I need help on the accounting homework, please.

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Part I: The accounting cycle (50 points) Jennifer Smith, Certified Public Accountant, operates as a professional corporation, the business completed the following transactions during March. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Contributed Capital 5,300 3,500 (800) 5,700 1,800 Inventory Plant Property and Equipment Retained Earnings Salary Payable Unearned Revenue 1,300 3,700 3,300 1,100 1,900 The following transactions occurred during the month of March. Analyze and record each transaction be sure to: 1) write a short 2-4 word description of each transaction, 2) record each transaction, 3) determine the cash flow implications: O, I, F, or NC, 4) Find trial, pre-closing, and closing balances NOTE Add accounts as needed to complete the accounting cycle. All spaces should be used in completing the accounting cycle. March 1 March 3 March 4 March 8 March 9 March 10 March 12 March 16 March 18 March 20 March 21 March 25 March 30 March 31 Received $7,000 cash from Smith and issued common stock to him Paid monthly office rent of $600 Paid $2,400 to Dell for a computer with an expected life of 5 years Bought $7,500 worth of equipment on account with is projected to last for five years Purchased $500 of office supplies on account Performed $1,200 of tax services and collect the full amount Paid insurance expense of $300 for the current month Performed $2,100 of consulting services for a client on account Paid $500 for supplies purchased on March 9 Collected $2,100 cash owed from customers Hired an administrative assistant who will be paid on the 15 th of each month Collected $1,800 in advance for tax work to be performed over the next 30 days Declared and paid cash dividends of $1,400 Paid $2,500 owed to suppliers on account On March 31st, the following adjusting entries need to be recorded 1. Accrued $1,600 service revenue 2. Earned $600 of service revenue collected in advance 3. Supplies on hand total $100 4. Depreciation for the equipment and the furniture totaled $165 5. Accrued wage expense of $600 for secretary's salary 6. Received $500 bill for utilities for the month of March Part II: Recognition of revenue and expense (16 points) Frank Dunn began a music business in January. Dunn prepares financial statements monthly and uses the accrual basis of accounting. The following transactions occurred in January through April (4 points) Jan 13 Feb 3 March 16 April 22 Bought music on account for $23 with payment to the supplier due in 90 days Performed a job on account for Jimmy Jones for $38, collected from Jones in 30 days. Used all of the music purchased on January 14 Collected the $38 receivable from Jones Paid the $23 owed to the supplier for the January 14 transaction 1. In which month should Dunn record the cost of the music as an expense? Why? 2. In which month should Dunn report the $38 revenue on its income statement? Why? 3. If Dunn used cash basis accounting instead of accrual basis in what month would Dunn report revenue? 4. In what month would Dunn report the expense? Concepts & Principles (1 point each) Revenue is recognized when....... ____________________________________________________________________________________________ _______________________________________________________________________________________________ Provided that ...... 1. ___________________________________________________________________________________________ _______________________________________________________________________________________________ 2._____________________________________________________________________________________________ ______________________________________________________________________________________________ 3. ___________________________________________________________________________________________ _______________________________________________________________________________________________ In each of the following cases, tell which of the 4 conditions above (1, 2, 3, or 4) has not been met AND explain why the company should not recognize revenue. (8 points- 2 points each) 1. Dr. Suess Books shipped children's books worth $100,000 to families in Boston. In their invoice, Dr. Suess Books tells families that they can return the products if they do not want them. The families did not order the products. _______________________________________________________________________________________________ _______________________________________________________________________________________________ 2. Lactalis Retail Dairy, producers of Sorrento Cheese, received an order for $10,000 of cheese from Upper Crust and shipped the order per the customer request. Upper Crust recently filed for bankruptcy protection. _______________________________________________________________________________________________ _______________________________________________________________________________________________ 3. In response to an order from Macy's, Nine West shipped an order of 144 pairs of shoes. Nine West plans to work out a price with Macy's sometime after the shoes are delivered. ______________________________________________________________________________________________ ______________________________________________________________________________________________ 4. LL Bean receives an order for $2,000 of monogrammed tote bags from customers in Wisconsin. The bags will be shipped next month after the monogramming work is completed. ______________________________________________________________________________________________ ______________________________________________________________________________________________ Part III: Cash Flows (24 points) Middleton Golf Club has assembled the following date for the year ended September 30, 2016. 1. Indicate whether each is associated with operating activity (OA), investing Activity (IA) or financing Activity (FA) 5 points) 2. Indicate whether each item reflects a cash or non-cash (NC) transaction (5 points) 3. Use the information to prepare a statement of cash flows using the direct method. (14 points) Part IV: Impact of Net Income and Cash Flow. (10 points) Below are 6 transactions. Indicate whether net income (NI) and cash flow (CF) will increase (INC), decrease (DEC) or not change (NC) when each transaction takes place Example Depreciate PP& E by $300. NI Decrease 1 Issue common stock for $1,000. NI _____ 2 CF _____ Purchase Inventory for $200 on account. NI _____ 5 CF _____ Receive a payment of $75 from a customer on account. NI _____ 4 CF _____ Make sales on account of $150. NI _____ 3 CF No change cash impact happens when equipment is purchased CF _____ Declare and pay shareholders a $100 dividend. NI _____ CF _____ Balance Sheet 1,900 1,100 3,300 1,800 3,300 Expenses 5,300 1,800 Income Stateme Revenues 1,100 Retained Earnings 1,900 Contrib. Capital Salary Payable 5,300 Owners' Equity Utilities Payable Unearned Revenue (800) = Liabilties Accounts Payable 3,700 = 1,300 Accumulated Depreciation 3,500 Property Plant & Equip Inventory 5,700 = supplies AR Beginning Balance Cash cash fow Transaction Assets = = = = = = = = = = = = = = Trial Balance 5,700 3,500 1,300 - 3,700 (800) = = = = = = = - - - End Balance 5,700 3,500 1,300 assets 3,700 13,400 (800) 5,300 = 13,400 1,900 1,100 - 1,800 liabilities and equity 3,300 - - Type of Revenue or Expense Net Income = Income Statement = - = - = - = - = - = - = - = - = - = - = - = - = - = - = - = - = - = = = - = =