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ACC 290T Wk 2 - Practice: Connect Knowledge Check

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ACC 290T Wk 2 - Practice: Connect Knowledge Check

Exercise 2-19 Analyzing changes in a company's equity LO P3

Compute the missing amount for each of the following separate companies in columns B through E(Losses and amounts to be deducted should be indicated with a minus sign.) 

 

 

Exercise 2-7 Preparing general journal entries LO P1

Following are the transactions of a new company called Pose-for-Pics. 

 

 

1

 

Madison Harris, the owner, invested $8,750 cash and $37,625 of photography equipment in the company.

 

 

2

 

The company paid $3,100 cash for an insurance policy covering the next 24 months.

 

 

5

 

The company purchased office supplies for $1,663 cash.

 

 

20

 

The company received $3,400 cash in photography fees earned.

 

 

31

 

The company paid $875 cash for August utilities.

 Prepare general journal entries for the above transactions.

 

Required information

Use the following information for Exercises 16-18 below.

[The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company’s records show the following accounts and amounts for the month of August. 

 

 

 

 

 

 

Cash

$

25,270

 

$

5,910

Accounts receivable

 

22,280

Consulting fees earned

 

26,920

Office supplies

 

5,150

Rent expense

 

9,460

Land

 

43,940

Salaries expense

 

5,510

Office equipment

 

19,910

Telephone expense

 

760

Accounts payable

 

10,700

Miscellaneous expenses

 

430

 

Exercise 2-16 Preparing an income statement LO C3, P3

Use the above information to prepare an August income statement for the business.

 

Exercise 2-17 Preparing a statement of owner's equity LO P3

Use the above information to prepare an August statement of owner’s equity for Help Today. The owner’s capital account balance at July 31 was $0, and the owner invested $101,000 cash in the company on August 1. 

Exercise 2-18 Preparing a balance sheet LO P3

Use the above information to prepare an August 31 balance sheet for Help Today. Hint: Compute the owner’s capital account balance as of August 31.

 

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