ACC 290 Week 1 Apply: Connect Assignment
Complete the Week 1 Assignment in Connect.
Note: You have only 1 attempt available to complete assignments.
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.
Accounts Receivable 15,800
Office Furniture 35,000
Accounts Payable 10,400
Harold Joseph, Capital 90,700
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.
What is the amount of total assets after all transactions have been recorded?
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton.
Balances, May 115,000+3,000+5,800+33,800=7,000+50,600+0−0
Paid for utilities− 980 + 980
Sold services for cash+ 4,980 + 4,980
Paid a creditor− 2,100 − 2,100
Sold services on credit + 2,900 + 2,900
Paid salaries− 8,900 + 8,900
Paid telephone bill− 314 + 314
Withdrew cash for personal expenses− 3,000 − 3,000
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.
On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings.
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.
The owner made an additional investment of $20,500 in cash.
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.
What is the ending balance of cash after all transactions have been recorded?
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- Submitted On 04 Jul, 2018 04:33:57