ACC 290 Week 3 Individual WileyPLUS Assignment
Exercise BE4-1
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Transactions that affect earnings do not necessarily affect cash.
Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example.
| (a) | Purchased $100 of supplies for cash. |
| (b) | Recorded an adjusting entry to record use of $40 of the above supplies. |
| (c) | Made sales of $1,300, all on account. |
| (d) | Received $800 from customers in payment of their accounts. |
| (e) | Purchased equipment for cash, $2,500. |
| (f) | Recorded depreciation of building for period used, $600. |
Problem P4-2A
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Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows.
| WAEGELEIN CONSULTING | ||
| Trial Balance | ||
| June 30, 2010 | ||
| Debit | Credit | |
| Cash | $6,850 | |
| Accounts Receivable | 7,000 | |
| Prepaid Insurance | 2,640 | |
| Supplies | 2,000 | |
| Office Equipment | 15,000 | |
| Accounts Payable | $4,540 | |
| Unearned Service Revenue | 5,200 | |
| Common Stock | 21,750 | |
| Service Revenue | 8,000 | |
| Salaries Expense | 4,000 | |
| Rent Expense | 2,000 | |
| $39,490 | $39,490 | |
Other data:
| 1 | Supplies on hand at June 30 total $980. |
| 2. | A utility bill for $180 has not been recorded and will not be paid until next month. |
| 3. | The insurance policy is for a year. |
| 4. | $3,900 of unearned service revenue has been earned at the end of the month. |
| 5. | Salaries of $1,250 are accrued at June 30. |
| 6. | The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months. |
| 7. | Invoices representing $3,500 of services performed during the month have not been recorded as of June 30. |
Problem P4-3A
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