PDF Archive

Easily share your PDF documents with your contacts, on the Web and Social Networks.

Send a file File manager PDF Toolbox Search Help Contact



DEVRY ACCT 550 Week 1 Homew .pdf


Original filename: DEVRY ACCT 550 Week 1 Homew.pdf
Author: LENOVO

This PDF 1.5 document has been generated by Microsoft® Office Word 2007, and has been sent on pdf-archive.com on 17/01/2017 at 11:35, from IP address 43.224.x.x. The current document download page has been viewed 121 times.
File size: 322 KB (2 pages).
Privacy: public file




Download original PDF file









Document preview


DEVRY ACCT 550 Week 1 Homework
Assignment

Check this A+ tutorial guideline at
http://www.assignmentclick.com/acct550/acct-550-week-1-homework-assignment
For more classes visit
http://www.assignmentclick.com
ACCT 550 Week 1 Homework Assignment
E3-1 (Transaction Analysis—Service Company) Christine Ewing is a licensed CPA.
During the first month of operations of her business (a sole proprietorship), the
following events and transactions occurred.
April 2
Invested $30,000 cash and equipment valued at $14,000 in the business.
2 Hired a secretary-receptionist at a salary of $290 per week payable monthly.
3
Purchased supplies on account $700. (debit an asset account.)
7
Paid office rent of $600 for the month.
Completed a tax assignment and billed client $1,100 for services rendered.
11
(Use Service Revenue account.)
12
Received $3,200 advance on a management consulting engagement.
17
Received cash of $2,300 for services completed for Ferengi Co.
21
Paid insurance expense $110.
30
Paid secretary-receptionist $1,160 for the month.
30
A count of supplies indicated that $120 of supplies had been used.

30

Purchased a new computer for $5,100 with personal funds. (The computer
will be used exclusively for business purposes.)

E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the
current year includes the following selected accounts before adjusting entries have
been prepared.
Debit Credit
Prepaid Insurance
$ 3,600
Supplies
2,800
Equipment
25,000
Accumulated Depreciation—Equipment
$ 8,400
Notes Payable
20,000
Unearned Rent Revenue
6,300
Rent Revenue
60,000
Interest Expense
Salaries and Wages Expense
14,000
An analysis of the accounts shows the following.

The equipment depreciates $250 per month.

One-third of the unearned rent was earned during the quarter.

Interest of $500 is accrued on the notes payable.

Supplies on hand total $650.

Insurance expires at the rate of $300 per month.
most directly related to measuring the performance and financial status of an
enterprise are provided below.
Assets
Distributions to owners Expenses
Liabilities
Comprehensive income Gains
Equity
Revenues
Losses
Investments by owners
Identify the element or elements associated with the 12 items below.
CA1-3 (Financial Reporting and Accounting Standards) Answer the following
multiple-choice questions.


DEVRY ACCT 550 Week 1 Homew.pdf - page 1/2
DEVRY ACCT 550 Week 1 Homew.pdf - page 2/2

Related documents


PDF Document devry acct 550 week 1
PDF Document devry acct 550 week 1 homew
PDF Document devry acct 216 week 2 homework
PDF Document uop acc 290 week 1 assignment preparing
PDF Document acc 205 week 1 1215
PDF Document uop acc 290 week 3 wileyplus


Related keywords