BUS 591 Week 2 Assignment

Week 2 – Assignment 

Week Two Homework Problems

Complete the following Workbook Template Week TwoPreview the document. Problems P3-2B and P3-5B from Chapter 3 are located under “Additional Exercises and Problems” on the Textbook Student Companion Site. Problems E4-15, E4-19, E4-14, E4-21, E4-22, and E4-23 are at the end of Chapter 4 of your text. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit.

Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment.

Week 2 Homework Template

Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year.

REMEMBER: each transaction affects TWO accounts! Use the + or – signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity.  Put each transaction on a separate line.

Remember the accounting equation: assets = liabilities + equity.Note any changes in Retained Earnings on the page below the worksheet.

(a) WALZ SERVICE INC.

 

Assets

=

Liabilities

+

Stockholders’ Equity

 

   Date

Cash

+

Accounts Receivable

+

Supplies

+

Equipment

   =

Notes Payable

+

Accounts Payable

+

Common Stock

+

Retained Earnings

 

Revenues 

Expenses

Dividends

 

June 1

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

 

$

 

Total of All Columns under Assets

Total of All columns under Liabilities &   Stockholder’s Equity

 

(a) Continued

Changes in Retained Earnings:

(b) Prepare an Income Statement for June 

 

WALZ   SERVICE INC.

 

Income   Statement

 

For   the Month Ended June, 30, 2014

 

Revenues

 

Account title

Amount

 

Expenses

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Total expenses

Amount

 

Net income

Amount

(Part C is on the next page)
(c) Prepare a Classified balance sheet at June 30, 2014(Remember, assets and liabilities + equity MUST equal). If it doesn’t, there is an error somewhere).

 

WALZ   SERVICE Inc.

 

Balance   Sheet

 

June   30, 2014

 

 

Assets

 

Current assets

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Total current assets

Amount

 

Account title

Amount

 

Total assets

Amount

 

 

Liabilities   and Stockholders’ Equity

 

Current liabilities

 

Account title

Amount

 

Account title

Amount

 

Total current liabilities

Amount

 

Stockholders’ equity

 

Account title

Amount

 

Account title

Amount

Amount

 

Total liabilities and stockholders’ equity

Amount

Problem 3-5B is on the next page.

 

(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).

Remember that every transaction affects TWO accounts!

 

Date

Account Titles and Explanation

Debit

Credit

 

May 1

 

 

2

 

 

3

 

 

7

 

 

11

 

 

12

 

 

17

 

 

31

 

 

31

Part B is on the next page.
PROBLEM 3-5B (Continued)

 

(b) Post the transactions to the ledger T Accounts

Be sure to post the amounts to the correct side of the T-Account!

 

Cash

 

 

Bal.

 

Accounts Receivable

 

 

Bal.

 

Supplies

 

 

Bal.

 

Accounts Payable

 

 

Bal.

 

Unearned Service Revenue

 

 

Bal.

 

Common Stock

 

 

Bal.

 

Service Revenue

 

 

Bal.

 

 

Salaries and Wages Expense

 

 

Bal.

 

Rent Expense

 

 

Bal.

 

PROBLEM 3-5B (Continued) Prepare a Trial Balance on May 31, 2014.

(c) ROYCE CONSULTING

Trial Balance

May 31, 2014

 

Account Name

Debit

Credit

 

 

 

 

 

 

 

 

 

 

Total

E4-15. Answer questions A through D. Remember to show your calculations! (Add more space as necessary).

(E 4-19 is on the next page).
E4-19. Prepare the closing entries at January 31, 2017.

(Enter all accounts for each transaction in one box. Dates have been provided).

 

Date

Account Titles and Explanation

Debit

Credit

 

Jan 31

 

 

31

 

 

31

 

E4-14. Journalize (a) the July transactions and (b) adjusting entries that were made on July 31. Enter all accounts in one box. Dates have been provided.

Part A

 

Date

Account Titles and Explanation

Debit

Credit

 

July 10

 

 

14

 

 

15

 

 

20

 

Part B

 

Date

Account Titles and Explanation

Debit

Credit

 

July 10

 

 

14

 

 

15

 

 

20

 

 

E4-21Prepare the adjusting entries that were made:

(a) Enter all accounts in one box. The dates have been included to help with formatting.

 

Date

Account Titles and Explanation

Debit

Credit

 

Aug 31

 

 

31

 

 

31

 

 

31

 

 

31

 

 

31

 

E4-22 Prepare the income statement and retained earnings statements for the year and the classified balance sheet at August 31.

 

RYAN   COMPANY

 

Income   Statement

 

For   the Month Ended August 31, 2017

 

Revenues

 

Account title

Amount

 

Account title

Amount

 

Total Revenues

 

Expenses

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Total expenses

Amount

 

Net income

Amount

(Continued on next page)

 

 

RYAN   COMPANY

 

Retained   Earnings Statement

 

For   the Month Ended August 31, 2017

 

Retained earnings, September 1, 2016

Amount

 

Add: Account title

Amount

 

Total

 

Less: Account title

Amount

 

Retained earnings, August 31, 2017

Total

 

RYAN COMPANY

 

Balance   Sheet

 

August   31, 2017

 

 

Assets

 

Current assets

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Total current assets

Amount

 

Account title

Amount

 

Total assets

Amount

 

 

Liabilities   and Stockholders’ Equity

 

Current liabilities

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Total current liabilities

Amount

 

Stockholders’ equity

 

Account title

Amount

 

Account title

Amount

Amount

 

Total stockholder’s equity

 

Total liabilities and stockholders’ equity

Amount

Exercise 4-23 is on the next page

 

Exercise 4-23

(a) Prepare the closing entries for the temporary accounts at August 31. (Note, enter all accounts in one box. The dates have been included to help with formatting).

 

Date

Account Titles and Explanation

Debit

Credit

 

Aug 31

 

 

31

 

 

31

 

 

31

 

 

Week 2 – Assignment 

Week Two Homework Problems

Complete the following Workbook Template Week TwoPreview the document. Problems P3-2B and P3-5B from Chapter 3 are located under “Additional Exercises and Problems” on the Textbook Student Companion Site. Problems E4-15, E4-19, E4-14, E4-21, E4-22, and E4-23 are at the end of Chapter 4 of your text. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit.

Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment.

Week 2 Homework Template

Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year.

REMEMBER: each transaction affects TWO accounts! Use the + or – signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity.  Put each transaction on a separate line.

Remember the accounting equation: assets = liabilities + equity.Note any changes in Retained Earnings on the page below the worksheet.

(a) WALZ SERVICE INC.

 

Assets

=

Liabilities

+

Stockholders’ Equity

 

   Date

Cash

+

Accounts Receivable

+

Supplies

+

Equipment

   =

Notes Payable

+

Accounts Payable

+

Common Stock

+

Retained Earnings

 

Revenues 

Expenses

Dividends

 

June 1

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

 

$

 

Total of All Columns under Assets

Total of All columns under Liabilities &   Stockholder’s Equity

 

(a) Continued

Changes in Retained Earnings:

(b) Prepare an Income Statement for June 

 

WALZ   SERVICE INC.

 

Income   Statement

 

For   the Month Ended June, 30, 2014

 

Revenues

 

Account title

Amount

 

Expenses

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Total expenses

Amount

 

Net income

Amount

(Part C is on the next page)
(c) Prepare a Classified balance sheet at June 30, 2014(Remember, assets and liabilities + equity MUST equal). If it doesn’t, there is an error somewhere).

 

WALZ   SERVICE Inc.

 

Balance   Sheet

 

June   30, 2014

 

 

Assets

 

Current assets

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Total current assets

Amount

 

Account title

Amount

 

Total assets

Amount

 

 

Liabilities   and Stockholders’ Equity

 

Current liabilities

 

Account title

Amount

 

Account title

Amount

 

Total current liabilities

Amount

 

Stockholders’ equity

 

Account title

Amount

 

Account title

Amount

Amount

 

Total liabilities and stockholders’ equity

Amount

Problem 3-5B is on the next page.

 

(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).

Remember that every transaction affects TWO accounts!

 

Date

Account Titles and Explanation

Debit

Credit

 

May 1

 

 

2

 

 

3

 

 

7

 

 

11

 

 

12

 

 

17

 

 

31

 

 

31

Part B is on the next page.
PROBLEM 3-5B (Continued)

 

(b) Post the transactions to the ledger T Accounts

Be sure to post the amounts to the correct side of the T-Account!

 

Cash

 

 

Bal.

 

Accounts Receivable

 

 

Bal.

 

Supplies

 

 

Bal.

 

Accounts Payable

 

 

Bal.

 

Unearned Service Revenue

 

 

Bal.

 

Common Stock

 

 

Bal.

 

Service Revenue

 

 

Bal.

 

 

Salaries and Wages Expense

 

 

Bal.

 

Rent Expense

 

 

Bal.

 

PROBLEM 3-5B (Continued) Prepare a Trial Balance on May 31, 2014.

(c) ROYCE CONSULTING

Trial Balance

May 31, 2014

 

Account Name

Debit

Credit

 

 

 

 

 

 

 

 

 

 

Total

E4-15. Answer questions A through D. Remember to show your calculations! (Add more space as necessary).

(E 4-19 is on the next page).
E4-19. Prepare the closing entries at January 31, 2017.

(Enter all accounts for each transaction in one box. Dates have been provided).

 

Date

Account Titles and Explanation

Debit

Credit

 

Jan 31

 

 

31

 

 

31

 

E4-14. Journalize (a) the July transactions and (b) adjusting entries that were made on July 31. Enter all accounts in one box. Dates have been provided.

Part A

 

Date

Account Titles and Explanation

Debit

Credit

 

July 10

 

 

14

 

 

15

 

 

20

 

Part B

 

Date

Account Titles and Explanation

Debit

Credit

 

July 10

 

 

14

 

 

15

 

 

20

 

 

E4-21Prepare the adjusting entries that were made:

(a) Enter all accounts in one box. The dates have been included to help with formatting.

 

Date

Account Titles and Explanation

Debit

Credit

 

Aug 31

 

 

31

 

 

31

 

 

31

 

 

31

 

 

31

 

E4-22 Prepare the income statement and retained earnings statements for the year and the classified balance sheet at August 31.

 

RYAN   COMPANY

 

Income   Statement

 

For   the Month Ended August 31, 2017

 

Revenues

 

Account title

Amount

 

Account title

Amount

 

Total Revenues

 

Expenses

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Total expenses

Amount

 

Net income

Amount

(Continued on next page)

 

 

RYAN   COMPANY

 

Retained   Earnings Statement

 

For   the Month Ended August 31, 2017

 

Retained earnings, September 1, 2016

Amount

 

Add: Account title

Amount

 

Total

 

Less: Account title

Amount

 

Retained earnings, August 31, 2017

Total

 

RYAN COMPANY

 

Balance   Sheet

 

August   31, 2017

 

 

Assets

 

Current assets

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Total current assets

Amount

 

Account title

Amount

 

Total assets

Amount

 

 

Liabilities   and Stockholders’ Equity

 

Current liabilities

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Total current liabilities

Amount

 

Stockholders’ equity

 

Account title

Amount

 

Account title

Amount

Amount

 

Total stockholder’s equity

 

Total liabilities and stockholders’ equity

Amount

Exercise 4-23 is on the next page

 

Exercise 4-23

(a) Prepare the closing entries for the temporary accounts at August 31. (Note, enter all accounts in one box. The dates have been included to help with formatting).

 

Date

Account Titles and Explanation

Debit

Credit

 

Aug 31

 
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