ACC 290 Week 3 Apply Connect Exercise (2019 New)

Review the Knowledge Check in preparation for this assignment.

Complete the Week 3 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

Selected activity of Mason Consulting Services follow.

DATE		TRANSACTIONS
2019
Sept.	1	Zack Mason invested $47,000 in cash to start the firm.
	4	Purchased office equipment for $5,200 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.
	16	Purchased an automobile that will be used to visit clients; issued Check 1001 for $13,200 in full payment.
	20	Purchased supplies for $390; paid immediately with Check 1002.
	23	Returned damaged supplies for a cash refund of $105.
	30	Issued Check 1003 for $2,900 to Den, Inc., as payment on account for Invoice 9823.
	30	Withdrew $1,700 in cash for personal expenses.
	30	Issued Check 1004 for $1,050 to pay the rent for September.
	30	Performed services for $2,900 in cash.
	30	Paid $370 for monthly telephone bill, Check 1005.

Prepare journal entries for the transactions incurred during September of 2019.

Selected activity of Mason Consulting Services follow.

DATE		TRANSACTIONS
2019
Sept.	1	Zack Mason invested $58,000 in cash to start the firm.
	4	Purchased office equipment for $6,300 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.
	16	Purchased an automobile that will be used to visit clients; issued Check 1001 for $14,300 in full payment.
	20	Purchased supplies for $500; paid immediately with Check 1002.
	23	Returned damaged supplies for a cash refund of $160.
	30	Issued Check 1003 for $3,600 to Den, Inc., as payment on account for Invoice 9823.
	30	Withdrew $2,800 in cash for personal expenses.
	30	Issued Check 1004 for $1,600 to pay the rent for September.
	30	Performed services for $2,650 in cash.
	30	Paid $425 for monthly telephone bill, Check 1005.

Post the above transactions into the appropriate Ledger accounts.

The following transactions took place at the Cook Employment Agency during November 2019.

DATE		TRANSACTIONS
Nov.	5	Performed services for Job Search, Inc., for $21,000; received $9,500 in cash and the client promised to pay the balance in 60 days.
	18	Purchased a graphing calculator for $330 and some supplies for $480 from Office Supply; issued Check 1008 for the total.
	23	Received Invoice 1602 for $1,150 from Automotive Technicians Repair for repairs to the firm’s automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days.

Prepare journal entries for the above transactions.

On June 10, 2019, an employee of Williams Corporation mistakenly debited Telephone Expense rather than Utilities Expense when recording a bill of $900 for the May utility service. The error was discovered on June 30. Prepare a general journal entry to correct the error.

On August 22, 2019, an employee of Bell Company mistakenly debited the Repair Expense account rather than the Truck Expense account when recording a bill of $710 for repairs. The error was discovered on October 1. Prepare a general journal entry to correct the error.

The journal entry to record the purchase of equipment for a $210 cash down payment and a balance of $620 due in 30 days would include

Multiple Choice

a debit to Equipment for $210 and a credit to Cash for $210.

debit to Equipment for $830 and a credit to Cash for $830.

a debit to Equipment for $210 and a credit to Accounts Payable for $620.

a debit to Equipment for $830, a credit to Cash for $210, and a credit to Accounts Payable for $620.

The Accounts Payable account has a $4,300 credit balance. An entry for the payment of $1,650 on the amount owed is recorded and posted. The new balance of the Accounts Payable account is

Multiple Choice

a $2,650 credit balance.

a $5,950 debit balance.

a $2,650 debit balance.

a $5,950 credit balance.

Bertrand Inc. performed services for clients in the amount of $2,050 on credit. If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account, what correcting entry would be necessary?

Multiple Choice

Debit Fees Income $2,050; credit Cash $2,050

Debit Accounts Receivable $2,050; credit Cash $2,050

Debit Cash $2,050; credit Accounts Receivable $2,050

Debit Accounts Receivable $2,050; credit Fees Income $2,050

Bertrand Inc. purchased some shop equipment for $5,100 in cash. By mistake, the journal entry debited the Office Equipment account rather than the Shop Equipment account. What correcting entry would be necessary?

Multiple Choice

Debit Office Equipment $5,100; credit Cash $5,100

Debit Shop Equipment $5,100; credit Office Equipment $5,100

Debit Cash $5,100; credit Shop Equipment $5,100

Debit Office Equipment $5,100; credit Shop Equipment $5,100