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Course Number: ACCT 1, Spring 2010

College/University: Los Angeles City College

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Assignment Print View 8/9/10 10:26 AM 2. award: 1 out of 1 point Exercise 2-4 Preparing general journal entries L.O. A1, P1 Prepare general journal entries for the following transactions of a new business called Pose for Pics. (Omit the "$" sign in your response.) Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the business. 2 Paid $2,100 cash for an...

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Print Assignment View 8/9/10 10:26 AM 2. award: 1 out of 1 point Exercise 2-4 Preparing general journal entries L.O. A1, P1 Prepare general journal entries for the following transactions of a new business called Pose for Pics. (Omit the "$" sign in your response.) Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the business. 2 Paid $2,100 cash for an insurance policy covering the next 24 months. 5 Purchased office supplies for $880 cash. 20 Received $3,331 cash in photography fees earned. 31 Paid $675 cash for August utilities. Date General Journal Aug. 1 Cash Photography Equipment Madison Harris, Capital 2 Prepaid Insurance Cash 5 Office Supplies Cash 20 Cash Photography Fees Earned 31 Utilities Expense Cash Debit 6,500 33,500 40,000 2,100 2,100 880 880 3,331 3,331 675 675 Credit Exercise 2-4 Preparing general journal entries L.O. A1, P1 Prepare general journal entries for the following transactions of a new business called Pose for Pics. (Omit the "$" sign in your response.) Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the business. 2 Paid $2,100 cash for an insurance policy covering the next 24 months. 5 Purchased office supplies for $880 cash. 20 Received $3,331 cash in photography fees earned. 31 Paid $675 cash for August utilities. Date General Journal Aug. 1 Cash Photography Equipment Madison Harris, Capital 2 Prepaid Insurance http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview Debit 6,500 33,500 Credit 40,000 2,100 Page 2 of 10

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Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:26 AMCash 5 Office Supplies Cash 20 Cash Photography Fees Earned 31 Utilities Expense Cash 8802,100880 3,331 3,331 675 6753.award:1 out of 1 pointExercise 2-5 Preparing T-accounts (ledger) and a trial balance L.O. C3
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:26 AMRequirement 2: Use the amounts in the T-accounts developed in requirement (1) to prepare an August 31 trial balance for Pose-for-Pics. (You must record the debit and credit entries in the order of T-accounts listed ab
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:26 AMUtilities Expense Aug. 31 675Requirement 2: Use the amounts in the T-accounts developed in requirement (1) to prepare an August 31 trial balance for Pose-for-Pics. (You must record the debit and credit entries in the
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:26 AMNet Income$ 2,110Exercise 2-10 Preparing an income statement L.O. C4, P3On October 1, Diondre Shabazz organized a new consulting firm called OnTech. On October 31, the company's records show the following items and
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:26 AMAdd:Investment by owner Net incomeSub-Total Less : Withdrawals by owner D. Shabazz, Capital, October 31$ 84,000 2,110 86,110 2,000 $ 84,110Exercise 2-11 Preparing a statement of owner's equity L.O. P3Use the inf
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:26 AMOffice Supplies Office Equipment Patents Total assets3,250 18,000 46,000 $ 92,610D. Shabazz, Capital84,110Total liabilities & equity$ 92,610Exercise 2-12 Preparing a balance sheet L.O. P3Use the information giv
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:26 AMOwner investments during the year Owner withdrawals during the year Net Income (loss) for the year Equity, December 31, 2008( $110,000 28,000 ) 22,000 104,000 $42,000 (47,000 ) 90,000 85,000 $87,000 (10,000 ) (4,0
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:26 AMExercise 2-16 Preparing general journal entries L.O. A1, P1Use information from the T-accounts given below to prepare general journal entries for each of the seven transactions a through g . (Omit the "$" sign in you
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AMScore: 13.85 out of 14 points (98.93%)1.award:1 out of 1 point From the dropdown box beside each adjusting entry, select the letter of the explanation A through F that most closely describes the entry: A. B. C. D.
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AMPrepaid Insurance C A D E Unearned Professional Fees Professional Fees Earned Interest Receivable Interest Revenue Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable 19,2503,180 19,250 3,
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AMWorksheetLearning Objective: 03-P1b. The Prepaid Insurance account had a $6,000 debit balance at December 31, 2009, before adjusting for the costs of any expired coverage. An analysis of the companys insurance polic
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AM6.award:1 out of 1 point e. The Prepaid Insurance account had a $6,800 debit balance at December 31, 2009, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $6,160
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AMb. Payday entry: Date Jan. 4, 2009 General Journal Wages Payable Wages Expense Cash Debit 825 2,475 3,300 CreditWorksheetLearning Objective: 03-C1Learning Objective: 03-P1Arton Management has five part-time employ
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AMRent expense Office supplies expense Advertising expense Utilities expense Total expenses Net income Adjusting entry 1: Unbilled fees Date Dec. 313,800 0 2,500 1,250 20,050 $ 40,4504,500 528 3,000 1,327 29,555 $ 37,
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AMAdjusting entry 9: Advertising Date Dec. 31 General Journal Advertising Expense Advertising Payable Debit 500 Credit 500Adjusting entry 10: Utilities Date Dec. 31 General Journal Utilities Expense Utilities PayableL
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AMFees Earned Adjusting entry 3: Computers Date Dec. 31 General Journal Depreciation Expense-Computers Accumulated Depreciation-Computers Debit 1,6504,620Credit 1,650Adjusting entry 4: Furniture Date Dec. 31 General
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AM10.award:1 out of 1 point Requirement 1: Use the following information to compute profit margin for each separate company a through e . (Round your answers to 1 decimal place. Omit the "%" sign in your response.) a.
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AMDate Dec. 2General Journal Insurance Expense CashDebit 1,540Credit 1,540c. On December 15, the company receives an advance payment of $13,000 cash from a customer for remodeling work. Date Dec. 15 General Journal
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AMc. On December 15, the company receives an advance payment of $13,000 cash from a customer for remodeling work. Date Dec. 15 General Journal Cash Remodeling Fees Earned Debit 13,000 Credit 13,000d. On December 28, th
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AMselect the option "No entry required for this transaction" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Date July 1 6 12 18
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AMevents using the procedure of initially crediting the Fees Earned account when payment is received from a customer in advance of performing services. (In cases where no entry is required, please select the option "No
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AM14.award:1 out of 1 point c. Under each method, determine the amount of earned fees reported on the income statement for July and the amount of unearned fees reported on the balance sheet as of July 31. (Omit the "$
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AMScore: 10 out of 10 points (100%)1.award:1 out of 1 point The adjusted trial balance for Santara Marketing Co. follows. Complete the four right-most columns of the table by first entering information for the four c
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:27 AM[The following information applies to the questions displayed below.]The following adjusted trial balance relates to Resource Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accd. depr
Los Angeles City College - ACCT - 1
Assignment Print ViewRESOURCE TRUCKING COMPANY Statement of Owner's Equity For Year Ended December 31, 2009 J. Reso, Capital, December 31, 2008 Add : Net Income Sub Total Less : Owner withdrawals J. Reso, Capital, December 31, 2009Worksheet Learning Obj
Los Angeles City College - ACCT - 1
Assignment Print ViewTrucks Accd. depreciationTrucks Land Accounts payable Interest payable Long-term notes payable J. Reso, Capital J. Reso, Withdrawals Trucking fees earned Depreciation expenseTrucks Salaries expense Office supplies expense Repairs exp
Los Angeles City College - ACCT - 1
Assignment Print ViewDepreciation expenseTrucks Salaries expense Office supplies expense Repairs expenseTrucks Totals 20,727 56,749 6,655 10,406 $ 381,8378/9/10 10:27 AM$ 381,837Required: Compute the current ratio as of the balance sheet date. (Round
Los Angeles City College - ACCT - 1
Assignment Print ViewDepreciation expenseTruck Salaries expense Office supplies expense Interest expense Repairs expensetrucks Totals 48,000 128,670 14,000 6,000 16,000 $792,6708/9/10 10:27 AM$792,6707.award:1 out of 1 point Requirement 1: Use the f
Los Angeles City College - ACCT - 1
Assignment Print ViewDepreciation expenseTrucks Salaries expense Office supplies expense Interest expense Repairs expenseTrucks Totals Net Income Totals 48,000 128,670 14,000 6,000 16,000 792,670 792,670 16,000 0 3,500 2,000 0 21,500 0 0 0 0 0 21,500 64,
Los Angeles City College - ACCT - 1
Assignment Print ViewD. Santaga, Withdrawals 38,0008/9/10 10:27 AM9.award:1 out of 1 pointRequirement 3:Determine the capital amount to be reported on its year-end balance sheet. (Omit the "$" sign in your response. Input all amounts as positive va
Los Angeles City College - ACCT - 1
Assignment Print ViewScholl uses reversing entries in its accounting system. (Omit the "$" sign in your response.) Date Sept. 1 General Journal Service Fees Earned Accounts Receivable General Journal Salaries Payable Salaries Expense Debit 4,500 Credit 4
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:28 AMScore: 10 out of 10 points (100%)1.award:1 out of 1 point Fortuna Company purchased merchandise for resale from Lemar Company with an invoice price of $30,000 and credit terms of 2/10, n/60. The merchandise had cos
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:28 AMRequirement 3: Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 8% and paid it back on the last day of the credit period. Compute how m
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:28 AMAssume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 8% and paid it back on the last day of the credit period. Compute how much the buyer s
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:28 AM3.award:1 out of 1 point Mechanic Parts was organized on May 1, 2009, and made its first purchase of merchandise on May 3. The purchase was for 1,200 units at a price of $7 per unit. On May 5, Mechanic Parts sold 72
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:28 AMMay 5Accounts Receivable Sales Cost of Goods Sold Merchandise Inventory7,920 7,920 5,040 5,040May 5(a) On May 7, Radica returns 251 units because they did not fit the customer's needs. Mechanic Parts restores the
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:28 AMrestores the units to its inventory. Date May 7 General Journal Accounts Payable Merchandise Inventory Debit 2,761 Credit 2,761(b) On May 8, Radica discovers that 60 units are damaged but are still of some use and, t
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:28 AMbecause Mechanic sends a $92 credit memorandum to compensate. However, Radica returns the remaining 29 units to Mechanic. Mechanic restores the 29 returned units to its inventory. Date May 15 General Journal Accounts
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:28 AMCost of goods sold Gross profit Expenses Net income (loss)$34,950 47,850 9,000 38,8506.award:1 out of 1 point (b) Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Mer
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:28 AMCost of goods sold Gross profit Expenses Net income (loss)Worksheet$Learning Objective: 05-C145,488 4,606 14,923 (10,317)Learning Objective: 05-C4(c) Sales Cost of goods sold Merchandise inventory (beginning) To
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:28 AMExpenses Net income (loss)$32,600 29,4139.award:1 out of 1 point (e) Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sol
Los Angeles City College - ACCT - 1
Assignment Print View8/9/10 10:28 AMCurrent liabilities$ 2,563 Case X 1.72 .36$ 1,281 Case Y 3.11 1.70$ 4,254 Case Z 1.91 .61Current ratio Acid-test ratioRequirement 2: Which company case is in the best position to meet short-term obligations? Case
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