ACC 557 Homework Chapters 1-3
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Due Week 2 and
worth 95 points
Directions:
Answer the following questions in a separate Microsoft Word or Excel document.
Explain how you reached the answer or show your work if a mathematical
calculation is needed, or both. Submit your assignment using the assignment
link in Blackboard.
Exercises
E1-11. Two items are omitted from each of
the following summaries of balance sheet and income statement data for two
corporations for the year 2015, Plunkett Co. and Herring Enterprises.
Instructions
Determine the
missing amounts.
E2-9. Selected transactions from the
journal of Kati Tillman, investment broker, are presented below.
Instructions
a)
Post the transactions to T-accounts.
b)
Prepare a trial balance at August
31, 2015.
E2-11. Presented below is the ledger for
Higgs Co.
Instructions
a)
Reproduce the journal entries for
the transactions that occurred on October 1, 10, and 20, and provide
explanations for each.
b)
Determine the October 31 balance for
each of the accounts above, and prepare a trial balance at October 31, 2015.
E3-7. The ledger of Perez Rental Agency on
March 31 of the current year includes the selected accounts, shown below,
before quarterly adjusting entries have been prepared.
An analysis of
the accounts shows the following.
1.
The equipment depreciates $400 per
month.
2.
One-third of the unearned rent
revenue was earned during the quarter.
3.
Interest totaling $500 is accrued on
the notes payable for the quarter.
4.
Supplies on hand total $900.
5.
Insurance expires at the rate of
$200 per month.
Instructions
Prepare the
adjusting entries at March 31, assuming that adjusting entries are made
quarterly. Additional accounts are Depreciation Expense, Insurance Expense,
Interest Payable, and Supplies Expense.
E3-11. A partial adjusted trial balance of
Gehring Company at January 31, 2015, shows the following.
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