Accounting 1 Week 4 5 HOMEWORK QUESTIONS – savvyessaywriters.net | Savvy Essay Writers
Accounting 1 Week 4 5 HOMEWORK QUESTIONS – savvyessaywriters.net | Savvy Essay Writers
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Carla Vista Company had the following adjusted trial balance.Carla Vista CompanyAdjusted Trial BalanceFor the Month Ended June 30, 2020Adjusted Trial BalanceAccount TitlesDebitCreditCash$3,530Accounts Receivable4,000Supplies570Accounts Payable$1,700Unearned Service Revenue180Owner’s Capital5,050Owner’s Drawings610Service Revenue5,040Salaries and Wages Expense1,200Miscellaneous Expense400Supplies Expense2,260Salaries and Wages Payable 600$12,570$12,570(a)Prepare closing entries at June 30, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)No.Account Titles and ExplanationDebitCredit1.enter an account title to close revenue accountenter a debit amountenter a credit amountenter an account title to close revenue accountenter a debit amountenter a credit amount(To close revenue account)2.enter an account title to close expense accountsenter a debit amountenter a credit amountenter an account title to close expense accountsenter a debit amountenter a credit amountenter an account title to close expense accountsenter a debit amountenter a credit amountenter an account title to close expense accountsenter a debit amountenter a credit amount(To close expense accounts)3.enter an account title to close net income / (loss)enter a debit amountenter a credit amountenter an account title to close net income / (loss)enter a debit amountenter a credit amount(To close net income / (loss))4.enter an account title to close drawingsenter a debit amountenter a credit amountenter an account title to close drawingsenter a debit amountenter a credit amount(To close drawings)eTextbook and MediaList of AccountsView PoliciesCurrent Attempt in ProgressCullumber Company ended its fiscal year on July 31, 2020. The company’s adjusted trial balance as of the end of its fiscal year is as follows.Cullumber CompanyAdjusted Trial BalanceJuly 31, 2020No.Account TitlesDebitCredit101Cash$10,200112Accounts Receivable9,100157Equipment16,200158Accumulated Depreciation—Equip.$7,600201Accounts Payable4,400208Unearned Rent Revenue1,600301Owner’s Capital47,900306Owner’s Drawings16,200400Service Revenue64,300429Rent Revenue6,700711Depreciation Expense9,200726Salaries and Wages Expense56,300732Utilities Expense15,300 $132,500$132,500(a)Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJuly 31enter an account title to close revenue accountsenter an account title to close revenue accountsenter a debit amountenter a debit amountenter a credit amountenter a credit amountenter an account title to close revenue accountsenter an account title to close revenue accountsenter a debit amountenter a debit amountenter a credit amountenter a credit amountenter an account title to close revenue accountsenter an account title to close revenue accountsenter a debit amountenter a debit amountenter a credit amountenter a credit amount(To close revenue accounts)July 31enter an account title to close expense accountsenter an account title to close expense accountsenter a debit amountenter a debit amountenter a credit amountenter a credit amountenter an account title to close expense accountsenter an account title to close expense accountsenter a debit amountenter a debit amountenter a credit amountenter a credit amountenter an account title to close expense accountsenter an account title to close expense accountsenter a debit amountenter a debit amountenter a credit amountenter a credit amountenter an account title to close expense accountsenter an account title to close expense accountsenter a debit amountenter a debit amountenter a credit amountenter a credit amount(To close expense accounts)July 31enter an account title to close net income / (loss)enter an account title to close net income / (loss)enter a debit amountenter a debit amountenter a credit amountenter a credit amountenter an account title to close net income / (loss)enter an account title to close net income / (loss)enter a debit amountenter a debit amountenter a credit amountenter a credit amount(To close net income / (loss))July 31enter an account title to close drawingsenter an account title to close drawingsenter a debit amountenter a debit amountenter a credit amountenter a credit amountenter an account title to close drawingsenter an account title to close drawingsenter a debit amountenter a debit amountenter a credit amountenter a credit amount(To close drawings)eTextbook and MediaList of AccountsSave for LaterAttempts: 0 of 3 usedSubmit Answer(b)The parts of this question must be completed in order. This part will be available when you complete the part above.(c)The parts of this question must be completed in order. This part will be available when you complete the part above.Current Attempt in ProgressWildhorse Company discovered the following errors made in January 2020.1.A payment of Salaries and Wages Expense of $480 was debited to Equipment and credited to Cash, both for $480.2.A collection of $5,300 from a client on account was debited to Cash $530 and credited to Service Revenue $530.3.The purchase of equipment on account for $180 was debited to Equipment $710 and credited to Accounts Payable $710.(a)Correct the errors by reversing the incorrect entry and preparing the correct entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)No.Account Titles and ExplanationDebitCredit1.enter an account title to reverse the incorrect entryenter a debit amountenter a credit amountenter an account title to reverse the incorrect entryenter a debit amountenter a credit amount(To reverse the incorrect entry)enter an account title to record the correct entryenter a debit amountenter a credit amountenter an account title to record the correct entryenter a debit amountenter a credit amount(To record the correct entry)2.enter an account title to reverse the incorrect entryenter a debit amountenter a credit amountenter an account title to reverse the incorrect entryenter a debit amountenter a credit amount(To reverse the incorrect entry)enter an account title to record the correct entryenter a debit amountenter a credit amountenter an account title to record the correct entryenter a debit amountenter a credit amount(To record the correct entry)3.enter an account title to reverse the incorrect entryenter a debit amountenter a credit amountenter an account title to reverse the incorrect entryenter a debit amountenter a credit amount(To reverse the incorrect entry)enter an account title to record the correct entryenter a debit amountenter a credit amountenter an account title to record the correct entryenter a debit amountenter a credit amount(To record the correct entry)eTextbook and MediaList of AccountsSave for LaterAttempts: 0 of 3 usedSubmit Answer(b)The parts of this question must be completed in order. This part will be available when you complete the part above.Current Attempt in ProgressThese financial statement items are for Ivanhoe Company at year-end, July 31, 2020.Salaries and wages payable$1,900Notes payable (long-term)$2,100Salaries and wages expense51,700Cash14,000Utilities expense22,200Accounts receivable10,000Equipment29,200Accumulated depreciation―equipment5,900Accounts payable4,700Owner’s drawings4,200Service revenue63,300Depreciation expense4,400Rent revenue8,500Owner’s Capital (beginning of the year)49,300(a1)Prepare an income statement for the year. The owner did not make any new investments during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)IVANHOE COMPANYIncome Statementchoose the accounting period For the Year Ended July 31, 2020July 31, 2020For the Month Ended July 31, 2020select an opening name for section one DrawingsExpensesNet Income / (Loss)Owner’s Capital, August 1, 2019Owner’s Capital, July 31, 2020RevenuesTotal ExpensesTotal Revenuesenter an income statement item$enter a dollar amount enter an income statement itementer a dollar amountselect a closing name for section one DrawingsExpensesNet Income / (Loss)Owner’s Capital, August 1, 2019Owner’s Capital, July 31, 2020RevenuesTotal ExpensesTotal Revenues$enter a total amount for section one select an opening name for section two DrawingsExpensesNet Income / (Loss)Owner’s Capital, August 1, 2019Owner’s Capital, July 31, 2020RevenuesTotal ExpensesTotal Revenuesenter an income statement item$enter a dollar amount enter an income statement itementer a dollar amountenter an income statement itementer a dollar amountselect a closing name for section two DrawingsExpensesNet Income / (Loss)Owner’s Capital, August 1, 2019Owner’s Capital, July 31, 2020RevenuesTotal ExpensesTotal Revenuesenter a total amount for section twoselect a closing name for this statement DrawingsExpensesNet Income / (Loss)Owner’s Capital, August 1, 2019Owner’s Capital, July 31, 2020RevenuesTotal ExpensesTotal Revenues$enter a total net income or loss amounteTextbook and MediaList of AccountsSave for LaterAttempts: 0 of 3 usedSubmit Answer(a2)The parts of this question must be completed in order. This part will be available when you complete the part above.(b)The parts of this question must be completed in order. This part will be available when you complete the part above.Current Attempt in ProgressThe adjusted trial balance for Wildhorse Bowling Alley at December 31, 2020, contains the following accounts.Debits CreditsBuildings$127,300Owner’s Capital$116,100Accounts Receivable15,000Accumulated Depreciation—Buildings42,000Prepaid Insurance4,900Accounts Payable12,000Cash19,500Notes Payable97,200Equipment61,100Accumulated Depreciation—Equipment17,400Land66,100Interest Payable2,400Insurance Expense700Service Revenue17,500Depreciation Expense7,100Interest Expense2,900 $304,600$304,600(a)Prepare a classified balance sheet; assume that $28,600 of the note payable will be paid in 2021. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)WILDHORSE BOWLING ALLEYBalance SheetFot the Year Ended December 31, 2020December 31, 2020Fot the Month Ended December 31, 2020Assets Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner’s Equity$ Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner’s Equity$ Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner’s Equity$ AddLess: AddLess: Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner’s Equity$ Liabilities and Owner’s Equity Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner’s Equity$ Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner’s Equity$ Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner’s Equity Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner’s Equity Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner’s Equity Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner’s Equity
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