# I need accounting homework help Its four questions

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Wiley PLUS Assignment Week Two

Wiley PLUS Assignment Week Two

Kimberly M Johnson

ACC/290

July 31, 2012

James Monroe

E3-4

A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders’ equity is explained.

Assets

=

Liabilities

+

Stockholders’ Equity

Office

Accounts

Common

Retained Earnings

Cash

+

A/R

+

Supp.

+

Equip.

=

Payable

+

Stock

+

Rev.

Exp.

Div.

1.

+\$20,000

+\$20,000

Com. Stock

2.

-1,000

+\$5,000

+\$4,000

3.

-750

+\$750

4.

+4,400

+\$5,400

+\$9,800

Serv. Rev.

5.

-1,500

-1,500

6.

-2,000

-\$2,000

Div.

7.

-800

-\$ 800

Rent Exp.

8.

+450

-450

9.

-3,000

-3,000

Sal. Exp.

10.

+500

-500

Util. Exp.

Hint:
Analyze transactions and compute net income.

Instructions

(a)

Describe each transaction.

(b)

Determine how much stockholders’ equity increased for the month.

(c)

Compute the net income for the month.

E3-9

Transaction data and journal entries for Pickert Real Estate Agency are presented in E3-7 and E3-8.
Hint:
Post journal entries and prepare a trial balance.

Instructions

(a)

Post the transactions to T accounts.

(b)

Prepare a trial balance at October 31, 2010.

P3-5A

Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred:

Apr. 1

Stockholders invested \$15,000 cash in exchange for common stock of the corporation.

1

Hired a secretary-receptionist at a salary of \$375 per week, payable monthly.

2

Paid office rent for the month \$900.

3

Purchased architectural supplies on account from Spring Green Company \$1,000.

10

Completed blueprints on a carport and billed client \$1,500 for services.

11

20

Received \$2,300 cash for services completed and delivered to M. Svetlana.

30

Paid secretary-receptionist for the month \$1,500.

30

Paid \$300 to Spring Green Company for accounts payable due.

The company uses these accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Unearned Revenue, Common Stock, Service Revenue, Salaries Expense, and Rent Expense.
Hint:
Journalize transactions, post, and prepare a trial balance.

Instructions

(a)

Journalize the transactions, including explanations.

(b)

Post to the ledger T accounts.

(c)

Prepare a trial balance on April 30, 2010.
Cash \$15,100
Tot. trial balance \$20,000

P3-6A

This is the trial balance of Slocombe Company on September 30.

SLOCOMBE COMPANY

Trial Balance

September 30, 2010

Debit

Credit

Cash

\$ 8,300

Accounts Receivable

2,600

Supplies

2,100

Equipment

8,000

Accounts Payable

\$ 5,100

Unearned Revenue

900

Common Stock

15,000

\$21,000

\$21,000

The October transactions were as follows.

Oct. 5

Received \$1,300 in cash from customers for accounts receivable due.

10

Billed customers for services performed \$5,100.

15

Paid employee salaries \$1,400.

17

Performed \$600 of services for customers who paid in advance in August.

20

Paid \$1,500 to creditors for accounts payable due.

29

Paid a \$300 cash dividend.

31

Paid utilities \$500.

Hint:
Journalize transactions, post, and prepare a trial balance.

Instructions

(a)

Prepare a general ledger using T accounts. Enter the opening balances in the ledger accounts as of October 1. Provision should be made for these additional accounts: Dividends, Service Revenue, Salaries Expense, and Utilities Expense.

(b)

Journalize the transactions, including explanations.

(c)

Post to the ledger accounts.

(d)

Prepare a trial balance on October 31, 2010.
Cash \$ 5,900
Tot. trial balance \$24,600

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