“Due
Week 2 and worth 95 points

Directions:
Answer the following questions in a separate Microsoft Word or Excel document.
Explain how you reached the answer or show your work if a mathematical
calculation is needed, or both. Submit your assignment using the assignment
link in Blackboard.

Exercises

E1-11.Two
items are omitted from each of the following summaries of balance sheet and
income statement data for two corporations for the year 2015, Plunkett Co. and
Herring Enterprises.

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Instructions
Determine
the missing amounts.

E2-9.Selected
transactions from the journal of Kati Tillman, investment broker, are presented
below.
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Instructions
a)
Post
the transactions to T-accounts.
b)
Prepare
a trial balance at August 31, 2015.

E2-11.Presented
below is the ledger for Higgs Co.
.0/msohtmlclip1/01/clip_image006.png””>

Instructions
a)
Reproduce
the journal entries for the transactions that occurred on October 1, 10, and
20, and provide explanations for each.
b)
Determine
the October 31 balance for each of the accounts above, and prepare a trial
balance at October 31, 2015.

E3-7.The ledger of Perez Rental Agency on March 31 of the current
year includes the selected accounts, shown below, before quarterly adjusting
entries have been prepared.
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An
analysis of the accounts shows the following.
1.
The
equipment depreciates $400 per month.
2.
One-third
of the unearned rent revenue was earned during the quarter.
3.
Interest
totaling $500 is accrued on the notes payable for the quarter.
4.
Supplies
on hand total $900.
5.
Insurance
expires at the rate of $200 per month.

Instructions
Prepare
the adjusting entries at March 31, assuming that adjusting entries are made
quarterly. Additional accounts are Depreciation Expense, Insurance Expense,
Interest Payable, and Supplies Expense.

E3-11.A
partial adjusted trial balance of Gehring Company at January 31, 2015, shows
the following.
.0/msohtmlclip1/01/clip_image010.png””>

Instructions
Answer
the following questions, assuming the year begins January 1.
a)
If
the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of
supplies was purchased in January, what was the balance in Supplies on January
1?
b)
If
the amount in Insurance Expense is the January 31 adjusting entry, and the
original insurance premium was for one year, what was the total premium and
when was the policy purchased?
c)
If
$3,500 of salaries was paid in January, what was the balance in Salaries and
Wages Payable at December 31, 2014?

Problems

P1-2A.On August 31, the balance sheet of La Brava Veterinary
Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment
$6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings
$700. During September, the following transactions occurred.
1.
Paid
$2,900 cash for accounts payable due.
2.
Collected
$1,300 of accounts receivable.
3.
Purchased
additional equipment for $2,100, paying $800 in cash and the balance on
account.
4.
Recognized
revenue of $7,300, of which $2,500 is collected in cash and the balance is due
in October.
5.
Declared
and paid a $400 cash dividend.
6.
Paid
salaries $1,700, rent for September $900, and advertising expense $200.
7.
Incurred
utilities expense for month on account $170.
8.
Received
$10,000 from Capital Bank on a 6-month note payable.

Instructions
a)
Prepare
a tabular analysis of the September transactions beginning with August 31
balances. The column headings should be as follows: Cash + Accounts Receivable
+ Supplies + Equipment = Notes Payable + Accounts Payable + Common Stock +
Retained Earnings + Revenues Expenses Dividends.
b)
Prepare
an income statement for September, a retained earnings statement for September,
and a balance sheet at September 30.

P2-2A.Julia Dumars is a licensed CPA. During the rst month of
operations of her business, Julia Dumars, Inc., the following events and
transactions occurred.

May 1 Stockholders invested $20,000 cash in
exchange for common stock.
2 Hired a secretary-receptionist at a salary
of $2,000 per month.
3 Purchased $1,500 of supplies on account from
Vincent Supply Company.
7 Paid ofce rent of $900 cash for the month.
11 Completed a tax assignment and billed
client $2,800 for services performed.
12
Received $3,500 advance on a management consulting engagement.
17 Received cash of $1,200 for services
performed for Orville Co.
31 Paid secretary-receptionist $2,000 salary
for the month.
31
Paid 40% of balance due Vincent Supply Company.

Julia
uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable,
No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue,
No. 311Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages
Expense, and No. 729 Rent Expense.

Instructions
a)
Journalize
the transactions.
b)
Post
to the ledger accounts.
c)
Prepare
a trial balance on May 31, 2015.

P3-1A.Deanna Nardelli started her own consulting rm, Nardelli
Consulting, on May 1, 2015. The trial balance at May 31 is as follows.
.0/msohtmlclip1/01/clip_image012.png””>
In
addition to those accounts listed on the trial balance, the chart of accounts
for Nardelli Consulting also contains the following accounts and account
numbers: No. 150 Accumulated DepreciationEquipment, No. 212 Salaries and Wages
Payable, No. 631 Supplies Expense, No. 717 Depreciation Expense, No. 722 Insurance
Expense, and No. 732 Utilities Expense.

Other
data:
1.
$900
of supplies have been used during the month.
2.
Utilities
expense incurred but not paid on May 31, 2015, $250.
3.
The
insurance policy is for 2 years.
4.
$400
of the balance in the unearned service revenue account remains unearned at the
end of the month.
5.
May
31 is a Wednesday, and employees are paid on Fridays. Nardelli Consulting has
two employees, who are paid $900 each for a 5-day work week.
6.
The
equipment has a 5-year life with no salvage value. It is being depreciated at
$190 per month for 60 months.
7.
Invoices
representing $1,700 of services performed during the month have not been
recorded as of May 31.

Instructions
a)
Prepare
the adjusting entries for the month of May. Use J4 as the page number for your
journal.
b)
Enter
the totals from the trial balance as beginning account balances and place a
check mark in the posting reference column. Post the adjusting entries to the
ledger accounts.
c)
Prepare
an adjusted trial balance at May 31, 2015.Due
Week 2 and worth 95 pointsDirections:
Answer the following questions in a separate Microsoft Word or Excel document.
Explain how you reached the answer or show your work if a mathematical
calculation is needed, or both. Submit your assignment using the assignment
link in Blackboard.ExercisesE1-11.Two
items are omitted from each of the following summaries of balance sheet and
income statement data for two corporations for the year 2015, Plunkett Co. and
Herring Enterprises..0/msohtmlclip1/01/clip_image002.png””>InstructionsDetermine
the missing amounts.E2-9.Selected
transactions from the journal of Kati Tillman, investment broker, are presented
below..0/msohtmlclip1/01/clip_image004.png””>Instructionsa)
Post
the transactions to T-accounts.b)
Prepare
a trial balance at August 31, 2015.E2-11.Presented
below is the ledger for Higgs Co..0/msohtmlclip1/01/clip_image006.png””>Instructionsa)
Reproduce
the journal entries for the transactions that occurred on October 1, 10, and
20, and provide explanations for each.b)
Determine
the October 31 balance for each of the accounts above, and prepare a trial
balance at October 31, 2015.E3-7.The ledger of Perez Rental Agency on March 31 of the current
year includes the selected accounts, shown below, before quarterly adjusting
entries have been prepared..0/msohtmlclip1/01/clip_image008.png””>An
analysis of the accounts shows the following.1.
The
equipment depreciates $400 per month.2.
One-third
of the unearned rent revenue was earned during the quarter.3.
Interest
totaling $500 is accrued on the notes payable for the quarter.4.
Supplies
on hand total $900.5.
Insurance
expires at the rate of $200 per month.InstructionsPrepare
the adjusting entries at March 31, assuming that adjusting entries are made
quarterly. Additional accounts are Depreciation Expense, Insurance Expense,
Interest Payable, and Supplies Expense.E3-11.A
partial adjusted trial balance of Gehring Company at January 31, 2015, shows
the following..0/msohtmlclip1/01/clip_image010.png””>InstructionsAnswer
the following questions, assuming the year begins January 1.a)
If
the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of
supplies was purchased in January, what was the balance in Supplies on January
1?b)
If
the amount in Insurance Expense is the January 31 adjusting entry, and the
original insurance premium was for one year, what was the total premium and
when was the policy purchased?c)
If
$3,500 of salaries was paid in January, what was the balance in Salaries and
Wages Payable at December 31, 2014?ProblemsP1-2A.On August 31, the balance sheet of La Brava Veterinary
Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment
$6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings
$700. During September, the following transactions occurred.1.
Paid
$2,900 cash for accounts payable due.2.
Collected
$1,300 of accounts receivable.3.
Purchased
additional equipment for $2,100, paying $800 in cash and the balance on
account.4.
Recognized
revenue of $7,300, of which $2,500 is collected in cash and the balance is due
in October.5.
Declared
and paid a $400 cash dividend.6.
Paid
salaries $1,700, rent for September $900, and advertising expense $200.7.
Incurred
utilities expense for month on account $170.8.
Received
$10,000 from Capital Bank on a 6-month note payable.Instructionsa)
Prepare
a tabular analysis of the September transactions beginning with August 31
balances. The column headings should be as follows: Cash + Accounts Receivable
+ Supplies + Equipment = Notes Payable + Accounts Payable + Common Stock +
Retained Earnings + Revenues Expenses Dividends.b)
Prepare
an income statement for September, a retained earnings statement for September,
and a balance sheet at September 30.P2-2A.Julia Dumars is a licensed CPA. During the rst month of
operations of her business, Julia Dumars, Inc., the following events and
transactions occurred.May 1 Stockholders invested $20,000 cash in
exchange for common stock. 2 Hired a secretary-receptionist at a salary
of $2,000 per month. 3 Purchased $1,500 of supplies on account from
Vincent Supply Company. 7 Paid ofce rent of $900 cash for the month. 11 Completed a tax assignment and billed
client $2,800 for services performed.12
Received $3,500 advance on a management consulting engagement. 17 Received cash of $1,200 for services
performed for Orville Co. 31 Paid secretary-receptionist $2,000 salary
for the month.31
Paid 40% of balance due Vincent Supply Company.Julia
uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable,
No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue,
No. 311Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages
Expense, and No. 729 Rent Expense.Instructionsa)
Journalize
the transactions.b)
Post
to the ledger accounts.c)
Prepare
a trial balance on May 31, 2015.P3-1A.Deanna Nardelli started her own consulting rm, Nardelli
Consulting, on May 1, 2015. The trial balance at May 31 is as follows..0/msohtmlclip1/01/clip_image012.png””>In
addition to those accounts listed on the trial balance, the chart of accounts
for Nardelli Consulting also contains the following accounts and account
numbers: No. 150 Accumulated DepreciationEquipment, No. 212 Salaries and Wages
Payable, No. 631 Supplies Expense, No. 717 Depreciation Expense, No. 722 Insurance
Expense, and No. 732 Utilities Expense.Other
data:1.
$900
of supplies have been used during the month.2.
Utilities
expense incurred but not paid on May 31, 2015, $250.3.
The
insurance policy is for 2 years.4.
$400
of the balance in the unearned service revenue account remains unearned at the
end of the month.5.
May
31 is a Wednesday, and employees are paid on Fridays. Nardelli Consulting has
two employees, who are paid $900 each for a 5-day work week.6.
The
equipment has a 5-year life with no salvage value. It is being depreciated at
$190 per month for 60 months.7.
Invoices
representing $1,700 of services performed during the month have not been
recorded as of May 31.Instructionsa)
Prepare
the adjusting entries for the month of May. Use J4 as the page number for your
journal.b)
Enter
the totals from the trial balance as beginning account balances and place a
check mark in the posting reference column. Post the adjusting entries to the
ledger accounts.c)
Prepare
an adjusted trial balance at May 31, 2015.”