(Solved) -ACC 290 Week 3 Practice Connect Practice Assignment


ACC 290 Week 3 Practice Connect Practice Assignment

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.
 
DATE TRANSACTIONS
Oct. 1 Helen Kennedy invested $70,000 cash in the business.
2 Paid October office rent of $4,000; issued Check 1001.
5 Purchased desks and other office furniture for $18,000 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.
6 Issued Check 1002 for $4,100 to purchase art equipment.
7 Purchased supplies for $1,670; paid with Check 1003.
10 Issued Check 1004 for $800 for office cleaning service.
12 Performed services for $4,200 in cash and $1,800 on credit. (Use a compound entry.)
15 Returned damaged supplies for a cash refund of $300.
18 Purchased 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.)
20 Issued Check 1006 for $9,500 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.
26 Performed services for $4,800 on credit.
27 Paid $375 for monthly telephone bill; issued Check 1007.
30 Received $4,200 in cash from credit customers.
30 Mailed Check 1008 to pay the monthly utility bill of $1,080.
30 Issued 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.
 
DATE TRANSACTIONS
Sept. 1 Issued Check 1169 for $2,000 to pay the September rent.
5 Performed services for $4,000 in cash.
6 Performed services for $2,950 on credit.
10 Paid $900 for monthly telephone bill; issued Check 1170.
11 Paid for equipment repairs of $1,050 with Check 1171.
12 Received $1,500 on account from credit clients.
15 Issued Checks 1172–1177 for $5,200 for salaries.
18 Issued Check 1178 for $2,700 to purchase supplies.
19 Purchased new tennis rackets for $3,250 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days.
20 Issued Check 1179 for $3,820 to purchase new nets. (Equip.)
21 Received $500 on account from credit clients.
21 Returned a damaged net and received a cash refund of $570.
22 Performed services for $3,480 in cash.
23 Performed services for $5,050 on credit.
26 Issued Check 1180 for $620 to purchase supplies.
28 Paid the monthly electric bill of $2,500 with Check 1181.
30 Issued Checks 1182–1187 for $5,200 for salaries.
30 Issued 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.
 
DATE TRANSACTIONS
2019 
Sept. 1 Zack Mason invested $30,000 in cash to start the firm.
4 Purchased office equipment for $3,250 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.
16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $15,000 in full payment.
20 Purchased supplies for $260; paid immediately with Check 1002.
23 Returned damaged supplies for a cash refund of $85.
30 Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.
30 Withdrew $1,500 in cash for personal expenses.
30 Issued Check 1004 for $3,500 to pay the rent for October.
30 Performed services for $7,325 in cash.
30 Paid $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.
 
DATE TRANSACTIONS
2019 
Sept. 1 Zack Mason invested $30,000 in cash to start the firm.
4 Purchased office equipment for $3,250 on credit from Den, Inc.? received Invoice 9823, payable in 30 days.
16 Purchased an automobile that will be used to visit clients? issued Check 1001 for $15,000 in full payment.
20 Purchased supplies for $260? paid immediately with Check 1002.
23 Returned damaged supplies for a cash refund of $85.
30 Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.
30 Withdrew $1,500 in cash for personal expenses.
30 Issued Check 1004 for $3,500 to pay the rent for October.
30 Performed services for $7,325 in cash.
30 Paid $220 for monthly telephone bill, Check 1005.
Prepare journal entries for the transactions incurred during September of 2019.

 

 







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