DEVRY ACCT 550 Week 1 Homework Assignment
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ACCT 550 Week 1 Homework Assignment
E3-1 (Transaction Analysis—Service Company) Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.
Invested $30,000 cash and equipment valued at $14,000 in the business.
Hired a secretary-receptionist at a salary of $290 per week payable monthly.
Purchased supplies on account $700. (debit an asset account.)
Paid office rent of $600 for the month.
Completed a tax assignment and billed client $1,100 for services rendered. (Use Service Revenue account.)
Received $3,200 advance on a management consulting engagement.
Received cash of $2,300 for services completed for Ferengi Co.
Paid insurance expense $110.
Paid secretary-receptionist $1,160 for the month.
A count of supplies indicated that $120 of supplies had been used.
Purchased a new computer for $5,100 with personal funds. (The computer will be used exclusively for business purposes.)
E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
Unearned Rent Revenue
Salaries and Wages Expense
An analysis of the accounts shows the following.
The equipment depreciates $250 per month.
One-third of the unearned rent was earned during the quarter.
Interest of $500 is accrued on the notes payable.
Supplies on hand total $650.