Accounting Help

Class, Note: Make sure that you “submit” not “save” your quiz part 1 submission in your LEO assignment folder.

Also, do not use the “next” or “back” button in WileyPlus. Using the “next” button on the quiz may cause your entry to be deleted and your one attempt to be used up.

No late work will be accepted for credit.

• A solution to part 2 will be posted using the textbook version of the question.

• Note: All exercises & problems in the WileyPlus part 2 are algorithmic. • You will be able to view your WileyPlus part 2 submission and the

answers only after the due date of the quiz has been reached. Note: you may not discuss the quiz with anyone except me. You may not post a note in class that would allow others to see your work before I post the solution. Doing so for either of these actions may cause an academic honesty breach. You have the full number of days in which to open and complete all parts of this quiz both in LEO & in WileyPlus. However, remember you have only one attempt per item. Thanks, Michael J.

Omit all General Journal entry explanations. Acct220 Quiz #1 Part 1 Page 1 of 2

Problem 1: Points=10: One item is omitted in each of the following summaries of balance sheet and income statement data for three different sole proprietorships, X and Y. Determine the amounts of the missing items, identifying each proprietorship by letter.

Proprietorship X Y

Beginning of the Year: Assets $(a) $350,000 Liabilities 105,000 (c) Owner's Equity 95,000 125,000 End of the Year: Assets 195,000 (d) Liabilities 119,000 250,000 Owner's Equity 76,000 175,000 During the Year: Additional Investment by Owner 69,000 (e) Less: Withdrawals by Owner 76,000 75,000 Revenue (b) 195,000 Less: Expenses 125,000 160,000

Problem 2: Points=10: Journalize the following business transactions in general

journal form. Omit journal explanations, insert one blank line between journal transacitons. April 1. Flip invested $30,000 cash to start an appliance repair business. April 2. Hired an employee to be paid $900 per week, starting tomorrow. April 3. Paid two years’ rent in advance, $7,400. April 10. Paid the worker’s weekly wage. June 1. Purchased equipment on account for $9,000. June 12. Billed customers $5,000 for services performed. June 15. Made payment of $2,300 on account for equipment purchased on June 1. June 20. Collected $2,900 on customer accounts Acct220 Quiz #1 Part 1 Page 2 of 2