AutoSave CH 90 ACC 251 Practice Set Fall 2020 (1) - Saved to this NC Search Morgan Hardesty MH File Home Insert Draw Design Layout References Mailings Review View Help Share Comments Arial 21 AaBLCL Aabba Abbce ABCd Aabbccu AaB AaBbce X Out In Copy Format Painter Clipboard - 12 A A A A BIUX, * A-D-A- Find - Replace Select Peste Emphasis Heading 1 Normal Strong Subtitle Title 1 No Spac Dictate Sensitivity Editor Font Paragraph Voice Sensity Editor McDon Practice Set Fall 2020 - ACCT 251 Practice Set Contents Instructions Chart of Accounts Forms Practice Set Styles Edong McRooma Practice Set McDoogan Inc. engaged in the following transactions in 2020 Jan 1 The owner invested $70.000 into the company in exchange for 5.000 shares of no-par CUTITO Stock Jan 1 Purchased a computer system for $32000 Jan 14 Purchased $1.200 of supoles on account Invoiced dients for services provided on account, $25.000 Mar 31 Padrent for two years, 519,200 April 1 The company horrowed 50.000 from Bank of America May 14 Colected $2,50 on account. June 1 Purchasca de hoy van to delivery cops to customers, the van had a purchase price of $53,000, laxes on the van were $5,000 and document charges of $1,500 were pau. July 31 Pad $800 on account for supplies purchased on January 1 Aug 10 Received cash for service prove S10.200 Padules of $4.000 Oct 1 Received 530,000 in advance for services to be provided in the future. Nov 15 Pad for an ad in the local newspaper, $1,000 Nov 27 Processed employee payrol and emplover taxes gross earnings were $4.000. No 3 Pad the empiryen salanes, taxes are not due untilanuary Dec 15 The company declared and paid 96,000 in dividends . Dec 30 Invoiced clients for services performed totaling $9,000. Dec 27 Processed cmployos payrol and cmployer taxcs. gross carnings were 54.000 Dec 30 Paid the employee scaries, taxes are not due until January McDooganing. Chart of Accounts Instructions: 1. Premarc journal entries to record external transactions 2. Postjournal entries to general ledger T accounts 3. Predale journal entre o record muusling entries 4. Post the adjusting entries to the general ledger T accounts (Include a balance on each account) 6. Prepare an adjusted tre 6. Prepare, using good form, an income statement. a statement of stockholders' equity, and a bied talanes 7. Prepare closing oumail entries. & Post the rising entries to the general ledger T accounts include a balance on each account) . 9. Prepare a post closing trial balance. 10 Calculate ratios 11. Once all is completed, oubt your practice set in Blackboard. Once submitted, the Practice Set Quiz will be visible in Blackboard complice this quiz based on the information from your completed practices Company Information: McDougall provides printing services to customers. They began operations on January 1, 2020. In January 2021. They realzed the current VP had not created the records in an accounting system, and due to a ne issue the mancaricaton must be recorded by hand to produce GAAP based financials for the year ending 2020. As such, they have hired you as the Accountant to get the manual syster completed before mplementing scare for 20121. The research begins First you find the company ses straight line depreciation for all long-term depreciable assets. They also must use the Allowance method to account for uncollectible accounts to be in line with GAAP. The company has decided to use the calendar year, so December 31 is the company's year end The company hired to employees on November 1, 2020. The employees will receive a salary of $2.000 cach Payroll is processors on the 27" of the month creating the employee and the employer taxes and then niet pey is paid on the last day of each month. The lariales e 10% for Federal income Tax 8% for state income tax 765% for FICA taxes and 62% for foderal and state unemployment on there is $7,000 each eployee earnings per year Upon luthe religion, you And the following normation related to the company strana during 2020. Process the information and produce GAAP based fnancials for t/c Doosan Inc for the Account Names Cash Common Stock Armounts Receivable Retained Earnings Allowance for Lincollable Armounts Dividende Surpis Serveur Prepaid Rent rovertising Expense Lquipment Computer Ullies Cxperre Accumulated Dean-Computer Selles Expense Delivery Van Depreciation Expense Accumulated Depreciation - Delivery Van Rent Expense Interest Expense Accounts Payable Supoles Expense Interest Payable Bad Debt Expense Deferred Revenue Payrol Tax Expense Salancs Payable Tederal incomes Payable Slalencome Taxes Paul FCA Taxes Paste Unemployment Taxos Povable Notes Pavas Page 1 of 12 1255 words 09 D. Focus DC 70% Search for anything O A 2:38 PM 11/25/2020 AutoSave 0 0% ACC 251 Practice Set Fall 2020 (1) - Saved to this RC Search Morgan Hardesty MH File Home Insert Draw Design Layout References Mailings Review View Help Share Comments 21 X out In Copy Format Painter Cipboard Times New Roms - 12 AA Aar A A A BIUX, * A-D-A- Table Design Layout dabbcc Aabba Abbcu ABCD Aabbccu AaB AablCuI Emphasis Heading 1 Strong Subtitle 1 No Spac Find - Replace Select Paste Nommal EEEE Title Dictate Editor Sensitivity Font Paragraph Styles Edong Voice Sensity Editor McRowPractices McDoes Practice Set McDoosan. Ing. Journal General - External Transactions McDoogan. Ing. Journal General Date Account Name Debit Credit Date Account Name Debit Credit Page 3 of 12 1255 words 08 Focus DC 70% Search for anything O RE 2:38 PM 11/25/2020 AutoSave 0 0% ACC 251 Practice Set Fall 2020 (1) - Saved to this RC Morgan Hardesty - Scarch Table Design Layout File Home Insert Draw Design Layout References Mailings Review View Help Share Comments 211 X out In Copy Format Painter Cipboard Times New Rome 12A A Aa BIUX, APA- AaBbcc Aabbat AalbCI ABCd Aabbccu AaB Aabbcc Emphasis Find - Replace Select Paste Heading 1 Normal Strong Subtitle Title 1 No Spac Dictate Sensitivity Editor Font Paragraph Styles Editing Voice Sensity Editor McDoogan Inc. T accounts - Post External Transactions Journal Entries, Adjusting Journal Entries and closing Journal Entries Common Stock Retard Lamings Dividends Accounts Receivabic Supplies Service Revenue Salas Expense Interest Expense Allowance for Uncollectible Accounts Prepaid Rent Advertising Expense Depreciation Expense Supplies Expende Equipment Computer Accurred Deprem Computer Delivery Van Accumulated Depreciation - Delivery Van Ubexpense Rent Expense Bad Debt Experise Accounts Payable Interest Payable Deferred Revenue Payroll Tax Expense Federal income Taxes Payable State Income Taxes Payabic Saarles Payabi Unemployment Taxes Payable FICA Taxes Payable Nules Payable Page 5 of 12 1255 words 08 C Focus 70% Search for anything O !! A - I 2:38 PM 11/25/2020 AutoSave 0 0% ACC 251 Practice Set Fall 2020 (1) - Saved to this RC Search Morgan Hardesty MH File Home Insert Draw Design Layout References Mailings Review View Help Table Design Layout Share Comments AaBbcc Aabbat AalbCI ABCd Aabbccu AaB Aabbcc X out In Copy * Format Painter Cipboard Times New Rome - 12 AA Aar BIUX, APA- - 2 1 EI Find - Replace Select Paste Emphasis Heading 1 Normal Strong Subtitle Title 1 No Spac Dictate Sensitivity Editor Font Paragraph Styles Editing Voice Sensity Editor Adjusting Entries The data below was gathered for the accountant to complete December 31 adjusting entries (use the journal below and post to the ledger (T accounts) on pages 5 and 6) At December 31, the Company had $300 of suppies on and The computer system purchased on January 1 has a ve-year uscful life and a $2,000 anticipated Salvage value The delivery van purchased on June 1 has a ten-ycar useful life and a $5,500 anticipated salvage value 1% of the ending balance in the accounts receivable account is cstimated to become uncollectible The pronald rent paid on March 31 was for two years beginning April 1 . The $50,000 borrowed from Bank of America on April 1 was a 4 year nose with a 9% rate of interest Principalis dus in dynamics is paid annualy on April 1 The $20,000 received on October 1 was for services that would be completed equaly over 12 months beginning October 1 McDoogan Inc. Journal General - Adjusting Date Account Name Debit Credit Based on the balance in the ledger T accounts) on pages 5 and 5 complete an adjusted trial balance. Once the trial balance is complete, produce the financial statements. McDoogan Inc Adjusted Trial Balance December 31, 2020 Account Name Dobit Credit Cash Accounts Rocciabla Allowance for Uncollectible Accounts Supplies Presar Herr Equipment Computer Accumulated Depreciation - Computer Delivery Van Accumulated Depreciation-Delivery Van Accounts rayabia Interest Payable Deferred Revenud Salanes Payable Federal income Tax Payable State Income Taxes Payable FICA Taxes Paragle Unemployment Taxes Payatile: Notes Payable Corriman Stock Retained Camings Dividends Service Revenue Advertising experie Ubies Expense Salaries Expense Depreciation Expense Rent Expense interest Lxpense Suppies Expense Bad Debt Expense Payroll Tax Expertise Totals Focus 0 Page 7 of 12 1255 words 08 70% Search for anything O RE 2:38 PM 11/25/2020 AutoSave CH 90 ACC 251 Practice Set Fall 2020 (1) - Saved to this NC Search Morgan Hardesty MH File Home Insert Draw Design Layout References Mailings Review View Help Share Comments Arial 21 AaBLCL Aabba Abbce ABCd Aabbccu AaB AaBbce X Out In Copy Format Painter Clipboard - 12 A A A A BIUX, * A-D-A- Find - Replace Select Peste Emphasis Heading 1 Normal Strong Subtitle Title 1 No Spac Dictate Sensitivity Editor Font Paragraph Voice Sensity Editor McDon Practice Set Fall 2020 - ACCT 251 Practice Set Contents Instructions Chart of Accounts Forms Practice Set Styles Edong McRooma Practice Set McDoogan Inc. engaged in the following transactions in 2020 Jan 1 The owner invested $70.000 into the company in exchange for 5.000 shares of no-par CUTITO Stock Jan 1 Purchased a computer system for $32000 Jan 14 Purchased $1.200 of supoles on account Invoiced dients for services provided on account, $25.000 Mar 31 Padrent for two years, 519,200 April 1 The company horrowed 50.000 from Bank of America May 14 Colected $2,50 on account. June 1 Purchasca de hoy van to delivery cops to customers, the van had a purchase price of $53,000, laxes on the van were $5,000 and document charges of $1,500 were pau. July 31 Pad $800 on account for supplies purchased on January 1 Aug 10 Received cash for service prove S10.200 Padules of $4.000 Oct 1 Received 530,000 in advance for services to be provided in the future. Nov 15 Pad for an ad in the local newspaper, $1,000 Nov 27 Processed employee payrol and emplover taxes gross earnings were $4.000. No 3 Pad the empiryen salanes, taxes are not due untilanuary Dec 15 The company declared and paid 96,000 in dividends . Dec 30 Invoiced clients for services performed totaling $9,000. Dec 27 Processed cmployos payrol and cmployer taxcs. gross carnings were 54.000 Dec 30 Paid the employee scaries, taxes are not due until January McDooganing. Chart of Accounts Instructions: 1. Premarc journal entries to record external transactions 2. Postjournal entries to general ledger T accounts 3. Predale journal entre o record muusling entries 4. Post the adjusting entries to the general ledger T accounts (Include a balance on each account) 6. Prepare an adjusted tre 6. Prepare, using good form, an income statement. a statement of stockholders' equity, and a bied talanes 7. Prepare closing oumail entries. & Post the rising entries to the general ledger T accounts include a balance on each account) . 9. Prepare a post closing trial balance. 10 Calculate ratios 11. Once all is completed, oubt your practice set in Blackboard. Once submitted, the Practice Set Quiz will be visible in Blackboard complice this quiz based on the information from your completed practices Company Information: McDougall provides printing services to customers. They began operations on January 1, 2020. In January 2021. They realzed the current VP had not created the records in an accounting system, and due to a ne issue the mancaricaton must be recorded by hand to produce GAAP based financials for the year ending 2020. As such, they have hired you as the Accountant to get the manual syster completed before mplementing scare for 20121. The research begins First you find the company ses straight line depreciation for all long-term depreciable assets. They also must use the Allowance method to account for uncollectible accounts to be in line with GAAP. The company has decided to use the calendar year, so December 31 is the company's year end The company hired to employees on November 1, 2020. The employees will receive a salary of $2.000 cach Payroll is processors on the 27" of the month creating the employee and the employer taxes and then niet pey is paid on the last day of each month. The lariales e 10% for Federal income Tax 8% for state income tax 765% for FICA taxes and 62% for foderal and state unemployment on there is $7,000 each eployee earnings per year Upon luthe religion, you And the following normation related to the company strana during 2020. Process the information and produce GAAP based fnancials for t/c Doosan Inc for the Account Names Cash Common Stock Armounts Receivable Retained Earnings Allowance for Lincollable Armounts Dividende Surpis Serveur Prepaid Rent rovertising Expense Lquipment Computer Ullies Cxperre Accumulated Dean-Computer Selles Expense Delivery Van Depreciation Expense Accumulated Depreciation - Delivery Van Rent Expense Interest Expense Accounts Payable Supoles Expense Interest Payable Bad Debt Expense Deferred Revenue Payrol Tax Expense Salancs Payable Tederal incomes Payable Slalencome Taxes Paul FCA Taxes Paste Unemployment Taxos Povable Notes Pavas Page 1 of 12 1255 words 09 D. Focus DC 70% Search for anything O A 2:38 PM 11/25/2020 AutoSave 0 0% ACC 251 Practice Set Fall 2020 (1) - Saved to this RC Search Morgan Hardesty MH File Home Insert Draw Design Layout References Mailings Review View Help Share Comments 21 X out In Copy Format Painter Cipboard Times New Roms - 12 AA Aar A A A BIUX, * A-D-A- Table Design Layout dabbcc Aabba Abbcu ABCD Aabbccu AaB AablCuI Emphasis Heading 1 Strong Subtitle 1 No Spac Find - Replace Select Paste Nommal EEEE Title Dictate Editor Sensitivity Font Paragraph Styles Edong Voice Sensity Editor McRowPractices McDoes Practice Set McDoosan. Ing. Journal General - External Transactions McDoogan. Ing. Journal General Date Account Name Debit Credit Date Account Name Debit Credit Page 3 of 12 1255 words 08 Focus DC 70% Search for anything O RE 2:38 PM 11/25/2020 AutoSave 0 0% ACC 251 Practice Set Fall 2020 (1) - Saved to this RC Morgan Hardesty - Scarch Table Design Layout File Home Insert Draw Design Layout References Mailings Review View Help Share Comments 211 X out In Copy Format Painter Cipboard Times New Rome 12A A Aa BIUX, APA- AaBbcc Aabbat AalbCI ABCd Aabbccu AaB Aabbcc Emphasis Find - Replace Select Paste Heading 1 Normal Strong Subtitle Title 1 No Spac Dictate Sensitivity Editor Font Paragraph Styles Editing Voice Sensity Editor McDoogan Inc. T accounts - Post External Transactions Journal Entries, Adjusting Journal Entries and closing Journal Entries Common Stock Retard Lamings Dividends Accounts Receivabic Supplies Service Revenue Salas Expense Interest Expense Allowance for Uncollectible Accounts Prepaid Rent Advertising Expense Depreciation Expense Supplies Expende Equipment Computer Accurred Deprem Computer Delivery Van Accumulated Depreciation - Delivery Van Ubexpense Rent Expense Bad Debt Experise Accounts Payable Interest Payable Deferred Revenue Payroll Tax Expense Federal income Taxes Payable State Income Taxes Payabic Saarles Payabi Unemployment Taxes Payable FICA Taxes Payable Nules Payable Page 5 of 12 1255 words 08 C Focus 70% Search for anything O !! A - I 2:38 PM 11/25/2020 AutoSave 0 0% ACC 251 Practice Set Fall 2020 (1) - Saved to this RC Search Morgan Hardesty MH File Home Insert Draw Design Layout References Mailings Review View Help Table Design Layout Share Comments AaBbcc Aabbat AalbCI ABCd Aabbccu AaB Aabbcc X out In Copy * Format Painter Cipboard Times New Rome - 12 AA Aar BIUX, APA- - 2 1 EI Find - Replace Select Paste Emphasis Heading 1 Normal Strong Subtitle Title 1 No Spac Dictate Sensitivity Editor Font Paragraph Styles Editing Voice Sensity Editor Adjusting Entries The data below was gathered for the accountant to complete December 31 adjusting entries (use the journal below and post to the ledger (T accounts) on pages 5 and 6) At December 31, the Company had $300 of suppies on and The computer system purchased on January 1 has a ve-year uscful life and a $2,000 anticipated Salvage value The delivery van purchased on June 1 has a ten-ycar useful life and a $5,500 anticipated salvage value 1% of the ending balance in the accounts receivable account is cstimated to become uncollectible The pronald rent paid on March 31 was for two years beginning April 1 . The $50,000 borrowed from Bank of America on April 1 was a 4 year nose with a 9% rate of interest Principalis dus in dynamics is paid annualy on April 1 The $20,000 received on October 1 was for services that would be completed equaly over 12 months beginning October 1 McDoogan Inc. Journal General - Adjusting Date Account Name Debit Credit Based on the balance in the ledger T accounts) on pages 5 and 5 complete an adjusted trial balance. Once the trial balance is complete, produce the financial statements. McDoogan Inc Adjusted Trial Balance December 31, 2020 Account Name Dobit Credit Cash Accounts Rocciabla Allowance for Uncollectible Accounts Supplies Presar Herr Equipment Computer Accumulated Depreciation - Computer Delivery Van Accumulated Depreciation-Delivery Van Accounts rayabia Interest Payable Deferred Revenud Salanes Payable Federal income Tax Payable State Income Taxes Payable FICA Taxes Paragle Unemployment Taxes Payatile: Notes Payable Corriman Stock Retained Camings Dividends Service Revenue Advertising experie Ubies Expense Salaries Expense Depreciation Expense Rent Expense interest Lxpense Suppies Expense Bad Debt Expense Payroll Tax Expertise Totals Focus 0 Page 7 of 12 1255 words 08 70% Search for anything O RE 2:38 PM 11/25/2020