Account Balance Worksheet: Fill & Download for Free

How to cancel a credit card Without hurting your credit scoreProvided you have considered these issues and have another credit card you can make charges on, you are ready to cancel your credit card. Closing an account the right way takes a little time, patience and organization. Use the following steps (and this would be a good time to print out the Credit Cards - Compare Credit Card Offers at CreditCards.com “Cancel a credit card worksheet”).1. Know who to contact.To begin the process of closing the account, gather and write down the customer service number and the mailing address you’ll need. The customer service number is on your credit card, monthly statement and the issuer’s website; the mailing address is also on the website and the monthly statement.2. Remember to redeem rewards.In the case of rewards cards, it is common to lose some accrued rewards when a card is closed, and this may be unavoidable. But with planning, it should be possible to minimize the loss. Check the rewards balance and redemption procedures on the issuer’s website. If you are unable to apply them to travel or merchandise, you may be able to take accumulated miles or points as a statement credit.Knowing the rules for redemption will allow you to plan how to capture built-up rewards before you cancel the card.3. Pay down your balance in full.Pay off your credit card in full or, if you can find a balance transfer card with better terms, transfer the balance. You can’t completely close a card until the balance is paid.If you don’t want any more charges accrued to the card until the balance is paid, you can contact the issuer and ask that the card be frozen until the balance is cleared and the card closed.If you normally carry a balance from one month to another, you will need to pay the full statement balance two months in a row to wipe out the balance and stop further interest charges from accruing.4. Deliver the news.Once you reach the bank’s customer service representative, confirm that the balance on your credit card is zero. Do not assume that the balance is zero because you paid the total amount on your most recent bill. Interest may have continued to accumulate between the time the issuer sent the bill and your payment was made (that “leftover” amount is called residual interest).Once you’re certain the balance is zero, inform them that you are canceling the card. While some credit card companies will allow you to cancel without even speaking to a representative, others may be less obliging.If you are met with resistance, hold firm. It is your right to close the account. Tell the rep you want it noted that the account is being closed at your request.Ask for a name and address you can write to with a notice of your card cancellation and note this along with the call details, including date, time and a way to identify the representative you spoke to.If you are met with resistance, hold firm. It is your right to close the account.5. Send a letter.For added insurance (in case the customer service rep makes a mistake), write a short cancellation letter to the card issuer. Request written confirmation of the account’s closure.The letter should include your name, address, phone number and account number, and details from your earlier phone call. Also, state that you want your credit report to reflect that the account was “closed at the consumer’s request.”Along with the letter, include the check number (or a copy of the canceled check or other payment verification) that you used to pay off your account balance.Make a copy of the letter for your records. Send the letter via certified mail or with return receipt requested, so you can prove the company received your letter.6. Be patient.Then sit tight. Getting the card canceled may take a month or more. After that time, take a look at a copy of your credit report to make sure the account is marked as “closed.”You can pull a free copy of your credit report once a year from each of the top three credit bureaus (Equifax, Experian and TransUnion) at AnnualCreditReport.com. You can also get a free credit score and report from Bankrate.If the account appears open, repeat the process: Call the customer service number to report the mistake, follow up with a letter by certified mail (including a copy of your original letter requesting that the account be closed) and then check your credit report again.If that fails, you can file a dispute through one of the three credit bureaus (they are required to notify the others). And if that doesn’t work, you can file a dispute with the Consumer Financial Protection Bureau.7. Take notes.As you go through the process of canceling your credit card, you may want to keep thorough notes on who you spoke to, what they said and when. That way, if anything goes wrong, you will have all the facts recorded.When you get a return receipt from your certified mail, put it with the log you are keeping and note the date the receipt comes in.“Usually it’s not a lasting impact,” says Griffin.8. Properly dispose of your card after confirming cancellation.After documenting the cancellation process and making sure that your credit report reflects the closed account, you are finally free to discard your credit card. There are numerous ways of destroying of your plastic (or metal), but you’ll need to pick a disposal method that leaves your information completely unrecoverable from identity thieves. TIPS If you are searching for professional help with your credit score i would recommend you search George Gibbs here on QUORA just using the search quora bar and contact him through the email in his Bio. He is the best when it comes to erasing all kinds of credit debt, upgrading credit scores and getting rid of all kinds of negatives as well.

Crack CBSE Accountancy Exam 2017 with confidence : Do’s and Don’tsCBSE board exams are just knocking the door. CBSE is about to release exam schedule and date sheet 2017 very soon. Accountancy paper is always been a mystery and full of tricky questions. Recent changes in Indian economy and company laws are going to make it definitely hard to crack. Here is how students can prepare for class 12 CBSE Accountancy Exam 2017 with confidence.Focus on the Technical Language used in the Questions: Sometimes language of the question is very technical. It is observed in the past that question was very easy but students could not solve it because of one technical line given in that question. I advise you to read the full line carefully and try to connect it with the related concept. You should know what examiner is asking in the question. You can find such questions in ‘Ultimate Book of Accountancy’.Practice Advance Level during the Revision: Once you complete the syllabus of Accountancy you should practice advance level and worksheets of CBSE Accountancy Exam 2017 which covers all relevant facts and syllabus. It will give you confidence and will also enhance your knowledge. (High quality worksheets are given in the Ultimate Book of Accountancy).Attempting 6 or 8 Marks Questions: Make sure that all parts of the question attempted at one place. If you want to attempt a part of the question later then it is always advisable to leave some space for it so that you can attempt that part later.CBSE Rule about the Accounting Format: 25% marks of the question will be deducted by the CBSE if proper format is not drawn for journal, ledger accounts and Balance Sheet. Draw the format clearly by using scale and pencil and write all the headings clearly. It is also advisable to use new Indian rupee sign with the amounts.Try to Manage the Paper in 3 Hours: During revision time, you should solve sample papers of 3 hours. Vishvas Publications has issued 20 High Quality Sample Papers for the students. After practicing these sample papers, you will be able to manage your Board paper. Make sure that you get some time for revision also.Working Notes and Important Calculations: Do not write anything on question paper. Use one area of your answer sheet for your rough work. All important working notes, formulas and calculations should be shown as a part of the answer. Sometimes marks are divided in steps and there may be some marks for calculations and formulas also.First Thirty Minutes: Utilize first 30 minutes of the exam in doing simple and small questions (1-4 marks). Do not start with 6-8 marks questions because they may take long time.Entries Vs Accounts: Sometimes question is very simple but examiner asks for the entries and not for the accounts. In such a case, do not prepare accounts. Give all the entries with proper explanation (including the distribution of profit/loss).Balance Sheet not matching: If your balance sheet is not matching after following the entire concept in the right direction then check your question specially the balance sheet given in the question. It may be wrong or incomplete. In such a case leave the question as it is without cutting or erasing it. Also, you can write a footnote for the same.Avoid cuttings and keep focus on your presentation. Make sure that your handwriting is very clear and readable.

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?