ACC 290 Week 5 Apply: Connect® Exercise

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ACC 290 Week 5 Apply: Connect® Exercise
ACC 290 Week 5 Apply: Connect® Exercise
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ACC 290 Week 5 Apply: Connect® Exercise

Review the Knowledge Check in preparation for this assignment.

Complete the Week 5 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.

 1

On December 31, after adjustments, Gonzalez Company’s ledger contains the following account balances:

     
101Cash$30,200Dr. 
111Accounts Receivable 16,100Dr. 
121Supplies 2,300Dr. 
131Prepaid Rent 38,900Dr. 
141Equipment 47,000Dr. 
142Accumulated Depreciation—Equip. 1,150Cr. 
202Accounts Payable 6,800Cr. 
301Emilio Gonzalez, Capital (12/1/2019) 48,620Cr. 
302Emilio Gonzalez, Drawing 6,500Dr. 
401Fees Income 120,080Cr. 
511Advertising Expense 4,100Dr. 
514Depreciation Expense—Equip. 830Dr. 
517Rent Expense 2,900Dr. 
519Salaries Expense 21,800Dr. 
523Utilities Expense 6,020Dr. 
 

Required:

  1. Journalize the closing entries in the general journal.

  2. Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.

Analyze:

What is the balance of the Salaries Expense account after closing entries are posted?

2

A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.

Required:

  1. Complete the worksheet.

  2. Record the adjusting entries in the general journal (transactions 1-3).

  3. Record the closing entries in the general journal (transactions 4-7).

  4. Post the adjusting entries and the closing entries to the general ledger accounts. Hint:  Be sure to enter beginning balances.

  5. Prepare a post-closing trial balance.

Analyze:

What total debits were posted to the general ledger to complete all closing entries for the month of December?

3

A completed worksheet for The King Group is given below.

The King Group
Worksheet
Month Ended December 31, 2019
 Trial BalanceAdjustmentsAdjusted Trial BalanceIncome StatementBalance Sheet
Account NameDebitCreditDebitCreditDebitCreditDebitCreditDebitCredit
Cash91,900            91,900           91,900    
Accounts Receivable11,500            11,500           11,500    
Supplies5,000       (a)1,900  3,100           3,100    
Prepaid Advertising20,000       (b)2,500  17,500           17,500    
Equipment47,500            47,500           47,500    
Accumulated Depreciation

—Equipment

       (c)1,900     1,900           1,900 
Accounts Payable  11,500             11,500           11,500 
Delva King, Capital  127,000             127,000           127,000 
Delva King, Drawing7,900            7,900           7,900    
Fees Income  60,750             60,750     60,750       
Supplies Expense    (a)1,900      1,900     1,900          
Advertising Expense    (b)2,500      2,500     2,500          
Depreciation Expense—Equipment    (c)1,900      1,900     1,900          
Salaries Expense13,900            13,900     13,900          
Utilities Expense1,550            1,550     1,550          
Totals199,250 199,250   6,300   6,300  201,150  201,150  21,750  60,750  179,400  140,400 
Net Income                   39,000        39,000 
                    60,750  60,750  179,400  179,400 

Required:

  1. Record the adjusting entries in the general journal (transactions 1-3).

  2. Record the closing entries in the general journal (transactions 4-7).

  3. Post the adjusting entries and the closing entries to the general ledger accounts.  Hint: Be sure to enter beginning balances.

  4. Prepare a post-closing trial balance.

Analyze:

How many accounts are listed in the adjusted and post-closing trial balance section?