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 3 Practice: Connect Practice Assignment

Question posted by
Online Tutor Profile
request

ACC 290 Week 3 Practice: Connect Practice Assignment

Complete the Week3 Practice in Connect.

Note: You have unlimited attempts available to complete practice assignments

1

On October 1, 2019, Helen Kennedy opened an advertising agency.

DATETRANSACTIONS

Oct. 1Helen Kennedy invested $70,000 cash in the business.

2Paid October office rent of $4,000; issued Check 1001.

5Purchased desks and other office furniture for $18,000 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.

6Issued Check 1002 for $4,100 to purchase art equipment.

7Purchased supplies for $1,670; paid with Check 1003.

10Issued Check 1004 for $800 for office cleaning service.

12Performed services for $4,200 in cash and $1,800 on credit. (Use a compound entry.)

15Returned damaged supplies for a cash refund of $300.

18Purchased a computer for $3,000 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,750 down payment, with the balance payable in 30 days. (Use one compound entry.)

20Issued Check 1006 for $9,500 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.

26Performed services for $4,800 on credit.

27Paid $375 for monthly telephone bill; issued Check 1007.

30Received $4,200 in cash from credit customers.

30Mailed Check 1008 to pay the monthly utility bill of $1,080.

30Issued Checks 1009–1011 for $9,000 for salaries.

Required:

Journalize the above transactions.
Post the above transactions to the ledger accounts.


Analyze:

What is the balance of account 202 in the general ledger?

2

The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons.

DATETRANSACTIONS

Sept.1Issued Check 1169 for $2,000 to pay the September rent.

 5Performed services for $4,000 in cash.

 6Performed services for $2,950 on credit.

 10Paid $900 for monthly telephone bill; issued Check 1170.

 11Paid for equipment repairs of $1,050 with Check 1171.

 12Received $1,500 on account from credit clients.

 15Issued Checks 1172–1177 for $5,200 for salaries.

 18Issued Check 1178 for $2,700 to purchase supplies.

 19Purchased new tennis rackets for $3,250 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days.

 20Issued Check 1179 for $3,820 to purchase new nets. (Equip.)

 21Received $500 on account from credit clients.

 21Returned a damaged net and received a cash refund of $570.

 22Performed services for $3,480 in cash.

 23Performed services for $5,050 on credit.

 26Issued Check 1180 for $620 to purchase supplies.

 28Paid the monthly electric bill of $2,500 with Check 1181.

 30Issued Checks 1182–1187 for $5,200 for salaries.

 30Issued Check 1188 for $5,000 cash to Ellis Carter for personal expenses.

Required:

Record each of the above transactions in the general journal.

Analyze:

If the company paid a bill for supplies on October 1, what check number would be included in the journal entry description?

3

Selected activity of Mason Consulting Services follow.

DATETRANSACTIONS

2019 

Sept.1Zack Mason invested $30,000 in cash to start the firm.

  4Purchased office equipment for $3,250 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.

  16Purchased an automobile that will be used to visit clients; issued Check 1001 for $15,000 in full payment.

  20Purchased supplies for $260; paid immediately with Check 1002.

  23Returned damaged supplies for a cash refund of $85.

  30Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.

  30Withdrew $1,500 in cash for personal expenses.

  30Issued Check 1004 for $3,500 to pay the rent for October.

  30Performed services for $7,325 in cash.

  30Paid $220 for monthly telephone bill, Check 1005.

Post the above transactions into the appropriate Ledger accounts.

4

The following transactions took place at the Cook Employment Agency during November 2019.

DATE TRANSACTIONS

Nov.5 Performed services for Job Search, Inc., for $20,000; received $9,500 in cash and the client promised to pay the balance in 60 days.

 18 Purchased a graphing calculator for $450 and some supplies for $600 from Office Supply; issued Check 1008 for the total.

 23 Received Invoice 1602 for $2,500 from Automotive Technicians Repair for repairs to the firm’s automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days.

Prepare journal entries for the above transactions.

5

Selected activity of the Ray Shipping Service follow.

TRANSACTIONS

Gave a cash refund of $750 to a customer because of a lost package. (The customer had previously paid in cash.)
Sent a check for $1,050 to the utility company to pay the monthly bill.
Provided services for $7,800 on credit.
Purchased new equipment for $4,600 and paid for it immediately by check.
Issued a check for $3,500 to pay a creditor on account.
Performed services for $15,250 in cash.
Collected $6,250 from credit customers.
The owner made an additional investment of $25,000 in cash.
Purchased supplies for $3,250 on credit.
Issued a check for $3,750 to pay the monthly rent.


Analyze the above transactions and record a journal entry for each transaction.

6

Selected activity of Mason Consulting Services follow.

DATETRANSACTIONS

2019 

Sept.1Zack Mason invested $30,000 in cash to start the firm.

  4Purchased office equipment for $3,250 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.

  16Purchased an automobile that will be used to visit clients; issued Check 1001 for $15,000 in full payment.

  20Purchased supplies for $260; paid immediately with Check 1002.

  23Returned damaged supplies for a cash refund of $85.

  30Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.

  30Withdrew $1,500 in cash for personal expenses.

  30Issued Check 1004 for $3,500 to pay the rent for October.

  30Performed services for $7,325 in cash.

  30Paid $220 for monthly telephone bill, Check 1005.

Prepare journal entries for the transactions incurred during September of 2019.

Available Answer
$ 12.00

[Solved] ACC 290 Week 3 Practice: Connect Practice Assignment

  • This solution is not purchased yet.
  • Submitted On 04 Jul, 2018 04:36:59
Answer posted by
Online Tutor Profile
solution
ACC 290 Week 3 Practice: Connect Practice Assignment ACC 290 Week ...
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