ACCT 550 Week 1 Homework Assignment

ACCT 550 Week 1 Homework Assignment
To Download tutorial Copy and Paste below Link into your Browser
https://www.essayblue.com/downloads/acct-550-week-1-homework-assignment/?ref=182
for any inquiry email us at ( essayblue@gmail.com )
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.
April 2
2
3
7
Invested
$30,000
cash and
equipment
valued at
$14,000 in
the business.
Hired a
secretaryreceptionist
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.
11 Completed a
tax

12 a
assignment
and billed
client
$1,100 for
services
rendered.
(Use Service
Revenue
account.)
Received
$3,200
advance on
management
consulting
engagement.
Received
cash of
$2,300 for
17 services
completed
for Ferengi
Co.
Paid
insurance
21
expense
$110.
Paid
secretaryreceptionist
30
$1,160 for
the month.
A count of
supplies
indicated
30
that $120 of
supplies had
been used.
Purchased a
new
computer
for $5,100
30
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.
Debit Credit
$
3,600
Prepaid
Insurance
Supplies 2,800
Equipment 25,000
Accumulated
Depreciation—
Equipment
$
8,400
Notes Payable 20,000
Unearned Rent
6,300
Revenue
Rent Revenue 60,000
Interest
Expense
Salaries and
Wages
Expense
14,000
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.
Insurance expires at the rate of $300 per month.
most directly related to measuring the performance and financial status of an enterprise are
provided below.
Assets
Distributions to
Expenses
owners

Comprehensive
Liabilities
Gains
income
Equity Revenues Losses
Investments
by owners
Identify the element or elements associated with the 12 items below.
CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiplechoice
questions.