ACC 290T Wk 3 – Apply: Homework

GL0201 – (No Analysis Tab) – Based on the FastForward Company LO A1, C3, C4, P1, P2, P3

This problem is based on the transactions for the FastForward Company in your text. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded.

Dec.	1	On December 1, Chas Taylor forms a consulting business, named FastForward. FastForward receives $30,000 cash from Chas Taylor as an owner contribution.
Dec.	2	FastForward pays $2,500 cash for supplies. The company’s policy is to record all prepaid expenses in asset accounts.
Dec.	3	FastForward pays $26,000 cash for equipment.
Dec.	4	FastForward purchases $7,100 of supplies on credit from a supplier, CalTech Supply.
Dec.	5	FastForward provides consulting services and immediately collects $4,200 cash.
Dec.	6	FastForward pays $1,000 cash for December rent.
Dec.	7	FastForward pays $700 cash for employee salary.
Dec.	8	FastForward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services.
Dec.	9	FastForward receives $1,900 cash from the client billed on December 8.
Dec.	10	FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7,100 purchase of supplies.
Dec.	11	Chas Taylor withdraws $200 cash from FastForward for personal use.
Dec.	12	FastForward receives $3,000 cash in advance of providing consulting services to a customer. The company’s policy is to record fees collected in advance in a balance sheet account.
Dec.	13	FastForward pays $2,400 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. The company’s policy is to record all prepaid expenses in a balance sheet account.
Dec.	14	FastForward pays $120 cash for supplies.
Dec.	15	FastForward pays $305 cash for December utilities expense.
Dec.	16	FastForward pays $700 cash in employee salary for work performed in the latter part of December.

GL0202 (No Analysis Tab) – Based on Exercise 2-9 LO A1

Prepare journal entries for each transaction and identify the financial statement impact of each entry.

The financial statements are automatically generated based on the journal entries recorded.

Jan.	1	Juan Perez, owner, invested $127,750 cash in the company.
Jan.	2	The company purchased office supplies for $2,150 cash.
Jan.	3	The company purchased $12,050 of office equipment on credit.
Jan.	4	The company received $17,300 cash as fees for services provided to a customer.
Jan.	5	The company paid $12,050 cash to settle the payable for the office equipment purchased on January 3.
Jan.	6	The company billed a customer $3,600 as fees for services provided.
Jan.	7	The company paid $2,125 cash for the monthly rent.
Jan.	8	The company collected $1,800 cash as partial payment for the account receivable created on January 6.
Jan.	9	Juan Perez withdrew $10,900 cash from the company for personal use.

GL0204 (No Analysis Tab) – Based on Problem 2-1A LO A1, C3, C4, P1, P2

Ken Hughes opens a web consulting business called Security First and completes the following transactions in its first month of operations.

Prepare journal entries for each transaction and identify the financial statement impact of each entry.

The financial statements are automatically generated based on the journal entries recorded.

Apr.	1	Hughes invested $149,000 cash along with office equipment valued at $37,500 in the company.
Apr.	2	The company prepaid $22,800 cash for 12 months’ rent for office space. The company’s policy is record prepaid expenses in balance sheet accounts.
Apr.	3	The company made credit purchases for $10,300 in office equipment and $5,900 in office supplies. Payment is due within 10 days.
Apr.	6	The company completed services for a client and immediately received $10,900 cash.
Apr.	9	The company completed a $17,500 project for a client, who must pay within 30 days.
Apr.	13	The company paid $16,200 cash to settle the account payable created on April 3.
Apr.	19	The company paid $7,920 cash for the premium on a 12-month insurance policy. The company’s policy is record prepaid expenses in balance sheet accounts.
Apr.	22	The company received $10,500 cash as partial payment for the work completed on April 9.
Apr.	25	The company completed work for another client for $6,200 on credit.
Apr.	28	Hughes withdrew $6,200 cash from the company for personal use.
Apr.	29	The company purchased $2,900 of additional office supplies on credit.
Apr.	30	The company paid $3,300 cash for this month’s utility bill.