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1. UOP ACC 290 Week 5 Practice Connect
Practice
Assignment
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Complete the Week 5 Practice in Connect.
Note: You have unlimited attempts available
to complete practice assignments.

2. attempt 1 1
Consumer Research Associates, owned by Gloria
Johnson, is retained by large companies to test
consumer reaction to new products. On January
31, 2019, the firm's worksheet showed the
following adjustments data: (a) supplies used,
$4,680; (b) expired rent, $26,000; and (c)
depreciation on office equipment, $9,160. The
balances of the revenue and expense accounts
listed in the Income Statement section of the
worksheet and the drawing account listed in the
Balance Sheet section of the worksheet are
given
below:
REVENUE AND EXPENSE ACCOUNTS 401 Fees
Income $ 200,000 Cr.
511 Depr. Expense—Office Equipment 9,160 Dr.
514 Rent Expense 26,000 Dr.
517 Salaries Expense 99,000 Dr.
520 Supplies Expense 4,680 Dr.
523 Telephone Expense 2,700 Dr.
526 Travel Expense 20,780 Dr.
529 Utilities Expense 2,500 Dr.
DRAWING ACCOUNT

3. 302 Gloria Johnson, Drawing 22,000 Dr.
Required:
Record the adjusting entries in the general
journal
(transactions 1-3).
Record the closing entries in the general journal
(transactions 4-7).
2
A partially completed
worksheet for At Home
Pet Grooming Service, a
firm that grooms pets at
the
owner's home, follows.
Required:
Complete the worksheet.
Record the adjusting
entries in the general
journal
(transactions 1-3).
Record the closing
entries in the general
journal
(transactions 4-7).
Post the adjusting entries
and the closing entries to
the general ledger

4. What total debits were posted to the general
ledger to complete all closing entries for the
month of December?
3
On December 31,
2019, the ledger of
Lopez Company
contained the
following account
balances:Cash $ 66,000 Maria Lopez, Drawing $ 52,000
Accounts Receivable 5,800 Fees Income 107,500
Supplies 4,200 Depreciation Expense 5,500
Equipment 52,000 Salaries Expense 34,000
Accumulated Depreciation 5,000 Supplies Expense
6,000
Accounts Payable 6,000 Telephone Expense 5,200
Maria Lopez, Capital 121,500 Utilities Expense
9,300
4
The ledger accounts of
AXX Internet Company
appear as follows on
March 31, 2019:

5. ACCOUNT NO. ACCOUNT BALANCE 101 Cash $
40,000 111 Accounts Receivable 29,910 121
Supplies 5,300 131 Prepaid Insurance 12,500
141 Equipment 59,000 142 Accumulated
Depreciation—Equipment
20,660
202 Accounts Payable 7,000
301 Aretha Hinkle, Capital 65,000
302 Aretha Hinkle, Drawing 6,500 401 Fees
Income 187,230
510 Depreciation Expense—Equipment 10,580
511 Insurance Expense 5,700 514 Rent Expense
16,500
517 Salaries Expense 83,000
518 Supplies Expense 2,800 519 Telephone
Expense 3,400
523 Utilities Expense 4,700 All accounts have
normal balances.
Required:
Prepare the closing entries.
Post the transactions in to the appropriate
ledger accounts. Hint: Be sure to enter beginning
balances.

6. 5
The Income Summary and Linda Carter, Capital
accounts for Carter Production Company at the
end of its accounting period follow.
Income Summary Account No. 399
Balance
Date Description Debit Credit Debit Credit
2019
Dec. 31 Closing 134,000 134,000 31 Closing
71,800 62,200 31 Closing 62,200 0
Linda Carter, Capital Account No. 301
Balance
Date Description Debit Credit Debit Credit
2019
Dec. 1 240,000 240,000 31 Closing 62,200
302,200 31 Closing 22,000 280,200
6
On December 31, the Income Summary account of
Madison Company has a debit balance of
$111,000

7. after revenue of $117,000 and expenses of
$228,000 were closed to the account. Madison
Wells, Drawing has a debit balance of $12,000 and
Madison Wells, Capital has a credit balance of
$174,000.
Required:
Record the journal entries necessary to complete
closing the accounts.
What is the new balance of Madison Wells, Capital?
attempt 2 1
The ledger accounts of AXX Internet Company
appear as follows on March 31, 2019:
ACCOUNT NO. ACCOUNT BALANCE 101 Cash $
40,000 111 Accounts Receivable 29,910 121
Supplies 5,300 131 Prepaid Insurance 12,500
141 Equipment 59,000

8. 142 Accumulated Depreciation—Equipment
20,660
202 Accounts Payable 7,000
301 Aretha Hinkle, Capital 65,000
302 Aretha Hinkle, Drawing 6,500 401 Fees
Income 187,230
510 Depreciation Expense—Equipment
10,580 511 Insurance Expense 5,700 514 Rent
Expense 16,500
517 Salaries Expense 83,000
518 Supplies Expense 2,800 519 Telephone
Expense 3,400
523 Utilities Expense 4,700 All accounts have
normal balances.
Required:
Prepare the closing entries.
Post the transactions in to the appropriate
ledger accounts. Hint: Be sure to enter
beginning
balances.
2
A partially completed
worksheet for At Home
Pet Grooming Service, a
firm that grooms pets at
the
owner's home, follows.

9. Required:
Complete the worksheet.
Record the adjusting entries in the general
journal
(transactions 1-3).
Record the closing entries in the general journal
(transactions 4-7).
Post the adjusting entries and the closing entries
to the general ledger accounts. Hint: Be sure to
enter beginning balances.
Prepare a post-closing trial balance.
Analyze:
What total debits were posted to the general
ledger to complete all closing entries for the
month of December?
3
The Income Summary
and Linda Carter,
Capital accounts for
Carter Production
Company at the end of
its accounting period
follow.
Income Summary
Account No. 399

10. Date Description Debit Credit Debit Credit
2019
Dec. 31 Closing 134,000 134,000 31
Closing 71,800 62,200 31 Closing 62,200
0
Linda Carter, Capital Account No. 301
Balance
Date Description Debit Credit Debit Credit
2019
Dec. 1 240,000 240,000 31 Closing 62,200
302,200 31 Closing 22,000 280,200
4
On December 31, the Income Summary account of
Madison Company has a debit balance of
$111,000 after revenue of $117,000 and expenses
of $228,000 were closed to the account. Madison
Wells, Drawing has a debit balance of $12,000 and
Madison Wells, Capital has a credit balance of
$174,000.
Required:
Record the journal entries necessary to complete

11. closing the accounts.
What is the new balance of Madison Wells, Capital?
5
Consumer Research
Associates, owned by
Gloria Johnson, is
retained by large
companies to test
consumer reaction to
new products. On
January 31, 2019, the
firm's worksheet
showed the following
adjustments data: (a)
supplies used, $4,680;
(b) expired rent,
$26,000; and (c)
depreciation on office
equipment, $9,160. The
balances of the revenue
and expense accounts
listed in the Income
Statement section of the
worksheet and the
drawing account listed
in the Balance Sheet
section of the worksheet
are given

12. DRAWING ACCOUNT 302 Gloria Johnson, Drawing
22,000 Dr.
Required:
Record the adjusting entries in the general
journal
(transactions 1-3).
Record the closing entries in the general journal
(transactions 4-7).
6
On December 31, 2019, the ledger of Lopez
Company contained the following account
balances:
Cash $ 66,000 Maria Lopez, Drawing $ 52,000
Accounts Receivable 5,800 Fees Income 107,500
Supplies 4,200 Depreciation Expense 5,500
Equipment 52,000 Salaries Expense 34,000
Accumulated Depreciation 5,000 Supplies Expense
6,000
Accounts Payable 6,000 Telephone Expense 5,200
Maria Lopez, Capital 121,500 Utilities Expense
9,300

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