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ACC 290 Week 5 Apply: Connect® Exercise

ACC 290 Week 5 Apply: Connect® Exercise PLDZ-9181 Free
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 ACC 290 Week 5 Apply: Connect® Exercise
Review the Knowledge Check in preparation for this assignment.

Complete the Week 5 Exercise in Connect®.

Note: You have only one attempt available to complete this assignment.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.

1
On December 31, after adjustments, Gonzalez Company’s ledger contains the following account balances:


101 Cash $ 30,200 Dr.
111 Accounts Receivable 16,100 Dr.
121 Supplies 2,300 Dr.
131 Prepaid Rent 38,900 Dr.
141 Equipment 47,000 Dr.
142 Accumulated Depreciation—Equip. 1,150 Cr.
202 Accounts Payable 6,800 Cr.
301 Emilio Gonzalez, Capital (12/1/2019) 48,620 Cr.
302 Emilio Gonzalez, Drawing 6,500 Dr.
401 Fees Income 120,080 Cr.
511 Advertising Expense 4,100 Dr.
514 Depreciation Expense—Equip. 830 Dr.
517 Rent Expense 2,900 Dr.
519 Salaries Expense 21,800 Dr.
523 Utilities Expense 6,020 Dr.

Required:

Journalize the closing entries in the general journal.
Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
Analyze:

What is the balance of the Salaries Expense account after closing entries are posted?

2
A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.

Required:

Complete the worksheet.
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:

What total debits were posted to the general ledger to complete all closing entries for the month of December?

3
A completed worksheet for The King Group is given below.

The King Group
Worksheet
Month Ended December 31, 2019
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 91,900 91,900 91,900
Accounts Receivable 11,500 11,500 11,500
Supplies 5,000 ( a) 1,900 3,100 3,100
Prepaid Advertising 20,000 ( b) 2,500 17,500 17,500
Equipment 47,500 47,500 47,500
Accumulated Depreciation
—Equipment

( c) 1,900 1,900 1,900
Accounts Payable 11,500 11,500 11,500
Delva King, Capital 127,000 127,000 127,000
Delva King, Drawing 7,900 7,900 7,900
Fees Income 60,750 60,750 60,750
Supplies Expense ( a) 1,900 1,900 1,900
Advertising Expense ( b) 2,500 2,500 2,500
Depreciation Expense—Equipment ( c) 1,900 1,900 1,900
Salaries Expense 13,900 13,900 13,900
Utilities Expense 1,550 1,550 1,550
Totals 199,250 199,250 6,300 6,300 201,150 201,150 21,750 60,750 179,400 140,400
Net Income 39,000 39,000
60,750 60,750 179,400 179,400
Required:

Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:

How many accounts are listed in the adjusted and post-closing trial balance section?
 

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