MGMT-026 Chapter 02 HW - Kids in Prison Program
award:
1. 1 o ut o f 1.00 point
??????????????????????????????u5;;?111eiiii0imaiioi1?:;1eaci1oi ?111e?1c;i10wiiiiiseparaiecasesi0caicuiaieffielii11-- Fees earned
g.
Rent expense
- Cash
h.
Cash
Accounts receivable >-
I.
1K. Spade, Withdrawals
Cash
./
8,157. /
>--
. ti
I
?- 8,157./
./
3, 127./
./
3,127. /
./
. ti
- 530./-
530. /
1
./
1,313. /
"t
- >--e
1,31 3./
./
900. /
./'.
900. /I
Post the abov e journal entries to T-accounts, which serves as the general ledger for this assignment. Determine the ending balance of each T-account.
a.
./
d.
./
11.
./
Balance
Cash 14,750.tl b
1,740./l e. 1,31 3./19 ?
11.
7,788 :
./
428. /1 f
./
8,15 7. /
./
530. /
./
I
900. /
I
I '
Balance
Accounts Receivable
'
.
I
I 1,81 4
? Red t,:xt 1nd-cat~s no respon~ w-a-s .:xpected 1n a ce ll or a fcnru la ? bas~ calcu ?ation 1s i:icorrect:
no point'S de ducted
I
Office Supplies
J I
b.
./
+
428. /I
I
+
c.
Office Equipment
./
8.15 7. /I
+ _ [,
-
j Balance
428
Balance
8, 157
I
x
Accoun~ayable Xe
L
-.I
'8.1 57.,I'
I
IBalance
8,157
@alance
* Red t~Kt ind?ca.tes no resirons:.e v1as ex oect~d ir. a cell or a forrru!a?baie-:I calcu ation is incorrect;
no points dedu.aed
K. Spade, Withdrawals
I.
./
900.11
-
IBalance
I
I900
I
I '
Balance
- rm
K. Spade, Capital
--
I a.
./
?1
4
I
I
Fees Earned
--
Id
./
It.
.I
I
I
Rent Expense
I
r=
530.11
I
IBalance
530 1?
*Red text ind?c.at.:s no responsa \11as exDect~d in a cell or a forrrula?bas~ calcu aticn is i-,correct; no points de.ducted.
1'313. /'
I
I
I
14,750. /
14,750
I
1,74 0. /' 3,127. /
I I 4,867
award:
4.
1 out of 1.00 point
The transactions of Spade Company:
a. Kacy Spade, ow ner, invested $10,250 cash in tlhe company. b. The company purc hased office supplies for $297 cash.
c. The company purchased $5,668 of office equipment on credit. d . The company received $1 ,210 cash as fees for services provided to a customer. e. The company paid $5,668 cash to settle the pay able for the office equipment purchased in transaction c. f. The company billed a customer $2 ,173 as fees for services provided.
g . The company paid $515 cash for the monthly rent. h. The company collected $913 cash as partial pay ment for the account receivable created in transaction f. i. Kacy Spade, withdrew $900 cash from the company for personal use.
Prepare the Trial Balance. (Th e items in the Tr ial Balanc e shou ld be grouped as follows: Assets, Liabil ities, Equ ity, Revenues, and Expenses .)
SPADE COMPANY
Trial Balance
May 31 , 2013
Debit
Cash Office supplies Office equipment Accounts receivable Accounts payable K. Spade, Capital K. Spade, Withdrawals Fees earned Rent expense
Totals
./ $
4,993. /
./
297.,/
./
5,668. /
./
1,260. /
./
./
./
900. /
./
./
515. /
$
13,633 1$
Credit
10,250. / 3,383. / 13,633
award:
5.
?? ?? ?? ?? ??
? ?
? ?
? ?
1 out of
1.00 point
? c;3;:,11e;;:;
cam.:Y
oileiaies
acoiisLiitli19
firmcaffea
Heiil
i'ociay.
oil
Au9usl
31
;
i11e
compaiiY:'s
recoraraiecomi>anles aihraLi9hcf(t:osses and
am ounts to be deduct ed should be in dicated with a minus sign.)
(a)
(b)
(c)
(d)
Equity, D&ember 31 , 2012
$
0 '$
0 $
0 $
0
Owner investments during the year
99,000
106 , 000~
90,255
208,878
Owner withdrawals during the year
( 93, 000 )~
(53,000)
( 11 .000)
(55.000)
Net income (loss) for the year Equity, December 31 , 201 3
95,0 00
44,970
(3,000)
(45 , 000 )~
'
1$ 101,000
97,970 $
76,255~ $
I 108,878
For each of the posting errors under parts (b) to (g), complete the following:
1. Enter the amount of the difference between trial balance columns (debit and credit) due to the error.
2. Identify the trial balance column (debit or credit) with the larger amount if they are not equal. 3. Identify the account(s) affec ted by the error. 4. Indicate the amount by which the account(s) question (3) is under- or overstated.
Item (a) is completed as an example.
a. $ 1,270 debit to Rent Expense is posted as a $1 ,720 debit.
(1) Difference between Debit and Credit Columns $ 450
(2) Column w ith the Larger Total Debit
(3) Identify account(s) incorrectly stated Rent Expense
(4) Amount that account(s) is overstated or understated Rent Expense is overstated by $450
award:
8.
1 out of 1.00 point
??? ????????????????b: s2)'.~4o ciecilt to cash is pasieci iwice as iwocrediisto cas1
( 1) W hat is the difference between Debit and Credit Columns
Difference
$
2,540'21
(2) Identify the column with the larger total
? Credit
0 Debit
G None
(3) Identify that account that is incorrec tly stated
@ Cash V Revenue
0 Cash and Revenue
(4) Which of the accounts are overstated or understated and by what amount. (You may se lect more than one answer. Click the box with a c heck mark for correct answers and click to empty the box for the wrong answ ers.)
Iii Cash is Understated by $2,540 D Cash is Overstated by $2,540 D Revenue is understated by $2,540 D Revenue is overstated by $2,540 D None
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