Bus 591 week 2 assignment

   
Week 2 – Assignment 
Week Two Homework Problems
Complete the following Workbook Template Week Two. Problems P3-2B and P3-5B from Chapter 3 are located under “Additional Exercises and Problems” on the Textbook Student Companion Site. Problems E4-15, E4-19, E4-14, E4-21, E4-22, and E4-23 are at the end of Chapter 4 of your text. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit.
Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment.
Week 2 Homework Template
Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year.
REMEMBER: each transaction affects TWO accounts! Use the + or – signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity.  Put each transaction on a separate line.
Remember the accounting equation: assets = liabilities + equity.Note any changes in Retained Earnings on the page below the worksheet. 
(a) WALZ SERVICE INC.
  

Assets

=

Liabilities

+

Stockholders’ Equity
 
   Date

Cash

+

Accounts Receivable

+

Supplies

+

Equipment

   =

Notes Payable

+

Accounts Payable

+

Common Stock

+

Retained Earnings
 
Revenues 

Expenses

Dividends
 
June 1

 

 

 

 

 

 

 

 

 

 

 

 

 
Totals

 

 

$

 

Total of All Columns under Assets

Total of All columns under Liabilities &   Stockholder’s Equity

                             
(a) Continued
Changes in Retained Earnings:
(b) Prepare an Income Statement for June 
  
WALZ   SERVICE INC.
 
Income   Statement
 
For   the Month Ended June, 30, 2014
 
Revenues
 
Account title

Amount
 
Expenses

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Total expenses

Amount
 
Net income

Amount
(Part C is on the next page)(c) Prepare a Classified balance sheet at June 30, 2014(Remember, assets and liabilities + equity MUST equal). If it doesn’t, there is an error somewhere).
  
WALZ   SERVICE Inc.
 
Balance   Sheet
 
June   30, 2014
 
 
Assets
 
Current assets

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Total current assets

Amount
 
Account title

Amount
 
Total assets

Amount
 
 
Liabilities   and Stockholders’ Equity
 
Current liabilities

 
Account title

Amount

 
Account title

Amount

 
Total current liabilities

Amount
 
Stockholders’ equity

 
Account title

Amount

 
Account title

Amount

Amount
 
Total liabilities and stockholders’ equity

Amount
Problem 3-5B is on the next page.
  
(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). 
Remember that every transaction affects TWO accounts!
  
Date

Account Titles and Explanation

Debit

Credit
 
May 1

 

 
2

 

 
3

 

 
7

 

 
11

 

 
12

 

 
17

 

 
31

 

 
31

Part B is on the next page.PROBLEM 3-5B (Continued)
   
(b) Post the transactions to the ledger T Accounts
Be sure to post the amounts to the correct side of the T-Account!
  
Cash
 

 
Bal.  

  
Accounts Receivable
 

 
Bal. 

  
Supplies
 

 
Bal. 

  
Accounts Payable
 

 

Bal. 
  
Unearned Service Revenue
 

 

Bal.
  
Common Stock
 

 

Bal.
  
Service Revenue
 

 

Bal.
  
  
Salaries and Wages Expense
 

 
Bal. 

  
Rent Expense
 

 
Bal. 

  
PROBLEM 3-5B (Continued) Prepare a Trial Balance on May 31, 2014.
(c) ROYCE CONSULTING
Trial Balance
May 31, 2014
  
Account Name

Debit

Credit
 

 

 

 

 

 

 

 

 

 
Total

E4-15. Answer questions A through D. Remember to show your calculations! (Add more space as necessary).
(E 4-19 is on the next page). E4-19. Prepare the closing entries at January 31, 2017.
(Enter all accounts for each transaction in one box. Dates have been provided). 
  
Date

Account Titles and Explanation

Debit

Credit
 
Jan 31

 

 
31

 

 
31

 

E4-14. Journalize (a) the July transactions and (b) adjusting entries that were made on July 31. Enter all accounts in one box. Dates have been provided.
Part A
  
Date

Account Titles and Explanation

Debit

Credit
 
July 10

 

 
14

 

 
15

 

 
20

 

Part B
  
Date

Account Titles and Explanation

Debit

Credit
 
July 10

 

 
14

 

 
15

 

 
20

 

  
E4-21Prepare the adjusting entries that were made:
(a) Enter all accounts in one box. The dates have been included to help with formatting. 
  
Date

Account Titles and Explanation

Debit

Credit
 
Aug 31

 

 
31

 

 
31

 

 
31

 

 
31

 

 
31

 

E4-22 Prepare the income statement and retained earnings statements for the year and the classified balance sheet at August 31.
  
RYAN   COMPANY
 
Income   Statement
 
For   the Month Ended August 31, 2017
 
Revenues
 
Account title

Amount

 
Account title

Amount

 
Total Revenues

 
Expenses

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Total expenses

Amount
 
Net income

Amount
(Continued on next page)
  
  
RYAN   COMPANY
 
Retained   Earnings Statement
 
For   the Month Ended August 31, 2017
 
Retained earnings, September 1, 2016

Amount
 
Add: Account title

Amount
 

Total
 
Less: Account title

Amount
 
Retained earnings, August 31, 2017

Total
  
RYAN COMPANY
 
Balance   Sheet
 
August   31, 2017
 
 
Assets
 
Current assets

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Total current assets

Amount
 
Account title

Amount
 
Total assets

Amount
 
 
Liabilities   and Stockholders’ Equity
 
Current liabilities

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Total current liabilities

Amount
 
Stockholders’ equity

 
Account title

Amount

 
Account title

Amount

Amount
 
Total stockholder’s equity

 
Total liabilities and stockholders’ equity

Amount
Exercise 4-23 is on the next page
  
Exercise 4-23
(a) Prepare the closing entries for the temporary accounts at August 31. (Note, enter all accounts in one box. The dates have been included to help with formatting). 
  
Date

Account Titles and Explanation

Debit

Credit
 
Aug 31

 

 
31

 

 
31

 

 
31

 

   
Week 2 – Assignment 
Week Two Homework Problems
Complete the following Workbook Template Week Two. Problems P3-2B and P3-5B from Chapter 3 are located under “Additional Exercises and Problems” on the Textbook Student Companion Site. Problems E4-15, E4-19, E4-14, E4-21, E4-22, and E4-23 are at the end of Chapter 4 of your text. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit.
Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment.
Week 2 Homework Template
Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year.
REMEMBER: each transaction affects TWO accounts! Use the + or – signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity.  Put each transaction on a separate line.
Remember the accounting equation: assets = liabilities + equity.Note any changes in Retained Earnings on the page below the worksheet. 
(a) WALZ SERVICE INC.
  

Assets

=

Liabilities

+

Stockholders’ Equity
 
   Date

Cash

+

Accounts Receivable

+

Supplies

+

Equipment

   =

Notes Payable

+

Accounts Payable

+

Common Stock

+

Retained Earnings
 
Revenues 

Expenses

Dividends
 
June 1

 

 

 

 

 

 

 

 

 

 

 

 

 
Totals

 

 

$

 

Total of All Columns under Assets

Total of All columns under Liabilities &   Stockholder’s Equity

                             
(a) Continued
Changes in Retained Earnings:
(b) Prepare an Income Statement for June 
  
WALZ   SERVICE INC.
 
Income   Statement
 
For   the Month Ended June, 30, 2014
 
Revenues
 
Account title

Amount
 
Expenses

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Total expenses

Amount
 
Net income

Amount
(Part C is on the next page)(c) Prepare a Classified balance sheet at June 30, 2014(Remember, assets and liabilities + equity MUST equal). If it doesn’t, there is an error somewhere).
  
WALZ   SERVICE Inc.
 
Balance   Sheet
 
June   30, 2014
 
 
Assets
 
Current assets

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Total current assets

Amount
 
Account title

Amount
 
Total assets

Amount
 
 
Liabilities   and Stockholders’ Equity
 
Current liabilities

 
Account title

Amount

 
Account title

Amount

 
Total current liabilities

Amount
 
Stockholders’ equity

 
Account title

Amount

 
Account title

Amount

Amount
 
Total liabilities and stockholders’ equity

Amount
Problem 3-5B is on the next page.
  
(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). 
Remember that every transaction affects TWO accounts!
  
Date

Account Titles and Explanation

Debit

Credit
 
May 1

 

 
2

 

 
3

 

 
7

 

 
11

 

 
12

 

 
17

 

 
31

 

 
31

Part B is on the next page.PROBLEM 3-5B (Continued)
   
(b) Post the transactions to the ledger T Accounts
Be sure to post the amounts to the correct side of the T-Account!
  
Cash
 

 
Bal.  

  
Accounts Receivable
 

 
Bal. 

  
Supplies
 

 
Bal. 

  
Accounts Payable
 

 

Bal. 
  
Unearned Service Revenue
 

 

Bal.
  
Common Stock
 

 

Bal.
  
Service Revenue
 

 

Bal.
  
  
Salaries and Wages Expense
 

 
Bal. 

  
Rent Expense
 

 
Bal. 

  
PROBLEM 3-5B (Continued) Prepare a Trial Balance on May 31, 2014.
(c) ROYCE CONSULTING
Trial Balance
May 31, 2014
  
Account Name

Debit

Credit
 

 

 

 

 

 

 

 

 

 
Total

E4-15. Answer questions A through D. Remember to show your calculations! (Add more space as necessary).
(E 4-19 is on the next page). E4-19. Prepare the closing entries at January 31, 2017.
(Enter all accounts for each transaction in one box. Dates have been provided). 
  
Date

Account Titles and Explanation

Debit

Credit
 
Jan 31

 

 
31

 

 
31

 

E4-14. Journalize (a) the July transactions and (b) adjusting entries that were made on July 31. Enter all accounts in one box. Dates have been provided.
Part A
  
Date

Account Titles and Explanation

Debit

Credit
 
July 10

 

 
14

 

 
15

 

 
20

 

Part B
  
Date

Account Titles and Explanation

Debit

Credit
 
July 10

 

 
14

 

 
15

 

 
20

 

  
E4-21Prepare the adjusting entries that were made:
(a) Enter all accounts in one box. The dates have been included to help with formatting. 
  
Date

Account Titles and Explanation

Debit

Credit
 
Aug 31

 

 
31

 

 
31

 

 
31

 

 
31

 

 
31

 

E4-22 Prepare the income statement and retained earnings statements for the year and the classified balance sheet at August 31.
  
RYAN   COMPANY
 
Income   Statement
 
For   the Month Ended August 31, 2017
 
Revenues
 
Account title

Amount

 
Account title

Amount

 
Total Revenues

 
Expenses

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Total expenses

Amount
 
Net income

Amount
(Continued on next page)
  
  
RYAN   COMPANY
 
Retained   Earnings Statement
 
For   the Month Ended August 31, 2017
 
Retained earnings, September 1, 2016

Amount
 
Add: Account title

Amount
 

Total
 
Less: Account title

Amount
 
Retained earnings, August 31, 2017

Total
  
RYAN COMPANY
 
Balance   Sheet
 
August   31, 2017
 
 
Assets
 
Current assets

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Total current assets

Amount
 
Account title

Amount
 
Total assets

Amount
 
 
Liabilities   and Stockholders’ Equity
 
Current liabilities

 
Account title

Amount

 
Account title

Amount

 
Account title

Amount

 
Total current liabilities

Amount
 
Stockholders’ equity

 
Account title

Amount

 
Account title

Amount

Amount
 
Total stockholder’s equity

 
Total liabilities and stockholders’ equity

Amount
Exercise 4-23 is on the next page
  
Exercise 4-23
(a) Prepare the closing entries for the temporary accounts at August 31. (Note, enter all accounts in one box. The dates have been included to help with formatting). 
  
Date

Account Titles and Explanation

Debit

Credit
 
Aug 31

 

 
31

 

 
31

 

 
31

 

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