BUS591 week 2 homework

Template is in attachment,

Week 2 Homework Template

Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year.

REMEMBER: each transaction affects TWO accounts! Use the + or ? signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then ?check? your work by totaling up Assets, Liabilities and Equity. Put each transaction on a separate line.

Remember the accounting equation: assets = liabilities + equity. Note any changes in Retained Earnings on the page below the worksheet.

(a) WALZ SERVICE INC.

Assets

=

Liabilities

+

Stockholders? Equity

Date

Cash

+

Accounts Receivable

+

Supplies

+

Equipment

=

Notes Payable

+

Accounts Payable

+

Common Stock

+

Retained Earnings

Revenues

?

Expenses

?

Dividends

June 1

Totals

$

$

Total of All Columns under Assets

Total of All columns under Liabilities & Stockholder?s Equity

(a) Continued

Changes in Retained Earnings:

(b) Prepare an Income Statement for June

WALZ SERVICE INC.
Income Statement
For the Month Ended June, 30, 2014
Revenues
Account title	Amount
Expenses
Account title	Amount
Account title	Amount
Account title	Amount
Account title	Amount
Total expenses	Amount
Net income	Amount

(Part C is on the next page) (c) Prepare a Classified balance sheet at June 30, 2014 (Remember, assets and liabilities + equity MUST equal). If it doesn?t, there is an error somewhere).

WALZ SERVICE Inc.
Balance Sheet
June 30, 2014
Assets
Current assets
Account title	Amount
Account title	Amount
Account title	Amount
Total current assets	Amount
Account title	Amount
Total assets	Amount
Liabilities and Stockholders? Equity
Current liabilities
Account title	Amount
Account title	Amount
Total current liabilities	Amount
Stockholders? equity
Account title	Amount
Account title	Amount	Amount
Total liabilities and stockholders? equity	Amount

Problem 3-5B is on the next page.

(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).

Remember that every transaction affects TWO accounts!

Date		Account Titles and Explanation		Debit		Credit
May 1
2
3
7
11
12
17
31
31

Part B is on the next page. PROBLEM 3-5B (Continued)

(b) Post the transactions to the ledger T Accounts

Be sure to post the amounts to the correct side of the T-Account!

Cash
Bal.

Accounts Receivable
Bal.

Supplies
Bal.

Accounts Payable
	Bal.

Unearned Service Revenue
	Bal.

Common Stock
	Bal.

Service Revenue
	Bal.

Salaries and Wages Expense
Bal.

Rent Expense
Bal.

PROBLEM 3-5B (Continued) Prepare a Trial Balance on May 31, 2014.

(c) ROYCE CONSULTING

Trial Balance

May 31, 2014

Account Name		Debit		Credit
Total

E4-13. Answer questions A through D. Remember to show your calculations! (Add more space as necessary).

(E 4-14 is on the next page). E4-14. Prepare the closing entries at January 31, 2014.

(Enter all accounts for each transaction in one box. Dates have been provided).

Date		Account Titles and Explanation		Debit		Credit
Jan 31
31
31

E4-15. Journalize (a) the July transactions and (b) adjusting entries that were made on July 31. Enter all accounts in one box. Dates have been provided.

Part A

Date		Account Titles and Explanation		Debit		Credit
July 10
14
15
20

Part B

Date		Account Titles and Explanation		Debit		Credit
July 10
14
15
20

E4-16 Prepare the adjusting entries that were made:

(a) Enter all accounts in one box. The dates have been included to help with formatting.

Date		Account Titles and Explanation		Debit		Credit
Aug 31
31
31
31
31
31

E4-17 Prepare the income statement and retained earnings statements for the year and the classified balance sheet at August 31.

BERE COMPANY
Income Statement
For the Month Ended August 31, 2014
Revenues
Account title	Amount
Account title	Amount
Total Revenues
Expenses
Account title	Amount
Account title	Amount
Account title	Amount
Account title	Amount
Account title	Amount
Total expenses	Amount
Net income	Amount

(Continued on next page)

BERE COMPANY
Retained Earnings Statement
For the Month Ended August 31, 2014
Retained earnings, September 1, 2011	Amount
Add: Account title	Amount
	Total
Less: Account title	Amount
Retained earnings, August 31, 2012	Total

BERE COMPANY
Balance Sheet
August 31, 2014
Assets
Current assets
Account title	Amount
Account title	Amount
Account title	Amount
Account title	Amount
Total current assets	Amount
Account title	Amount
Total assets	Amount
Liabilities and Stockholders? Equity
Current liabilities
Account title	Amount
Account title	Amount
Account title	Amount
Total current liabilities	Amount
Stockholders? equity
Account title	Amount
Account title

Week 2 Homework Template Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year. REMEMBER: each transaction affects TWO accounts! Use the + or - signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then \"check\" your work by totaling up Assets, Liabilities and Equity. Put each transaction on a separate line. Remember the accounting equation: assets = liabilities + equity. Note any changes in Retained Earnings on the page below the worksheet. (a) Assets Date Cash = + Accounts = Receivable + Supplies + Equipment WALZ SERVICE INC. Liabilities Notes Payable + Accounts + Payable + Stockholders' Equity Common Stock Retained Earnings + Revenues - Expenses June 1 Totals $ $ Total of All Columns under Assets Total of All columns under Liabilities & Stockholder's Equity - Dividends (a) Continued Changes in Retained Earnings: (b) Prepare an Income Statement for June WALZ SERVICE INC. Income Statement For the Month Ended June, 30, 2014 Revenues Account title Expenses Account title Account title Account title Account title Total expenses Net income (Part C is on the next page) Amount Amount Amount Amount Amount Amount Amount (c) Prepare a Classified balance sheet at June 30, 2014 (Remember, assets and liabilities + equity MUST equal). If it doesn't, there is an error somewhere). WALZ SERVICE Inc. Balance Sheet June 30, 2014 Assets Current assets Account title Account title Account title Total current assets Account title Total assets Amount Amount Amount Liabilities and Stockholders' Equity Current liabilities Account title Amount Account title Amount Total current liabilities Stockholders' equity Account title Amount Account title Amount Total liabilities and stockholders' equity Problem 3-5B is on the next page. Amount Amount Amount Amount Amount Amount (a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). Remember that every transaction affects TWO accounts! Account Titles and Explanation Date May 1 2 3 7 11 12 17 31 31 Part B is on the next page. Debit Credit PROBLEM 3-5B (Continued) (b) Post the transactions to the ledger T Accounts Be sure to post the amounts to the correct side of the T-Account! Salaries and Wages Expense Cash Bal. Bal. Rent Expense Accounts Receivable Bal. Bal. Supplies Bal. Accounts Payable Bal. Unearned Service Revenue Bal. Common Stock Bal. Service Revenue Bal. PROBLEM 3-5B (Continued) Prepare a Trial Balance on May 31, 2014. (c) Account Name ROYCE CONSULTING Trial Balance May 31, 2014 Debit Credit Total E4-13. Answer questions A through D. Remember to show your calculations! (Add more space as necessary). (E 4-14 is on the next page). E4-14. Prepare the closing entries at January 31, 2014. (Enter all accounts for each transaction in one box. Dates have been provided). Account Titles and Explanation Date Jan Debit Credit 31 31 31 E4-15. Journalize (a) the July transactions and (b) adjusting entries that were made on July 31. Enter all accounts in one box. Dates have been provided. Part A Date July Account Titles and Explanation Debit Credit Account Titles and Explanation Debit Credit 10 14 15 20 Part B July 10 14 15 20 E4-16 Prepare the adjusting entries that were made: (a) Enter all accounts in one box. The dates have been included to help with formatting. Account Titles and Explanation Date Aug Debit Credit 31 31 31 31 31 31 E4-17 Prepare the income statement and retained earnings statements for the year and the classified balance sheet at August 31. BERE COMPANY Income Statement For the Month Ended August 31, 2014 Revenues Account title Account title Total Revenues Expenses Account title Account title Account title Account title Account title Total expenses Net income (Continued on next page) Amount Amount Amount Amount Amount Amount Amount Amount Amount BERE COMPANY Retained Earnings Statement For the Month Ended August 31, 2014 Retained earnings, September 1, 2011 Add: Account title Less: Account title Retained earnings, August 31, 2012 Amount Amount Total Amount Total BERE COMPANY Balance Sheet August 31, 2014 Assets Current assets Account title Account title Account title Account title Total current assets Account title Total assets Amount Amount Amount Amount Liabilities and Stockholders' Equity Current liabilities Account title Amount Account title Amount Account title Amount Total current liabilities Stockholders' equity Account title Amount Account title Amount Total stockholder's equity Total liabilities and stockholders' equity Exercise 4-18 is on the next page Amount Amount Amount Amount Amount Amount Exercise 4-18 (a) Prepare the closing entries for the temporary accounts at August 31. (Note, enter all accounts in one box. The dates have been included to help with formatting). Account Titles and Explanation Date Aug 31 31 31 31 Debit Credit