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ACC290 Week 2 WileyPlus

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ACC290 Week 2 E3-4 E3-9 P3-5A P3-6A

Resources: WileyPLUS and Financial Accounting
Access WileyPLUS using the link on the student website.
Complete the following in WileyPLUS:

• Exercise E3-4
• Exercise E3-9
• Problem 3-5A
• Problem 3-6A

E3-4 A tabular analysis of the transactions made during August 2010 by Witten Company
during its first month of operations is shown below. Each increase and decrease in
stockholders’ equity is explained

so on ...
Assets Liabilities Stockholders’ Equity
Office Accounts Common Retained Earnings
Cash A/R Supp. Equip. Payable Stock Rev. Exp. Div.
1. $20,000 $20,000 Com. Stock
2. 1,000 $5,000 $4,000
3. 750 $750
4. 4,400 $5,400 $9,800 Serv. Rev.
5. 1,500 1,500
6. 2,000 $2,000 Div.
7. 800 $ 800 Rent Exp.
8. 450 450
9. 3,000 3,000 Sal. Exp.
10. 500 500 Util. Exp.

(a) Describe each transaction.
(b) Determine how much stockholders’ equity increased for the month.
(c) Compute the net income for the month.

E3-9 Transaction data and journal entries for Pickert Real Estate Agency are presented
in E3-7 and E3-8.
(a) Post the transactions to T accounts.
(b) Prepare a trial balance at October 31, 2010.

P3-5A Sunflower Architects incorporated as licensed architects on April 1, 2010. During
the first month of the operation of the business, these events and transactions
Apr. 1 Stockholders invested $15,000 cash in exchange for common
stock of the corporation.
1 Hired a secretary-receptionist at a salary of $375 per week,
payable monthly.
2 Paid office rent for the month $900.
3 Purchased architectural supplies on account from Spring Green
Company $1,000.
10 Completed blueprints on a carport and billed client $1,500 for
11 Received $500 cash advance from J. Madison to design a new

20 Received $2,300 cash for services completed and delivered to
M. Svetlana.
30 Paid secretary-receptionist for the month $1,500.
30 Paid $300 to Spring Green Company for accounts payable due.
The company uses these accounts: Cash, Accounts Receivable, Supplies, Accounts
Payable, Unearned Revenue, Common Stock, Service Revenue, Salaries Expense, and
Rent Expense.
(a) Journalize the transactions, including explanations.
(b) Post to the ledger T accounts.
(c) Prepare a trial balance on April 30, 2010.

P3-6A This is the trial balance of Slocombe Company on September 30.
Trial Balance
September 30, 2010
Debit Credit
Cash $ 8,300
Accounts Receivable 2,600
Supplies 2,100
Equipment 8,000
Accounts Payable $ 5,100
Unearned Revenue 900
Common Stock 15,000
$21,000 $21,000

The October transactions were as follows.
Oct. 5 Received $1,300 in cash from customers for accounts receivable due.
10 Billed customers for services performed $5,100.
15 Paid employee salaries $1,400.
17 Performed $600 of services for customers who paid in advance
in August.
20 Paid $1,500 to creditors for accounts payable due.
29 Paid a $300 cash dividend.
31 Paid utilities $500.

(a) Prepare a general ledger using T accounts. Enter the opening balances in the ledger
accounts as of October 1. Provision should be made for these additional accounts:
Dividends, Service Revenue, Salaries Expense, and Utilities Expense.
(b) Journalize the transactions, including explanations.
(c) Post to the ledger accounts.
(d) Prepare a trial balance on October 31, 2010.

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