Cost of goods and number of units available for sale:
Purchases on 10th Feb.
Purchases on 13th March
Purchases on 21st Aug
Purchases on 5th Sep.
Rate per UAmount
Respond to the following questions.
Assume you work for an oil company that deals with oil contracts and you are
responsible for constructing those oil contracts. Assume you have an oil contract that
has the following characteristics: Zero initial c
POW'ERIJNE NETWORK CORPORATION
(Operating Leverage, Financial Leverage, and the Optimal Capital Structure)
Directed Vi: rsien
This is one ofa series of cases dealing with various ﬁnancial issue:- faced by Powerline Network
Corporation. Background material
Assignment: Preparing Journal Entries and Trial Balances
Axia College of University of Phoenix
Exercises 2-4, and 2-5 and Problem 2-2A
Prepare general journal entries for the following transactions of a new business called Pose for
Aug. 1 Hashim
BTN 5-3 Amy Martinez is a student who plans to attend approximately four professional events
a year at her college. Each event necessitates a financial outlay of $100$200 for a new suit and
accessories. After incurring a major hit to her savings for the f
Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR),
accrued expenses (AE), or accrued revenues (AR).
a. Unearned Revenues
To record revenue earned that was previously received as cash in advance.
ACC 225 Week 5 DQ 1
Items that would appear on merchandising statements and not on services
rendered statements are: Sales, Sales discounts, Sales returns and allowances,
Merchandise inventory, Cost of merchandise sold, Selling expenses
Some small busines
ACC 225 Week 2 Assignment Preparing Journal Entries and Trial
Prepare general journal entries for the following transactions of a new
business called Pose for Pics.
Aug. 1 Hashim Paris, the owner, invested $7,500 cash and $32,500 of
ACC 225 Week 4 CheckPoint Preparing Balance Sheets and
Identifying the accounting cycle
List the following steps of the accounting cycle in their proper order:
a. Preparing the post-closing trial balance.
b. Posting the journal entries.
ACC 225 Week 7 DQ 1
Post your response to the following: Megagrocer is a grocery chain that
operates five stores. The stores are supplied with produce, meat, dairy, and
dry goods by six separate vendors. In addition to the stores, Megagrocer
Cost of Goods So
ACC 225 Week 1 Exercises Accounting and Business Organizations
1. Shareholders (investors), who see
ACC 225 Week 5 DQ 2
This is getting something for free in the expense of company by abusing the flaw of
the system. If Amy was caught or she might be banned from the store. This will
result her humiliation. Amy should stop her practice.
1. Net sales:
Less: Sales discounts.
Sales returns and allowances.
2. Cost of Merchandise purchased:
Invoice cost of merchandise purchased.
Purchase discounts received.
Purchase returns an
Retail Inventory method :
Beginning Inventory on Jan. 1
Merchandise Available for sale
Merchandise inventory on Dec.31
Merchandise Inventory % a cost on Dec. 31 = 573,920/ 866,340
1. Violates separation of duties. The company should implement a policy whereby the
person recording incoming cash receipts is not responsible for posting the payments to
the customer accounts.
2. Violates the principle of establishing responsibili
ACC 225 Week 9 Capstone Discussion Question
The first challenge for the contestant is the preparation of balance sheet and
income statement for a new established company. Each contestant will be given
the chance to meet with the owner of a company. They w
Adjusting entry required
Adjusting entry requi
July 31, 2008
Bank statement balance
Deposit of July 31
ACC 225 Week 7 CheckPoint Accounting Information Systems and Special Journals
ACC 225 CheckPoint Computing Inventory Balances and Lower of
Cost or Market
Assigning costs to inventory perpetual systems
Tevin Trader starts a merchandising business on December 1 and enters into three inventory
10 units @ $
ACC 225 Week 7 DQ 2
For merchandising company such as Krispy Kreme, employment of accounting
information systems will help the company secure their assets and ensure that its
data are reliable. For instance, bonding store clerk as well as warehouse clerk
ACC 225 Week 3 DQ 2
Based on the information, the type of adjusting entries the Ritz Manor must
have is unearned revenue. The Ritz Manor receives a one night pay in
advance for a reservation. The term unearned revenue refers to cash
received in advance of
ACC 225 CheckPoint Adjustments and Accrual and Cash Basis
Identifying accounting adjustments
Classify the following adjusting entries as involving prepaid expenses (PE),
unearned revenues (UR), accrued expenses (AE), or accrued revenues
USE THIS TEMPLATE FOR COMPLETING WEEK 6 CHECKPOINT
USE FOR E6-5 (Chapter 6, Section P2)
Compute the lower of cost of market :
USE FOR QS 6-1 (Chapter 6, Section P1)
Tevin Trader inventory records :
Calculation of Lower of Cost or Ma
USE THIS TEMPLATE FOR COMPLETING WEEK 7 CHECKPOINT
USE FOR QS 7-1 (Chapter 7, Section C1)
Identify the proper principle for each description :
A. Control principle
1. The principle prescribes the accounting information
system to change in r