Quiz Submissions - Homework #2 - ACCT 220 7980 Principles of Accounting I (2182) - UMUC Learning Man

Quiz Submissions - Homework #2 - ACCT 220 7980 Principles of Accounting I (2182) - UMUC Learning Man

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Quiz Submissions ‑ Homework #2 Rico Pagarigan (username: RPAGARIGAN) A±empt 1 Wri±en: Mar 21, 2018 10:12 PM ‑ Mar 24, 2018 10:54 PM A±empt Feedback Please review the ques²on detailed feedback. MJM General Journal entries are the heart & soul of our communica²ons as accountants with business managers. It is cri²cal that we learn the process. >> use commas where required >> one blank line between transac²ons is required >> one date only per transac²on >> no dollar signs in the General Journal >> all credit accounts must be right indented >> all debit accounts are listed first before all credit accounts in a transac²on >> when given an account name in a Trial Balance that name must be used in the General Journal entry You must follow instruc²ons regarding $ sign & commas for the entry values for fill in the box ques²ons. ACCT 220 7980 Principles of Accoun²ng I (2182)
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Submission View GJ ‑ 1 Ques²on 1 6 / 6 points The following is a par²al unadjusted Trial Balance. Bravo Unlimited Unadjusted Trial Balance (par²al) 1/31/16 Accounts Debit Credit Equipment $21,000 Accumulated Deprecia²on, Equipment $8,400 Building 168,000 Accumulated Deprecia²on, Building 16,800 Equipment has a 10 year life without salvage value. It has been in use for four years. The building has a 40 year life without salvage value and has been in use for four years. Both are depreciated on a straight‑line basis. Use this informa²on to prepare the compound General Journal entry (without explana²on) for the required end of the month adjustments. If no entry is required then write "No Entry Required."
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General Journal Date Accounts Debit Credit 01/31/2016 Deprecia²on Expense 525 Equipment Deprecia²on 175 Building Deprecia²on 350 The correct answer is not displayed for Wri±en Response type ques²ons. Hide Feedback Answer: General Journal Date Accounts Debit Credit 1/31/16 Deprecia²on Expense, 525 Accumulated Deprecia²on, Equipment 175
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Accumulated Deprecia²on, Building 350 Solu²on Notes: Equipment Deprecia²on = $21,000 / 10 years / 12 months per year = $175 per month Building Deprecia²on = $168,000 / 40 years / 12 months per year = $350 per month GJ ‑ 2 Ques²on 2 6 / 6 points Bravo Unlimited provided accoun²ng services, valued at $6,500, to its clients during the month of January 2016. Formal bills are sent to clients during the first week following the month in which services are provided. Use this informa²on to prepare the General Journal entry (without explana²on) for the required end of the month adjustment. If no entry is required then write "No Entry Required." General Journal Date Accounts Debit Credit 01/31/2016 Accounts Receivable 6,500 Revenue 6,500 The correct answer is not displayed for Wri±en Response type ques²ons.
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Hide Feedback Answer: General Journal Date Accounts Debit Credit 1/31/16 Accounts Receivable (or Fees Receivable) 6,500 Service Revenue 6,500 GJ ‑ 3 Ques²on 3 3 / 6 points The following is a par²al unadjusted Trial Balance.
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