AC 500 Entire Course New Flashcards
AC 500 Unit 2 and Unit 3 Assignments NEW
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AC 500 Unit 2 and Unit 3 Assignments NEW
For the past several years, Dustin Larkin has operated a part-time consulting business from his home. As of June 1, 2010, Dustin decided to move to rented quarters and to operate the business, which was to be known as Quixote Consulting, on a full-time basis. Quixote Consulting entered into the following transactions during June:
June 1. The following assets were received from Dustin Larkin: cash, $10,000; accounts receivable, $1,500; supplies, $1,250; and office equipment, $7,500. There were no liabilities received. June 1. Paid three months’ rent on a lease rental contract, $4,500. June 2. Paid the premiums on property and casualty insurance policies, $1,800. June 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $3,000. June 5. Purchased additional office equipment on account from Crawford Company, $1,800. June 6. Received cash from clients on account, $800. June 10. Paid cash for a newspaper advertisement, $120. June 12. Paid Crawford Company for part of the debt incurred on June 5, $800. June 12. Recorded services provided on account for the period June 1-12, $2,250. June 14. Paid part-time receptionist for two weeks’ salary, $400. June 17. Recorded cash from cash clients for fees earned during the period June 1-16, $3,175. June 18. Paid cash for supplies, $750. June 20. Recorded services provided on account for the period June 13-20, $1,100. June 24. Recorded cash from cash clients for fees earned for the period June 17—24, $1,850. June 26. Received cash from clients on account, $1,600. June 27. Paid part-time receptionist for two weeks’ salary, $400. June 29. Paid telephone bill for June, $130.
June 30. Paid electricity bill for June, $200.
June 30. Recorded cash from cash clients for fees earned for the
period June 25-30, $2,050.
June 30. Recorded services provided on account for the remainder of
June, $1,000.
June 30. Dustin withdrew $4,500 for personal use.
Instructions-Use the provided Excel template to complete the
following:
- Journalize each transaction in a two-column journal, referring to the
following chart of accounts in selecting the accounts to be debited and
credited.
11 Cash
12 Accounts Receivable
14 Supplies
15 Prepaid Rent
16 Prepaid Insurance
18 Office Equipment
19 Accumulated Depreciation
21 Accounts Payable
22 Salaries Payable
23 Unearned Fees
31 Dustin Larkin, Capital
32 Dustin Larkin, Drawing
41 Fees Earned
51 Salary Expense
52 Rent Expense
53 Supplies Expense
54 Depreciation Expense
55 Insurance Expense
59 Miscellaneous Expense
- Post the journal to a ledger of four-column accounts.
- Prepare a trial balance as of June 30, 2010.
Be sure and save your work, you will complete the accounting cycle in
Unit 3 using the same Excel Template and information.
Assignment #1
Requirement 1 - Prepare the Journal Entries in the General Journal
Jounral Entries
Requirement 2 - Post Journal Entries to the General Ledger
General Ledger
Requirement 3 - Prepare a Trial Balance
Trial Balance
Assignment #2
Requirement 4 - Prepare the Adjusting Entries
Adjusting Entries
Requirement 5 - Post Adjusting Entries to the General Ledger
General Ledger
Requirement 6 - Prepare an Adjusted Trial Balance
Adjusted TB
Requirement 7 - Prepare the Financial Statements
Financial Statements
Requirement 8 - Prepare the Closing Entries
Closing Entries
Requirement 9 - Post Closing Entries to the General Ledger
General Ledger
Requirement 10 - Prepare the Post Closing Trial Balance
Post Closing TB
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AC 500 Unit 4 Assignment NEW
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AC 500 Unit 4 Assignment NEW
1) Some of the ratios do NOT have sufficient data to compute a ratio.
In those ratios, simply type "Insufficient data to Compute". The objective is to provide you an opportunity to employ critical thinking. You need to be able to discern whether or not all elements are present.
2) In the ratios that require an “Average” - assume that the BEGINNING Account Balance = - 0-.
3) Remember, .50% is NOT the same as 50%.
4) Use all transactions that include “Sales on Account” as “Net Credit Sales”.
5) Be sure to include your formulas in the proper cell. If you simply input an answer, feedback may be limited.
If you include your computations, additional feedback will be possible when an incorrect answer is given.
6) Complete all ratios in all 3 sections - Parts A, B & C. There are 4 ratios in Part A, 2 in Part B, and 3 in Part C.
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AC 500 Unit 5 Management Tools Assignment NEW
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AC 500 Unit 5 Management Tools Assignment NEW
The bank reconciliation is prepared by the cashier, who works under the supervision of the Treasurer.
All mail is opened by the mail clerk, who forwards all cash remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts.
At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers.
At the end of each day, all cash receipts are placed in the bank’s night depository.
At the end of each day, an accounting clerk compares the duplicate copy of the daily cash deposit slip with the deposit receipt obtained from the bank.
The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer’s office for approval.
After necessary approvals have been obtained for the payment of a voucher, treasurer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing.
Along with petty cash expense receipts for postage, office supplies, etc., several post-dated employee checks are in the petty cash fund.
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AC 500 Unit 6 Assignment NEW
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AC 500 Unit 6 Assignment NEW
Complete the answers as indicated for each of the Problems, 1 through 20, and submit the Unit 6 Assignment Dropbox by the end of the unit. Type in the appropriate Letter answer ONLY, for Questions 1 – 20.
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AC 500 Unit 7 Assignment NEW
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AC 500 Unit 7 Assignment NEW
Complete the answers as indicated for each of the questions, 1–20, and submit the Word document Answer Sheet to the appropriate Unit 7 Dropbox before the due date.
Type in the appropriate letter answer, for questions 1–20. Note: Add computations ONLY to the questions where they are requested.
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AC 500 Unit 8 Assignment NEW
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AC 500 Unit 8 Assignment NEW
AC 500 Unit 8 Assignment NEW
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AC 500 Unit 9 Assignment Final Project Rainbow Paint Company – 2014 Annual Report NEW
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AC 500 Unit 9 Assignment Final Project Rainbow Paint Company – 2014 Annual Report NEW
AC 500 Unit 9 Assignment Final Project Rainbow Paint Company – 2014 Annual Report NEW
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AC 500 Unit 10 Assignment Course Reflections NEW
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AC 500 Unit 10 Assignment Course Reflections NEW
After reflecting on what you have learned and how you have benefited by taking AC 500 Bachelor’s Capstone in Accounting, write a minimum 1-page response to the questions below. Make sure to address the critical elements so that you will be successful in completing this Assignment.
Please answer the following questions in your paper:
- Reflect on and describe which key concepts and topics in this course have made you a stronger candidate to enter the business world.
- Discuss how this course has affected you in your development as a student. Include any feedback you might have about how the course has motivated your career selection.
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