acc 205

ACC 205 WEEK 3 ASSIGNMENT Inventory 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting Cost 1/2 Beginning inventory Woods $11,000 4/19 Purchase Sunset 21,800 6/7 Purchase Earth 31,200 12/16 Purchase Moon 4,000 Woods and Moon were sold during the year for a total of $35,000. Determine the firmââ

58 Other / Other University of Phoenix / acc 205 13 Dec 2015

ACC 205 WEEK 2 ASSIGNMENT Revenue and Expenses 1. Recognition of concepts. Ron Carroll operates a small company that books enter¬tainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) pre¬paid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing. a. Amounts paid on June 30 for

64 Other / Other University of Phoenix / acc 205 13 Dec 2015

ACC 205 WEEK 1 ASSIGNMENT Basic Accounting Equations 1. Basic concepts. Jean’s Marine Supply specializes in the sale of boating equipment and acces-sories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm’s viewpoint. a. The inventory of boating supplies owned by the company. b. Monthly rental charges paid for store space. c. A loan owed to Citizens Bank. d. New

33 Other / Other University of Phoenix / acc 205 13 Dec 2015