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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:

101

Cash

$

30,200

Dr.

111

Accounts Receivable

16,100

Dr.

121

Supplies

2,300

Dr.

131

Prepaid Rent

38,900

Dr.

141

Equipment

47,000

Dr.

142

Accumulated Depreciation—Equip.

1,150

Cr.

202

Accounts Payable

6,800

Cr.

301

Emilio Gonzalez, Capital (12/1/2019)

48,620

Cr.

302

Emilio Gonzalez, Drawing

6,500

Dr.

401

Fees Income

120,080

Cr.

511

Advertising Expense

4,100

Dr.

514

Depreciation Expense—Equip.

830

Dr.

517

Rent Expense

2,900

Dr.

519

Salaries Expense

21,800

Dr.

523

Utilities Expense

6,020

Dr.


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 Balance

Adjustments

Adjusted Trial Balance

Income Statement

Balance Sheet

Account Name

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

91,900

91,900

91,900

Accounts Receivable

11,500

11,500

11,500

Supplies

5,000

(

a)

1,900

3,100

3,100

Prepaid Advertising

20,000

(

b)

2,500

17,500

17,500

Equipment

47,500

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, Drawing

7,900

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 Expense

13,900

13,900

13,900

Utilities Expense

1,550

1,550

1,550

Totals

199,250

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?

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