Week 2 - Assignment 

Week Two Homework Problems

Complete the following Workbook Template Week TwoPreview the document. Problems P3-2B and P3-5B from Chapter 3 are located under “Additional Exercises and Problems” on the Textbook Student Companion Site. Problems E4-15, E4-19, E4-14, E4-21, E4-22, and E4-23 are at the end of Chapter 4 of your text. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit.

Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment.

Week 2 Homework Template

Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year.

REMEMBER: each transaction affects TWO accounts! Use the + or – signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity.  Put each transaction on a separate line.

Remember the accounting equation: assets = liabilities + equity.Note any changes in Retained Earnings on the page below the worksheet. 

(a) WALZ SERVICE INC.

  



Assets


=


Liabilities


+


Stockholders’ Equity

 

   Date



Cash


+


Accounts Receivable


+


Supplies


+


Equipment


   =


Notes Payable


+


Accounts Payable


+


Common Stock


+


Retained Earnings

 

Revenues 



Expenses



Dividends

 

June 1





















 





















 





















 





















 





















 





















 





















 





















 





















 





















 





















 





















 





















 

Totals





















 





















 



$



 



Total of All Columns under Assets


Total of All columns under Liabilities &   Stockholder’s Equity


                           
  

(a) Continued

Changes in Retained Earnings:

(b) Prepare an Income Statement for June 

  

WALZ   SERVICE INC.

 

Income   Statement

 

For   the Month Ended June, 30, 2014

 

Revenues

 

Account title


Amount

 

Expenses


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Total expenses


Amount

 

Net income


Amount

(Part C is on the next page)
(c) Prepare a Classified balance sheet at June 30, 2014(Remember, assets and liabilities + equity MUST equal). If it doesn’t, there is an error somewhere).

  

WALZ   SERVICE Inc.

 

Balance   Sheet

 

June   30, 2014

 

 

Assets

 

Current assets


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Total current assets


Amount

 

Account title


Amount

 

Total assets


Amount

 

 

Liabilities   and Stockholders’ Equity

 

Current liabilities


 

Account title


Amount


 

Account title


Amount


 

Total current liabilities


Amount

 

Stockholders’ equity


 

Account title


Amount


 

Account title


Amount


Amount

 

Total liabilities and stockholders’ equity


Amount

Problem 3-5B is on the next page.

  

(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). 

Remember that every transaction affects TWO accounts!

  

Date



Account Titles and Explanation



Debit



Credit

 

May 1







 







 

2







 







 

3







 







 

7







 







 

11







 







 

12







 







 

17







 







 

31







 







 

31







Part B is on the next page.
PROBLEM 3-5B (Continued)

   

(b) Post the transactions to the ledger T Accounts

Be sure to post the amounts to the correct side of the T-Account!

  

Cash

 


 

Bal.  


  

Accounts Receivable

 


 

Bal. 


  

Supplies

 


 

Bal. 


  

Accounts Payable

 


 


Bal. 

  

Unearned Service Revenue

 


 


Bal.

  

Common Stock

 


 


Bal.

  

Service Revenue

 


 


Bal.

  

  

Salaries and Wages Expense

 


 

Bal. 


  

Rent Expense

 


 

Bal. 


  

PROBLEM 3-5B (Continued) Prepare a Trial Balance on May 31, 2014.

(c) ROYCE CONSULTING

Trial Balance

May 31, 2014

  

Account Name



Debit



Credit

 





 





 





 





 





 





 





 





 





 

Total





E4-15. Answer questions A through D. Remember to show your calculations! (Add more space as necessary).

(E 4-19 is on the next page).
E4-19. Prepare the closing entries at January 31, 2017.

(Enter all accounts for each transaction in one box. Dates have been provided). 

  

Date



Account Titles and Explanation



Debit



Credit

 

Jan 31







 







 

31







 







 

31







 







E4-14. Journalize (a) the July transactions and (b) adjusting entries that were made on July 31. Enter all accounts in one box. Dates have been provided.

Part A

  

Date



Account Titles and Explanation



Debit



Credit

 

July 10







 







 

14







 







 

15







 







 

20







 







Part B

  

Date



Account Titles and Explanation



Debit



Credit

 

July 10







 







 

14







 







 

15







 







 

20







 







  

E4-21Prepare the adjusting entries that were made:

(a) Enter all accounts in one box. The dates have been included to help with formatting. 

  

Date



Account Titles and Explanation



Debit



Credit

 

Aug 31







 







 

31







 







 

31







 







 

31







 







 

31







 







 

31







 







E4-22 Prepare the income statement and retained earnings statements for the year and the classified balance sheet at August 31.

  

RYAN   COMPANY

 

Income   Statement

 

For   the Month Ended August 31, 2017

 

Revenues

 

Account title


Amount


 

Account title


Amount


 

Total Revenues


 

Expenses


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Total expenses


Amount

 

Net income


Amount

(Continued on next page)

  

  

RYAN   COMPANY

 

Retained   Earnings Statement

 

For   the Month Ended August 31, 2017

 

Retained earnings, September 1, 2016


Amount

 

Add: Account title


Amount

 


Total

 

Less: Account title


Amount

 

Retained earnings, August 31, 2017


Total

  

RYAN COMPANY

 

Balance   Sheet

 

August   31, 2017

 

 

Assets

 

Current assets


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Total current assets


Amount

 

Account title


Amount

 

Total assets


Amount

 

 

Liabilities   and Stockholders’ Equity

 

Current liabilities


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Total current liabilities


Amount

 

Stockholders’ equity


 

Account title


Amount


 

Account title


Amount


Amount

 

Total stockholder’s equity


 

Total liabilities and stockholders’ equity


Amount

Exercise 4-23 is on the next page

  

Exercise 4-23

(a) Prepare the closing entries for the temporary accounts at August 31. (Note, enter all accounts in one box. The dates have been included to help with formatting). 

  

Date



Account Titles and Explanation



Debit



Credit

 

Aug 31







 







 

31







 







 

31







 







 

31







 






   

Week 2 - Assignment 

Week Two Homework Problems

Complete the following Workbook Template Week TwoPreview the document. Problems P3-2B and P3-5B from Chapter 3 are located under “Additional Exercises and Problems” on the Textbook Student Companion Site. Problems E4-15, E4-19, E4-14, E4-21, E4-22, and E4-23 are at the end of Chapter 4 of your text. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit.

Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment.

Week 2 Homework Template

Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year.

REMEMBER: each transaction affects TWO accounts! Use the + or – signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity.  Put each transaction on a separate line.

Remember the accounting equation: assets = liabilities + equity.Note any changes in Retained Earnings on the page below the worksheet. 

(a) WALZ SERVICE INC.

  



Assets


=


Liabilities


+


Stockholders’ Equity

 

   Date



Cash


+


Accounts Receivable


+


Supplies


+


Equipment


   =


Notes Payable


+


Accounts Payable


+


Common Stock


+


Retained Earnings

 

Revenues 



Expenses



Dividends

 

June 1





















 





















 





















 





















 





















 





















 





















 





















 





















 





















 





















 





















 





















 

Totals





















 





















 



$



 



Total of All Columns under Assets


Total of All columns under Liabilities &   Stockholder’s Equity


                           
  

(a) Continued

Changes in Retained Earnings:

(b) Prepare an Income Statement for June 

  

WALZ   SERVICE INC.

 

Income   Statement

 

For   the Month Ended June, 30, 2014

 

Revenues

 

Account title


Amount

 

Expenses


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Total expenses


Amount

 

Net income


Amount

(Part C is on the next page)
(c) Prepare a Classified balance sheet at June 30, 2014(Remember, assets and liabilities + equity MUST equal). If it doesn’t, there is an error somewhere).

  

WALZ   SERVICE Inc.

 

Balance   Sheet

 

June   30, 2014

 

 

Assets

 

Current assets


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Total current assets


Amount

 

Account title


Amount

 

Total assets


Amount

 

 

Liabilities   and Stockholders’ Equity

 

Current liabilities


 

Account title


Amount


 

Account title


Amount


 

Total current liabilities


Amount

 

Stockholders’ equity


 

Account title


Amount


 

Account title


Amount


Amount

 

Total liabilities and stockholders’ equity


Amount

Problem 3-5B is on the next page.

  

(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). 

Remember that every transaction affects TWO accounts!

  

Date



Account Titles and Explanation



Debit



Credit

 

May 1







 







 

2







 







 

3







 







 

7







 







 

11







 







 

12







 







 

17







 







 

31







 







 

31







Part B is on the next page.
PROBLEM 3-5B (Continued)

   

(b) Post the transactions to the ledger T Accounts

Be sure to post the amounts to the correct side of the T-Account!

  

Cash

 


 

Bal.  


  

Accounts Receivable

 


 

Bal. 


  

Supplies

 


 

Bal. 


  

Accounts Payable

 


 


Bal. 

  

Unearned Service Revenue

 


 


Bal.

  

Common Stock

 


 


Bal.

  

Service Revenue

 


 


Bal.

  

  

Salaries and Wages Expense

 


 

Bal. 


  

Rent Expense

 


 

Bal. 


  

PROBLEM 3-5B (Continued) Prepare a Trial Balance on May 31, 2014.

(c) ROYCE CONSULTING

Trial Balance

May 31, 2014

  

Account Name



Debit



Credit

 





 





 





 





 





 





 





 





 





 

Total





E4-15. Answer questions A through D. Remember to show your calculations! (Add more space as necessary).

(E 4-19 is on the next page).
E4-19. Prepare the closing entries at January 31, 2017.

(Enter all accounts for each transaction in one box. Dates have been provided). 

  

Date



Account Titles and Explanation



Debit



Credit

 

Jan 31







 







 

31







 







 

31







 







E4-14. Journalize (a) the July transactions and (b) adjusting entries that were made on July 31. Enter all accounts in one box. Dates have been provided.

Part A

  

Date



Account Titles and Explanation



Debit



Credit

 

July 10







 







 

14







 







 

15







 







 

20







 







Part B

  

Date



Account Titles and Explanation



Debit



Credit

 

July 10







 







 

14







 







 

15







 







 

20







 







  

E4-21Prepare the adjusting entries that were made:

(a) Enter all accounts in one box. The dates have been included to help with formatting. 

  

Date



Account Titles and Explanation



Debit



Credit

 

Aug 31







 







 

31







 







 

31







 







 

31







 







 

31







 







 

31







 







E4-22 Prepare the income statement and retained earnings statements for the year and the classified balance sheet at August 31.

  

RYAN   COMPANY

 

Income   Statement

 

For   the Month Ended August 31, 2017

 

Revenues

 

Account title


Amount


 

Account title


Amount


 

Total Revenues


 

Expenses


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Total expenses


Amount

 

Net income


Amount

(Continued on next page)

  

  

RYAN   COMPANY

 

Retained   Earnings Statement

 

For   the Month Ended August 31, 2017

 

Retained earnings, September 1, 2016


Amount

 

Add: Account title


Amount

 


Total

 

Less: Account title


Amount

 

Retained earnings, August 31, 2017


Total

  

RYAN COMPANY

 

Balance   Sheet

 

August   31, 2017

 

 

Assets

 

Current assets


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Total current assets


Amount

 

Account title


Amount

 

Total assets


Amount

 

 

Liabilities   and Stockholders’ Equity

 

Current liabilities


 

Account title


Amount


 

Account title


Amount


 

Account title


Amount


 

Total current liabilities


Amount

 

Stockholders’ equity


 

Account title


Amount


 

Account title


Amount


Amount

 

Total stockholder’s equity


 

Total liabilities and stockholders’ equity


Amount

Exercise 4-23 is on the next page

  

Exercise 4-23

(a) Prepare the closing entries for the temporary accounts at August 31. (Note, enter all accounts in one box. The dates have been included to help with formatting). 

  

Date



Account Titles and Explanation



Debit



Credit

 

Aug 31







 







 

31







 







 

31







 







 

31







 







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