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WEEK 2 ASSIGNMENT1Tracy AdamsACC205: Principles of Accounting ISeptember 21, 2017Chapter Three: Exercises 4 and 8Chapter Four: Exercises 3 and 6Chapter Three: Problem 3Chapter Four: Problem 3
WEEK 2 ASSIGNMENT2CHAPTER THREE: EXERCISE 4A)Cash26,250Unearned FishTrips26,250Unearned First Trips22,500Earned Fish Trips22,500B)The total obligation to tourists at the end of January is $3,750 which would appear on theBalance Sheet under the Liabilities section.C)Prepaid BoatRental72,500Cash72,500Boating Rental Expense3,000Prepaid Boat Rental3,000D)January’s boat rental cost would appear on the Income Statement under the Expensesection.CHAPTER THREE: EXERCISE 8
WEEK 2 ASSIGNMENT3CHAPTER FOUR: EXERCISE 3A)Palmetto CompanyBank ReconciliationBankCompanyBalance6,1503,580Less Service Charges-20Interest on Notes100Notes Collected by Banks1000NSF Check-650Deposit in Transit940Outstanding Checks-3,080Balance Agreed4,0104,010B)Palmetto Company Journal EntryDateAccountsDebitCredit14-JanService Charges20Account Receivable650Cash670Cash1,100Interest Income100Notes Receivable1000CHAPTER THREE: PROBLEM 3CHAPTER FOUR: PROBLEM 3