1. UOP ACC 290 Week 2 Practice Connect
Practice
Assignment
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ACC 290 Week 2 Practice: Connect Practice
Assignment
Complete the Week 2 Practice in Connect. Note:
You have unlimited attempts available to
complete practice assignments 1 The following T
accounts show transactions that
2. were recorded by Residential Relocators, a firm
that specializes in local housing rentals. The
entries for the first transaction are labeled with
the letter (a), the entries for the second
transaction with the letter (b), and so on.
Cash
(a) 95,000 (b) 23,000
(d) 15,000 (e) 350
(g) 1,500 (h) 5,500 (i) 2,500 Equipment (c)
40,000
Accounts Receivable
(f) 5,000 (g) 1,500
Accounts Payable
(c) 40,000
4. Wade Wilson, Drawing
(i) 2,500
Salaries Expense
(h) 5,500
Determine the balance of each account.
2
Derrick Wells decided to
start a dental practice.
The first five
transactions for the
business follow.
Derrick invested
$45,000 cash in the
business. Paid $15,000
in cash for equipment.
Performed services for
cash amounting to
$4,500. Paid $1,900 in
cash for advertising
5. (2&3) Post the above transactions into
the appropriate T accounts.
3
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 $80,000
in cash to start the
business.
Paid $3,000 for the
current month's rent.
Bought office furniture
for $8,360 in cash.
6. Paid $2,000 in cash for office cleaning services for
the month.
Purchased additional office chairs for $2,900;
received credit terms of 30 days. Purchased office
equipment for $20,000 and paid half of this
amount in cash immediately; the balance is due in
30 days.
Issued a check for $4,700 to pay salaries.
Performed services for $7,250 in cash. Performed
services for $8,000 on credit. Collected $4,000 on
accounts receivable from
charge customers.
Issued a check for $1,450 in partial payment of
the amount owed for office chairs.
Paid $350 to a duplicating company for photocopy
work performed during the month.
Paid $610 for the monthly electric bill. Guttery
withdrew $4,500 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
7. signs in this problem to demonstrate your
understanding of decreases to account
balances.
4
The following T
accounts show
transactions that were
recorded by Residential
Relocators, a firm that
specializes in local
Housing rentals.
Cash
(a) 95,000 (b)
23,000 (d) 15,000
(e) 350
(g) 1,500 (h) 5,500
(i) 2,500
Equipment
(c) 40,000
Accounts Receivable
(f) 5,000 (g) 1,500
9. Telephone Expense
(e) 350
Wade Wilson, Drawing
(i) 2,500
Salaries Expense
(h) 5,500
Required:
Prepare a statement of
owner's equity and a
balance sheet for
Residential Relocators as
of
December 31, 2019.
5
10. The following T accounts show transactions that
were recorded by Residential Relocators, a firm
that specializes in local housing rentals.
Cash
(a) 95,000 (b)
23,000 (d) 15,000
(e) 350
(g) 1,500 (h) 5,500
(i) 2,500
Equipment
(c) 40,000
Accounts Receivable
(f) 5,000 (g) 1,500
Accounts Payable
(c) 40,000
12. Wade Wilson, Drawing
(i) 2,500
Salaries Expense
(h) 5,500
Required:
Prepare a trial balance and
an income statement for
Residential Relocators. The
trial balance is for December
31, 2019, and the income
statement is for the month
ended December 31, 2019.
6
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.
13. Transactions:
Guttery invested $80,000 in cash to start the
business.
Paid $3,000 for the current month's rent.
Bought office furniture for $8,360 in cash.
Performed services for $4,100 in cash.
Paid $625 for the monthly telephone bill.
Performed services for $7,000 on credit.
Purchased a computer and copier for $19,000;
paid $6,500 in cash immediately with the
balance
due in 30 days.
Received $3,500 from credit clients.
Paid $2,000 in cash for office cleaning services
for
the month.
Purchased additional office chairs for $2,900;
received credit terms of 30 days. Purchased
office equipment for $20,000 and paid half of
this amount in cash immediately; the balance
is due in 30 days.
Issued a check for $4,700 to pay salaries.
Performed services for $7,250 in cash.
Performed services for $8,000 on credit.
Collected $4,000 on accounts receivable from
charge customers.
Issued a check for $1,450 in partial payment of
the
14. amount owed for office chairs.
Paid $350 to a duplicating company for photocopy
work performed during the month.
Paid $610 for the monthly electric bill. Guttery
withdrew $4,500 in cash for personal
expenses.
Required:
Prepare a trial balance, an income statement, a
statement of owner's equity, and a balance sheet.
Assume that the transactions took place during the
month ended June 30, 2019. Determine the
account balances before you start work on the
financial statements.
Analyze:
What is the change in owner's equity for the month
of June?
