TRADITIONAL HOMEWORK ITEMS – FALL 2021 – ACT 3391<\/p>\n
General Instructions for the Traditional Homework Items:<\/p>\n
Prepare your answers using some type of computer software program, e.g., Microsoft Word, Excel.<\/p>\n
Upload your answers through Canvas. Do NOT upload any type of hand-written documents.<\/p>\n
You will NOT receive ANY CREDIT FOR LATE HOMEWORK.<\/p>\n
When completing your homework assignments DO NOT use abbreviations for phrases, e.g. state Financial Accounting Standards Board and not simply FASB.<\/p>\n
You can work on these homework assignments in groups or as an individual. If you work in a group, have one person upload the group\u2019s answers making sure all individual names are on the uploaded assignment.<\/p>\n
For ANY problem involving a calculation, CLEARLY SHOW HOW you performed the calculation.<\/p>\n
For ANY problem involving an entry, identify EACH account that you debited and credited as either a(an):<\/p>\n
Asset (includes contra-assets) You can abbreviate with an A<\/p>\n
Liability (includes contra-liabilities) You can abbreviate with an L<\/p>\n
Equity (includes contra-equities) You can abbreviate with an EQ<\/p>\n
Revenue (includes contra-revenues AND gains) You can abbreviate with an R<\/p>\n
Expense (includes losses) You can abbreviate with an EX<\/p>\n
For example, if you make the following entry:<\/p>\n
Cash $100 Place an \u201cA\u201d to the left of \u201cCash\u201d<\/p>\n
Sales revenue $100 Place an \u201cR\u201d to the left of \u201cSales Revenue\u201d<\/p>\n
Thus, your final answer would look like this:<\/p>\n
A Cash $100 <\/p>\n
R Sales revenue $100<\/p>\n
UNACCEPTABLE ENTRY FORMATS. Format your entries like the example above. DO NOT give me entries that look like the following:<\/p>\n
A Cash $100 <\/p>\n
R Sales revenue $100<\/p>\n
or<\/p>\n
A Cash $100 <\/p>\n
R Sales revenue $100<\/p>\n
or<\/p>\n
A Cash $100 <\/p>\n
R Sales revenue $100<\/p>\n
or<\/p>\n
A Cash $100 <\/p>\n
R Sales revenue $100<\/p>\n
(6 points) Write the best accounting word\/phrase that describes the following. Write ONLY ONE word\/phrase next to each item. DO NOT ABBREVIATE.<\/p>\n
This term is used to describe the common set of accounting standards and<\/p>\n
procedures that are used to prepare general purpose financial statements. <\/p>\n
This organization\u2019s mission is to establish and improve standards of financial<\/p>\n
accounting and reporting; it is the organization that currently sets GAAP. <\/p>\n
This term is used to describe the financial-related report that a publicly<\/p>\n
traded firm files annually with the SEC. <\/p>\n
This term is used to describe the financial-related report that a publicly<\/p>\n
traded firm files quarterly with the SEC. <\/p>\n
This was developed by the FASB to provide in one place all of the<\/p>\n
authoritative literature related to a particular accounting topic. <\/p>\n
This phrase is a fundamental quality of accounting information; its ingredients<\/p>\n
consist of completeness, neutrality, and freedom from error. <\/p>\n
(12 points) Peggy\u2019s balance sheet as of December 31, 2019 is presented below:<\/p>\n
Cash $25,000 <\/p>\n
Accounts receivable 15,000 <\/p>\n
Prepaid expenses 5,000 <\/p>\n
Property, plant, and equipment \u2013 at cost 45,000 <\/p>\n
Accumulated depreciation (10,000) <\/p>\n
TOTAL ASSETS $80,000 <\/p>\n
Accrued expenses payable $10,000 <\/p>\n
Unearned revenues 4,000 <\/p>\n
Long-term debt 21,000 <\/p>\n
Common stock 5,000 <\/p>\n
Additional paid-in-capital 25,000 <\/p>\n
Retained earnings 15,000 <\/p>\n
TOTAL LIABILITIES & STOCKHOLDERS\u2019 EQUITY $80,000 <\/p>\n
During January 2020, Peggy recorded the following events\/transactions:<\/p>\n
Received $4,000 from issuing 400 shares of $1 par value Peggy common stock. (When recording this entry, Peggy credited TWO distinct owners\u2019 equity accounts \u2013 check Peggy\u2019s 12-31-19 balance sheet and you will find the two distinct accounts.)<\/p>\n
Borrowed $10,000 on a long-term basis.<\/p>\n
Used one month\u2019s worth ($2,500) of various prepaid expenses.<\/p>\n
Paid $500 for February 2020\u2019s prepaid advertising. <\/p>\n
Performed $7,000 of services for customers on a cash basis.<\/p>\n
Incurred and paid $5,000 of wages expense.<\/p>\n
Collected $10,000 of accounts receivable.<\/p>\n
Performed services to earn $3,000 of Peggy\u2019s 12-31-19 balance in unearned revenues.<\/p>\n
Prepare the journal entries for the eight events\/transactions identified above. No not forget to code each account that you debited and credited. Use the coding scheme identified in the general homework instructions. Remember to use only codes of A or L or EQ or R or EX.<\/p>\n
Prepare Peggy\u2019s balance sheet for the month ended 01-31-20.<\/p>\n
1<\/p>\n
6<\/p>\n","protected":false},"excerpt":{"rendered":"
TRADITIONAL HOMEWORK ITEMS – FALL 2021 – ACT 3391 General Instructions for the Traditional Homework Items: Prepare your answers using some type of computer software program, e.g., Microsoft Word, Excel. Upload your answers through Canvas. Do NOT upload any type of hand-written documents. You will NOT receive ANY CREDIT FOR LATE HOMEWORK. When completing your […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[10],"class_list":["post-78435","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-writing"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/78435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=78435"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/78435\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=78435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=78435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=78435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}