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Assignment 1-3
Due Sunday night at 10pm eastern
Assignment 1
Although many small businesses might operate on a cash basis, most of the larger ones use the accrual basis to record business events in the general journal. In this assignment, you will apply your knowledge of various business events that require journal entries to be made.
Instructions
For this assignment, use the BUS3061 Assignment u04a1 Template (listed in Resources). Accounts to be used are given below:
Cash.
Prepaid insurance.
Land.
Buildings.
Equipment.
Accounts payable.
Unearned service revenue.
Owner’s capital.
Owner’s drawings.
Service revenue.
Advertising expense.
Salaries and wages expense.
Each of the following business events for Magnolia Greens Frisbee Golf Course will require a journal entry:
May 1: Invested $20,000 cash in the golf course business.
May 3: Purchased Hampstead Golf Land for $15,000 cash. The price includes land $12,000, shed $2,000, and equipment $1,000.
May 5: Paid advertising expenses of $700.
May 6: Paid cash $600 for a 1-year insurance policy.
May 10: Purchased golf discs and other equipment for $1,050 from Discs Are Us, payable in 30 days.
May 18: Received $1,100 in cash for golf fees earned (service revenue).
May 19: Sold 150 coupon books for $10 each. Each book contains four coupons that enable the holder to play one round of golf.
May 25: Withdrew $800 cash for personal use.
May 30: Pay salaries for part-time employees $250.
May 30: Paid Discs Are Us the full amount due.
May 31: Received $2,100 cash for fees earned.
Assignment 2
ACCOUNTING KNOWLEDGE TRANSFER
Resources
Website icon Accounting Knowledge Transfer Scoring Guide.
Microsoft Word icon BUS3061 Assignment u04a2 Template
Learning the language of business, as you have experienced, is very challenging. There are so many terms, procedures, processes, and dos and don’ts that keeping track of all of them requires a separate space in one’s brain. This assignment will help you to get clarity on and reinforce what you have learned by transferring what is in your head onto paper.
Instructions
For this assignment, use the BUS3061 Assignment u04a2 Template (listed in Resources). Prior to submitting your assignment, review the Accounting Knowledge Transfer Scoring Guide to ensure you have met all of the requirements and as a self-assessment of your work.
The following series of short-answer questions should test your recall of accounting fundamentals.
Define the internal and external users of accounting data. What data would each group most likely want to review? Please provide examples of each user type.
Describe the role ethics plays in the operation of an accounting system. Include a couple of examples.
Select three among the several accounting conventions prescribed by law, regulators, and accounting organizations. For each selection, describe its purpose and provide an example (not from the textbooks) of how it would be applied to an accounting system.
Describe each of the three main financial statements—the end products of the work that takes place in an accounting system over a period of time—studied in the course. What does each statement present? Why is it important to prepare these? Who uses the information in the statements? Describe the interrelationship among the three statements.
Discuss the rules of debit and credit as applied to each of the account types that would appear on a company’s balance sheet and income statement. Identify the normal balance for each account type and provide an example event for each. Analyzing business events requires the accountant to make several judgments about the facts contained in the event.
Assignment #3
CORPORATE BUSINESS TRANSACTIONS
Resources
Website icon Corporate Business Transactions Scoring Guide.
Microsoft Word icon BUS3061 Assignment u04a3 Template
There are three business ownership types: (1) proprietorship, (2) partnership, and (3) corporation. Many of their accounting transactions are similar. However, there are some business events that require special transaction handling in accounting entries. In this assignment, you will identify and prepare entries for the corporate ownership business type.
Instructions
For this assignment, use the BUS3061 Assignment u04a3 Template (listed in Resources).
Imagine you are an accountant for J. Malone’s Law Firm, Inc. The accounts and transactions of the firm are listed below. Analyze each transaction. Identify the account or accounts to be debited and credited and prepare a journal entry for each in the proper format.
Here is an example to record the owner’s investment to start the business:
Cash: $54,000.
Common stock: $54,000.
Use the following account titles for this scenario:
Assets
Cash.
Accounts receivable.
Prepaid rent.
Office equipment.
Automobiles.
Liabilities
Accounts payable.
Interest payable.
Note payable.
Owner’s Equity
Common stock.
Expenses
Automobile expense.
Rent expense.
Utilities expense.
Salaries expense.
Interest expense.
Telephone expense.
Revenues
Service revenue.
Transactions
Justin Malone:
Invested $54,000 in cash to start the business.
Paid $3,000 for 3 month’s rent.
Bought a used automobile for the firm for $16,000 in cash.
Performed services for $3,000 in cash.
Paid $400 for automobile repairs.
Performed legal services for $3,750 on credit.
Borrowed $25,000 from the local bank to help expand his business.
Purchased office chairs for $2,100 on credit.
Received $1,800 from credit clients.
Paid $1,000 on account to reduce the amount owed for the office chairs (purchased in item 8).
Issued a check for $560 to pay the monthly utility bill.
Purchased office equipment for $8,400. Paid half in cash; the remainder to be paid in 30 days.
Issued a check for $5,680 to pay salaries.
Performed legal services for $1,850 in cash.
Performed legal services for $2,600 on credit.
Collected $1,600 on accounts receivable from charge clients.
One month’s worth of rent (paid in item 2) has expired.
One month’s interest $145 accrued on the note payable (from item 7).
