ACC 557 Homework 1: Chapters 1, 2, and 3
Due Week 2 and worth 95 points
Directions: Answer the following questions in a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
E1-11.Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises.
Determine the missing amounts.
E2-9.Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
1. Post the transactions to T-accounts.
2. Prepare a trial balance at August 31, 2015.
E2-11.Presented below is the ledger for Higgs Co.
1. Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
2. Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E3-7.The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1. The equipment depreciates $400 per month.
2. One-third of the unearned rent revenue was earned during the quarter.
3. Interest totaling $500 is accrued on the notes payable for the quarter.
4. Supplies on hand total $900.
5. Insurance expires at the rate of $200 per month.
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E3-11.A partial adjusted trial balance of Gehring Company at...