ACC 205 Week 1, Week 2, Week 3 Assignment - ACC 205 Week 1...

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ACC 205 Week 1, Week 2, Week 3 AssignmentACC 205 Principles of Accounting I AshfordACC 205 Week 1 Basic Accounting EquationsACC 205 Week 1 Assignment; Treasure Hunt Exploration Company Trial BalanceACC 205 Week 2 Assignment; Problems - Chapter 3(P3-32A, P3-33A) - Chapter 4(E4-21, P4-25A)ACC 205 Week 3 Assignment - E5-16, E 6-23, E6-28, 5-29A
ACC 205 Week 1 Basic Accounting EquationsBasic Accounting equations1.Basic Concepts: Identification of assets(A), liability(L), revenue(R), or expense(E)a.Ab.Ec.Ld.Ae.Rf.Ag.Ah.E2.Analysis of transactionsAssets=Liabilities + Owner’s Equitya.Total assets “-$5,000“Owner’s Equity “-$5,000“b.Total assets “+“Liabilities “+”c.Total assets “+”Owner’s Equity “+”d.Total assets “-“Owner’s Equity “-“e.Total assets “+$22,000”Liability “+$22,000”f.Total assets “+$11,000”Owner’s Equity “+$11,000”g.Total assets “-“Liabilities “-“h.Total assets “-“Liabilities “-“3.Balance Sheet preparationPreston CompanyBalance Sheet as at December 31, 19XXFixed assets:$ $
Building 44,000 Land 21,000Total Fixed assets 65,000Current Assets:$ $ Accounts Receivable 24,000Cash 17,000 Total current assets 41,000Total Assets 106,000Liabilities:Current liabilities:Accounts payable 11,000Non-current assets:Loan payable 30,000Total liabilities 41,000Equity
Capital 65,000Total Equity and liability 106,0004.Statements Preparationa.Income statementGrimball Card,Income Statement for the year ended December 31, 19X1$ $Surgery revenue 175,000Expenses:Surgical expenses 80,000Salaries expenses 30,000Utilities expense 5,000Rent expense 15,000Total expenses (130, 0000)Net profit45,000b.Statement of owner’s equityGrimball Card,Statement of owner’s equity as at December 31, 19X1$Capital as at January 1, 19X1 300,00019X1 owner investments 2,00019X1 owner withdrawals(22,000)Profit for the year 45,000Owner’s equity at January 1, 19X1325,000c.Grimball’s Balance Sheet

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