Cashback Offer from 12th to 18th November 2021. Get Flat 10% Cashback credited to your account for a minimum transaction of $80. Post Your Question Today!

Question DetailsNormal
$ 12.00

ACC 290 Week 2 Apply: Connect Assignment

Question posted by
Online Tutor Profile
request

ACC 290 Week 2 Apply: Connect Assignment

Complete the Week 2 Assignment in Connect.

Note: You have only 1 attempt available to complete assignments

1

The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant.

Transactions:

Guttery invested $156,000 in cash to start the business.
Paid $5,600 for the current month’s rent.
Bought office furniture for $16,320 in cash.
Performed services for $7,800 in cash.
Paid $1,210 for the monthly telephone bill.
Performed services for $13,600 on credit.
Purchased a computer and copier for $37,200; paid $12,600 in cash immediately with the balance due in 30 days.
Received $6,800 from credit clients.
Paid $3,600 in cash for office cleaning services for the month.
Purchased additional office chairs for $5,400; received credit terms of 30 days.
Purchased office equipment for $36,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
Issued a check for $9,000 to pay salaries.
Performed services for $14,100 in cash.
Performed services for $15,600 on credit.
Collected $7,600 on accounts receivable from charge customers.
Issued a check for $2,700 in partial payment of the amount owed for office chairs.
Paid $660 to a duplicating company for photocopy work performed during the month.
Paid $1,180 for the monthly electric bill.
Guttery withdrew $8,600 in cash for personal expenses.


Post the above transactions into the appropriate T accounts.

Analyze:

What liabilities does the business have after all transactions have been recorded? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.

2

The following occurred during June at Hicks Family Counseling.

Post the following transactions into the appropriate T accounts.

Transactions:

Purchased office supplies for $1,900 in cash.
Delivered monthly statements, collected fee income of $26,500.
Paid the current month’s office rent of $3,900.
Completed professional counseling, billed client for $4,100.
Client paid fee of $2,100 for weekly counseling, previously billed.
Paid office salaries of $3,500.
Paid telephone bill of $470.
Billed client for $3,100 fee for preparing a counseling evaluation.
Purchased office supplies of $990 on account.
Paid office salaries of $3,500.
Collected $3,100 from client who was billed.
Clients paid a total of $9,200 cash in fees.


Analyze:

How much cash did the business spend during the month? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.

3

The following transactions took place at Calhoun Counseling Services, a business established by Ronald Calhoun.

Post the following transactions into the appropriate T accounts.

Transactions:

Ronald Calhoun invested $65,000 cash in the business.
Purchased office furniture for $16,500 in cash.
Bought a fax machine for $1,000; payment is due in 30 days.
Purchased a used car for the firm for $16,500 in cash.
Calhoun invested an additional $10,500 cash in the business.
Bought a new computer for $3,500; payment is due in 60 days.
Paid $1,000 to settle the amount owed on the fax machine.
Calhoun withdrew $4,500 in cash for personal expenses.


Analyze:

Which transactions affected asset accounts? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.

Available Answer
$ 12.00

[Solved] ACC 290 Week 2 Apply: Connect Assignment

  • This Solution has been Purchased 2 time
  • Submitted On 04 Jul, 2018 04:35:51
Answer posted by
Online Tutor Profile
solution
ACC 290 Week 2 Apply: Connect AssignmentACC 290 We...
Buy now to view the complete solution
Other Similar Questions
User Profile
Assig...

ACC 290 Week 5 Comparing IFRS To GAAP Paper(USE AS A GUIDE ONLY)

Your assignment is attached..Thanks for purchasing my this assignment!...
User Profile
Assig...

ACC 290 Week 2 Individual WileyPLUS Assignment Exercise E3-4 E3-9 Problem 3-5A 3-6A

Your assignment is attached..Thanks for purchasing my this assignment!...
User Profile
Assig...

ACC 290 Week 2 Individual WileyPLUS Assignment Exercise E3-4 E3-9 Problem 3-5A 3-6A

Your assignment is attached..Thanks for purchasing my this assignment! ...
User Profile
Assig...

ACC 290 Week 5 Comparing IFRS To GAAP Paper(USE AS A GUIDE ONLY)

Your assignment is attached..Thanks for purchasing my this assignment!...
User Profile
jonyf...

ACC 290 Week 5 Apply: Connect Assignment

ACC 290 Week 5 Apply: Connect AssignmentACC 290 Week 5 Apply: Connect AssignmentACC 290 Week 5 Apply: Connect AssignmentACC 290 Week 5 Apply: Connect AssignmentACC 290 Week 5 Apply: Connect Assignment ...

The benefits of buying study notes from CourseMerit

homeworkhelptime
Assurance Of Timely Delivery
We value your patience, and to ensure you always receive your homework help within the promised time, our dedicated team of tutors begins their work as soon as the request arrives.
tutoring
Best Price In The Market
All the services that are available on our page cost only a nominal amount of money. In fact, the prices are lower than the industry standards. You can always expect value for money from us.
tutorsupport
Uninterrupted 24/7 Support
Our customer support wing remains online 24x7 to provide you seamless assistance. Also, when you post a query or a request here, you can expect an immediate response from our side.
closebutton

$ 629.35