ACC 290 Week 5 Apply: Connect Assignment
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ACC 290 Week 5 Apply: Connect Assignment
Complete the Week 5 Assignment in Connect.
Note: You have only 1 attempt available to complete assignments
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:
Journalize the closing entries in the general journal.
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:
Complete the worksheet.
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
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:
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:
How many accounts are listed in the adjusted and post-closing trial balance section?
[Solved] ACC 290 Week 5 Apply: Connect Assignment
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- Submitted On 04 Jul, 2018 04:42:15
- Jonyfree
- Rating : 0
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- Solutions : 24
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- Earned : $218.40