ACC 205 WEEK 2 COMPLETE WORK
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ACC 205 WEEK 2 COMPLETE WORK
WEEK 2
ASSIGNMENT:
Acc 205_Week Two Exercise Solution
1. Classification of items for Ron Carroll Company
A. prepaid expense
B. accrued revenue
C. none of the foregoing
D. unearned revenue
E. prepaid expense
F. accrued expense
G. none of the foregoing
H. none of the foregoing
2. Computing prepaid account balance of Action Sign Company:
3. Understanding the closing process:
A. Interest Payable, Accounts Receivable, Cash, Accounts Payable, Accumulated Depreciation: Equipment
B. Alex Kenzy, Drawing, Service Revenue, Supplies Expense, Interest Expense
C. Interest Expense, Supplies Expense
D. Alex Kenzy, Drawing
4. Adjusting entries and financial statements for Fixation Enterprises:
5. Adjusting entries preparation for Kathy’s Day Care Center:
6. Palmetto Company’s Bank reconciliation and adjustingentries:
a. Palmetto’s January bank reconciliation:
b. Necessary journal entries for Palmetto
7. Direct write-off method:
a. The journal entry needed to write off Mattingly’s account:
b. The ability of the direct write-off method to value receivables on the year-end balance sheet:
8. Allowance method:
9. Direct write-off and allowance methods:
10. Allowance method:
ACC 205_Week_Two_Exercise_Assignment
Revenue and Expenses
1. Recognition of concepts.
1. 2. Analysis of prepaid account balance.
1. 3. Understanding the closing process.
1. 4. Adjusting entries and financial statements.
1. 5. Adjusting entries.
1. 6. Bank reconciliation and entries.
1. 7. Direct write-off method.
1. 8. Allowance method: estimation and balance sheet disclosure.
1. 9. Direct write-off and allowance methods: matching approach.
1. 10. Allowance method: analysis of receivables.
Acc 205 Week 2_DQs and Journal
DQ 1 Accounting Cycle
Financial statements are a product of the accounting cycle. Think...