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ACC 290 Week 2 Individual WileyPLUS Assignment Exercise E3-4 ,E3-9 Problem 3-5A, 3-6A

ACC 290 Week 2 Individual WileyPLUS Assignment Exercise E3-4 ,E3-9  Problem 3-5A, 3-6A

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ACC 290 Week 2 Individual WileyPLUS Assignment Exercise E3-4 ,E3-9  Problem 3-5A, 3-6A

Exercise 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.

 

Assets

=

Liabilities

+

Stockholders' Equity

 

 

Cash

+

Accounts Receivable

+

Supplies

+

Office Equipment

=

Accounts Payable

+

Common Stock

+

Retained Earnings

 

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.

Determine how much stockholders' equity increased for the month. 

 

Exercise E3-9

 

This information relates to Pickert Real Estate Agency.

Oct. 1

Stockholders invested $30,000 in exchange for common stock of the corporation.

Oct. 2

Hires an administrative assistant at an annual salary of $42,000.

Oct. 3

Buys office furniture for $4,600, on account.

Oct. 6

Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).

Oct. 10

Receives cash of $140 as commission for acting as rental agent renting an apartment.

Oct. 27

Pays $700 on account for the office furniture purchased on October 3.

Oct. 30

Pays the administrative assistant $3,500 in salary for October.

Post the transactions to T-accounts and complete the following trial balance. 

 

Problem 3-5A

Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred:

April 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 services.

11

 

Received $500 cash advance from J. Madison to design a new home.

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.

Problem 3-6A

This is the trial balance of Slocombe Company on September 30.

 

SLOCOMBE COMPANY

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

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