ACC 290 Week 2 Apply Connect Exercise (2019 New)

Review the Knowledge Check in preparation for this assignment.

Complete the Week 2 Exercise in Connect®.

Note: You have only one attempt available to complete this assignment.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.

The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown below.

1. Prepare an income statement for the Haman Accounting Services for the month ended December 31, 2019.
2. Prepare a statement of owner’s equity for Haman Accounting Services for the month ended December 31, 2019.
3. Prepare a balance sheet for Haman Accounting Services as of December 31, 2019.

The consulting firm of Martin and Associates uses the accounts listed below. Record the opening balances as of December 1, 2019 on the normal balance side of the following T-Accounts. List of accounts with their opening balances:

The firm has the following transactions during the month of December 2019. Record the effects of these transactions in the T accounts.

1. Paid $1,300 for one month’s rent.
2. Collected $5,100 in cash from credit customers.
3. Performed services for $7,300 in cash.
4. Paid $4,300 for salaries.
5. Issued a check for $3,300 to a creditor.
6. Performed services for $10,300 on credit.
7. Purchased office equipment for $1,300 on credit.
8. The owner withdrew $3,300 in cash for personal expenses.
9. Issued a check for $630 to pay the monthly utility bill.

Anderson Cleaning Service has the following account balances on December 31, 2019.

Derrick Wells decided to start a dental practice. The first five transactions for the business follow.

1. Derrick invested $75,000 cash in the business.
2. Paid $15,000 in cash for equipment.
3. Performed services for cash amounting to $7,500.
4. Paid $2,300 in cash for advertising expense.
5. Paid $1,500 in cash for supplies.

(1) Select which two accounts are affected in each of the above transactions.

(2&3) Post the above transactions into the appropriate T accounts.

Required information

[The following information applies to the questions displayed below.]

The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below.

The following transactions occurred during the month of November.

1. Collected $360 from credit customers.
2. Issued a check for $770 for November’s rent.
3. Paid $1,690 for salaries.
4. The owner withdrew $570 in cash for personal expenses.
5. Issued a check for $210 to pay the monthly utility bill.
6. Received $2,730 in cash for services performed.
7. Purchased office equipment for $1,360 on credit.