Homework Packet -151
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Harrisburg Area Community College *
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Course
151
Subject
Accounting
Date
Apr 30, 2024
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Pages
7
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1 Homework This packet contains all of the homework problems required for this course. The problems receive points for completeness. Submissions can be completed in Excel, Word or completed on paper, photographed and uploaded as a PDF or JPEG. Once the homework is submitted for each chapter, I will upload the answers for the completed problems. It may be helpful work-on and submit these problems and receive the answer key, to ensure you understand how to complete any graded problems for the chapter. For further explanation, watch the Course Basics video (it is also located in the Course Basics module in the course Content. If you have any questions, post them in the Course Basics Question/Comment Discussion. Chapter 1 (10 pts) 1.
State which balance, debit, or credit is normally held by the following accounts: 1.Cash 2.Dividends 3.Notes payable 4.Unearned revenue 5.Cost of goods sold 6.Prepaid rent 7.Accounts receivable 8.Capital stock 2.
State if the following accounts need to be debited or credited: 1.Decrease Cash 2.Increase Retained Earnings 3.Increase Notes payable 4.Decrease Unearned revenue 5.Decrease Cost of goods sold 6.Increase Prepaid rent 7.Decrease Accounts receivable 8.Increase Capital stock 3.
Jan Haley owns and operates Haley’s Dry Cleaners. The following occurred during December: a.
On December 1, Haley prepaid rent on her store for December and January with $2,000 cash. b.
December 1, Haley purchased insurance of $2,400 that will last six months. c.
Haley paid $900 of her accounts payable balance. d.
Haley paid off all of her salaries payable balance. e.
Haley purchased supplies on account in the amount of $2,400. f.
Haley paid her assistant of $1,000 in cash for work done in the first two weeks of December. g.
Haley dry-cleaned clothes for customers on account in the amount of $8,000. h.
Haley collected $6,300 of her accounts receivable balance. i.
Haley paid tax of $750 in cash. Prepare the journal entry for each transaction. Fill in the T-accounts provided (numbers under the accounts are the prior balance in that account).
2 Opening T-Account Balances
Make the following adjusting entries for the month of December and post them to the T-accounts: j. Prepaid rent for the month. k. Prepaid nsurance for the month. l. Haley owes her assistant $1,000 for work done during the last two weeks of December. m. An inventory of supplies shows $400 in supplies remaining on December 31. Prepare an income statement, statement of retained earnings, and balance sheet for Dec. 31.
3 Chapter 2 (3 pts) 1. Nuance uses the percentage of receivables method to estimate uncollectible accounts and assumes that 5 percent of accounts receivable will never be collected. Nuance had accounts receivable balance of $100,000 at the end of the year. 1.
Prepare the entry to record Nuance’s bad debt expense for the year. 2.
Show the net accounts receivable balance reported on the balance sheet. 3.
Why are companies allowed to choose between methods of estimating bad debts instead of being required to use one method? Chapter 3 (10 pts.) 1. Bulsara Furniture uses a perpetual system and had the following transactions during September. Record the journal entries for the transactions. Sept. 1 Bulsara sold furniture on credit for $5,000 (3/10, N/30), with a cost of $3,500 3
Purchased furniture from Taylor, Co. for $720 cash 4
Bulsara purchased more inventory from Taylor, Co. on credit for $2,600, terms 1/20, N/30 5
A customer returned $300 worth of furniture purchased on Aug. 29. It had a cost of $210. 11 Bulsara received payment for the furniture sold on September 1. 15 Bulsara returned $600 of damaged furniture purchased on Sept. 4, to Taylor, Co. 18 Bulsara paid $200 in freight charges for tables ordered last month. 23
Paid Taylor, Co for the remaining amount owed on the Sept. 4
th
purchase. 24
Bulsara sold $7,000 worth of furniture on credit. It had a cost of $4,900 and 2/10, N/30 terms. 31 Bulsara received payment for the merchandise it sold on Sept. 24
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Related Questions
1. Journal all transactions in Part One 2. Using the chart of accounts, open ledger accounts and post journals to the ledger account. 3. Prepare a trial balance 4. Prepare the following statements: 1. Income Statement 2. Retained Earnings Statements 3. Balance Sheet You need to use Microsoft Excel. Do not use Google Docs or Apple’s numbers. Place your submission in the appropriate journal labeled final project in the learning modules tab in Blackboard. The project is due in Module 15. Three points extra credit to final grade if submitted during Module 14. Part One A. The following transaction occurred for Scrooge Inc. for the month of December 31, 1820. B. Ebenezer Scrooge invested $50,000 cash along in the company in exchange for common stock. C. The company prepaid $500 for 12 month’s rent. D. The company purchased $100 in office supplies. Payment due withing 10 days E. Scrooge Inc. completed services for a client and immediately received $2,000. F. The company completed $1,500…
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Required information
[The following information applies to the questions displayed below.]
Determine the amount of the late filing and late payment penalties that apply for the following taxpayers.
As
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Late filing and late payment penalties $ 1,100 x
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Conduct the below exercise
Step-1: Click the link
The student can use any of the below links to download the same
a) https://www.imf.org/-
/media/Files/Publications/WEO/2021/Update/January/English/data/WEOJan2021updat
e.ashx
b) https://www.imf.org/en/Publications/WEO/Issues/2021/01/26/2021-world-economicoutlook-
update
(And click on download data)
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What do you understand by Real GDP? What is the Real GDP Growth Rate of India and
China in 2019? What is the estimated real GDP growth rate of India and China in 2020?
What is the projected real GDP growth rate of India and China in 2021 and 2022?
What is the estimated 2022 GDP Loss (in percentage) in comparison to pre-covid levels
(January 2020 forecast) in China and Other Emerging Economies in Asia other than
China?
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Comprehensive Problem 1Part 4 and Part 6:
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Account Name
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Comprehensive Problem 1
Part 4 and Part 6:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of th
concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional.
Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
a. Insurance expired during May is $275.
b. Supplies on hand on May 31 are $715.
C. Depreciation of office equipment for May is $330.
d. Accrued receptionist salary on May 31 is $325.
e. Rent expired during May is $1i,600.
I Uneamed fees on May 31 are $3,210.
Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2.
a. Insurance expired during May is $275.
Account Name
Post. Ref.
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Account Name
Post. Ref.
Debit
Credit…
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Comprehensive Problem 1Part 5: Work Sheet
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Insurance expired during May is $275.
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Depreciation of office equipment for May is $330.
Accrued receptionist salary on May 31 is $325.
Rent expired during May is $1,600.
Unearned fees on May 31 are $3,210.
If an amount box does not require an entry, leave it blank or enter "0".
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Chapter 2: Applying Excel: Excel Worksheet (Part 1 of 2)
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Course: Intro Fin Acc- Bus 28
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50077495-50077495MJNV1W09_C:Intro Fin Acc - Bus 28 / Chapter 9a
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P Do Homework - Homework 2 - Google Chrome
A mylab.pearson.com/Student/PlayerHomework.aspx?homeworkld=617070625&questionld=12&flushed=true&cld=6813423¢erwin=yes
BAB110 NII, W22
Question 12, 6.4a
HW Score: !
= Homework: Homework 2
Part 1 of 2
O Points:
Find the rate of markdown and the markdown.
Regular Selling
Price
$31.20
Rate of
Markdown
Markdown
Sale Price
?
$18.70
The rate of markdown is %.
(Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
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See attached photos for the questions and what I need help on. I’d appreciate help on Part A & B.
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Examity Dashboard (click this
Question 2 - Chapter 12 Home x
O ezto.mheducation.com/ext/map/index.html?.con=con&external browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%25
Chapter 12 Homework a
Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comp
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of fringe benefits cost during year 2.
20
points
Required
Determine the amount of the fringe benefits cost to be allocated to Division A and to Division B.
O Answer is complete but not entirely correct.
Allocated
Cost
Division
A
s 160,420 O
B
$ 172,760
MacBook Air
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(Part1-3 posted just before)
Comprehensive Problem 1Part 4 and Part 6:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional.
Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
a. Insurance expired during May is $275.b. Supplies on hand on May 31 are $715.c. Depreciation of office equipment for May is $330.d. Accrued receptionist salary on May 31 is $325.e. Rent expired during May is $1,600.f. Unearned fees on May 31 are $3,210.
Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2.
a. Insurance expired during May is $275.
Date
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Post. Ref.
Debit
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dear tutor, I've given my own points for the question above. Please help me explain more in details each and every points with examples as well. Please dont write back what you found from google pls.
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