This website uses cookies to ensure you have the best experience. Learn more

Week One Assignment

1499 words - 6 pages

1. Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.

a. Amounts paid to a mall for rent. - Expense, Debit
b. Amounts to be paid in 10 days to suppliers. – Liability, Debit
c. A new fax machine purchased for office use. – Expense, Debit
d. Land held as an investment. – Asset, Debit
e. Amounts due from customers. – Revenue, Credit
f. Daily sales of merchandise sold. - Revenue, Credit
g. Promotional costs to publicize a ...view middle of the document...

Balance sheet preparation. The following data relate to Preston Company as of December 31, 20XX:

Building $40,000 Accounts receivable $24,000
Cash 21,000 Loan payable 30,000
J. Preston, Capital 65,000 Land 21,000
Accounts payable ?

Prepare a balance sheet as of December 31, 20XX. (See Exhibit 1.1 and 1.4)
Preston Company Balance Sheet- December 31, 20XX
Cash $17,000
Accounts Receivable $24,000
Building $44,000
Land $21,000
Total assets= $106,000

Loan payable $30,000
Accounts Payable?
Total liabilities= $

Owner’s Equity
J. Preston, Capital $65,000

4. Basic transaction processing. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month:

1: Simmons invested $32,000 into the business for $32,000 in common stock.
2: Paid $5,000 to acquire a used minivan.
3: Purchased $1,800 of office furniture on account.
4: Performed $2,100 of consulting services on account.
5: Paid $300 of repair expenses.
6: Received $800 from clients who were previously billed in item 4.
7: Paid $500 on account to the supplier of office furniture in item 3.
8: Received a $150 electric bill, to be paid next month.
9: Simmons withdrew $800 from the business.
10: Received $250 in cash from clients for consulting services rendered.

a. Arrange the following asset, liability, and owner’s equity elements of the account¬ing equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
b. Record each transaction on a separate line. After all transactions have been recorded, compute the balance in each of the preceding items.
c. Answer the following questions for Simmons.
(1) How much does the company owe to its creditors at month-end? On which financial statement(s) would this information be found?
(2) Did the company have a “good” month from an accounting viewpoint? Briefly explain.

5. Transaction analysis and statement preparation. The transactions that follow
relate to Burton Enterprises for March 20X1, the company’s first month of activity.

3/1 Joanne Burton, the owner, invested $20,000 cash into the business.
3/4 Performed $2,400 of services on account.
3/7 Acquired a small parcel of land by paying $6,000 cash
3/12 Received $500 from a client who was billed previously on March 4.
3/15 Paid $200 to the Journal Herald for advertising expense.
3/18 Acquired 9,000 of equipment from Park Central Outfitters by Paying
$7,000 down and agreeing to remit the balance owed within two weeks (A/P).
3/22 Received $300 cash from clients for services.
3/24 Paid $1,500 on account to Park Central Outfitters in partial settlement of
the balance due from the transaction on March 18.
3/28 Rented a car from United Car Rental for use on March 28. Total charges
amounted to $125, with United billing...

Other assignments on Week One Assignment

Home Away From Home Essay

2601 words - 11 pages Values | | | |Week One |  | |Individual Assignment: MyMathLab® Exercises |10 | |Week Two

Sensory Essay

303 words - 2 pages Week 2 Assignment 1 Submission . If you are using the Blackboard Mobile Learn IOS App, please click "View in Browser." Students, please view the "Submit a Clickable Rubric Assignment" in the Student Center. Instructors, training on how to grade is within the Instructor Center. Click the link above to submit your assignment. Assignment 1: "Sensory Perceptions" Can you really trust your senses and the interpretation of sensory data to

Mkt 578 Week 5 Public Relations Planning Paper

284 words - 2 pages . Other topics in the class are as follows: MKT 578 Final Exam (Latest) MKT 578 Week 1 Video Reflection Assignment MKT 578 Week 2 Problem Framing Paper MKT 578 Week 3 Public Relations Stakeholders Paper MKT 578 Week 4 Ethical and Legal Issues Paper MKT 578 Week 5 Public Relations Planning Paper MKT 578 Week 6 Public Relations Plan Want to check other classes..?? Visit


581 words - 3 pages same grade? If not, who should get a different grade (higher or lower) and why? | | |We should all get the same grade as a team due to week one we agreed upon portion to be done and as a team we accomplish it with no problem. | | |What value you did you add to the completed product? How does that compare to your teammates? In a team there is no


254 words - 2 pages Week 4 Assignment 1 Click the link above to submit your assignment. "Report on the Religious Life of Planet Earth"   Assume you are from another planet and have been sent to Earth to determine if it is a religious planet or not (something very important to your people). Your superiors are expecting a report back from you. Write a 2–3 page (approximately 500–750 words) “report” that addresses the following: * Discuss the criteria

Study Habits

486 words - 2 pages about things that will distract you from what you need to do. Here's a simple idea - turn off your cell phone during your study times. 9. Call another student when they have difficulty with an assignment. This is a case where "two heads may be better than one." 10. Review their schoolwork over the weekend. Yes, weekends should be fun time. But there is also time to do some review. This will help you be ready to go on Monday morning when another school week begins.

Thesis Statement Outline

461 words - 2 pages weeks to come, we will be building upon an outline with a thesis statement, subtopics, and research to assist in your final paper. For this week, using the Center for Writing Excellence resources, provide your thesis statement and begin creating the informal outline for your Continuing Academic Success essay assignment. Include the following in your outline this week: • The benefit of creating educational goals, including at least one

Formal Justification Report

461 words - 2 pages * Week 8 Assignment 5.1 Click the link above to submit your assignment. Assignment 5.1: Report - Draft Version Write a formal justification report to an organization making a recommendation to implement a particular product, service, or program. The organization may have a business, governmental, professional, or social focus. The report may focus on a “real” or “made-up” recommendation, but you should direct the report to an actual

How Does Ifrs Benefits Australia

614 words - 3 pages sources. Criteria for assessment: Introduction: Identification of topic, key issues, concepts Discussion (structure of argument, quality and use of research) Conclusion Presentation (editing, grammar, language, referencing) 20% 60% 10% 10% 100% Word limit: 1000 words Due date: by 5PM Wednesday 4 August 2010 (week 3). Submission details: ON-CAMPUS: Assignments should be submitted via the faculty assignment drop box. OFF-CAMPUS

System Administrator

1230 words - 5 pages for more information. Submission Please read the submission process carefully. Students should understand that compliance with instructions in relation to an assessment task is critical. Students MUST be aware that noncompliance with submission instructions can result in a mark of ZERO. All assignments must be submitted by 1PM (WST) on the Monday of the week the assignment is due, i.e. Assignment one is due Monday, 23 March 2015 by 1PM (WST

Bus 640 Week 1 Economics Of Risk And Problems

375 words - 2 pages This pack of BUS 640 Week 1 Economics of Risk and Problems contains: Economics of Risk and Uncertainty Applied Problems Please, complete the following two applied problems in a Word or Excel document. Show all your calculations and explain your results. Submit your assignment in the drop box by using the Assignment Submission button. Problem II Volkswagen is considering opening an Assembly Plant in

Similar Documents

Mgmt 597 Week One Assignment

1117 words - 5 pages cost of the new trusses. Again, this was an unforeseen issue that neither party expected nor it is not reasonable that one party to incur the total cost. Chapter 13 The estate of Mrs. Chaney sold her home in Maryland for $300,000 based on the approximate square footage of 15,650 to Drs. Steele and Faust however prior to the transfer of the deed, the estate realized an error had been made in the square footage. The actual square feet of the

Bshs 462 Week 5 Learning Team Assignment Functions Of A Human Service Organization Research Presentation

327 words - 2 pages BSHS 462 Week 5 Individual Assignment Achieving and Maintaining Individual Excellence Paper To get this material Click this link - No one ever said going to college was easy. You are in brand new surroundings with strangers everywhere you look. Frequently, adjustment to this new world can pose a challenge. This information is for your ears. Use that advice given to help you transition seamlessly into college.

Xcom 100 Week 8 Checkpoint Essay

353 words - 2 pages This pack of XCOM 100 Week 7 Discussion Questions consists of: DQ 1: According to the text, what are four methods of presentation delivery? Identify the one you would prefer to use as a presenter and explain why. What are the strengths and weaknesses of that particular style? DQ 2: In your opinion, what are the four most important guidelines for preparing a presentation? Based on the criteria you have selected, describe the last presentation

Week 1 Essay

1698 words - 7 pages can establish one primary project leader with a back-up to assist. The project leader has specific responsibilities each week as follows: a. Schedule the weekly meetings in i-Connect, facilitate and record the meetings. b. Set the deadlines for submissions each week. c. Compile the team submissions into one document and submit to the dropbox. “ONLY ONE” submission is required and this is submitted by the project leader