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ACC 290 Week 1 Apply: Connect Assignment
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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.

Assets=Liab.+Owner’s Equity

Cash+Accts.

Rec.

+Supp.+Equip.=Accts.

Pay.

+T.Cotton,

Capital

+Rev.−Exp.

Balances, May 115,000+3,000+5,800+33,800=7,000+50,600+0−0

Paid for utilities− 980             + 980

New balances14,020+3,000+5,800+33,800=7,000+50,600+0−980

Sold services for cash+ 4,980           + 4,980

New balances19,000+3,000+5,800+33,800=7,000+50,600+4,980−980

Paid a creditor− 2,100       − 2,100

New balances16,900+3,000+5,800+33,800=4,900+50,600+4,980−980

Sold services on credit  + 2,900         + 2,900

New balances16,900+5,900+5,800+33,800=4,900+50,600+7,880−980

Paid salaries− 8,900             + 8,900

New balances8,000+5,900+5,800+33,800=4,900+50,600+7,880−9,880

Paid telephone bill− 314             + 314

New balances7,686+5,900+5,800+33,800=4,900+50,600+7,880−10,194

Withdrew cash for personal expenses− 3,000         − 3,000

New balances4,686+5,900+5,800+33,800=4,900+47,600+7,880−10,194

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.

3

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 \$87,500 in cash to begin the business.
Paid \$17,850 in cash for the purchase of equipment.
Purchased additional equipment for \$16,200 on credit.
Paid \$9,900 in cash to creditors.
Performed services for \$6,300 in cash.
Performed services for \$8,100 on account.
Paid \$2,100 for rent expense.
Received \$1,600 in cash from credit clients.
Paid \$4,560 in cash for office supplies.
The owner withdrew \$7,100 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?

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ACC 290 Week 1 Apply: Connect Assignment
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