts Payable                  10,400            

Harold Joseph, Capital                     90,700            

Revenue                     56,200            

Expenses                    23,600            

TRANSACTIONS

Performed services for $6,600 on credit.
Paid $1,620 in cash for new office chairs.
Received $10,400 in cash from credit clients.
Paid $800 in cash for telephone service.
Sent a check for $2,900 in partial payment of the amount due creditors.
Paid salaries of $8,900 in cash.
Sent a check for $1,040 to pay electric bill.
Performed services for $9,700 in cash.
Paid $2,270 in cash for auto repairs.
Performed services for $11,700 on account.
Enter the above transactions in to the following accounting equations.

Analyze:

What is the amount of total assets after all transactions have been recorded?

2

The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton.

Required:

Analyze each transaction carefully. Prepare an income statement and a statement of owner’s equity for the month. Prepare a balance sheet for May 31, 2019.