ACC 290 Week 3 Practice: Connect Practice Assignment

Complete the Week3 Practice in Connect.

Note: You have unlimited attempts available to complete practice assignments

1

On October 1, 2019, Helen Kennedy opened an advertising agency.

DATE	TRANSACTIONS
Oct. 1	Helen Kennedy invested $70,000 cash in the business.
2	Paid October office rent of $4,000; issued Check 1001.
5	Purchased desks and other office furniture for $18,000 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.
6	Issued Check 1002 for $4,100 to purchase art equipment.
7	Purchased supplies for $1,670; paid with Check 1003.
10	Issued Check 1004 for $800 for office cleaning service.
12	Performed services for $4,200 in cash and $1,800 on credit. (Use a compound entry.)
15	Returned damaged supplies for a cash refund of $300.
18	Purchased a computer for $3,000 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,750 down payment, with the balance payable in 30 days. (Use one compound entry.)
20	Issued Check 1006 for $9,500 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.
26	Performed services for $4,800 on credit.
27	Paid $375 for monthly telephone bill; issued Check 1007.
30	Received $4,200 in cash from credit customers.
30	Mailed Check 1008 to pay the monthly utility bill of $1,080.
30	Issued Checks 1009–1011 for $9,000 for salaries.

Required:

Journalize the above transactions.

Post the above transactions to the ledger accounts.

Analyze:

What is the balance of account 202 in the general ledger?

2

The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons.

DATE		TRANSACTIONS
Sept.	1	Issued Check 1169 for $2,000 to pay the September rent.
	5	Performed services for $4,000 in cash.
	6	Performed services for $2,950 on credit.
	10	Paid $900 for monthly telephone bill; issued Check 1170.
	11	Paid for equipment repairs of $1,050 with Check 1171.
	12	Received $1,500 on account from credit clients.
	15	Issued Checks 1172–1177 for $5,200 for salaries.
	18	Issued Check 1178 for $2,700 to purchase supplies.
	19	Purchased new tennis rackets for $3,250 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days.
	20	Issued Check 1179 for $3,820 to purchase new nets. (Equip.)
	21	Received $500 on account from credit clients.
	21	Returned a damaged net and received a cash refund of $570.
	22	Performed services for $3,480 in cash.
	23	Performed services for $5,050 on credit.
	26	Issued Check 1180 for $620 to purchase supplies.
	28	Paid the monthly electric bill of $2,500 with Check 1181.
	30	Issued Checks 1182–1187 for $5,200 for salaries.
	30	Issued Check 1188 for $5,000 cash to Ellis Carter for personal expenses.

Required:

Record each of the above transactions in the general journal.

Analyze:

If the company paid a bill for supplies on October 1, what check number would be included in the journal entry description?

3

Selected activity of Mason Consulting Services follow.

DATE		TRANSACTIONS
2019
Sept.	1	Zack Mason invested $30,000 in cash to start the firm.
	4	Purchased office equipment for $3,250 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 $15,000 in full payment.
	20	Purchased supplies for $260; paid immediately with Check 1002.
	23	Returned damaged supplies for a cash refund of $85.
	30	Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.
	30	Withdrew $1,500 in cash for personal expenses.
	30	Issued Check 1004 for $3,500 to pay the rent for October.
	30	Performed services for $7,325 in cash.
	30	Paid $220 for monthly telephone bill, Check 1005.

Post the above transactions into the appropriate Ledger accounts.

4

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

DATE		TRANSACTIONS
Nov.	5	Performed services for Job Search, Inc., for $20,000; received $9,500 in cash and the client promised to pay the balance in 60 days.
	18	Purchased a graphing calculator for $450 and some supplies for $600 from Office Supply; issued Check 1008 for the total.
	23	Received Invoice 1602 for $2,500 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.

5

Selected activity of the Ray Shipping Service follow.

TRANSACTIONS

Gave a cash refund of $750 to a customer because of a lost package. (The customer had previously paid in cash.)

Sent a check for $1,050 to the utility company to pay the monthly bill.

Provided services for $7,800 on credit.

Purchased new equipment for $4,600 and paid for it immediately by check.

Issued a check for $3,500 to pay a creditor on account.

Performed services for $15,250 in cash.

Collected $6,250 from credit customers.

The owner made an additional investment of $25,000 in cash.

Purchased supplies for $3,250 on credit.

Issued a check for $3,750 to pay the monthly rent.

Analyze the above transactions and record a journal entry for each transaction.

6

Selected activity of Mason Consulting Services follow.

DATE		TRANSACTIONS
2019
Sept.	1	Zack Mason invested $30,000 in cash to start the firm.
	4	Purchased office equipment for $3,250 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 $15,000 in full payment.
	20	Purchased supplies for $260; paid immediately with Check 1002.
	23	Returned damaged supplies for a cash refund of $85.
	30	Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.
	30	Withdrew $1,500 in cash for personal expenses.
	30	Issued Check 1004 for $3,500 to pay the rent for October.
	30	Performed services for $7,325 in cash.
	30	Paid $220 for monthly telephone bill, Check 1005.

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