Week 2 Assignment.docx - WEEK 2 ASSIGNMENT 1 Tracy Adams...

WEEK 2 ASSIGNMENT 1
Tracy Adams
ACC205: Principles of Accounting I
September 21, 2017
Chapter Three: Exercises 4 and 8
Chapter Four: Exercises 3 and 6
Chapter Three: Problem 3
Chapter Four: Problem 3

WEEK 2 ASSIGNMENT 2
CHAPTER THREE: EXERCISE 4
A)
Cash 26,250
Unearned Fish
Trips 26,250
Unearned First Trips 22,500
Earned Fish Trips 22,500
B) The total obligation to tourists at the end of January is $3,750 which would appear on the
Balance Sheet under the Liabilities section.
C)
Prepaid Boat
Rental 72,500
Cash 72,500
Boating Rental Expense 3,000
Prepaid Boat Rental 3,000
D) January’s boat rental cost would appear on the Income Statement under the Expense
section.
CHAPTER THREE: EXERCISE 8

WEEK 2 ASSIGNMENT 3
CHAPTER FOUR: EXERCISE 3
A)
Palmetto Company
Bank Reconciliation
Bank
Compan
y
Balance
6,15
0 3,580
Less Service Charges -20
Interest on Notes 100
Notes Collected by Banks 1000
NSF Check -650
Deposit in Transit 940
Outstanding Checks
-
3,08
0
Balance Agreed
4,01
0 4,010
B)
Palmetto Company Journal Entry
Date Accounts Debit Credit
14-Jan Service Charges 20
Account Receivable 650
Cash 670
Cash
1,10
0
Interest Income 100
Notes Receivable 1000
CHAPTER THREE: PROBLEM 3
CHAPTER FOUR: PROBLEM 3