The account balances of Wilford Towing Service at June 30, 2016, follow:

ACC 600: Accounting and Finance for Managers

Assignments: Week One

Exercise #1

Preparing the balance sheet

The account balances of Wilford Towing Service at June 30, 2016, follow:

Instructions

1.       Prepare the balance sheet for Wilford Towing Service as of June 30, 2016.

2.       What does the balance sheet report?

Exercise #2

Journalizing transactions from T-accounts

In December 2016, the first five transactions of Atkins’ Lawn Care Company have been posted to the T-accounts. 

Instructions

Prepare the journal entries that served as the sources for the five transactions. Include an explanation for each entry.

Exercise #3

Preparing a trial balance

The accounts of Aker Moving Company follow with their normal balances as of August 31, 2016. The accounts are listed in no particular order.

Instructions

Prepare Aker’s trial balance as of August 31, 2016.