ACC 221 Midterm: Spring 2010 Test 3 - Review Outline and Check List.doc

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ultramarinetermite279

30 Oct 2014

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Spring 2010 acc 221 exam #3 review guide. Calculating the selling price of a bond recording the sale of a bond. [ ] facts tab in the: bonds - selling price, amort, entries. xls handout. [ ] bond homework problems #: 1, 2, 9. Journal entries and bond amortization schedule for discount bonds. [ ] disc amort tab in the: bonds - selling price, amort, entries. xls handout. [ ] disc entries tab in the: bonds - selling price, amort, entries. xls handout. Journal entries and bond amortization schedule for premium bonds. [ ] prem amort tab in the: bonds - selling price, amort, entries. xls handout. [ ] prem entries tab in the: bonds - selling price, amort, entries. xls handout. [ ] par entries tab, disc entries tab, prem entries tab in the: bonds - selling. Calculating and recording salaries expense and related liabilities. [ ] real-world payroll tab in the: payroll and payroll taxes. xls handout.

Related Questions

Please include the answer for the depreciation expense and accumulated depreciation. i noticed other posts with this similar questions didnt have the answer to those

Required:

#1.

Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template.xlsx". Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Rent Expense, and Insurance Expense.

1-Dec

Began business by depositing $10500 in a bank account in the name of the company in exchange for

1050 shares of $10 per share common stock.

1-Dec

Paid the rent for the current month, $1450 .

1-Dec

Paid the premium on a one-year insurance policy, $1320 .

1-Dec

Purchased Equipment for $4200 cash.

5-Dec

Purchased office supplies from XYZ Company on account, $300 .

15-Dec

Provided services to customers for $9200 cash.

16-Dec

Provided service to customers ABC Inc. on account, $8200 .

21-Dec

Received $3400 cash from ABC Inc., customer on account.

23-Dec

Paid $170 to XYZ company for supplies purchased on account on December 5 .

28-Dec

Paid wages for the period December 1 through December 28, $5040 .

30-Dec

Declared and paid dividend to stockholders $200 .

#2.

Post all of the December transactions from the âGeneral Journalâ tab to the T-accounts under the âT-Accountsâ tab in the excel template file "Accounting Cycle Excel Template.xlsx". Assume there are no beginning balances in any of the accounts.

#3.

Compute the balance for each T-account after all of the entries have been posted. These are the unadjusted balance as of December 31.

#4.

Prepare the unadjusted trial balance under the âUnadjusted Trial Balanceâ tab in the excel template file "Accounting Cycle Excel Template.xlsx" .

Provide the total of the credit column from the Unadjusted Trial Balance

#5.

Record the following four transactions as adjusting entries under the âGeneral Journalâ tab.

31-Dec

One monthâs insurance has been used by the company $110.

31-Dec

The remaining inventory of unused office supplies is $90.

31-Dec

The estimated depreciation on equipment is $70.

31-Dec

Wages incurred from December 29 to December 31 but not yet paid or recorded total $540.

#6.

Post all of the adjusting entries to the T-accounts under the âT-Accountsâ tab. Compute the balance for each T-account after all of the adjusting entries have been posted. These are the adjusted balance as of December 31.

#7.

Prepare the adjusted trial balance under the âAdjusted Trial Balanceâ tab as of December 31 in the excel template file "Accounting Cycle Excel Template.xlsx" .

Provide the following accounts balances from the Adjusted Trial Balance:

Accumulated Depreciation

Prepare Income Statement, Statement of Stockholderâs Equity, and Classified Balance Sheet under the âFinancial Statementsâ tab for the month ended December 31, 20XX in the excel template file "Accounting Cycle Excel Template.xlsx".

Provide the following amount from the Income Statement:

Provide the following account balance from the Statement of Stockholders' Equity:

Dividends

Provide the following account balances from the Balance Sheet:

Current Assets

Long-Term Assets

Total Liabilities

Total Stockholderâs Equity

Cash

#9.

Record the closing entries under the âGeneral Journalâ tab.

#10.

Post all of the closing entries to the T-accounts under the âT-Accountsâ tab. Compute the balance for each T-account after all of the closing entries have been posted.

Provide the ending balance of Cash at December 31 from the T-account

Provide the balance of the Retained Earnings T-account after closing entries have been posted.

Does the ending balance of the Retained Earnings T-account agree with the balance of Retained Earnings on the Balance Sheet?

Check Point: Total Assets

$ 20,950.00

ultramarineplatypus828

On April 1, 2015, Hepburn Company issued 8 percent bonds with aface value of $800,000. The bonds were issued at a price to yieldat 10 percent return. The bonds pay semiannual interest on April 1and October 1. The bonds are dated April 1, 2015, and are due infive years. At the time of issuance, Hepburn paid $4,000 for legalcosts and brokerage expenses associated with the bond issuance. Thecompany uses the straight-line method of amortization for issuecosts and the effective interest method of amortization for bondpremium or discount and records amortization on each of thesemiannual interest payment dates. Hepburn Companyâs year endsDecember 31. On June 1, 2016, Hepburn retired $200,000 of bonds at103 plus accrued interest.

Required:

Record all entries necessary on October 1, 2015, related to thebonds.

Record all necessary adjusting entries on December 31, 2015.

Determine the amount of gain or loss on the bonds redeemed onJune 1, 2016.

Record the entries necessary for the bond redemption.

Determine the amount of discount on bonds and the amount ofissue costs that should be amortized for the period ended October1, 2016.

crimsonsalmon160

Sage Company manufactures a check-in kiosk with an estimatedeconomic life of 12 years and leases it to National Airlines for aperiod of 10 years. The normal selling price of the equipment is$256,191, and its unguaranteed residual value at the end of thelease term is estimated to be $21,100. National will pay annualpayments of $36,700 at the beginning of each year and allmaintenance, insurance, and taxes. Sage incurred costs of $191,800in manufacturing the equipment and $3,600 in negotiating andclosing the lease. Sage has determined that the collectibility ofthe lease payments is reasonably predictable, that no additionalcosts will be incurred, and that the implicit interest rate is10%.

Compute the amount of each of the following items.

1. Lease Receivable

2. Sales price

3. Cost of Sales

Prepare a 10-year lease amortization schedule

Beg of year...Annual lease pmt pluse res val...interest....leasereceiv recovery.....lease receivable

totals

Prepare all of the lessorâs journal entries for the firstyear

ACC 221 Midterm: Spring 2010 Test 3 - Review Outline and Check List.doc

ACC 221 Full Course Notes

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