ACC 290 Week 4 Assignment Help | University Of Phoenix
- University of Phoenix / ACC 290
- 20 Oct 2018
- Price: $8
- Other / Other
ACC 290 Week 4 Assignment Help | University Of Phoenix
1.
Paula Judge owns Judge Creative Designs. The trial balance of the firm
for January 31, 2019, the first month of operations, is shown below.
End-of-the-month adjustments must account for the following items:
a. Supplies
were purchased on January 1, 2019; inventory of supplies on January 31, 2019,
is $1,350.
b. The
prepaid advertising contract was signed on January 1, 2019, and covers a
four-month period.
c. Rent
of $1,850 expired during the month.
d. Depreciation
is computed using the straight-line method. The equipment has an estimated
useful life of 10 years with no salvage value.
Required:
1. Complete
the worksheet for the month.
2. Prepare
an income statement, statement of owner’s equity, and balance sheet. No
additional investments were made by the owner during the month.
3. Journalize
and post the adjusting entries.
Analyze
If the adjusting entries had not been made for the month, would net income be
overstated or understated?
2.
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below.
Required:
1. Prepare
an income statement.
2. Prepare
a statement of owner’s equity. The owner made no additional investments during
the month.
3. Prepare
a balance sheet.
Analyze:
If the adjustment to Prepaid Advertising had been
$3,800 instead of $1,900, what net income would have resulted?
USA 
India