ACC 290 Week 2 Assignment Help

ACC 290 Week 2 Assignment Help | University Of Phoenix 

1.The following transactions took place at Calhoun Counseling Services, a business established by Ronald Calhoun.

Post the following transactions into the appropriate T accounts.

Transactions:

1.   Ronald Calhoun invested $65,000 in cash in the business.

2.   Purchased office furniture for $16,500 in cash.

3.   Bought a fax machine for $1,000; payment is due in 30 days.

4.   Purchased a used car for the firm for $16,500 in cash.

5.   Calhoun invested an additional $10,500 cash in the business.

6.   Bought a new computer for $3,500; payment is due in 60 days.

7.   Paid $1,000 to settle the amount owed on the fax machine.

8.   Calhoun withdrew $4,500 in cash for personal expenses.

Analyze:
Which transactions affected asset accounts? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.

2.

The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant.

Transactions:

a.   Guttery invested $148,000 in cash to start the business.

b.   Paid $4,800 for the current month’s rent.

c.   Bought office furniture for $15,520 in cash.

d.   Performed services for $8,400 in cash.

e.   Paid $1,130 for the monthly telephone bill.

f.     Performed services for $14,200 on credit.

g.   Purchased a computer and copier for $35,600; paid $11,800 in cash immediately with the balance due in 30 days.

h.   Received $7,100 from credit clients.

i.     Paid $2,800 in cash for office cleaning services for the month.

j.     Purchased additional office chairs for $4,600; received credit terms of 30 days.

k.   Purchased office equipment for $28,000 and paid half of this amount in cash immediately; the balance is due in 30 days.

l.     Issued a check for $8,200 to pay salaries.

m. Performed services for $14,700 in cash.

n.   Performed services for $16,200 on credit.

o.   Collected $6,800 on accounts receivable from charge customers.

p.   Issued a check for $2,300 in partial payment of the amount owed for office chairs.

q.   Paid $580 to a duplicating company for photocopy work performed during the month.

r.    Paid $1,100 for the monthly electric bill.

s.   Guttery withdrew $7,800 in cash for personal expenses.

Post the above transactions into the appropriate T accounts.

Analyze:
What liabilities does the business have after all transactions have been recorded? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.