ACC 290 Week 2 Latest Exercises Material ( A + Grade )

ACC 290 Week 2 Latest Exercises Material ( A + Grade )
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Visit our Site for More Tutorials: ( http://homeworklance.com/ )Question 1

A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders’ equity is explained.
Assets = Liabilities + Stockholders’ Equity
Cash + Accounts Receivable + Supplies + Office Equipment = Accounts Payable + Common Stock + Retained Earnings
Rev. – Exp. – Div.
1. $20,000 $20,000 Com. Stock
2. -1,000 $5,000 $4,000
3. -750 $750
4. 4,400 $5,400 $9,800 Serv. Rev
5. -1,500 -1,500
6. -2,000 -2,000 Div.
7. -800 -800 Rent Exp.
8. 450 -450
9. -3,000 -3,000 Sal. Exp.
10. 500 -500 Util. Exp.
Determine how much stockholders’ equity increased for the month.
$3,500
Compute the net income for the month.
$5,500

Question 2This information relates to Pickert Real Estate Agency.
Oct. 1 Stockholders invested $30,000 in exchange for common stock of the corporation.
Oct. 2 Hires an administrative assistant at an annual salary of $42,000.
Oct. 3 Buys office furniture for $4,600, on account.
Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).
Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment.
Oct. 27 Pays $700 on account for the office furniture purchased on October 3.
Oct. 30 Pays the administrative assistant $3,500 in salary for October.
Post the transactions to T-accounts and complete the…

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