So after a few long weeks of getting all this stuff prepared I finally have it..!!! a help sheet for CNOW work. I originally was only going to post screen shots of the work but that just didn't work out the way I wanted it to. So to keep my word I had to make a few adjustments, for those of you who are reading this it should be beneficial because when you see the corresponding keys or abbreviations I will let you know what they mean! Try to remember there will be 12 Weeks of assignments covered so not much time to type in between classes. I would say good luck but pretty much it wont be needed after this page is published! Don't just copy the answers because then you pretty much wont learn nothing but instead use it to help you through the hard questions. Hope this helps and if it does and donating a dollar at the bottom of the page through the Paypal button wouldnt brake you please use the bottom and send a few helpful dollars! Thanks and Enjoy!
Help With CNOW Individual Work Assignments for Principles of Accounting
That's Week3 here comes Week4
Exercise 4-4A B= Blank
Help With CNOW Individual Work Assignments for Principles of Accounting
Exercise 1-1A
Owners- The firms current financial condition
Managers- Detailed, up-to-date information to measure business performance (and plan for future operation)
Creditors- Whether the firm can pay its bills on time.
Government Agencies- To determine taxes to be paid and whether other regulations are met.
Exercise 1-2A
Process Order - Process - Definition
2nd –recording- Entering financial information into the accounting system
4th- summarizing- aggregating many similar events to provide information that is easy to understand
5th-reporting- telling the results
1st-analyzing- looking to see what events have taken place and thinking about how these effect the business
6th- interpreting- deciding the importance of information on the various reports
3rd- classifying- sorting and grouping like items together
Well Thats Week 1 Here Comes Week 2
Exercise 2-1A
Money in bank –A
Office Supplies-A
Money Owed-L
Office chairs-A
Net worth of owner-OE
Money withdrawn by owner-OE
Money owed by customers-A
Exercise 2-2A
Assests-34,000
Liabilities- 25,000
Owner’s Equity- 7,000
Exercise 2-5A
Account -Classifications- Financial Statement
Cash- A -BS
Rent expense- E- IS
Accounts payable- L -BS
Service fees- R -IS
Supplies- A- BS
Wages Expense- E- IS
Ramon Martinez, Drawing- OE- SOE
Ramon Martinez,Capital- OE- SOE,BS
Prepaid Insurance- A- BS
Accounts Receivable- A- BS
Exercise 2-6A
Betsy Ray, capital, June1, 20xx- 0
Investment during June- 20,000
Total investment- 20,000
Net income for June- 10,000
Less withdrawals- 8,000
Increase in capital- 2,000
Betsy ray, capital, June 30, 20xx- 22,000
Exercise 2-9A
A. Cash-18000, J Pembroke, capital-18000
B. Cash-2000, Office Supplies-4600, Accounts Payable- 2600
C. Cash-1200, Prepaid Insurance- 1200
D. Cash- 1300, Accounts Receivable- 2000, Revenues- 3300
E. Cash-2300, Accounts Payable-2300
F. Cash- 750, Expenses-750
G. Cash-100, Pembroke drawing-100
Bal. Cash-12950, Accounts receivable-2000, Office Supplies-4600, prepaid insurance-1200, Accounts Payable-300, Pembroke capital-18000, Pembroke drawing-100, Revenues-3300, Expenses-750
That's it for Week 2 here's Week 3
Exercise3-2A
A. Debit
B. Credit
C. Debit
D. Credit
E. Credit
F. Credit
G. Debit
H. Debit
I. Debit
Exercise 3-3A
Foot the T account for cash and enter the ending balance
Cash
A. 5000
B. 800
C. 1500, Total=2300, Balance=2700
Jim Arnold, Capital
A. 5000
Supplies
B. 800
Utilities Expense
Exercise 3-9A
Prepare a trial balance for Damon’s Lawn Service as of September 30, 20xx
Cash=10,000
Accounts Recievable=6,000
Supplies=1,600
Prepaid Insurance=1,200
Delivery Equipment=16,000
Accounts Payable-4,000
Damon Young, capital=20,000
Damon Young Drawing=2,000
Delivery fees=18,800
Wages Expense=4,200
Rent Expense=1,800
Rent Expense=1,800
Totals=D-42,800 C-42,800
Exercise 3-13A T Accounts
Assets/Cash D= a. 20,000 d. 6,000 L. 3,000 O. 1800 D-Total=30,800 Bal. 14,820
C= b. 7,000 e. 2,000 f. 900 g. 200 i. 120 j. 600 k. 1200 m.160 n. 1,000 p. 2,800 C-Total=15980
Liabilities/Accounts Payable D=e. 2,000
C=c. 5,000 n. 2,000 C-Total=7,000 Bal. 5,000
Owners Equity/Harold Long, Capital D=
C=a. 20,000
Accounts Receivable – D= h. 4,000 o. 1,400 D-Total=5,400 Bal. 2,400
C= l. 3,000
Office Supplies- D= i. 120 Prepaid Insurance- D= k. 1,200 Equipment- D= c. 5,000 n. 3,000 bal. 8,000
Van- D= b. 7,000 Drawing/H Long Drawing- p. 2,800 Expense/Rent Expense- f. 900 Revenue/Service Fees- d. 6,000 h. 4,000 0. 3,200 Bal. 13,200 Wages Expense- j. 600 Telephone Expense- g. 200 Gas &oil- m. 160
Trial Balance-May 31,20—
Account- Debit- Credit
Cash- 14820- Blank
Accounts Receivable- 2400- B
Prepaid Insurance- 1200- B
Equipment- 8000- B
Van- 7000- B
Account Payable- B- 5000
Harold Long cap.- 2800- B
Harold Long Drawing- 2800- B
Service Fees- B- 13200
Rent Expense- 900- B
Wages Expense- 600- B
Telephone Expense- 200- B
Gas and oil Expense- 160- B
Total- 38200- 38200 That's Week3 here comes Week4
Exercise 4-2A
Transaction- Debit Account- Credit Account
1- Cash- Owners capital
2- Rent Expense- Cash
3- Office Supplies- Accounts payable
4- Cash- Fees
5- Accounts Payable- Cash
6- Accounts receivable- Fees
7- Cash- Accounts Receivable
Exercise 4-4A B= Blank
Account title- Debit- Credit
Cash-10,000- B
Jean Jones, capital- B- 10,000
Rent Expense- 800- B
Cash- B- 800
Office Equipment- 1800- B
Accounts Payable- B- 1800
Cash- 780- B
Consulting Fees- B- 780
Telephone Expense- 65- B
Cash- B- 65
Miscellaneous Expense- 15- B
Cash- B- 15
Account title- Debit- Credit
Office Supplies- 200- B
Accounts Payable- B- 200
Accounts Payable- 150- B
Cash- B- 150
Wages Expense- 500- B
Cash- B- 500
Cash- 350- B
Consulting Fees- B- 350
Utilities Expense- 85- B
Cash- B- 85
Jean Jones, Drawing- 100- B
Cash- B- 100
Wages Expense- 500- B
Cash- B- 500
Exercise 4-7A
TJ’s Paint Service
Income Statement- For Month Ended July 31, 20—
Revenue:
-Painting fees- B- 3600
Expenses:
Wages expense- 900 – B
Rent expense- 250- B
Telephone expense- 50 –B
Transportation Expense- 60- B
Utilities expense- 70- B
Miscellaneous expense- 25- B
Total Expenses: B- 1355
Net income- B- 2245
Tj’s Paint Service- Statement of Owners Equity for month july 31, 20—
T.J Ulza, capital, july 1 2010- B - 0
Investments during July- B- 3205
Total Investment- B- 3205
Net income for July- 2245- B
Less withdrawals for july- 500- B
Increase in capital- B- 1745
TJ Ulza, capital, july 31, 2010- B- 4950
TJ’s paint Service- Balance Sheet- July 31, 20—
Assets
Cash- 4300
Accounts receivable- 1100
Supplies- 800
Paint equipment- 900
Total assets= 7100
Liabilities
Accounts payable- 2150
Owners Equity
TJ Ulza, capital- 4950
Total liabilities & owner’s equity= 7100
Problem 4-10A
Description- post ref- debit- credit
Rent Expense- 521- 300- B
Cash- 101- B- 300
Cash- 101- 100- B
Accounts receivable- 122- 200- B
Delivery Fees- 401- B- 300
Advertising Expense- 512- 15- B
Cash- 101- B- 15
Office Supplies- 142- 180- B
Accounts payable- 202- B- 180
Cash- 101- 260- B
Delivery Fees- 401- B- 260
Accounts payable- 202- 200- B
Cash- 101- B- 200
Office equipment- 181- 700- B
Cash- 101- B- 100
Accounts payable- 202- B- 600
Journalize transactions june 11-20—
Description- Post Ref- Debit- Credit
Charitable contribution expense- 534- 20- B
Cash- 101- B- 20
Cash- 101- 380- B
Delivery Fees- 401- B- 380
Cash- 101- 100- B
Accounts receivable- 122- B- 100
Wages Expense- 511- 200- B
Cash- 101- B- 200
Electricity Expense- 533- 36- B
Cash- 101- B- 36
Telephone Expense- 525- 46- B
Cash- 101- B- 46
Cash- 101- 100- B
Accounts Receivable- 122- B- 100
Jim Andrews, Drawing- 312- 200- B
Cash- 101- B- 200
Journalize the transactions for June 21-30, page 9 in the general journal
Description- post ref- Debit- Credit
Gas and oil Expense- 538- 32- B
Cash- 101- B- 32
Accounts Payable- 202- 40- B
Cash-101- B- 40
Cash-101- 340- B
Delivery Fees- 401- B- 340
Miscellaneous Expense- 549- 15- B
Cash- 101- B- 15
Cash- 101- 180- B
Delivery Fees- 401- B- 180
Cash- 101- 100- B
Accounts receivable- 122- B- 100
Gas and oil expense – 538- 24- B
Cash- 101- B- 24
Wages Expense- 511- 200- B
Cash- 101- B- 200
General Ledger
Cash 101
Date- Item- post ref- Debit- Credit- balance debit- credit
Jun. 1- D=B, C=B Bal. D=3826 C=B
Jun. 1- D=B, C=300 Bal. D=3526 C=B
Jun. 2- D=100 C=B Bal. D=3626 C=B
Jun. 4- D=B C=15 Bal. D=3611 C=B
Jun. 7-------------------
Jun. 9- D=B C=200 Bal. D=3671 C=B
Jun. 10- D=B C=100 Bal. D=3571 C=B
Jun. 11- D=B C=20 Bal. D=3551 C=B
Jun. 12- D=380 C=B Bal. D=3931 C=B
Jun. 13 ----------------------------
Jun. 15- D=B C=200 Bal. D=3831 C=B
Jun. 16- D=B C=36 Bal. D=3795 C=B
Jun 18- D=B C=46 Bal. D=3749 C=B
Jun. 19 D=100 C=B Bal. D=3849 C=B
Jun. 20----------------
Jun. 21- D=B C=32 Bal. D=3617 C=B
Jun. 22- D=B C=40 Bal. D=3577 C=B
Jun. 24- D=340 C=B Bal. D=3917 C=B
Jun. 26- D=B C=15 Bal. D=3902 C=B
Jun. 27---------------------
Jun. 27 D=100 C=B Bal. D=4182 C=B
Jun. 29 D=B C=24 Bal. D=4158 C=B
Jun. 30 D=B C=200 Bal. D=3958 C=B
Accounts Receivable
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun. 1- D=B C=B D=1212 C=B
Jun.2- D=200 C=B D=1412 C=B
Jun. 13- D=B C=100 D=1312 C=B
Jun. 19- D=B C=100 D=1212 C=B
Jun. 27- D=B C=100 D=1112 C=B
Office Supplies
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun. 1- D=B C=B D=648 C=B
Jun 6.-D=180 C=B D=828 C=B
Office Equipment
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun1- D=B C=B D=2100 C=B
Jun 10.-D=700 C=B D=2800 C=B
Delivery Truck
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun 1.- D=B C=B D=8000 C=B
Accounts Payable
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun1-D=B C=B D=B C=6000
Jun6-D=B C=180 D=B C=6180
Jun9-D=200 C=B D=B C=5980
Jun10-D=B C=600 D=B C=6580
Jun22-D=40 C=B D=B C=6540
Jim Andrews Capital
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun1- D=B C=B D=B C=4478
Jim Andrews Drawing
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun1- D=B C=B D=1800 C=B
Jun 20- D=200 C=B D=2000 C=B
Delivery Fees
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun 1 D=B C=B D=B C=9880
Jun2- D=B C=300 D=B C=10180
Jun7-D=B C=260 D=B C=10440
Jun12- D=B C=380 D=B C=10820
Jun24- D=B C=340 D=B C=11,160
Jun27- C=B D=180 C=B D=11340
Wages Expense
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun1- D=B C=B D=1200 C=B
Jun15-D=200 C=B D=1400 C=B
Jun30-D=200 C=B D=1600 C=B
Advertising Expense
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun1-D=B C=B D=90 C=B
Jun4-D=15 C=B D=105 C=B
Rent Expense
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun1- D=B C=B D=900 C-B
Jun1- D=300 C=B D=1200 C=B
Telephone Expense
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun1- D=B C=B D=126 C=B
Jun18- D=46 C=B D=172 C=B
Electricity Expense
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun1-D=B C=B D=98 C=B
Jun16- D=36 C=B D=134 C=B
Charitable Contributions Expense
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun1-D=B C=B D=60 C=B
Jun11-D=20 CB D=80 C=B
Gas and Oil Expense
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun1-D=B C=B D=186 C=B
Jun21-D=32 C=B D=218 C=B
Jun29-D=24 C=B D=242 C=B
Miscellaneous Expense
Date-Item- post ref- Debit- Credit – Debit- Credit
Jun1-D=B C=B D=112 C=B
Jun26-D=15 C=B D=127 C=B
Jim’s Quick Delivery Trial Balance
Account Title-Account No.-Debit Balance- Credit Balance
Cash-101-D=3958
Accounts Receiv-122-D=1112.00
Office Supp-142-D=828
Office Equip-181-D=2800
Delivery Truck-185-8000
Accounts Payable-202-C=6540
Jim Andrews Capital-311-C=4478
JA Drawing-312-D=2000
Delivery Feed-401-C=11340
Wages Expense-511-D=1600
Advertising Exp-512-D=105
Rent Exp-521-1200
Telephone Exp-525-D=172
Electricity Exp-533-D=134
Char Contrib Exp-534-D=80
Gas & Oil Exp-538-D=242
Misc Exp-549-D127
Total Debit=22358 Total Credit=22358
Week4 All Done Here's Week5
Exercise 5-1A
On December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $320. A physical count of the supplies inventory shows that $90 of supplies remain.
(Bal Sheet)-Supplies
TB-320 ADJ-230
Bal-90
(Income Statement)-Supplies Exp
ADJ-230
(Bal Sheet)-Supplies
TB-320 ADJ-230
Bal-90
(Income Statement)-Supplies Exp
ADJ-230
General Journal
Date- Account Title- Debit- Credit
Dec31- Supplies Exp-D=230-C=0
Supplies-D=0-C=230
Exercise 5-8A
Date- Item- Debit-Credit Debit-Credit
12/1- Balance- D=B C=B D=150 C=B
12/15 – B- D=50 C=B D=200 C=B
12/31- adjusting- D=B C=85 D=115 C=B
General Ledger=Account- Wages payable
Date-Item- Post ref- Debit- Credit, Debit- Credit
12/31- Adj- J9- D=B C=220 D=B C=220
General Ledger- Account- Wages Expense
Date- Item- Post ref- Debit- Credit, Debit- Credit
12/1- Bal- D=B C=B D=900 C=B
12/15- B- j8- D=200 C=B D=1200 C=B
12/31- adj- j9- D=220 C=B D=1420 C=B
General Ledger- Account Supplies Expense
Date- Item- post ref- Debit- Credit Debit-Credit
12/31- adj- j9- D=85 C=B D=85 C=B
General Journal
Date- Account title- post ref- Debit- credit
12/31- Supplies Expense- 523- D=85 C=B
Supplies- 141- D=B C=85
12/31- Wages Expense- 511- D=220 C=B
Wages payable- 219- D=B C=220
Exercise 5-11A
Cash- balance sheet- Debit
Accounts Receivable- Balance Sheet- Debit
Supplies- Balance sheet- Debit
Prepaid Insurance- Balance sheet- Debit
Delivery Equipment- Balance sheet- Debit
Accum. Dupr.- Del Equip.- Balance Sheet- Credit
Accounts payable- balance sheet- credit
Wages payable- balance sheet- credit
Owner, capital- balance sheet- credit
Owner, drawing- balance sheet- debit
Delivery Fees- Income statement- credit
Wages expense- Income statement- debit
Rent expense- Income statement- debit
Supplies Expense- Income statement- debit
Insurance expense- Income statement- Debit
Depr. Exp- Del. Equip.- Income statement- Debit
Exercise 5-17A
Answers to Joyce Lee’s Tax Service Worksheet March 31, 20—
Adjustments= Supplies C=365, Accumulated Depr. OE C=275 Supplies Expense D=365 TOTAL D=1160 C=1160
Adjusted Trial Balance= Supplies D=160, prepaid Ins. D=520, Office equip. D=5450, wages exp. D=1530, Supplies exp. D=365/ Accum. Depr. Office C=275 TOTAL D=14065 C=14065
Income Statement= Wages Exp. D=1530, Supplies Exp. D=365, Insurance Exp. D=410, Total D=4125 C=5700 Net Income=1575 Total D =5700 C=5700
Balance Sheet= Cash D=1725, Acc. Rec. D=960, Supplies D=160, Pre. Ins. D=520, Off. Equip. D=5450
Accum. Depr. Office C=275, wages payable C=110, Joyce Lee, Draw. D=1125 TOTAL D=9940 C=8365 Net Income= 1575 TOTAL D=9940 C=9940
That wraps up Week5 I will get week6 shortly!
That wraps up Week5 I will get week6 shortly!
“Benjamin Briel Lee was very professional at all times, keeping me aware of everything that was happening, If I had any questions he was always available to answer. This was my first home purchase, I didn’t know much about the loan process, he made it very easy to understand the things I had questions about. I really enjoyed working with him.”
ReplyDeleteHe's a loan officer working with a group of investor's who are willing to fund any project or loan you any amount with a very low interest.Contact Benjamin Briel Lee E-Mail: 247officedept@gmail.com Whats-App Number: +1-989-394-3740.