Web Homework 3 - Buildings Miscellaneous Revenue Property...

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The University of Texas at Austin McCombs School of Business ACC 310F: Foundations of Accounting Homework 3 Once you have completed the assignment below, you must enter your answers on the answer sheet provided in the Assignments section of Blackboard; not all homework answers will be turned in. Although you can “Save” your answers while working, you must “Submit” them to get credit for the assignment. Once submitted, your answers cannot be changed. Where appropriate, partial credit will be given. Your answer sheet is due by 8am on Monday, November 2, 2009; print or save your confirmation page to verify that your assignment was successfully submitted. A. For the company you selected (e.g. Car, Hat or Dog), prepare a journal entry for each transaction in year 1 using the following account names as needed: Cash Rental Revenue
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Unformatted text preview: Buildings Miscellaneous Revenue Property Rent Expense Note Payable Miscellaneous Expense Paid in Capital Dividends Retained Earnings B. Prepare ledger accounts (i.e. T-accounts) using the names above and post your journal entries to the ledger for year 1. C. Prepare an income statement, statement of owners’ equity and balance sheet for year 1. D. Prepare closing entries for year 1 and post those to the appropriate ledger accounts. E. Prepare journal entries for year 2. F. Post your year 2 journal entries to the ledger accounts. G. Prepare an income statement, statement of owners’ equity and balance sheet for year 2. H. Prepare closing entries for year 2 and post those to the appropriate ledger accounts. I. Review your company’s financial statements and briefly comment on your results....
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This note was uploaded on 01/31/2011 for the course ACC 310F taught by Professor Verduzco during the Fall '07 term at University of Texas.

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