Furniture And Office Equipment Inventory Form: Fill & Download for Free

Without being specific, you should create a corporation and pay for a corporate liscense. A card shop owner/franchisee would need to lease a space, purchase display and storage, purchase point of sale equipment. Card companies would have to be contacted and an inventory supply would be purchased. A business license will need to be acquired and fire code inspections done. Additional vendors would need to be contacted as required to supply various side products and displays. A credit card reader and credit banking agreements purchased for credit card purchases. Utilities such as power, water, phone, and waste disposal accounts will need to be created. Office equipment and furniture purchased, wall decor, and advertising banners for opening purchased. Business stationary, business cards and invoices, purchase orders forms. Accounts with shipping companies will need to be set up. If you are going to have employees, including yourself, will need federal id’s, Social Security and payroll tax enrollment done. Signage for the store front and the building purchased and installed. The company will need bank accounts and check books. Accounting software, computers, printers, and fax machines set up. A mail drop and pick up set up. Sales supplies, restroom and office supplies. Cleaning supplies. Pest control. Security systems…All these things and more add up little by little till it costs a lot. Get these specifics and pricing to see how much more is involved.

This is a checklist of information that should be carefully examined by venture capitalists while conducting due diligence in connection with a potential investment in a business.The checklist ensures that the potential investor reviews corporate compliance records, finances and taxes, employment and labor issues, business contracts, intellectual property rights, and litigation concerns.This checklist should be used by individuals or entities to help conduct due diligence in connection with a potential investment to ensure that the investor is making a smart and sound investment.VENTURE CAPITAL DUE DILIGENCE CHECKLIST FOR INVESTING IN A BUSINESS1. General Corporate Compliance/Organizational Information.Review the articles of incorporation and bylaws of the company, and any/all amendments.Review the minute book of the company.Verify that the company is duly incorporated and in good standing in the state of its incorporation.Verify that the company is qualified to do business in all states in which it transacts business.Review all stock certificates and determine the number and type of the authorized and issued shares of stock of the company and the registered owners of the issued and outstanding shares.Determine whether there are options, warrants, or other rights to acquire shares outstanding.Review stock transfer records of the company.Review all agreements between the company and its shareholders.Review securities law filings under state and federal securities laws.2. Financial and Tax Information.Review the financial statements, balance sheets and income statements of the company, including all profit and loss statements for the current year and the past five years.Review all budgets, business plans, projections and management reports prepared by the company within the past five years.Review the company’s accounts payable, including their quality, aging and composition, and determine if there are any disputed accounts.Secure credit reports.Review any forecasted income statements and balance sheets. if available, for both the current and following fiscal years, or for such periods as forecasts have been prepared, and the assumptions upon which the forecasts are based.Review company’s pricing policies and compliance.Review company’s inventory valuation, turnover and obsolescence review.Determine whether the company has any secured financing, including accounts receivable or inventory financing, and review all documents associated with that financing.Review and create a list of names and locations of all banks utilized by the company including full information on the types of accounts and the names of persons authorized to draw thereon.Review all bank loan agreements.Review all federal, state, and local income tax returns of the company for the past five years.Obtain copies of property tax assessments for the past five years.Communications between the company and the IRS, including, without limitation, audit and revenue agent’s reports (federal, state and local); settlement and consent documents and correspondence; and agreements waiving statute of limitations or extending time.Copies of documents relating to IRS or state tax proceedings, deficiencies assessed, or audits commenced.3. Employment and Labor Matters.Obtain a list of the company’s employees, their job classifications, compensation, and length of employment.Review all employment agreements.Review all indemnification contracts or similar arrangements for officers and directors of the Company.Review all of the company’s employee benefit plans, including retirement plans, pension plans, profit-sharing plans, deferred compensation plans, health insurance, and other employee health and welfare plans.Review all documents relating to employee stock option plans, incentive stock option plans, employee stock purchase plans, stock bonus plans, salary bonus plans and any other benefit plans or arrangements.Review the company’s personnel manual and all documents furnished to employees in connection with their employment.Review the current and proposed organizational structure of the company.Determine whether there are any claims by employees or government agencies, or investigations, pending against the company arising out to employment matters, including discrimination claims, grievances, arbitration cases, workers’ compensation cases, OSHA cases, labor disputes and similar matters.Review the company’s relationship with independent sales agents and other independent contractors with whom the company deals on a regular basis.Review all collective bargaining and union agreements to which the company is a party.Review any copies or schedules of contracts, plans, or arrangements regarding election or termination of directors and officers.4. Business Contracts and Commitments.Obtain a list of the company’s major suppliers, the goods or services supplied, and annual dollar volume of business with the company.Review copies of all agreements between the company and its major suppliers.Obtain a list of the company’s major customers, the goods or services supplied, and annual dollar volume of business with the company.Determine whether there are currently, or have in the past been material disputes between the company and its suppliers or customers.Review all agreements pertaining to the marketing and distribution of the company’s products or services, including all agreements with independent sales representatives, distributors, marketing companies and franchisees.Review all material agreements with customers, including warranties provided to customers.Review all installment sales agreements.Review all forms of sales invoice, purchase order, receipt, agreements, and other sales documents used by the company.Review documents describing the company’s products or services such as promotional literature, brochures, and newsletters.Review copies of any license or royalty agreements.Review any sale-leaseback arrangements.Note any membership agreements or other relations with trade associations.5. Intellectual Property.Review all material license agreements relating to intellectual or intangible property running to and from the Company.Create a list of all patents, trademarks and copyrights held by or licensed to the company.Review all documents relating to patents and trademarks including filings with U.S. Patent and Trademark Office.Note any policies and procedures relating to identification and protection of trade secrets and other confidential information developed by the company and/or disclosed to the company under a covenant of nondisclosure.Review the technological infrastructure of the Company, including: proprietary hardware, software systems, and networks; all leased, purchased, or shared hardware, software systems, and networks; all interconnecting hardware, software systems, and networks’; environmental systems, including vaults, alarm systems, elevators, and telephones.Review sales contracts for hardware and software systems, including warranty provisions, licensing agreements, operating agreements, maintenance and service contracts, consulting agreements and other strategic business relationships pertaining to data processing and information technology.6. Equipment and Personal Property.Obtain a list of all machinery, equipment, furniture, and fixtures owned or leased by the company and depreciation schedules and leases.Review any installment purchase agreements.Review service contracts on tangible personal property of the company.Obtain an inventory list, including category and aging information.Review the company’s accounts receivable records, including age, composition and write-off history.Review information about the company’s trade secrets and evaluate the company’s trade secret protection program.Obtain a search of appropriate state and local records for U.C.C. financing statements and other evidence of liens or encumbrances.Source: http://www.bloomberg.com/small-business/business-forms/venture-capital-due-diligence-checklist#docstoc-embed

Students who are looking to score good in ACC 290 can visit the website http://www.acc290genius.com which helps you to score well in your exams.ACC 290 Week 1 Practice Connect Practice AssignmentComplete the Week 1 Practice in Connect.Note: You have unlimited attempts available to complete practice assignments1On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings.TRANSACTIONS1.The owner invested $100,000 in cash to begin the business.2.Paid $20,250 in cash for the purchase of equipment.3.Purchased additional equipment for $15,200 on credit.4.Paid $12,500 in cash to creditors.5.The owner made an additional investment of $25,000 in cash.6.Performed services for $9,750 in cash.7.Performed services for $7,800 on account.8.Paid $6,000 for rent expense.9.Received $5,500 in cash from credit clients.10.Paid $7,550 in cash for office supplies.11.The owner withdrew $12,000 in cash for personal expenses.Record in equation form the changes that occur in assets, liabilities, and owner’s equity for the above transactions.Analyze:What is the ending balance of cash after all transactions have been recorded?2On December 1, Kate Holmes opened a speech and hearing clinic. During December, her firm had the following transactions involving revenue and expenses.Paid $3,100 for advertising.Provided services for $2,800 in cash.Paid $800 for telephone service.Paid salaries of $2,600 to employees.Provided services for $3,000 on credit.Paid $450 for office cleaning service.Did the firm earn a net income or incur a net loss for the period? What was the amount?3At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information.Prepare an income statement for the month of September 2019.4The fundamental accounting equations for several businesses follow. Supply the missing amounts.5At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information.Required:Prepare a statement of owner’s equity for the month of September and a balance sheet for Cantu Wealth Management Consulting as of September 30, 2019.6Taylor Equipment Repair Service is owned by Jason Taylor.Use the above figures to prepare a balance sheet dated February 28, 2019.Analyze:What is the net worth, or owner’s equity, at February 28, 2019, for Taylor Equipment Repair Service?ACC 290 Week 1 Apply Connect AssignmentComplete the Week 1 Assignment in Connect.Note: You have only 1 attempt available to complete assignments.1Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm’s financial records showed the following assets, liabilities, and owner’s equity.Cash $ 60,200Accounts Receivable 15,800Office Furniture 35,000Auto 22,700Accounts Payable 10,400Harold Joseph, Capital 90,700Revenue 56,200Expenses 23,600TRANSACTIONS1.Performed services for $6,600 on credit.2.Paid $1,620 in cash for new office chairs.3.Received $10,400 in cash from credit clients.4.Paid $800 in cash for telephone service.5.Sent a check for $2,900 in partial payment of the amount due creditors.6.Paid salaries of $8,900 in cash.7.Sent a check for $1,040 to pay electric bill.8.Performed services for $9,700 in cash.9.Paid $2,270 in cash for auto repairs.10.Performed services for $11,700 on account.Enter the above transactions in to the following accounting equations.Analyze:What is the amount of total assets after all transactions have been recorded?2The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton.Required:Analyze each transaction carefully. Prepare an income statement and a statement of owner’s equity for the month. Prepare a balance sheet for May 31, 2019.ACC 290 Week 2 Practice Connect Practice AssignmentACC 290 Week 2 Practice: Connect Practice AssignmentComplete the Week 2 Practice in Connect.Note: You have unlimited attempts available to complete practice assignments1The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on.Cash(a) 95,000 (b) 23,000(d) 15,000 (e) 350(g) 1,500 (h) 5,500(i) 2,500Equipment(c) 40,000Accounts Receivable(f) 5,000 (g) 1,500Accounts Payable(c) 40,000Supplies(b) 23,000Wade Wilson, Capital(a) 95,000Fees Income(d) 15,000(f) 5,000Telephone Expense(e) 350Wade Wilson, Drawing(i) 2,500Salaries Expense(h) 5,500Determine the balance of each account.2Derrick Wells decided to start a dental practice. The first five transactions for the business follow.Derrick invested $45,000 cash in the business.Paid $15,000 in cash for equipment.Performed services for cash amounting to $4,500.Paid $1,900 in cash for advertising expense.Paid $1,500 in cash for supplies.(1) Select which two accounts are affected in each of the above transactions.(2&3) Post the above transactions into the appropriate T accounts.3The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant.Transactions:Guttery invested $80,000 in cash to start the business.Paid $3,000 for the current month’s rent.Bought office furniture for $8,360 in cash.Performed services for $4,100 in cash.Paid $625 for the monthly telephone bill.Performed services for $7,000 on credit.Purchased a computer and copier for $19,000; paid $6,500 in cash immediately with the balance due in 30 days.Received $3,500 from credit clients.Paid $2,000 in cash for office cleaning services for the month.Purchased additional office chairs for $2,900; received credit terms of 30 days.Purchased office equipment for $20,000 and paid half of this amount in cash immediately; the balance is due in 30 days.Issued a check for $4,700 to pay salaries.Performed services for $7,250 in cash.Performed services for $8,000 on credit.Collected $4,000 on accounts receivable from charge customers.Issued a check for $1,450 in partial payment of the amount owed for office chairs.Paid $350 to a duplicating company for photocopy work performed during the month.Paid $610 for the monthly electric bill.Guttery withdrew $4,500 in cash for personal expenses.Post the above transactions into the appropriate T accounts.Analyze:What liabilities does the business have after all transactions have been recorded? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.4The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local Housing rentals.Cash(a) 95,000 (b) 23,000(d) 15,000 (e) 350(g) 1,500 (h) 5,500(i) 2,500Equipment(c) 40,000Accounts Receivable(f) 5,000 (g) 1,500Accounts Payable(c) 40,000Supplies(b) 23,000Wade Wilson, Capital(a) 95,000Fees Income(d) 15,000(f) 5,000Telephone Expense(e) 350Wade Wilson, Drawing(i) 2,500Salaries Expense(h) 5,500Required:Prepare a statement of owner’s equity and a balance sheet for Residential Relocators as of December 31, 2019.5The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals.Cash(a) 95,000 (b) 23,000(d) 15,000 (e) 350(g) 1,500 (h) 5,500(i) 2,500Equipment(c) 40,000Accounts Receivable(f) 5,000 (g) 1,500Accounts Payable(c) 40,000Supplies(b) 23,000Wade Wilson, Capital(a) 95,000Fees Income(d) 15,000(f) 5,000Telephone Expense(e) 350Wade Wilson, Drawing(i) 2,500Salaries Expense(h) 5,500Required:Prepare a trial balance and an income statement for Residential Relocators. The trial balance is for December 31, 2019, and the income statement is for the month ended December 31, 2019.6The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019.Transactions:Guttery invested $80,000 in cash to start the business.Paid $3,000 for the current month’s rent.Bought office furniture for $8,360 in cash.Performed services for $4,100 in cash.Paid $625 for the monthly telephone bill.Performed services for $7,000 on credit.Purchased a computer and copier for $19,000; paid $6,500 in cash immediately with the balance due in 30 days.Received $3,500 from credit clients.Paid $2,000 in cash for office cleaning services for the month.Purchased additional office chairs for $2,900; received credit terms of 30 days.Purchased office equipment for $20,000 and paid half of this amount in cash immediately; the balance is due in 30 days.Issued a check for $4,700 to pay salaries.Performed services for $7,250 in cash.Performed services for $8,000 on credit.Collected $4,000 on accounts receivable from charge customers.Issued a check for $1,450 in partial payment of the amount owed for office chairs.Paid $350 to a duplicating company for photocopy work performed during the month.Paid $610 for the monthly electric bill.Guttery withdrew $4,500 in cash for personal expenses.Required:Prepare a trial balance, an income statement, a statement of owner’s equity, and a balance sheet. Assume that the transactions took place during the month ended June 30, 2019. Determine the account balances before you start work on the financial statements.Analyze:What is the change in owner’s equity for the month of June?ACC 290 Week 2 Apply Connect AssignmentACC 290 Week 2 Apply Connect AssignmentComplete the Week 2 Assignment in Connect.Note: You have only 1 attempt available to complete assignments1The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant.Transactions:Guttery invested $156,000 in cash to start the business.Paid $5,600 for the current month’s rent.Bought office furniture for $16,320 in cash.Performed services for $7,800 in cash.Paid $1,210 for the monthly telephone bill.Performed services for $13,600 on credit.Purchased a computer and copier for $37,200; paid $12,600 in cash immediately with the balance due in 30 days.Received $6,800 from credit clients.Paid $3,600 in cash for office cleaning services for the month.Purchased additional office chairs for $5,400; received credit terms of 30 days.Purchased office equipment for $36,000 and paid half of this amount in cash immediately; the balance is due in 30 days.Issued a check for $9,000 to pay salaries.Performed services for $14,100 in cash.Performed services for $15,600 on credit.Collected $7,600 on accounts receivable from charge customers.Issued a check for $2,700 in partial payment of the amount owed for office chairs.Paid $660 to a duplicating company for photocopy work performed during the month.Paid $1,180 for the monthly electric bill.Guttery withdrew $8,600 in cash for personal expenses.Post the above transactions into the appropriate T accounts.Analyze:What liabilities does the business have after all transactions have been recorded? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.2The following occurred during June at Hicks Family Counseling.Post the following transactions into the appropriate T accounts.Transactions:Purchased office supplies for $1,900 in cash.Delivered monthly statements, collected fee income of $26,500.Paid the current month’s office rent of $3,900.Completed professional counseling, billed client for $4,100.Client paid fee of $2,100 for weekly counseling, previously billed.Paid office salaries of $3,500.Paid telephone bill of $470.Billed client for $3,100 fee for preparing a counseling evaluation.Purchased office supplies of $990 on account.Paid office salaries of $3,500.Collected $3,100 from client who was billed.Clients paid a total of $9,200 cash in fees.Analyze:How much cash did the business spend during the month? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.ACC 290 Week 3 Practice Connect Practice AssignmentACC 290 Week 3 Practice Connect Practice AssignmentComplete the Week3 Practice in Connect.Note: You have unlimited attempts available to complete practice assignments1On October 1, 2019, Helen Kennedy opened an advertising agency.DATE TRANSACTIONSOct. 1 Helen Kennedy invested $70,000 cash in the business.2 Paid October office rent of $4,000; issued Check 1001.5 Purchased desks and other office furniture for $18,000 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.6 Issued Check 1002 for $4,100 to purchase art equipment.7 Purchased supplies for $1,670; paid with Check 1003.10 Issued Check 1004 for $800 for office cleaning service.12 Performed services for $4,200 in cash and $1,800 on credit. (Use a compound entry.)15 Returned damaged supplies for a cash refund of $300.18 Purchased a computer for $3,000 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,750 down payment, with the balance payable in 30 days. (Use one compound entry.)20 Issued Check 1006 for $9,500 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.26 Performed services for $4,800 on credit.27 Paid $375 for monthly telephone bill; issued Check 1007.30 Received $4,200 in cash from credit customers.30 Mailed Check 1008 to pay the monthly utility bill of $1,080.30 Issued Checks 1009–1011 for $9,000 for salaries.Required:Journalize the above transactions.Post the above transactions to the ledger accounts.Analyze:What is the balance of account 202 in the general ledger?2The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons.DATE TRANSACTIONSSept. 1 Issued Check 1169 for $2,000 to pay the September rent.5 Performed services for $4,000 in cash.6 Performed services for $2,950 on credit.10 Paid $900 for monthly telephone bill; issued Check 1170.11 Paid for equipment repairs of $1,050 with Check 1171.12 Received $1,500 on account from credit clients.15 Issued Checks 1172–1177 for $5,200 for salaries.18 Issued Check 1178 for $2,700 to purchase supplies.19 Purchased new tennis rackets for $3,250 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days.20 Issued Check 1179 for $3,820 to purchase new nets. (Equip.)21 Received $500 on account from credit clients.21 Returned a damaged net and received a cash refund of $570.22 Performed services for $3,480 in cash.23 Performed services for $5,050 on credit.26 Issued Check 1180 for $620 to purchase supplies.28 Paid the monthly electric bill of $2,500 with Check 1181.30 Issued Checks 1182–1187 for $5,200 for salaries.30 Issued Check 1188 for $5,000 cash to Ellis Carter for personal expenses.Required:Record each of the above transactions in the general journal.Analyze:If the company paid a bill for supplies on October 1, what check number would be included in the journal entry description?3Selected activity of Mason Consulting Services follow.DATE TRANSACTIONS2019Sept. 1 Zack Mason invested $30,000 in cash to start the firm.4 Purchased office equipment for $3,250 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $15,000 in full payment.20 Purchased supplies for $260; paid immediately with Check 1002.23 Returned damaged supplies for a cash refund of $85.30 Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.30 Withdrew $1,500 in cash for personal expenses.30 Issued Check 1004 for $3,500 to pay the rent for October.30 Performed services for $7,325 in cash.30 Paid $220 for monthly telephone bill, Check 1005.Post the above transactions into the appropriate Ledger accounts.4The following transactions took place at the Cook Employment Agency during November 2019.DATE TRANSACTIONSNov. 5 Performed services for Job Search, Inc., for $20,000; received $9,500 in cash and the client promised to pay the balance in 60 days.18 Purchased a graphing calculator for $450 and some supplies for $600 from Office Supply; issued Check 1008 for the total.23 Received Invoice 1602 for $2,500 from Automotive Technicians Repair for repairs to the firm’s automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days.Prepare journal entries for the above transactions.5Selected activity of the Ray Shipping Service follow.TRANSACTIONSGave a cash refund of $750 to a customer because of a lost package. (The customer had previously paid in cash.)Sent a check for $1,050 to the utility company to pay the monthly bill.Provided services for $7,800 on credit.Purchased new equipment for $4,600 and paid for it immediately by check.Issued a check for $3,500 to pay a creditor on account.Performed services for $15,250 in cash.Collected $6,250 from credit customers.The owner made an additional investment of $25,000 in cash.Purchased supplies for $3,250 on credit.Issued a check for $3,750 to pay the monthly rent.Analyze the above transactions and record a journal entry for each transaction.6Selected activity of Mason Consulting Services follow.DATE TRANSACTIONS2019Sept. 1 Zack Mason invested $30,000 in cash to start the firm.4 Purchased office equipment for $3,250 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $15,000 in full payment.20 Purchased supplies for $260; paid immediately with Check 1002.23 Returned damaged supplies for a cash refund of $85.30 Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 9823.30 Withdrew $1,500 in cash for personal expenses.30 Issued Check 1004 for $3,500 to pay the rent for October.30 Performed services for $7,325 in cash.30 Paid $220 for monthly telephone bill, Check 1005.Prepare journal entries for the transactions incurred during September of 2019.ACC 290 Week 3 Apply Connect AssignmentACC 290 Week 3 Apply Connect AssignmentComplete the Week 3 Assignment in Connect.Note: You have only 1 attempt available to complete assignments1On October 1, 2019, Helen Kennedy opened an advertising agency.DATETRANSACTIONSOct. 1Helen Kennedy invested $61,000 cash in the business.2Paid October office rent of $3,050; issued Check 1001.5Purchased desks and other office furniture for $13,900 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.6Issued Check 1002 for $3,250 to purchase art equipment.7Purchased supplies for $1,600; paid with Check 1003.10Issued Check 1004 for $490 for office cleaning service.12Performed services for $4,150 in cash and $1,950 on credit. (Use a compound entry.)15Returned damaged supplies for a cash refund of $290.18Purchased a computer for $3,050 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,775 down payment, with the balance payable in 30 days. (Use one compound entry.)20Issued Check 1006 for $6,950 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.26Performed services for $4,450 on credit.27Paid $270 for monthly telephone bill; issued Check 1007.30Received $3,750 in cash from credit customers.30Mailed Check 1008 to pay the monthly utility bill of $345.30Issued Checks 1009–1011 for $8,050 for salaries.Required:1. Journalize the above transactions.2. Post the above transactions to the ledger accounts.Analyze:What is the balance of account 202 in the general ledger?2The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons.DATETRANSACTIONSSept.1Issued Check 1169 for $1,200 to pay the September rent.5Performed services for $3,200 in cash.6Performed services for $2,050 on credit.10Paid $560 for monthly telephone bill; issued Check 1170.11Paid for equipment repairs of $800 with Check 1171.12Received $3,000 on account from credit clients.15Issued Checks 1172–1177 for $4,000 for salaries.18Issued Check 1178 for $1,800 to purchase supplies.19Purchased new tennis rackets for $2,050 on credit from The Tennis Supply Shop; received Invoice 3108, payable in 30 days.20Issued Check 1179 for $2,720 to purchase new nets. (Equip.)21Received $910 on account from credit clients.21Returned a damaged net and received a cash refund of $410.22Performed services for $3,400 in cash.23Performed services for $4,990 on credit.26Issued Check 1180 for $600 to purchase supplies.28Paid the monthly electric bill of $2,390 with Check 1181.30Issued Checks 1182–1187 for $4,000 for salaries.30Issued Check 1188 for $4,000 cash to Ellis Carter for personal expenses.Required:Record each of the above transactions in the general journal.Analyze:If the company paid a bill for supplies on October 1, what check number would be included in the journal entry description?ACC 290 Week 4 Practice Connect Practice AssignmentComplete the Week 4 Practice in Connect.Note: You have unlimited attempts available to complete practice assignments.attempt 11On June 1, 2019, Cain Company, a new firm, paid $8,400 rent in advance for a seven-month period. The $8,400 was debited to thePrepaid RentOn June 1, 2019, the firm bought supplies for $10,250. The $10,250 was debited to the Supplies An inventory of supplies at the end of June showed that items costing $5,960 were on hand.On June 1, 2019, the firm bought equipment costing $72,900. The equipment has an expected useful life of 9 years and no salvage value. The firm will use the straight-line method of depreciation.2The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below.CANTU CORPORATIONWorksheetMonth Ended December 31, 2019Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance SheetAccount Name Debit Credit Debit Credit Debit Credit Debit Credit Debit CreditCash 39,100 39,100 39,100Accounts Receivable 6,500 6,500 6,500Supplies 6,050 3,500 6,050 2,550Prepaid Advertising 10,200 1,700 10,200 8,500Equipment 42,500 42,500 42,500Accumulated Depreciation—Equipment 850 850 850Accounts Payable 6,500 6,500 6,500Selena Cantu, Capital 54,500 54,500 54,500Selena Cantu, Drawing 4,100 4,100 4,100Fees Income 57,750 57,750 57,750Supplies Expense 3,500 3,500 3,500Advertising Expense 1,700 1,700 1,700Depreciation Expense-Equipment 850 850 850Salaries Expense 8,900 8,900 8,900Utilities Expense 1,400 1,400 1,400Totals 118,750 118,750 6,050 6,050 119,600 119,600 16,350 57,750 103,250 61,850Net Income 41,400 41,40057,750 57,750 103,250 103,250Required:Prepare an income statement.Prepare a statement of owner’s equity. The owner made no additional investments during the month.Prepare a balance sheet.Analyze:If the adjustment to Prepaid Advertising had been $3,400 instead of $1,700, what net income would have resulted?3Assume that a firm reports net income of $45,000 prior to making adjusting entries for the following items: expired rent, $3,500; depreciation expense, $4,100; and supplies used, $1,800.Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income?4Desoto Company must make three adjusting entries on December 31, 2019.Supplies used, $5,500 (supplies totaling $9,000 were purchased on December 1, 2019, and debited to the Suppliesaccount).Expired insurance, $4,100; on December 1, 2019, the firm paid $24,600 for six months’ insurance coverage in advance and debitedPrepaidInsurancefor this amount.Depreciation expense for equipment, $2,900.Required:Prepare the journal entries for these adjustments and post the entries to the general ledger accounts5The adjusted trial balance of University Book Store as of November 30, 2019, after the firm’s first month of operations, appears below.Appropriate adjustments have been made for the following items:Supplies used during the month, $2,900.Expired rent for the month, $3,500.Depreciation expense for the month, $950.UNIVERSITY BOOK STOREAdjusted Trial BalanceNovember 30, 2019Account Name Debit CreditCash $ 23,075Accounts Receivable 3,812Supplies 4,600Prepaid Rent 21,000Equipment 27,500Accumulated Depreciation-Equipment $ 950Accounts Payable 9,000Ruby Darbandi, Capital 41,837Ruby Darbandi, Drawing 4,000Fees Income 48,550Depreciation Expense-Equipment 950Rent Expense 3,500Salaries Expense 8,500Supplies Expense 2,900Utilities Expense 500Totals $ 100,337 $ 100,337Required:Record the adjusting entries in the Adjustments columns.Complete the Trial Balance columns of the worksheet prior to making the adjusting entries.Analyze:What was the balance of Prepaid Rent prior to the adjusting entry for expired rent?6On January 31, 2019, the general ledger of Palmer Company showed the following account balances.ACCOUNTSCash 31,500Accounts Receivable 11,250Supplies 4,500Prepaid Insurance 4,100Equipment 45,750Accum. Depr.—Equip. 0Accounts Payable 8,350Sadie Palmer, Capital 40,975Fees Income 58,500Depreciation Exp.—Equip. 0Insurance Expense 0Rent Expense 5,300Salaries Expense 5,425Supplies Expense 0Additional information:Supplies used during January totaled $2,850.Expired insurance totaled $1,025.Depreciation expense for the month was $925.Complete the worksheet through the Adjusted Trial Balance section. Assume that every account has the normal debit or credit balance. The worksheet covers the month of January.attempt 21On January 31, 2019, the general ledger of Palmer Company showed the following account balances.ACCOUNTSCash 31,500Accounts Receivable 11,250Supplies 4,500Prepaid Insurance 4,100Equipment 45,750Accum. Depr.—Equip. 0Accounts Payable 8,350Sadie Palmer, Capital 40,975Fees Income 58,500Depreciation Exp.—Equip. 0Insurance Expense 0Rent Expense 5,300Salaries Expense 5,425Supplies Expense 0Additional information:Supplies used during January totaled $2,850.Expired insurance totaled $1,025.Depreciation expense for the month was $925.Complete the worksheet through the Adjusted Trial Balance section. Assume that every account has the normal debit or credit balance. The worksheet covers the month of January.2Desoto Company must make three adjusting entries on December 31, 2019.Supplies used, $5,500 (supplies totaling $9,000 were purchased on December 1, 2019, and debited to the Suppliesaccount).Expired insurance, $4,100; on December 1, 2019, the firm paid $24,600 for six months’ insurance coverage in advance and debitedPrepaidInsurancefor this amount.Depreciation expense for equipment, $2,900.Required:Prepare the journal entries for these adjustments and post the entries to the general ledger accounts3Assume that a firm reports net income of $45,000 prior to making adjusting entries for the following items: expired rent, $3,500; depreciation expense, $4,100; and supplies used, $1,800.Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income?4On June 1, 2019, Cain Company, a new firm, paid $8,400 rent in advance for a seven-month period. The $8,400 was debited to thePrepaid RentOn June 1, 2019, the firm bought supplies for $10,250. The $10,250 was debited to the Supplies An inventory of supplies at the end of June showed that items costing $5,960 were on hand.On June 1, 2019, the firm bought equipment costing $72,900. The equipment has an expected useful life of 9 years and no salvage value. The firm will use the straight-line method of depreciation.Prepare end-of-June adjusting entries for Cain Company.5The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below.CANTU CORPORATIONWorksheetMonth Ended December 31, 2019Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance SheetAccount Name Debit Credit Debit Credit Debit Credit Debit Credit Debit CreditCash 39,100 39,100 39,100Accounts Receivable 6,500 6,500 6,500Supplies 6,050 3,500 6,050 2,550Prepaid Advertising 10,200 1,700 10,200 8,500Equipment 42,500 42,500 42,500Accumulated Depreciation—Equipment 850 850 850Accounts Payable 6,500 6,500 6,500Selena Cantu, Capital 54,500 54,500 54,500Selena Cantu, Drawing 4,100 4,100 4,100Fees Income 57,750 57,750 57,750Supplies Expense 3,500 3,500 3,500Advertising Expense 1,700 1,700 1,700Depreciation Expense-Equipment 850 850 850Salaries Expense 8,900 8,900 8,900Utilities Expense 1,400 1,400 1,400Totals 118,750 118,750 6,050 6,050 119,600 119,600 16,350 57,750 103,250 61,850Net Income 41,400 41,40057,750 57,750 103,250 103,250Required:Prepare an income statement.Prepare a statement of owner’s equity. The owner made no additional investments during the month.Prepare a balance sheet.Analyze:If the adjustment to Prepaid Advertising had been $3,400 instead of $1,700, what net income would have resulted?6The adjusted trial balance of University Book Store as of November 30, 2019, after the firm’s first month of operations, appears below.Appropriate adjustments have been made for the following items:Supplies used during the month, $2,900.Expired rent for the month, $3,500.Depreciation expense for the month, $950.UNIVERSITY BOOK STOREAdjusted Trial BalanceNovember 30, 2019Account Name Debit CreditCash $ 23,075Accounts Receivable 3,812Supplies 4,600Prepaid Rent 21,000Equipment 27,500Accumulated Depreciation-Equipment $ 950Accounts Payable 9,000Ruby Darbandi, Capital 41,837Ruby Darbandi, Drawing 4,000Fees Income 48,550Depreciation Expense-Equipment 950Rent Expense 3,500Salaries Expense 8,500Supplies Expense 2,900Utilities Expense 500Totals $ 100,337 $ 100,337Required:Record the adjusting entries in the Adjustments columns.Complete the Trial Balance columns of the worksheet prior to making the adjusting entries.Analyze:What was the balance of Prepaid Rent prior to the adjusting entry for expired rent?ACC 290 Week 4 Apply Connect AssignmentACC 290 Week 4 Apply Connect AssignmentComplete the Week 4 Assignment in Connect.Note: You have only 1 attempt available to complete assignments1Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2019, the first month of operations, is shown below.End-of-the-month adjustments must account for the following items:a. Supplies were purchased on January 1, 2019; inventory of supplies on January 31, 2019, is $1,500.b. The prepaid advertising contract was signed on January 1, 2019, and covers a four-month period.c. Rent of $2,000 expired during the month.d. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value.Required:1. Complete the worksheet for the month.2. Prepare an income statement, statement of owner’s equity, and balance sheet. No additional investments were made by the owner during the month.3. Journalize and post the adjusting entries.AnalyzeIf the adjusting entries had not been made for the month, would net income be overstated or understated?2The trial balance of Neal Company as of January 31, 2019, after the company completed the first month of operations, is shown in the partial worksheet below.Required:2. Complete the worksheet by making the following adjustments: supplies on hand at the end of the month, $7,000; expired insurance, $6,900; depreciation expense for the period, $3,000.Analyze:How does the insurance adjustment affect Prepaid Insurance?ACC 290 Week 5 Practice Connect Practice AssignmentComplete the Week 5 Practice in Connect.Note: You have unlimited attempts available to complete practice assignments.attempt 11Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 2019, the firm’s worksheet showed the following adjustments data: (a) supplies used, $4,680; (b) expired rent, $26,000; and (c) depreciation on office equipment, $9,160. The balances of the revenue and expense accounts listed in the Income Statement section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are given below:REVENUE AND EXPENSE ACCOUNTS401 Fees Income $ 200,000 Cr.511 Depr. Expense—Office Equipment 9,160 Dr.514 Rent Expense 26,000 Dr.517 Salaries Expense 99,000 Dr.520 Supplies Expense 4,680 Dr.523 Telephone Expense 2,700 Dr.526 Travel Expense 20,780 Dr.529 Utilities Expense 2,500 Dr.DRAWING ACCOUNT302 Gloria Johnson, Drawing 22,000 Dr.Required:Record the adjusting entries in the general journal (transactions 1-3).Record the closing entries in the general journal (transactions 4-7).2A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.Required:Complete the worksheet.Record the adjusting entries in the general journal (transactions 1-3).Record the closing entries in the general journal (transactions 4-7).Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.Prepare a post-closing trial balance.Analyze:What total debits were posted to the general ledger to complete all closing entries for the month of December?3On December 31, 2019, the ledger of Lopez Company contained the following account balances:Cash $ 66,000 Maria Lopez, Drawing $ 52,000Accounts Receivable 5,800 Fees Income 107,500Supplies 4,200 Depreciation Expense 5,500Equipment 52,000 Salaries Expense 34,000Accumulated Depreciation 5,000 Supplies Expense 6,000Accounts Payable 6,000 Telephone Expense 5,200Maria Lopez, Capital 121,500 Utilities Expense 9,3004The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:ACCOUNT NO. ACCOUNT BALANCE101 Cash $ 40,000111 Accounts Receivable 29,910121 Supplies 5,300131 Prepaid Insurance 12,500141 Equipment 59,000142 Accumulated Depreciation—Equipment 20,660202 Accounts Payable 7,000301 Aretha Hinkle, Capital 65,000302 Aretha Hinkle, Drawing 6,500401 Fees Income 187,230510 Depreciation Expense—Equipment 10,580511 Insurance Expense 5,700514 Rent Expense 16,500517 Salaries Expense 83,000518 Supplies Expense 2,800519 Telephone Expense 3,400523 Utilities Expense 4,700All accounts have normal balances.Required:Prepare the closing entries.Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.5The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.Income Summary Account No. 399BalanceDate Description Debit Credit Debit Credit2019Dec. 31 Closing 134,000 134,00031 Closing 71,800 62,20031 Closing 62,200 0Linda Carter, Capital Account No. 301BalanceDate Description Debit Credit Debit Credit2019Dec. 1 240,000 240,00031 Closing 62,200 302,20031 Closing 22,000 280,2006On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000.Required:Record the journal entries necessary to complete closing the accounts.What is the new balance of Madison Wells, Capital?attempt 21The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:ACCOUNT NO. ACCOUNT BALANCE101 Cash $ 40,000111 Accounts Receivable 29,910121 Supplies 5,300131 Prepaid Insurance 12,500141 Equipment 59,000142 Accumulated Depreciation—Equipment 20,660202 Accounts Payable 7,000301 Aretha Hinkle, Capital 65,000302 Aretha Hinkle, Drawing 6,500401 Fees Income 187,230510 Depreciation Expense—Equipment 10,580511 Insurance Expense 5,700514 Rent Expense 16,500517 Salaries Expense 83,000518 Supplies Expense 2,800519 Telephone Expense 3,400523 Utilities Expense 4,700All accounts have normal balances.Required:Prepare the closing entries.Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.2A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.Required:Complete the worksheet.Record the adjusting entries in the general journal (transactions 1-3).Record the closing entries in the general journal (transactions 4-7).Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.Prepare a post-closing trial balance.Analyze:What total debits were posted to the general ledger to complete all closing entries for the month of December?3The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.Income Summary Account No. 399BalanceDate Description Debit Credit Debit Credit2019Dec. 31 Closing 134,000 134,00031 Closing 71,800 62,20031 Closing 62,200 0Linda Carter, Capital Account No. 301BalanceDate Description Debit Credit Debit Credit2019Dec. 1 240,000 240,00031 Closing 62,200 302,20031 Closing 22,000 280,2004On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000.Required:Record the journal entries necessary to complete closing the accounts.What is the new balance of Madison Wells, Capital?5Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 2019, the firm’s worksheet showed the following adjustments data: (a) supplies used, $4,680; (b) expired rent, $26,000; and (c) depreciation on office equipment, $9,160. The balances of the revenue and expense accounts listed in the Income Statement section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are given below:REVENUE AND EXPENSE ACCOUNTS401 Fees Income $ 200,000 Cr.511 Depr. Expense—Office Equipment 9,160 Dr.514 Rent Expense 26,000 Dr.517 Salaries Expense 99,000 Dr.520 Supplies Expense 4,680 Dr.523 Telephone Expense 2,700 Dr.526 Travel Expense 20,780 Dr.529 Utilities Expense 2,500 Dr.DRAWING ACCOUNT302 Gloria Johnson, Drawing 22,000 Dr.Required:Record the adjusting entries in the general journal (transactions 1-3).Record the closing entries in the general journal (transactions 4-7).6On December 31, 2019, the ledger of Lopez Company contained the following account balances:Cash $ 66,000 Maria Lopez, Drawing $ 52,000Accounts Receivable 5,800 Fees Income 107,500Supplies 4,200 Depreciation Expense 5,500Equipment 52,000 Salaries Expense 34,000Accumulated Depreciation 5,000 Supplies Expense 6,000Accounts Payable 6,000 Telephone Expense 5,200Maria Lopez, Capital 121,500 Utilities Expense 9,300ACC 290 Week 5 Apply Connect AssignmentComplete the Week 5 Assignment in Connect.Note: You have only 1 attempt available to complete assignments1On December 31, after adjustments, Gonzalez Company’s ledger contains the following account balances:101 Cash $ 30,200 Dr.111 Accounts Receivable 16,100 Dr.121 Supplies 2,300 Dr.131 Prepaid Rent 38,900 Dr.141 Equipment 47,000 Dr.142 Accumulated Depreciation—Equip. 1,150 Cr.202 Accounts Payable 6,800 Cr.301 Emilio Gonzalez, Capital (12/1/2019) 48,620 Cr.302 Emilio Gonzalez, Drawing 6,500 Dr.401 Fees Income 120,080 Cr.511 Advertising Expense 4,100 Dr.514 Depreciation Expense—Equip. 830 Dr.517 Rent Expense 2,900 Dr.519 Salaries Expense 21,800 Dr.523 Utilities Expense 6,020 Dr.Required:Journalize the closing entries in the general journal.Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.Analyze:What is the balance of the Salaries Expense account after closing entries are posted?2A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.Required:Complete the worksheet.Record the adjusting entries in the general journal (transactions 1-3).Record the closing entries in the general journal (transactions 4-7).Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.Prepare a post-closing trial balance.Analyze:What total debits were posted to the general ledger to complete all closing entries for the month of December?