BUS 591 Week 4 Assignment

  

Week 4 - Assignment 

Week Four Homework Problems

Complete the following Workbook Template Week Four. Problems P8-2B and P8-6B from Chapter 8 and problems P9-2B and P9-7B from Chapter 9 are located on the Textbook Student Companion Site. Submit all your work to your instructor by the posted due date. Show all your work in order to earn full credit.

Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment.

BUS591 – Financial Statement and Analysis

Week 4 Homework Assignment Templates

Instructions: Only enter data in the yellow boxes. The remaining areas are already completed for you. 

Save the file as follows:  lastnamewk4.docx

Submit to the assignment box before the due date.(Late assignments will receive a late penalty).

Problem 8-2B

(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). 

  

Date

Account Titles and Explanation

Debit

Credit

 

1

 

 

2

 

 

3

 

 

4

 

 

5

 

  

(b) Enter the January 1, 2014 balances in Accounts Receivable and Allowance for Doubtful Accounts. Post the transactions to the ledger T Accounts

Be sure to post the amounts to the correct side of the T-Account!

  

Accounts   Receivable

 

Bal.  

(2)

 

(1)

(3)

 

(5)

(4)

 

(5)

 

Bal.

  

Allowance for Doubtful Accounts

 

(4)

Bal.

 

(5)

 

Bal.

(c)Prepare the journal entry to record bad debt expense for 2014, assuming that aging the accounts receivable indicates that expected bad debts are $140,000.

Balance needed...............................................................................  $

Balance before adjustment [see (b)]...............................................  

Adjustment required.......................................................................  $ 

The journal entry would therefore be as follows:

(d) Accounts Receivable Turnover Ratios:

Enter your answer here

Average Collection Period: 

Enter your answer here

Problem 8-6B (next page)

  

(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). 

  

Date

Account Titles and Explanation

Debit

Credit

 

5

 

 

20

 

 

Feb 18

 

 

Apr 20

 

 

30

 

 

May  25

 

 

Aug 18

 

 

Sept. 1

 

 

  

Problem 9-2B

(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). 

If there are two entries for the same day, then you do not need to enter the date again.

  

Date

Account Titles and Explanation

Debit

Credit

 

April 1

 

 

May 1

 

 

May 1

 

 

 

 

June 1

 

 

Sept 1

 

PART   B

 

Dec 31

 

 

31

 

 

 

  

(c) Partial Balance Sheet

  

TONG   CORPORATION

 

Partial   Balance Sheet

 

December   31, 2014

 

 

Assets

 

Plant assets

 

Account   title

Amount

 

Account   title

Amount

 

Account   title

Amount

 

Account   title (or contra account)

Amount

 

Total plant assets

Amount

Problem 9-7B

(a)

  

BUS   1

 

Year

Computation

Accumulated Depreciation

 

Amount

 

Amount

 

Amount

  

BUS   2

 

Year

Computation

Accumulated Depreciation

 

Amount

 

Amount

 

Amount

  

BUS   3

 

Year

Computation

Accumulated Depreciation

 

Amount

 

Amount

 

Amount

(b) 

  

BUS   2

 

Year

Depreciation   Expense

 

Amount

 

Amount